In the News—December 23, 2024

Welcome to the penultimate edition of In the News 2024, where we look ahead to mileage rates rising for business vehicles in 2025, and audit fees continuing to climb too. And that's all we'll say in our introduction because there's some kind of holiday this week, isn't there?

See you all in seven days! 

IRS News 

IRS Increases the Standard Mileage Rate for Business Use in 2025; Key Rate Increases 3 Cents to 70 Cents per Mile IRS.gov  

The Internal Revenue Service today announced that the optional standard mileage rate for automobiles driven for business will increase by 3 cents in 2025, while the mileage rates for vehicles used for other purposes will remain unchanged from 2024. Read more...  

Get Ready for Tax Season with Key Updates, Essential Tips IRS.gov

With the 2025 filing season quickly approaching, the Internal Revenue Service encouraged taxpayers to take key steps now to prepare for filing their 2024 federal income tax returns next year. Read more... 

Technology News  

Xero to Launch All-in-One Simple Payroll The Woodard Report 

Small businesses that grapple with managing payroll will be able to streamline the process under an expanded partnership between Xero and Gusto. Read more...  

Intuit to Stop Supporting QuickBooks Tags The Woodard Report 

Intuit, the maker of QuickBooks Online, sent an email this week announcing that the platform will discontinue the tags feature beginning in early 2025. Read more...

Accounting News  

BOI Reporting Deadline Extension in Doubt; AICPA Urges Action The Tax Adviser

The fate of a potential one-year extension to the deadline for companies to file beneficial ownership information (BOI) reports is uncertain following the collapse of a bipartisan House bill to fund the government through March. Read more...  

Audit Fees Continue to Climb CPA Trendlines 

Thanks to the headaches continually passed down from the boards and commissions that set the rules and standards for audits of public companies, audits have grown more complex and time-consuming. Read more...  

Mergers and Acquisitions  

5 Biggest Tech Mergers & Acquisitions in 2024: Major Deals Technopedia

Many M&A deals, from Cisco to Alteryx, have made the news as companies make bold moves to stay ahead of the competition. Read more...  

Other interesting things we found  

Bridging Change and Opportunity to Thrive in 2025 CPA Practice Advisor

A staggering 95% of accounting professionals in the 2024 Intuit QuickBooks Accountant Technology Survey said a willingness to learn and adopt new technologies is just as important as traditional accounting skills to succeed as an accountant. Read more...  

PE Partner Reveals the Real Reason Private Equity Is Going Crazy for Accounting Going Concern 

Here are some tips on PRSU No. 2 and on how to be sure your firm is ready to pass peer review after the QM standards take effect. Read more...