2024 Tax & HR Compliance Updates: Insights from ADP's Accountant Connect Summit

In January 2024, ADP^(R) hosted its third annual Accountant Connect^SM Summit, which provided an invaluable platform for industry leaders to discuss what’s next for the future of accounting. The Summit featured Kristen Appleman, SVP of ADP Total Source®, Pete Isberg, VP of Government Affairs at ADP, and Ron Ulrich, ADP Retirement Services executive, who offered their expertise on several critical updates.

Navigating Covid Tax Benefits

The conversation opened with a focus on the complexities surrounding the employer retention tax credit (ERTC). Pete Isberg detailed the challenges faced by the accounting community due to inappropriate marketing and aggressive claims surrounding the ERTC. Isberg emphasized the IRS's current stance of suspending the program and the meticulous review of pending ERTC claims. He highlighted the magnitude of IRS denial letters for ineligible claims, including businesses that did not exist during the claim period​.

SECURE 2.0 Act Insights

The SECURE 2.0 Act discussion illuminated the significant changes and opportunities it presents for retirement savings. The speakers delved into how the Act affects employers and employees while homing in on the changes that took effect at the start of the year. Discussion centered on student loan matching, emergency savings options, and recent IRS guidance, providing attendees with strategies to adapt their retirement planning and compliance practices accordingly.

IRS Electronic Filing Mandate Changes

The Summit also addressed the IRS's adjustments to electronic filing mandates, highlighting the move towards more efficient tax processing systems. The speakers outlined the benefits of these changes, including reduced paperwork and faster processing times, and discussed how businesses could prepare for and adapt to the new electronic filing requirements. This section provided practical advice for navigating the updated mandates, ensuring businesses remain compliant while benefiting from the streamlined processes.

Innovative Healthcare Solutions: ICHRAs

Individual Coverage Health Reimbursement Arrangements (ICHRAs) were showcased as an innovative healthcare solution, reflecting the shift towards more flexible benefits options for employers. The discussion covered the advantages of ICHRAs, such as customizable benefits and cost control, while also considering the operational aspects of implementing such arrangements. This segment was particularly valuable for businesses exploring alternative healthcare options in response to changing workforce needs and preferences.

The 2024 ADP Accountant Connect Summit offered a comprehensive overview of the current compliance landscape. Other sessions covered the state of the economy, AI, and the implications for accounting, along with a special keynote from Football legends and Superbowl MVPs Joe Montana and Jerry Rice. Visit www.ADP.com/AccountantSummit to watch the Summit on-demand.

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