In the News - March 17, 2025

Happy St. Patrick’s Day! Maybe you're celebrating by wearing green, enjoying a festive treat, or just keeping up with the latest industry news. Speaking of industry news, this week's news roundup brings you key updates from the IRS, accounting standards boards, and major software providers, along with insights into industry trends. From tax relief for storm-affected taxpayers to the latest advancements in AI-powered accounting tools, here’s what you need to know to stay ahead.

IRS News

IRS Provides Tax Filing Extensions to West Virginians Impacted by Severe Storms CPA Practice Advisor

The IRS has granted tax filing extensions to residents of West Virginia affected by recent severe storms. Impacted taxpayers now have until July 31, 2025, to file returns and make payments. The relief applies to individuals, businesses, and tax-exempt organizations in designated disaster areas. This extension aligns with the IRS’s continued efforts to provide financial relief to those recovering from natural disasters. Read more...

Accounting News

FASB’s Private Company Council Releases First-Ever Annual Report CPA Practice Advisor

The Financial Accounting Standards Board’s Private Company Council (PCC) has published its inaugural annual report, highlighting key initiatives and improvements to private company financial reporting. The report outlines recommendations on accounting simplifications and ongoing projects aimed at aligning private company standards with public company reporting requirements while reducing compliance burdens. Read more...

AICPA Names Catherine Creps Chair of Auditing Standards Board Bloomberg Tax

The American Institute of CPAs (AICPA) has announced Catherine Creps as the new chair of the Auditing Standards Board (ASB). Creps, a veteran in the field, is expected to lead the ASB in updating and improving auditing standards to reflect emerging risks, technological advancements, and regulatory changes. Her appointment is expected to drive greater consistency and transparency in the auditing profession. Read more...

Technology News

New Shipping Experience Coming to QuickBooks Desktop Insightful Accountant

Intuit is rolling out an enhanced shipping feature for QuickBooks Desktop users, streamlining order fulfillment and logistics management. The update integrates directly with major shipping carriers, allowing users to compare rates, print labels, and track shipments from within QuickBooks. This improvement aims to increase efficiency for small businesses and accounting professionals managing client logistics. Read more...

JAX Beta Expands in Xero Xero Blog

Xero’s JAX Beta, an AI-driven financial assistant, is expanding to more users. Designed to automate transaction categorization and provide real-time insights, JAX leverages machine learning to improve bookkeeping accuracy and reduce manual entry. The expansion marks Xero’s continued commitment to AI innovation in accounting technology. Read more...

AI Startup Digits Announces Its New Autonomous General Ledger The Woodard Report

Digits, an AI-powered fintech company, has launched an autonomous general ledger aimed at revolutionizing financial data processing. The tool provides real-time updates, automated reconciliation, and predictive insights to enhance efficiency for accountants and business owners. The technology seeks to minimize human intervention while increasing data accuracy. Read more...

Other Interesting Things We Found

TWR Podcast Episode 112: 7 Productivity Hacks for Busy Season The Woodard Report

The latest episode of The Woodard Report Podcast explores seven productivity strategies to help accountants stay efficient during peak season. Topics include time-blocking, automation tools, and stress management techniques designed to enhance workflow and reduce burnout. Read more...

Remote Accounting Jobs Decline Amid In-Office Push Accounting Today

As firms shift back to in-person work, remote accounting job opportunities are decreasing. Companies cite collaboration, mentorship, and security concerns as key drivers behind the return-to-office movement. However, hybrid work models remain prevalent, with many firms striking a balance between flexibility and operational needs. Read more...