In the News - August 12, 2024

Welcome to this week's edition of "In the News," where we bring you the latest and most intriguing updates from the world of client accounting services (CAS), bookkeeping, and beyond.

This week, we examine the hurdles and opportunities facing accounting firms today, including hiring and talent challenges, technology updates, recent acquisitions, and more.

Also, this week on The Woodard Report Podcast, Heather Satterley and Joe Woodard dive into the complexities of expense management with Yashwanth “Yash” Madhusudan, CEO of Fyle.

So—sit back, grab a cup of coffee, and enjoy our curated selection of news stories from the past week!

IRS News

IRS Announces Relief for Hurricane Debby Victims [IRS.gov]

The IRS has extended deadlines to February 3, 2025, for victims of Hurricane Debby in affected states, providing critical relief in the wake of the disaster. This initiative underscores the IRS's commitment to supporting taxpayers through challenging times. Read more...

Disallowance Letters Issued to Thousands Over ERC Claims [Journal of Accountancy]

Nearly 28,000 businesses have received disallowance letters regarding their Employee Retention Credit claims, signaling tighter IRS scrutiny. The agency is adjusting its strategies to ensure compliance and fairness in the application of tax credits. Read more...

Technology News

QuickBooks Online Now Features Integrated Shipping Solutions [Insightful Accountant]

QuickBooks Online introduces integrated shipping solutions, a significant enhancement aimed at streamlining logistics for small businesses. This update is designed to simplify inventory and delivery management directly through the platform. Read more...

Accounting News

Exit Planning: Enhancing the Role of Tax Accountants [Intuit Accountants]

As businesses increasingly focus on strategic exit planning, tax accountants are stepping up to guide owners through complex decisions and ensure tax efficiencies during transitions, thereby playing a crucial role in the process. Read more...

Analyzing Salary Disparities in Accounting [Going Concern]

An in-depth analysis reveals persistent salary disparities within the accounting industry, pointing to a potential need for a comprehensive reassessment of compensation structures to align with industry standards and expectations. Read more...

IRS Drafts New Cryptocurrency Tax Form [CPA Practice Advisor]

The IRS is updating its approach to cryptocurrency taxation with a new draft form, reflecting the evolving landscape and the need for clearer tax guidance as digital currencies become more prevalent. Read more...