In The News—July 29, 2024

In The News this week, we've gathered a selection of noteworthy articles to keep you informed about the latest happenings in accounting and finance.

This week, highlights include a story on the IRS's new and improved online tools, an in-depth look at the potential of AI in driving innovation for businesses, and a new report detailing the significance of the recent CrowdStrike outage. Dive into these stories and more in our top picks below.

Accounting news

Accountant Gets Jail Time for Charging $3M on N.J. Employer's Credit Card [CPA Practice Advisor]

An accountant in New Jersey has been sentenced to jail for charging $3 million on their employer's credit card. The fraudulent activities were discovered after a thorough investigation, leading to the accountant's conviction. This case serves as a stark reminder of the importance of internal controls and vigilance in financial management. Read more...

Art of Accounting: It's Never the Right Time to Do Something New [Accounting Today]

Accounting Today offers insights on the challenges and timing of adopting new practices in the accounting profession. The article argues that waiting for the "perfect" moment can lead to missed opportunities and stresses the importance of proactive change management. It encourages accountants to embrace new methods and technologies to stay competitive and effective. Read more...

Bloomberg Tax Workpapers Honored by Two Awards for Innovation [PR Newswire]

Bloomberg Tax & Accounting's Workpapers solution recently received two prestigious awards recognizing its innovative approach. The awards highlight the tool's ability to enhance efficiency and accuracy in tax and accounting workflows. With features designed to streamline complex tasks, Bloomberg Tax Workpapers is celebrated for setting a new standard in the industry. Read more...

IRS news

IRS Boasts New and Improved Online Tools and Digital Services for Taxpayers [CPA Practice Advisor]

The IRS has unveiled a suite of enhanced online tools and digital services aimed at improving taxpayer experience. These updates include more user-friendly interfaces, better access to information, and streamlined processes for common tasks like filing and payments. The IRS's commitment to modernization reflects ongoing efforts to make tax management more accessible and efficient for everyone. Read more...

Technology news

Can AI Help Your Company Innovate? It Depends [Harvard Business Review]

Harvard Business Review explores the potential of AI to drive innovation within companies. The article discusses various factors that influence the effectiveness of AI, including company culture, the specific AI applications in use, and the integration process. While AI offers significant opportunities, its success largely depends on how it's implemented and managed within an organization. Read more...

CrowdStrike Outage Losses Estimated at Staggering $5.4B [Dark Reading]

A recent outage at cybersecurity firm CrowdStrike has resulted in estimated losses of $5.4 billion. The incident highlights the critical nature of cybersecurity infrastructure and the significant financial impact of service disruptions. CrowdStrike is currently investigating the cause of the outage and working on measures to prevent future occurrences. Read more...

Other interesting things we found

Layoff Watch '24: Things Aren't Looking Good at PwC China [Going Concern]

Going Concern reports on the troubling signs of potential layoffs at PwC China. The article outlines the factors contributing to this situation, including economic pressures and internal restructuring. Employees are bracing for significant changes as the company navigates these challenges. Read more...