In the News - August 14, 2023

Intuit leader becomes the new CEO of PayPal, Intuit names a new General Manager of its Small Business and Self-Employed Group, key takeaways from the IRS Security Summit, and the US Department of Labor recovers more than $1.6 million from a misclassified independent contractor case. This is what is happening this week in the accounting world!

Alex Chriss Appointed PayPal's New CEO

PayPal has announced the appointment of Alex Chriss as President and CEO, effective September 27, 2023. Chriss, a seasoned business leader with extensive global payments and technology experience, has been instrumental in driving growth across Intuit's Small Business and Self-Employed Group. His leadership has led to a compound annual growth rate of 20% in customers and 23% in revenues. This transition signifies PayPal's commitment to innovation and growth, particularly in empowering small and mid-market companies. Read more...

Intuit Taps Marianna Tessel as General Manager of its Small Business and Self-Employed Group

In a related move, Intuit has named Marianna Tessel as General Manager of its Small Business and Self-Employed Group. Tessel's appointment follows Chriss's departure to PayPal. With a proven track record as Intuit's Chief Technology Officer, Tessel has been a key driver of Intuit's strategy to be a global AI-driven expert platform. Her leadership in reshaping the company into an innovative SaaS platform positions Intuit to continue its focus on powering prosperity for small businesses. Read more...

IRS Security Summit: Protecting Tax Professionals

The IRS continues to emphasize the importance of security for tax professionals. In a recent reminder, the IRS highlighted the red flags of identity theft that tax professionals should be aware of. This initiative is part of the ongoing effort to protect sensitive taxpayer information and ensure the integrity of the tax system. It's a crucial reminder for accountants and bookkeepers to stay vigilant and adhere to best practices in cybersecurity. Read more...

Department of Labor's Stand: Fair Wages and Classification

The U.S. Department of Labor has recovered more than $1.6 million in back wages and damages from a North Carolina contractor for 188 workers misclassified as independent contractors. This significant legal action underscores the importance of proper employee classification and adherence to federal wage laws. It serves as a stark reminder to businesses to ensure compliance with legal standards, particularly in the construction industry. Read more...