Shaune Scutellaro, Partner, Tax Practice Leader, New Jersey, CohnReznick Advisory LLC

In an interview with Invest:, Shaune Scutellaro, partner and tax practice leader for New Jersey at CohnReznick, said the accounting industry is undergoing a transformative shift driven by strategic investments, evolving client needs, and the integration of new technologies. “We’re striving to enhance that personal connection with technology, not replace it,” Scutellaro said, emphasizing the firm’s commitment to combining innovation with trusted client relationships.

What recent changes or milestones have had the greatest impact on CohnReznick, and in what ways?

It has certainly been a dynamic period for the accounting industry and for CohnReznick as well. Over the past three to four years, especially in the aftermath of COVID-19, there has been a surge in demand and a lot of rapid change in our field. We had to respond quickly. Coming out of that, we’ve also seen major shifts in how accounting firms are structured, including a noticeable influx of alternative funding sources, such as private equity.

CohnReznick took the time to carefully evaluate our direction. Ultimately, we decided to accept a strategic investment from Apax Partners, a private equity firm, which was finalized on April 1. We’re now in the early stages of leveraging that partnership to unlock new potential, expand our service offerings, improve our technology infrastructure, and position ourselves for continued growth. As firms of our size make similar moves, we’re committed to staying competitive and using this investment to strengthen CohnReznick even further. 

In what other ways will the investment from Apax Partners accelerate the firm’s growth strategy?

Over the last five to 10 years, our growth has largely been organic. As our leaders reflect on each year, we’ve consistently expanded by adding new services and deeply understanding our clients’ evolving needs. We’ve also pursued selective strategic M&A opportunities, but without making the kind of large-scale acquisitions that others in the industry have.

With this new partnership, we’re aiming to unlock that next level of growth. Beyond M&A, it also enables us to invest significantly in our technology capabilities. Access to additional capital is crucial in today’s market, and we believe this positions us strongly to grow in ways we couldn’t before.

How has the accounting and advisory landscape in New Jersey evolved?

Much like other industries, the accounting and advisory space in New Jersey has seen significant change. Many businesses are re-evaluating how to transition to the next generation and how to grow sustainably. We’ve evolved alongside our clients, many of whom are exploring alternative financing, working with banks in new ways, and engaging with private equity.

Our role has been to facilitate and adapt to those changes by strengthening our relationships with financial institutions, staying close to our clients, and offering more tailored advisory services. There has also been substantial investment in New Jersey’s traditional industries — like manufacturing, distribution, commercial real estate, and healthcare — as well as in emerging sectors like technology.

I focus on technology companies. Being based in Monmouth County, I’m particularly excited about developments like the new Netflix facility at Fort Monmouth and the expansion of digital media. With our proximity to major hubs like New York City and Philadelphia, there’s a unique opportunity to integrate capital and innovation across state lines. We’re deeply focused on how our New Jersey offices can support these evolving ecosystems and make New Jersey a premier place to do business.

Considering your experience with both traditional and emerging industries, which sectors are driving the most business for CohnReznick?

Real estate continues to be a cornerstone for us. We’re active in commercial real estate, and New Jersey remains a strong market for that. We’ll continue to strengthen our position in that space.

As for new industries, I’m especially interested in the technology and digital media sectors. There’s been meaningful legislative support, like enhancements to the Angel Investor Tax Credit and proposed legislation to bring Qualified Small Business Stock (QSBS) benefits to New Jersey. That would be a major incentive for investors.

Here in Monmouth County, where I live and work, the Netflix facility going into Fort Monmouth is a huge development. There’s already an uptick in filming and media activity, and I’m excited to see how that ecosystem evolves. The film tax credit and other incentives could make New Jersey a real hub for digital media. It’s right in my backyard, so I’m paying close attention.

How is the role of the modern tax adviser evolving, and how is CohnReznick adapting to meet those expectations?

I spent the first 15 years of my career at a smaller firm, where relationships with clients were incredibly close. But today, a lot of the work we used to do manually can now be accomplished through software or automated tools.

CohnReznick is embracing this shift by developing our technologies while focusing heavily on forward-thinking advisory services. Clients aren’t just looking for someone to file their taxes; they want a partner who can help them anticipate future challenges and provide proactive guidance. The days of clients mailing in paperwork and waiting for a return are behind us. Now, it’s about adding value in ways that only strategic thinking and deep expertise can offer. And we’re well-positioned for that.

How is CohnReznick integrating new tools and innovations to enhance your service offering in today’s digital age?

We’re approaching it thoughtfully. There are a lot of tools out there, and we’re focused on using proven technologies to enhance our services. Ultimately, our goal is to offer clients a fully integrated experience, one that gives them clear insight into where they stand in the process, what’s needed from them, and how to engage with us easily.

We’re working toward a client experience that mirrors what people now expect in other sectors — simple, seamless, and efficient. That said, the personal element of our work remains irreplaceable. Our industry is built on relationships. Clients stay with us because we’re responsive, reliable, and add real value. We’re striving to enhance that personal connection with technology, not replace it.

Based on your experience, what role does the tax function play in shaping broader business strategy, especially in the context of ESG?

While the tax function doesn’t usually play a direct role in ESG reporting, it’s incredibly influential in other strategic decisions, like international expansion, site selection, and financial structuring. Taxes are often a key factor for both businesses and investors when making decisions.

At CohnReznick, we take ESG seriously. We’re actively working to understand our role in that broader conversation and how our services align with ESG priorities. It’s still an evolving area, but we’re keeping a close eye on it.

How is CohnReznick engaging with New Jersey’s business ecosystem, and how do these relationships support the firm’s impact on its clients?

That’s really at the heart of what I love about my work. Being part of our clients’ success stories, especially here in New Jersey, is incredibly fulfilling. Even though my client base extends beyond the state, I work closely with many local businesses.

We collaborate with clients, investors, attorneys, and bankers; essentially every player in the business ecosystem. Whether it’s through formal partnerships or simply connecting at events like the New Jersey State Society of CPA’s annual conference in Atlantic City, these interactions are critical. I attended that conference and had the chance to reconnect with many familiar faces, including clients, peers, and fellow CPAs. It’s a tight-knit community, and those relationships are invaluable to our work.

What is on the horizon for CohnReznick and the broader accounting profession in the next two to three years?

It brings us back full circle to our discussion about Apax Partners. Our focus, both at CohnReznick and across the accounting industry, is to find new ways to deliver value. The investment we made enables us to bring in professionals who don’t necessarily provide traditional accounting services but offer high-value advisory capabilities.

For example, one of the more recent issues we’ve helped clients with involves tariffs, something that wasn’t on our radar even six months ago. As new challenges arise, our goal is to expand our talent, services, and geographic reach to stay ahead.

Industry-wide, we’re also seeing changes to the CPA exam and discussions around alternative pathways to licensure. These are signs that the profession is opening up, encouraging diversity in expertise and service offerings. CohnReznick is embracing that shift. We’re committed to doing more for our clients and evolving alongside the industry to meet tomorrow’s needs.