This week’s In the News includes new IRS guidance, regulatory updates, technology updates, AI news, and more. A new Woodard Report Podcast episode is live, featuring a fun, thought-provoking conversation between Joe Woodard and Dawn Brolin about how quickly AI is moving and how accounting firms can navigate those changes.
This article, by Deborah Defer, looks at onboarding as the starting point for a strong advisory relationship. It covers client fit, technology, financial data, scope, and consistent processes, emphasizing setting expectations early and identifying issues before they become ongoing problems. Read more...
Debra Kilsheimer writes about the frustration that can come with constant technology updates and the pressure to adopt every new tool. It reminds us that new technology should make work better, and sometimes the right choice is to stick with a process that already works. Read more...
In this week’s The Woodard Report Podcast, Joe Woodard and Dawn Brolin talk about the speed of AI adoption and the concerns surrounding privacy, compliance, and client data. The conversation also touches on closed large language models (LLMs), quantum computing, and why accounting professionals need to stay engaged as technology changes. Read more...
Treasury and the IRS issued guidance designed to help retirement plan administrators and IRA providers explain rollover options to participants. The guidance includes updated sample notices and procedures, but plan sponsors can choose whether to use them. Read more...
Treasury and the IRS issued proposed regulations for employers that choose to make contributions to Trump Accounts for employees or dependents. The proposal outlines requirements for employer contribution programs, including a tax-free contribution limit of up to $2,500 per year and nondiscrimination rules. Read more...
A Government Accountability Office report found that most taxpayers experienced a relatively normal 2026 filing season, but paper returns and paper refund checks faced longer delays. The report cited staffing losses and technology problems, with average processing time for individual paper returns increasing from 16 days in 2025 to 30 days in 2026. Read more...
The Financial Crimes Enforcement Network (FinCEN) issued a final rule permanently removing beneficial ownership information reporting requirements for U.S. companies and U.S. persons under the Corporate Transparency Act. Foreign entities that meet the definition of a reporting company will still have reporting obligations for certain foreign individuals. Read more...
Intuit announced new AI-powered capabilities in QuickBooks Online Advanced and Intuit Enterprise Suite. Updates include conversational AI through Intuit Intelligence Chat, expanded multi-entity and multi-currency capabilities, and industry-specific workflows designed for growing and mid-market businesses. Read more...
Rippling introduced AI Spend Console to give businesses more visibility into how AI tools are being used and what they cost. The platform can show AI spending by team or department, help administrators set usage policies and model access, and connect spending information to business outcomes. Read more...
Xero launched Xero Payroll, powered by Gusto, for eligible U.S. customers. Built directly into Xero, it brings payroll, accounting, payments, and analytics together in one platform. Xero’s media release states that it supports unlimited payroll runs, automated federal, state, and local tax calculations and filings, direct deposit, multiple pay rates and schedules, W-2 support, 1099-NEC contractor payments, benefits calculations, paid time off management, and employee self-service options. Read more...
A Resume Now survey of more than 1,000 U.S. workers found that 97% turn first to personal judgment or another person when making workplace decisions. The survey also found that 72% would follow a coworker’s judgment over AI when the two conflict. Read more...
This article was written with the assistance of AI and edited by a human.