In April, the Accountants Confidence Index gave back the gains it made in March, dropping two points to almost exactly the same level as in February. Both the short-term and mid-term ACIs were affected, though it's worth noting that both remain over the 50-mark that separates expectations of growth from expectations of contraction.

The ACI, published in partnership with ADP, is a monthly economic indicator that leverages the insights of accountants into the strength and prospects of businesses in the U.S. The 3-Month ACI came in at 51.18, off from last month's 53.71. The 6-Month ACI, meanwhile, hit 53.93, from last month's 56.21.

The end of tax season may have played some role in the drop, as respondents' expectations for the own firms were down -- perhaps reflecting a post-April 15 constriction in revenue -- but the biggest drops in the index components were for midsized and large business clients.

The ACI is created from a monthly poll of the Accounting Today Executive Research Council, an online community of more than 1,500 tax and accounting professionals.