In The News—June 17, 2024

We're right in the middle of Scaling New Heights 2024! For those who were unable to attend, we've prepared a recap of the action-packed first day of the event. Check out our latest edition of The Woodard Report to learn more.

Aside from that, in the news this week, Bill360 has introduced an advanced AR automation solution for accountants! More information can be found in our press release below. In other tech news, Meta has halted AI training on EU user data due to pressure from regulators. The IRS has also announced that it will close a tax loophole that will net the U.S. government billions of dollars over the next ten years.

Read about all this and more below!

The Woodard Report

Scaling New Heights 2024: Day 1 Recap [The Woodard Report]

The Scaling New Heights 2024 conference kicked off with over 1,800 attendees. Highlights included insightful sessions, networking opportunities, and a keynote by Dr. Michio Kaku on the future of AI and technology. Joe Woodard emphasized the need for CAS professionals to innovate and adapt in a rapidly changing industry. Read more...

Press Releases

Bill360 Introduces Advanced AR Automation Solution to Accelerate Growth for Accountants and Their Clients [Bill360]

Bill360 has launched a new AR automation solution designed to streamline accounts receivable processes for accountants and their clients. This technology aims to enhance efficiency and support business growth through advanced automation. Read more...

IRS News

IRS Moves to End Shell Game of Basis Shifting Transactions [Journal of Accountancy]

The IRS is targeting basis shifting transactions to prevent tax evasion strategies that manipulate financial statements. This move aims to ensure transparency and fairness in tax reporting, addressing long-standing loopholes. Read more...

Technology News

Meta Halts AI Training on EU User Data [The Hacker News]

Meta has paused AI training using EU user data in response to regulatory pressures. This decision highlights the growing tension between tech companies and data privacy regulations in the European Union. Read more...

Accounting News

SEC Says Former Synchronoss CFO to Pay Penalties in Connection with Accounting Misconduct [MarketWatch]

The SEC has imposed penalties on the former CFO of Synchronoss Technologies for accounting misconduct. This case underscores the importance of ethical financial practices and regulatory compliance in corporate governance. Read more...

IMA Tries to Attract Young Accountants [Accounting Today]

The Institute of Management Accountants (IMA) is launching initiatives to draw young professionals into the accounting field. These efforts aim to address the talent gap and ensure the future growth of the profession. Read more...

Loren Fogelman: Stop Undercharging and Be Client-Centered [CPA Trendlines]

Loren Fogelman advocates for accountants to adopt a client-centered approach and stop undercharging for their services. By valuing their expertise appropriately, accountants can provide better service and achieve greater professional satisfaction. Read more...

Other Interesting Things We Found

The World is Ripe with Opportunities for the Accounting and Finance Profession, Says New CIMA President and Chair of the Association of International Certified Professional Accountants [PR Newswire]

The new CIMA President emphasizes the abundant opportunities in the accounting and finance sectors globally. He highlights the need for professionals to embrace change and innovation to seize these opportunities. Read more...

Maryland Governor Wes Moore Unveils Inclusive Economic Growth Plan [Fortune]

Governor Wes Moore of Maryland has announced a comprehensive plan aimed at fostering inclusive economic growth in the state. The initiative focuses on creating opportunities for marginalized communities and promoting sustainable development. Read more...