In the News—December 9, 2024

Christmas season brings cheer but can also come with a tinge of scams so stay vigilant. We've also got the latest on the Dext/IRIS merger and what small businesses are saying about beneficial ownership information (BOI) reports. Enjoy the latest buzz!   

IRS news  

Tax pros urged to guard against identity theft with updated security plan IRS.gov 

On the final day of National Tax Security Awareness Week, the Internal Revenue Service and its Security Summit partners urged tax professionals to reassess their plans for protecting themselves and their clients’ sensitive information amid increasing attempts by identity thieves to steal tax data. Read more...  

Charitable contribution scams on the rise IRS.gov

The Internal Revenue Service today warned taxpayers to avoid promoters of fraudulent tax schemes involving donations of ownership interests in closely held businesses, sometimes marketed as “Charitable LLCs.” Read more... 

Technology news  

What's New with 1099's in QuickBooks Online? Insightful Accountant 

Let's face it, the old way of doing 1099's in QuickBooks has been cumbersome at best... it involved a lot of 'user-based work' in order to get QuickBooks ready to figure out the 1099's that needed to be filed.  But for this year's filing season, the QuickBooks team responsible for 1099s has done of lot of work to ensure that 1099s can be prepared and filed easier than ever, and with less work by 'users' and more 'intelligence' by QuickBooks. Read more...  

Accounting news  

Eight Steps for Better Client Accounting Services CPA Trendlines 

Whether you are thinking of offering client accounting services, have already started offering it, or you want to grow your CAS practice or make it more profitable, some proven steps will make your CAS practice shape up in the most optimized way. If you have already started offering CAS, these are the steps that you will revisit from time to time. Read more...  

Lucanet Enhances CFO Platform with GenAI Capabilities CPA Practice Advisor 

The Department of the Treasury and the Internal Revenue Service have issued Revenue Procedure 2024-31 PDF and proposed regulations to provide guidance for the Energy Efficient Home Improvement Credit. Read more...  

Mergers and acquisitions  

IRIS to Acquire Dext, Advancing Accounting Automation The Woodard Report 

IRIS Software Group, a global provider of software solutions for businesses, has announced its intent to acquire Dext Software Ltd., a provider of financial technology solutions specializing in accounting and bookkeeping. Read more...  

Other interesting things we found  

BOI: Businesses cite procrastination, lack of clarity for not filing The Tax Advisor 

Most small businesses are not filing required beneficial ownership information (BOI) reports because they are not sure they need to or because they are procrastinating, according to a poll released Tuesday by Wolters Kluwer. Read more...  

New guide clarifies accounting and valuation of business combinations Journal of Accounting  

A new AICPA guide aims to demystify accounting and valuations in mergers and acquisitions and related transactions. Read more...