In the News - March 28, 2023

Welcome to this week's news update, where we bring you the latest developments in the accounting and bookkeeping community, featuring IRS news, Intuit news, and other updates from the world of finance and technology. 

IRS News 

• Warning on Shady Tax Preparers: The IRS has released a warning about the "Dirty Dozen" tax scams, urging taxpayers to exercise caution when choosing tax professionals. The agency has provided helpful tips, such as checking qualifications, inquiring about fees, and verifying the IRS Preparer Tax Identification Number (PTIN). The full news release is available here.
•  Understanding IRS Contact: The IRS shared important details on when and how they might contact taxpayers to help them avoid scams. Generally, the agency initiates contact via mail, not phone, email, or social media. They also never demand immediate payment or threaten arrest. More information can be found here. 
• Revised FAQs on Form 1099-K: The IRS updated its Frequently Asked Questions about Form 1099-K, "Payment Card and Third Party Network Transactions," to provide clearer guidance for taxpayers receiving this form. The updated FAQs can be reviewed here. 
• New York Storm Victims Tax Relief: The IRS announced that victims of the severe storms, straight-line winds, and flooding in parts of New York in February 2023 may qualify for tax relief. Various tax deadlines have been extended, including the April 18 filing deadline, which is now May 15, 2023. More information is available here. 

Intuit News 

• Discontinuation of QuickBooks in India: Intuit has announced the discontinuation of its QuickBooks product and service offerings in India, effective April 30, 2023. The decision impacts both new and existing customers, with the company ceasing support, updates, and maintenance for QuickBooks products in the region. The official announcement can be found here. 
• Expansion of Developer Growth Program: Intuit expanded its Developer Growth Program with a renewed focus on fostering innovation and driving growth within the developer community. The updated program aims to provide developers with greater access to resources, tools, and support to create and scale new applications on the QuickBooks platform. Learn more about the program expansion here. 
• What's New in QuickBooks Online: QuickBooks Online introduced several new features and updates in March 2023, including improved invoice customization, an enhanced cash flow dashboard, advanced inventory management, streamlined sales tax management, and mobile app improvements. These updates aim to provide small businesses with the tools and resources they need to manage their finances efficiently and effectively. To learn more about the new features and enhancements, visit the official QuickBooks product update announcement. 

Other News 

1. First Citizens BancShares Acquires Silicon Valley Bank: Amid an ongoing banking crisis, First Citizens BancShares announced its acquisition of Silicon Valley Bank (SVB). The deal is expected to strengthen First Citizens BancShares' position in the market and expand its services to SVB's existing clientele, including technology companies, startups, and venture capital firms. The acquisition comes at a time when the banking industry faces various challenges, such as low interest rates, increased regulation, and a shift towards digital banking. More details on the acquisition can be found in this Business Insider article. 

Stay tuned for more updates from the accounting and bookkeeping community. We'll continue to keep you informed on the latest news and developments in the industry.