In the News - February 6, 2024

In this week's "In the News" section of The Woodard Report, we spotlight essential updates and educational opportunities from the IRS, including a webinar on the Employee Retention Credit and the latest on the Voluntary Disclosure Program. We also cover urgent advisories for taxpayers regarding filing deadlines amidst legislative changes and provide crucial tax relief information for those affected by severe weather in Maine and Rhode Island. On the technology front, we highlight Intuit's partnership with Khan Academy to promote financial literacy and Colossyan's groundbreaking use of generative AI in corporate training. Additionally, we bring updates from Avalara on its partner program and a reminder about the upcoming deadline for the ProAdvisor Program. Stay informed about these pivotal developments in the accounting and tech spheres.

IRS News This Week

IRS to Offer an Employee Retention Credit Webinar on Feb 8; Provide Updates on Voluntary Disclosure Program Moratorium

The IRS is set to host a webinar on February 8, focusing on the Employee Retention Credit and providing the latest updates on the Voluntary Disclosure Program moratorium. This educational event is designed to inform and support employers in understanding the nuances of the Employee Retention Credit, as well as to offer clarity on the current status of the Voluntary Disclosure Program. Participants will gain valuable insights directly from IRS experts, ensuring they have the information needed to navigate these complex areas. Read more...

Don't Wait on Action on Tax Bill to File Returns, IRS Tells Taxpayers

The IRS advises taxpayers not to delay filing their returns in anticipation of actions on the tax bill. This guidance aims to prevent any unnecessary waiting and potential complications, encouraging taxpayers to proceed with their filings to ensure timely processing and compliance. Read more...

Tax Compromise Passes House Vote

Insightful Accountant reports on a significant tax compromise that has successfully passed the House vote, marking a pivotal moment in tax legislation. This development could have wide-ranging implications for taxpayers and the accounting profession alike. Read more...

Tax Relief for Maine and Rhode Island Taxpayers Impacted by Severe Storms

The IRS has announced tax relief for taxpayers in Maine and Rhode Island affected by recent severe weather events. Recognizing the hardships caused by storms and flooding, the agency has extended various tax deadlines to June 17 for those in the impacted areas. This measure aims to alleviate some of the stress on individuals and businesses as they recover from the damage. Read more about Maine relief... And Rhode Island relief..

Technology News This Week

Intuit and Khan Academy Team Up to Offer Free Financial Education to Students and Teachers

Intuit has partnered with Khan Academy to provide free financial education resources to students and teachers. This collaboration aims to enhance financial literacy through accessible and comprehensive educational content, preparing the next generation for a financially savvy future. Read more...

Colossyan Uses GenAI to Create Corporate Training Videos

TechCrunch highlights Colossyan's innovative use of generative AI (GenAI) to produce corporate training videos. This technology enables the creation of customized and engaging training materials, revolutionizing the way companies educate their employees and streamline their training processes. Read more...

Avalara Updates Partner Program

Avalara, a leading tax software company, has recently revamped its partner program to provide enhanced support and benefits for its collaborators. This update aims to foster stronger relationships and offer more value to both Avalara and its partners. Read more...

ProAdvisor Program Grace Period Ends February 18, 2024

Insightful Accountant reports that the grace period for the ProAdvisor Program will conclude on February 18, 2024. This crucial update for accounting professionals highlights the importance of adhering to the deadline to maintain access to the program's certifications and resources. Read more...