In the News - February 19, 2024

In this week's "In the News" for The Woodard Report, we spotlight key developments from the IRS's new support initiatives to significant updates in financial technology and regulatory compliance. Highlights include tax relief for Michigan residents, QuickBooks and Xero's latest advancements, and insights into the SECURE Act 2.0's impact on retirement planning for 2024. Stay ahead with these essential updates in the accounting and finance sector.

IRS News

IRS Announces Special Saturday Hours for Face-to-Face Help
The IRS is making tax assistance more accessible by opening over 50 Taxpayer Assistance Centers on special Saturdays. This initiative aims to provide additional support to taxpayers nationwide. Read more...

Michigan Taxpayers Impacted by Severe Storms Qualify for Tax Relief
Tax relief is available for Michigan taxpayers affected by recent severe weather events, with the IRS postponing various deadlines to June 17 to aid in recovery efforts. Read more...

Criminal Investigation Chief to Retire in April (CPA Practice Advisor)
The head of the IRS Criminal Investigation division announces retirement, closing a chapter on a career dedicated to tax enforcement and compliance. Read more...

Accounting and Financial Technology News

QuickBooks Online Advanced Financial Forecasts (Insightful Accountant)
QuickBooks Online Advanced rolls out enhanced financial forecasting features, providing users with powerful tools for more accurate financial planning and analysis. Read more...

Xero Becomes Cloud Accounting Solution for Mazars Member Firms (Insightful Accountant)
In a significant partnership, Xero is now the preferred cloud accounting solution for Mazars, underscoring Xero's expanding presence in the cloud accounting ecosystem. Read more...

Regulatory and Compliance News

No 'Gotcha' Enforcement of BOI Regulations, FinCEN Chief Vows (Journal of Accountancy)
FinCEN's chief reassures that the enforcement of Beneficial Ownership Information (BOI) regulations will be fair and transparent, aiming to foster compliance without undue penalties. Read more...

The SECURE Act 2.0: Retirement Changes for 2024 (The Woodard Report)
The SECURE Act 2.0 provisions rolled out in 2024 include employer contributions for student loan payments, new workplace emergency savings accounts, options for 529 plan rollovers into Roth IRAs, and penalty-free emergency withdrawals. It also allows for easier transitions from SIMPLE IRAs to Safe Harbor 401(k) plans, enhancing the retirement planning landscape for Americans. Read more...

Industry Trends and Insights

Accounting Profession Hits Another Hiring High (CPA Trendlines)
The accounting sector continues to see significant growth, with hiring rates reaching new highs and reflecting the ongoing demand for skilled accounting professionals. Read more...