In The News – August 19, 2024

As the accounting landscape continues to evolve, staying informed on the latest tools, regulations, and trends is crucial for professionals looking to optimize their practices and provide top-tier service to their clients. That’s why we’ve curated our top news stories from the past week to help you keep your finger on the pulse.

We’ve got updates from the IRS, coverage from Xerocon, new data about the growing trend of CFOs outsourcing accounting functions, and more. So grab a cup of coffee, kick back, and check out the top stories that concern accounting professionals like you!

Also, Woodard is offering a new course on building an effective pricing model for your practice. You can find more information or register for the class here.

Accounting news

AICPA: Supreme Court Decisions Have Major Tax Impacts [Insightful Accountant]
The AICPA has issued a statement on the significant tax implications of recent Supreme Court decisions. These rulings are expected to affect various aspects of tax law, including deductions, credits, and overall tax planning strategies. Tax professionals should stay informed about these changes to advise their clients effectively. Read more...

Over 55 Million Americans Claimed the EITC in 2023 [CPA Practice Advisor]
The IRS reports that more than 55 million Americans claimed the Earned Income Tax Credit (EITC) in 2023, providing crucial financial support to low- and moderate-income households. The EITC remains one of the most significant anti-poverty programs in the U.S., and these figures highlight its ongoing importance. Read more...

Desperate CFOs Are Outsourcing Accounting Functions [CPA Trendlines]
A recent report highlights a growing trend among CFOs who are increasingly outsourcing accounting functions. This shift is driven by the need to reduce costs, access specialized expertise, and focus on core business activities. The trend is particularly pronounced in industries facing economic pressures and labor shortages. Read more...

IRS news

IRS Updates WISP Guide for Tax Professionals [CPA Practice Advisor]
The IRS has updated its Written Information Security Plan (WISP) guide to help tax professionals better protect sensitive data. This update includes enhanced guidelines on safeguarding taxpayer information, aligning with the latest cybersecurity threats. Tax professionals are encouraged to review the new guidelines to ensure compliance and protect their clients. Read more...

IRS Opens 2025 Tax Compliance Program for Corporations [CPA Practice Advisor]
The IRS has initiated its 2025 tax compliance program targeting large corporations. This program aims to ensure accurate tax reporting and adherence to current tax laws, with a focus on multinational corporations. The initiative includes new compliance measures and reporting requirements that corporations need to be aware of as they prepare for the next tax season. Read more...

Technology news

Xero Showcases New Tech and Integrations at Xerocon 2024 Conference in Nashville [CPA Practice Advisor]
Xero recently unveiled a range of new technologies and integrations at the Xerocon 2024 conference in Nashville. Highlights include enhanced automation features, deeper integration with third-party apps, and innovations designed to streamline accounting workflows. These updates are expected to provide significant efficiency gains for Xero users. Read more...

2024 Tax Software Survey [The Tax Adviser]
The latest survey reveals key insights into the current state of tax software usage among accounting professionals. The results indicate growing satisfaction with certain platforms, while highlighting ongoing challenges such as integration issues and the need for more robust customer support. The findings offer valuable perspectives for firms evaluating their software choices for the upcoming tax season. Read more...

Tax Changes Upcoming to QuickBooks Online Payroll [Insightful Accountant]
QuickBooks Online Payroll users should be aware of upcoming tax changes that will affect how payroll is processed. The changes include adjustments to tax rates, new compliance requirements, and updates to the payroll system itself. These updates are essential for ensuring that payroll is handled accurately and in compliance with the latest regulations. Read more...

Sage Intacct Touts Enhanced Features for Global Market [Accounting Today]
Sage Intacct has announced new features aimed at supporting its growing global user base. These enhancements focus on multi-currency management, compliance with international accounting standards, and improved reporting capabilities. The updates position Sage Intacct as a strong contender in the global accounting software market. Read more...