In the News - March 11, 2024

This week's "In the News" article for The Woodard Report covers a wide array of topics, from the benefits of taking breaks for workplace productivity to crucial data security practices for accounting firms, IRS initiatives, and the latest in technology and legal challenges facing the profession. Stay informed with these essential updates to navigate the evolving landscape of accounting and finance.

IRS and Compliance News

IRS Continues Special Saturday Hours on March 16 (IRS)
The IRS extends its initiative to offer special Saturday hours at 70 Taxpayer Assistance Centers nationwide, providing face-to-face help for taxpayers seeking assistance with their tax queries and concerns. Read more...

IRS Alert: Beware of Misrepresenting Wellness Expenses as Medical Care (IRS)
The IRS issues a warning against companies that incorrectly classify nutrition, wellness, and general health expenses as medical care for Flexible Spending Arrangements (FSAs) and Health Savings Accounts (HSAs), emphasizing the need for accurate tax reporting. Read more...

Corporate Transparency Act Found Unconstitutional by Federal Court (CPA Practice Advisor)
A federal court has ruled the Corporate Transparency Act unconstitutional, sparking discussions on the implications for businesses and the future of financial transparency regulations. Read more...

Technology Insights

Why Your Business Shouldn't Rely on AI-Powered Tax Prep Advice (CPA Practice Advisor)
CPA Practice Advisor discusses the limitations and risks of depending solely on AI for tax preparation advice, advocating for a balanced approach that includes professional human oversight. Read more...

Data Security for Accounting Firms (The Woodard Report)
The Woodard Report delves into the critical aspects of data security for accounting firms, offering insights and strategies to protect sensitive client information in an era where cyber threats are increasingly prevalent. Read more...

Other Interesting Things We Found

Don't Underestimate the Power of Small Breaks During a Busy Workday (Harvard Business Review)
Harvard Business Review highlights the significant impact of taking short breaks throughout the workday to enhance productivity and mental well-being. This piece underscores the importance of pausing, even briefly, to maintain efficiency and creativity in high-pressure environments. Read more...

FreshBooks Apps for Accountants (FreshBooks Blog)
FreshBooks Blog introduces a suite of apps designed to enhance the accounting experience for professionals, focusing on streamlining workflows and improving client interactions through innovative technology. Read more...