In The News - April 29, 2024

In this week's edition of In The News, we've brought you the past week's top reports including news from the IRS, updates regarding the FTC's non-compete ban, and more. We're also excited to release a new episode of The Woodard Report Podcast, which provides a fascinating look at the challenges and opportunities of providing accounting services for firms in the cannabis industry. On top of that, have an original article reporting on a new product from Intuit. Read on to ensure you don't miss a single update.

The Woodard Report

TWR Podcast: Episode 84 - Cannabis Accounting: Greener Pastures [The Woodard Report]

"The Grass is Always Greener" article explores the complex and evolving world of cannabis accounting. As the industry grows, accounting professionals face unique regulatory and financial challenges, requiring specialized knowledge and practices. Read more...

Intuit Introduces “Quickbooks Live Expert Assisted” [The Woodard Report]

Intuit has launched QuickBooks Live, an expert-assisted platform that revolutionizes small business accounting. This service offers real-time professional help, improving financial management and operational efficiency for small businesses. Read more...

IRS and Compliance News

IRS Releases Final Guidance on Transfers of Certain Credits Under the Inflation Reduction Act [IRS]

The IRS has issued final guidance on the transferability of credits under the Inflation Reduction Act to facilitate investments in clean energy. This guidance outlines how businesses can transfer certain tax credits as part of broader efforts to boost environmental initiatives. Read more...

National Small Business Week: IRS.gov Offers One-Stop Shop for Small Business Tax Resources [IRS]

In celebration of National Small Business Week, the IRS highlights its comprehensive tax resource center on IRS.gov. This one-stop shop is designed to assist small business owners with tax-related information and tools, enhancing accessibility and understanding of tax obligations. Read more...

Final Regs. Issued for Clean Energy Credit Transfers [Journal of Accountancy]

The Journal of Accountancy covers the issuance of final regulations for the transfer of clean energy credits. These regulations are part of the government's efforts to encourage the adoption of renewable energy technologies through fiscal incentives. Read more...

Impact Accounting: Raising ESG Reporting Standards [Harvard Business Review]

Harvard Business Review discusses the advancements in impact accounting and the raising of ESG reporting standards. This movement towards more rigorous accountability aims to better reflect the environmental and social impacts of business operations. Read more...

Technology Insights

Accounting Watchdog Quizzes Big Four on AI Exam Cheating [The Telegraph via MSN]

MSN reports on an ongoing investigation by an accounting watchdog into the Big Four accounting firms' potential use of AI to facilitate exam cheating. This raises significant ethical concerns about the integration of AI in professional certifications and standards. Read more...

Direct File Pilot Officially Closes After More Than 140,000 Taxpayers Successfully Use Direct E-filing System in 12 States, Including Integration With 4 State Tax Systems [IRS]

The IRS reports the successful conclusion of its Direct File pilot program, which saw over 140,000 taxpayers in 12 states utilize the new e-filing system integrated with four state tax systems. This initiative demonstrates significant progress in streamlining and enhancing the tax filing process. Read more...

Other Interesting Things We Found

Ryan Leads Charge Against Biden’s Ban on Noncompete Clauses [CPA Practice Advisor]

CPA Practice Advisor reports on Ryan's opposition to President Biden's proposed ban on noncompete agreements. This article discusses the implications for businesses and employees, highlighting the debate around job mobility and economic innovation. Read more...