As we bid farewell to 2024, The Woodard Report team extends warm wishes for a Happy New Year! May 2025 bring you more love, success, and positivity than ever before.

In this final news post of the year, we explore the latest developments in business ownership information (BOI) reporting and highlight a landmark restitution order for tax fraud. Thank you for being with us, and here's to a fantastic start to the new year!

IRS news 

Treasury and IRS Propose Regulations to Update Rules for Tax Professionals Who Can Practice Before the IRS IRS.gov

The Department of the Treasury and the Internal Revenue Service today issued proposed regulations to update the rules for certain tax professionals who can practice before the IRS; these rules are contained in Treasury Department Circular 230.

The IRS Office of Professional Responsibility generally has responsibility for matters related to practitioner conduct, and exclusive responsibility for discipline, including disciplinary proceedings and sanctions. The proposed regulations, if finalized, would amend Circular 230 in various ways to account for changes in the law and the evolving nature of tax practice. Read more...

Technology news

Tech Predictions for 2025—The Accounting Technology Lab Podcast CPA Practice Advisor

Brian Tankersley, CPA, and Randy Johnston discuss the technologies and processes they see having the greatest impact on the accounting profession in the coming year. Read more...

Accounting news 

Employer.com Acquires Bench After Abrupt Shutdown The Woodard Report

Thousands of customers grappling with the fallout of Bench's sudden closing learned Monday that Employer.com has acquired it.

The San Francisco tech company that focuses on human resources will restore Bench’s accounting platform and provide instructions for customers to login and obtain their data. These simple tasks were impossible late last week when Bench abruptly shut down, creating chaos among customers preparing for the looming tax season. Read more...

Appeals Court Reinstates Injunction That Halts BOI Enforcement

Journal of Accountancy

A federal appeals court last week reinstated a nationwide injunction halting enforcement of beneficial ownership information (BOI) reporting requirements, reversing an order the same court issued earlier this week.

In its latest order, the Fifth Circuit Court of Appeals said it was reinstating a lower court's injunction "in order to preserve the constitutional status quo while the merits panel considers the parties' weighty substantive arguments," referring to the panel of judges who will decide the appeal. Read more... 

Accounting Firms Must Consider Capital Resources in 2025 CPA Trendlines

Continued exploration of capital resources will be a hallmark of the next 12 months. Determining the cost of strategic priorities will drive a better-informed exploration of the basic question: “From where will we get our needed capital?”

Those sources include, but are not limited to, owners, banks, private equity, mergers, ESOPs, etc. The potential sources are abundant … determining what’s right for your firm is a unique and focused effort to get it right. Read more... 

Mergers and acquisitions 

Mergers, Shifts in Leadership and More—A Look at 2024 Long Island Business News

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

The 'Magic' Ends for Big-Time Tax Fraudster Accounting Today

New York tax preparer Rafael Alvarez has pleaded guilty to one count of conspiracy to defraud the U.S. and steal government funds and one count of aiding and assisting in the preparation of a false and fraudulent U.S. individual income tax return in a record-setting fraud.

The tax preparer known as 'the Magician' will pay $145 million in restitution. Read more...