In the News - March 10, 2025

We got to "spring forward" this weekend, which will hopefully be followed by some warmer weather and more sunshine to enjoy! As we adjust to the time change, the accounting world continues to evolve with important updates. This week, we cover proposed changes to independence rules for private equity-backed firms, the AICPA’s stance on IRS modernization and BOI enforcement, a sharp rise in QuickBooks-related phishing scams, and major updates in accounting firm leadership and technology.

IRS News

AICPA Stresses the Need for a Modernized IRS [Journal of Accountancy]

The AICPA has reiterated its support for a modernized IRS, highlighting the importance of improved taxpayer services, better technology, and increased transparency. In a recent statement, the organization emphasized that an efficient and well-funded IRS is critical for tax professionals and their clients. The AICPA urged policymakers to prioritize these improvements to streamline compliance and reduce administrative burdens. Read more...

Treasury Suspends BOI Reporting Enforcement; AICPA Approves [Journal of Accountancy]

The Treasury Department has temporarily suspended enforcement of Beneficial Ownership Information (BOI) reporting requirements, a move welcomed by the AICPA. The decision comes as many businesses and accountants have struggled with compliance challenges related to the new rules. The AICPA continues to advocate for additional guidance and a smoother rollout to minimize disruption. Read more...

Technology News

EY Expands AI Capabilities in Blockchain Analysis [CPA Practice Advisor]

Ernst & Young has enhanced its Blockchain Analyzer tool with artificial intelligence, improving audit and compliance functions for digital assets. The upgrades allow for more efficient risk assessment, transaction tracing, and anomaly detection in blockchain-based financial activities. As more companies integrate digital assets into their operations, these AI-driven tools help ensure regulatory compliance and fraud prevention. Read more...

Phishing Attacks Target QuickBooks Users [CPA Practice Advisor]

Cybersecurity researchers have reported a 36.5% increase in phishing attacks that exploit QuickBooks’ legitimate domains to trick users. These attacks primarily involve invoice fraud and impersonation schemes, targeting businesses that rely on QuickBooks for financial transactions. Experts recommend heightened vigilance, multi-factor authentication, and employee cybersecurity training to mitigate risks. Read more...

What’s New in QuickBooks Desktop Enterprise?

QuickBooks Desktop Enterprise has rolled out several new features designed to improve efficiency and reporting for accountants. The latest updates focus on enhanced automation, better reporting capabilities, and improved integration with third-party applications. These enhancements aim to streamline bookkeeping tasks and offer greater flexibility to accounting professionals. Read more...

Accounting News

Changes to Independence Rules for Private Equity-Backed Firms [Journal of Accountancy]

The AICPA and SEC are reviewing independence rules related to accounting firms backed by private equity. The discussion focuses on whether traditional independence requirements should be adapted to accommodate the evolving ownership structures of firms. The proposed changes aim to balance investor interests with maintaining high ethical and professional standards in the profession. Read more...

KPMG Announces New Chair and CEO [Going Concern]

KPMG has appointed a new Chair and CEO alongside a Deputy Chair, signaling leadership changes as the firm navigates the evolving regulatory and business landscape. The firm’s new leaders are expected to focus on growth, technology investments, and workforce development. Read more...

The Rise of Chief Growth Officers in Accounting Firms [The Woodard Report]

Accounting firms are increasingly hiring Chief Growth Officers (CGOs) to drive business development and innovation. This emerging role reflects the industry's shift toward strategic growth initiatives, client expansion, and service diversification. As firms compete for new revenue streams, the CGO position is becoming essential for long-term sustainability. Read more...

Intuit Appoints New Vice President of Accountant Segment

Intuit has named Simon Williams as the new Vice President of the Accountant Segment, reinforcing the company's commitment to supporting accounting professionals. Williams is expected to lead strategic initiatives that enhance Intuit’s offerings for accountants and bookkeepers. Read more...

Other Interesting Things We Found

Michigan Businessman Convicted of Employment Tax Crimes [CPA Practice Advisor]

A Michigan business owner has been found guilty of employment tax fraud after failing to remit payroll taxes to the IRS. The case serves as a reminder of the severe consequences for payroll tax noncompliance and highlights the importance of proper financial management for businesses. Read more...