In the News - April 10, 2023

The Woodard Report: Top Financial and Accounting Stories of the Week 

This week saw significant developments across the financial and accounting sectors, with updates from the IRS, SEC, Intuit Mailchimp, ADP, Surgent Accounting & Financial Education, and QuickBooks Online. 

IRS and SEC News 

The Internal Revenue Service (IRS) unveiled an ambitious 10-year strategic operating plan focused on modernizing technology, improving taxpayer services, strengthening compliance efforts, and enhancing employee training and development. The comprehensive plan aims to streamline IRS operations, upgrade outdated systems, enhance cybersecurity, and provide a more user-friendly experience for taxpayers. 

Meanwhile, the U.S. Securities and Exchange Commission (SEC) adopted rule changes to enhance shareholder engagement and transparency, and proposed new rules to strengthen investor protection and market integrity. The rule changes involve modifications to shareholder proposal eligibility criteria and resubmission thresholds, and increased disclosure requirements for proxy advisory firms. The proposed rules would require investment advisers, broker-dealers, and other market participants to establish and maintain written policies and procedures to detect and prevent fraud, manipulation, and other forms of market abuse. 

Accounting Industry News 

Surgent Accounting & Financial Education introduced new courses designed to address the impact of ChatGPT Artificial Intelligence (AI) on the accounting industry and provide guidance on preparing for a potential banking crisis. The courses will educate finance professionals on the capabilities, limitations, and potential applications of ChatGPT AI and provide practical tools and insights for recognizing the warning signs of a banking crisis and developing strategies to mitigate risks. 

Fintech News 

Intuit Mailchimp announced the launch of its Email Content Generator, a generative AI-powered tool designed to revolutionize email marketing. The new tool will help businesses create highly engaging and personalized email content that drives higher open rates, click-throughs, and conversions by leveraging advanced AI algorithms to analyze a company's historical email campaigns, target audience preferences, and industry trends. 

The ADP National Employment Report revealed that private sector employment in the United States increased by 145,000 jobs in March, with a 6.9% increase in annual pay. The report demonstrates continued growth in private sector employment, indicating a recovering job market and a positive outlook for the U.S. economy. 

QuickBooks Online unveiled a host of new features and improvements for April 2023, including enhanced invoicing, simplified bank reconciliation, advanced expense tracking, improved inventory management, and integration with popular e-commerce platforms. These updates aim to enhance the user experience, streamline processes, and help small businesses better manage their finances. 

This week's news highlights the continuous efforts of industry leaders and regulators to adapt to an ever-changing environment, improve efficiency, and better serve the public, while ensuring the financial and accounting sectors remain transparent, fair, and secure. By leveraging technological advancements, introducing new educational resources, and implementing regulatory changes, these organizations are working together to create a more robust and resilient financial ecosystem for businesses and individuals alike.