In the News - August 26, 2024

Welcome to this week’s edition of "In the News" at the Woodard Report, where we provide curated insights into the latest trends and developments in accounting and beyond. Dive into this edition for a look at retirement trends, leadership roles in finance, IRS updates, and a glimpse into impactful discussions from industry leaders.

So—sit back, refresh with your favorite beverage, and explore the stories shaping our industry this week!

IRS News

IRS Issues Inflation Reduction Act 2-Year Report [IRS.gov]

Two years post-implementation, the IRS reviews the Inflation Reduction Act’s impact, highlighting improvements in service, advancements in online tools, and efforts to combat tax evasion. Read more...

Interest Rates Hold Steady in Q4 2024 [IRS.gov]

The IRS has announced that interest rates will remain unchanged for the fourth quarter of 2024, continuing the current financial terms for taxpayers. Read more...

IRS Encourages Self-Reporting for ERC Claims [Going Concern]

In its ongoing effort to ensure compliance, the IRS is once again encouraging employers to voluntarily amend any questionable Employee Retention Credit claims. Read more...

Technology News

XeroCon 2024: Xero's Latest Enhancements and Inventory Plus [Insightful Accountant]

At XeroCon 2024, Xero unveiled significant platform enhancements and introduced Inventory Plus, aiming to boost efficiency for its users. Read more...

Accounting News

Phasing into Retirement: A Growing Trend [CPA Practice Advisor]

A recent study finds one-third of U.S. workers prefer to phase into retirement, indicating a shift in traditional retirement planning. Accountants can play a key role in advising on these transitions. Read more...

Controller vs. CFO: Advising Clients on Financial Leadership [CPA Practice Advisor]

This article discusses the distinct roles of controllers and CFOs, providing guidance on which position might suit your client's needs better based on their business scale and complexity. Read more...

Preparing Clients’ Children for Inheritance [Intuit Accountants]

Accountants have a crucial role in preparing clients’ children for managing an inheritance, ensuring they understand the responsibilities and opportunities it presents. Read more...