In The News—June 3, 2024

It's June again, and you know what that means—the weather is getting warmer, the flowers are blooming, school is ending soon, and, of course, soon it'll be time for Scaling New Heights! 

As for the top news stories last week: The IRS has announced that its free Filing Program will become permanent with an expanded scope, Pricewaterhouse Coopers (PwC) is set to become OpenAI's biggest enterprise customer, and a recently published study examines how inflation is affecting small businesses. Find out how and more by reading the stories below.

Also, Joe Woodard and Heather Satterley conducted a fascinating interview with Nicole Davis, principal at Butler Davis Tax and Accounting in Atlanta. Davis told the story of the myriad of challenges she faced in her career, including overcoming depression. With determination, sacrifice, and the love and support of her family, Davis successfully overcame the obstacles in her path. Read more about her amazing journey below.

The Woodard Report

Overcoming Adversity: Nicole Davis' Inspirational Journey in Accounting [The Woodard Report]

In this inspiring article, Nicole Davis shares her journey of overcoming significant challenges to succeed in accounting. Her story highlights the importance of maintaining one's mental health and the power of adopting a positive mindset. Read more about her remarkable journey and the insights she offers to other accounting professionals. Read more...

IRS News

IRS Free Filing Program to Become Permanent with Expanded Scope [Journal of Accountancy]

The IRS has announced that its Free Filing Program will be made permanent and will see an expanded scope to include more taxpayers. This move aims to make tax filing more accessible and reduce the burden on low-income taxpayers. The program's enhancements will be phased in over the next few years. Read more...

Treasury and IRS Proposed Regulations for Clean Energy Owner [Insightful Accountant]

The Treasury and IRS have released proposed regulations for clean energy owners designed to provide clarity and guidance on tax incentives available for clean energy investments. The proposals are part of broader efforts to support the transition to a greener economy. Read more...

Technology News

PwC to Become OpenAI's Largest Enterprise Customer [Reuters]

PwC is set to become OpenAI's largest enterprise customer, according to a recent report by the Wall Street Journal. This partnership aims to enhance PwC's services through advanced AI capabilities, helping clients navigate complex business challenges with innovative solutions. Read more...

Where Did My Payout Go? [Bookkeep]

Bookkeep delves into the common issue of delayed or missing payouts for businesses. The article discusses the various factors contributing to payout delays, including bank processing times, system errors, and more. It also offers tips on how to track and resolve payout issues effectively. Read more...

Accounting News

Tax Season 2024: Challenges Facing Accounting Firms and How to Deal with Them [Market Business News]

Accounting firms are preparing for the 2024 tax season, but they face significant challenges such as increased compliance requirements, staffing shortages, and evolving technology. This article explores these issues and provides practical strategies for firms to navigate these hurdles successfully. Read more...

Other Interesting Things We Found

Study: Inflation Continues to Hinder Small Business [American Drycleaner]

A recent study highlights the ongoing impact of inflation on small businesses. Rising costs of goods and services are squeezing profit margins and making it challenging for small business owners to stay afloat. The article provides an overview of the study's findings and potential strategies for mitigating inflation's effects. Read more...

FINRA Quickly Calls BS on Banks Forcing a Return to Office in Their Name [Going Concern]

The Financial Industry Regulatory Authority (FINRA) has criticized banks for using its name to justify return-to-office mandates. FINRA clarified that it has not issued any requirements for employees to return to the office, pushing back against the banks' misleading claims. Read more...

Research: Why Companies Should Disclose Their Lack of Progress on DEI [Harvard Business Review]

A new study from Harvard Business Review argues that companies should be transparent about their lack of progress on diversity, equity, and inclusion (DEI) initiatives. Transparency can build trust and accountability, and help companies to better understand and address the challenges they face in improving DEI. Read more...