In the News - December 18, 2023

As we head into a holiday week for many US businesses, The Woodard Report has curated some news you need to know going into the new year. From the IRS updating its standard mileage rates for 2024 to major shifts in event formats and critical guidance issued by the AICPA on practice mobility, these updates underscore the ever-evolving landscape of accounting and finance. In this week's roundup, we delve into these pivotal changes, offering insights and details to keep you informed and prepared for the implications these developments may have on your practice and industry operations.

IRS Updates Standard Mileage Rates for 2024

The Internal Revenue Service has issued the standard mileage rates for 2024, highlighting changes essential for businesses and individuals. Starting January 1, 2024, the mileage rates will be 67 cents per mile for business use, 21 cents per mile for medical or moving purposes for qualified active-duty members of the Armed Forces, and 14 cents per mile for charitable service. These rates apply to all vehicles, including electric and hybrid models. The IRS emphasizes the importance of choosing between standard mileage rates or calculating actual vehicle use costs, particularly for business purposes. Read more​.

Xerocon Returns to the U.S. in 2024

Xerocon, the celebrated event for cloud accounting professionals, is set to return to the United States in 2024. Scheduled for August 14-15, 2024, in Nashville, Tennessee, this event, often referred to as “Coachella for accountants,” promises to be a dynamic gathering of accountants, bookkeepers, and app partners. The event, held at the Music City Center, will offer a range of industry insights, networking opportunities, and innovative talks, catering to a global audience of cloud accounting leaders. Tickets and details about the speakers will be announced later this year. Read more​.

AICPA Issues Guidance on Potential Mobility Changes

The American Institute of CPAs (AICPA) is addressing the potential changes in practice mobility and substantial equivalency as various state legislatures consider altering education and experience requirements for CPA licensure. The AICPA's guidance includes an overview of the issues and a checklist to explain the impact of new rules on CPAs and firms. This move responds to the potential loss of mobility due to legislative changes and aims to help CPAs navigate a changing regulatory environment. The current CPA licensing system, based on the concept of substantial equivalency, allows CPAs to practice across state lines without acquiring additional licenses. However, if state legislatures pass new laws, it could complicate compliance and affect the ability of CPAs to practice outside their home state. The AICPA's guidance is a proactive effort to prepare CPAs for these possible changes. Read more

Intuit Lists Important January 2024 Tax and Compliance Deadlines

Welcoming the New Year, Intuit has compiled a crucial list of tax and compliance deadlines for January 2024. This list is a vital resource for accountants and their clients, ensuring the timely fulfillment of various financial obligations. Key deadlines include:

• January 4 & 5: Semiweekly depositors need to deposit FICA and withheld income tax for wages paid in late December and early January.
• January 10, 17, 24, & 31: Various deadlines for semiweekly depositors for depositing FICA and withheld income tax.
• January 12 & 19: Additional deadlines for semiweekly depositors.
• January 15: A critical date for monthly depositors and individuals for FICA, withheld income tax for December, and final installment of 2023 estimated tax.
• January 31: Employers must file various forms, including Form 941, Form 940, and provide Form W-2 to employees. Also, this is the deadline for filing Form 945 and issuing Form 1099-NEC.

These deadlines cover a wide range of compliance requirements, from employee tax withholding to estimated tax payments and information reporting. Staying on top of these dates is crucial for maintaining compliance and avoiding penalties. Read more