As we navigate through 2024, the accounting landscape continues to evolve with new updates, significant developments, and important deadlines. This edition of "In The News" brings you a curated selection of critical news and updates that impact the accounting world. From IRS announcements about new advisory council members and updated e-filing information to legal battles in the tax software market, and advancements in accounting tools, we cover a spectrum of topics that underline the dynamism and complexity of the accounting profession today. Stay informed and ahead of the curve with these essential updates and insights.
The IRS has recently announced the selection of 12 new members for the Internal Revenue Service Advisory Council (IRSAC) for 2024. The IRSAC serves as an important advisory group, providing recommendations and feedback on various tax administration issues. The new members, who come from diverse backgrounds in tax practice and administration, are set to bring a range of perspectives and insights to the council. Their expertise will be instrumental in shaping policies and procedures, enhancing the IRS's ability to serve the public effectively. For more details on the new IRSAC members and their roles, you can read the full announcement on the IRS website.
The Treasury and IRS have issued guidance on the Qualified Alternative Fuel Vehicle Refueling Property Credit. This initiative, under Internal Revenue Code section 30C, provides a tax credit for the installation of alternative fuel vehicle refueling property. It's a significant step towards encouraging the use of environmentally friendly fuel options. This guidance outlines eligibility criteria, credit limitations, and other important details for taxpayers looking to benefit from this credit. For a comprehensive understanding of the requirements and implications of this credit, you can access the full guidance on the IRS website.
The IRS has updated filing information for Form 990-T and Form 1120-POL filers with upcoming deadlines. Due to temporary unavailability of e-filing for a small number of organizations with earlier due dates, these filers may need to submit their forms through paper filing. This update is particularly relevant for organizations that must meet specific filing deadlines and are affected by the e-filing gap. To understand the full impact of this update and for detailed instructions, please refer to the official announcement on the IRS website.
Intuit, the company behind TurboTax, has filed a lawsuit against H&R Block, alleging that H&R Block's marketing strategies have unfairly tarnished TurboTax's reputation. The lawsuit claims that H&R Block's advertising has negatively impacted the public perception of TurboTax, which Intuit states has been built upon a strong foundation of trust and reliability over the years. This legal action highlights the competitive and often contentious nature of the tax preparation software market. For more details on this developing story, you can read the full article on CPA Practice Advisor.
QuickBooks Online Advanced has introduced significant enhancements to its Revenue Recognition feature. These updates streamline revenue recognition processes, making it easier and more efficient for accountants and businesses to manage complex revenue streams and comply with accounting standards. The improvements focus on flexibility and user-friendliness, catering to the evolving needs of growing businesses. For a detailed look at these enhancements and how they can benefit your accounting practices, you can read the full article on Insightful Accountant.
Nominations for the 2024 Most Powerful Women in Accounting Awards, presented by the AICPA and CPA Practice Advisor, are open but will be closing soon on January 30th. This award recognizes the significant contributions and leadership of women in the accounting profession. It's a prestigious honor that highlights their influence, professional achievements, and community involvement. For those interested in submitting nominations or learning more about the criteria and process, visit the announcement on the AICPA-CIMA website.