In the News – January 29, 2024

In this week's edition of The Woodard Report “In the News” article, we bring you a diverse range of topics shaping the accounting world. Dive into the latest IRS updates, including a must-attend webinar and a new initiative to simplify taxpayer notices. Explore the evolving landscape of the accounting profession, from the impact of rising CPA fees to a free resource from Accounting Today with over 205 accounting checklists for 2024. We also venture beyond the numbers to uncover broader trends influencing the workplace, ethical dilemmas in the industry, and emerging concerns about digital privacy. Plus, don't miss our special announcement about the upcoming Woodard Groundhog Day Sale, your last opportunity to save big on Scaling New Heights 2024.

Special Announcement: Woodard Groundhog Day Sale

Don't miss out on the Woodard Groundhog Day Sale happening this Friday! It's a fantastic opportunity for accounting professionals to save big on our Scaling New Heights conference, happening June 16 – 19, 2024 at the Orlando Marriot World Conference Center. Mark your calendars and be ready to take advantage of this exclusive deal!

Tax Practitioner News

IRS Free Jan 30 Webinar to Focus on Navigating Through Restart of Automated Collection Notices, Penalty Relief

The IRS is hosting a free webinar on January 30th, aimed at guiding taxpayers through the resumption of automated collection notices and understanding penalty relief. This session is particularly crucial for those seeking clarity on the recent restart of notices after a pause due to the pandemic. Read more...

IRS Launches Simple Notice Initiative Redesign Effort

In an effort to simplify taxpayer communication, the IRS has initiated a redesign of their notice system. This 'Simple Notice Initiative' aims to make IRS communications more straightforward and less confusing, enhancing overall taxpayer experience. Read more...

Accounting News

F in the Chat for All the Clients Losing Their CPAs to Higher Fees This Year

This article from Going Concern addresses the growing trend of CPAs raising their fees, leading to a shift in client relationships. With the increasing complexity of accounting tasks and the need for more specialized skills, many clients find themselves re-evaluating their options as their current CPAs adjust their pricing structures. Read more...

BOI Reporting and Unauthorized Disclosure Penalties Increased

The Journal of Accountancy reports on the recent increase in penalties related to Bank of International (BOI) reporting and unauthorized disclosures. This change reflects the ongoing efforts to ensure compliance and safeguard sensitive financial information. Read more...

Art of Accounting: 205 Free Updated Ed Mendlowitz Checklists for 2024

Accounting Today offers a valuable resource for accounting professionals: 205 updated checklists by Ed Mendlowitz. These free tools are designed to streamline various accounting processes, ensuring thoroughness and efficiency in the workflow. Read more...

Other Interesting Things We Found

9 Trends That Will Shape Work in 2024 and Beyond

Harvard Business Review explores nine significant trends poised to influence the workplace in 2024 and beyond. This insightful piece delves into how evolving dynamics, from remote work to technological advancements, are reshaping the way we work, offering a glimpse into the future of the professional landscape. Read more...

Florida Tax Preparer Gets Prison for False Returns and Online Romance Scam

CPA Practice Advisor reports on a Florida tax preparer sentenced to prison for filing false tax returns and conducting an online romance scam. This case highlights the importance of ethics and integrity in the accounting profession and serves as a cautionary tale for both professionals and clients. Read more...

NSA Admits Secretly Buying Your Data

The Hacker News reveals a startling admission from the NSA about secretly purchasing personal data. This article sheds light on privacy concerns and the implications of such practices on individual rights and freedoms, sparking a crucial conversation about digital privacy and security. Read more...