In the News - March 4, 2024

This week's "In the News" segment from The Woodard Report shines a spotlight on pivotal developments within the accounting and finance sectors. From the IRS's latest crackdown on high-income non-filers to innovative strides in accounting technology. We also explore the IRS's efforts to enhance tax compliance through new initiatives and the significant role of AI in reshaping accounting practices. Join us as we navigate through these updates, offering insights and implications for professionals and stakeholders in the accounting landscape.

Technology and Innovation in Accounting

QuickBooks Enhances HR Experience (Insightful Accountant)

QuickBooks is set to upgrade its human resource offerings, aiming to provide a more comprehensive and user-friendly HR experience for businesses. This enhancement reflects QuickBooks' commitment to streamlining payroll and HR processes for its users. Read more...

Intuit Redefines User Roles in QuickBooks Online (Insightful Accountant)

Intuit announces significant changes to user roles within QuickBooks Online (QBO), offering more customization and control. This update is designed to improve security and efficiency by tailoring access and permissions to fit various business needs. Read more...

Gen AI to Shape the Future for Xero Customers (Xero Blog)

Xero is exploring the potential of generative AI (Gen AI) to transform services for its customers and highlighted its initiatives at its recent Investor Day in Melbourne, AU. This includes developing a new conversational interface called Just Ask Xero (JAX). Read more...

Xero Announces New Bill Pay Partnership for US Customers (Xero Blog)

Xero introduces a new bill pay partnership aimed at streamlining payment processes for its US customers. This collaboration signifies Xero's ongoing efforts to provide efficient and integrated financial solutions. Read more...

IRS Updates and Initiatives

IRS to Focus on ERC Compliance (Going Concern)

The IRS is intensifying its efforts to ensure compliance with the Employee Retention Credit (ERC), signaling a crackdown on misuse and fraud. This move aims to uphold the integrity of pandemic-related financial support measures. Read more...

New IRS Effort Targets High-Income Non-Filers (IRS)

In a robust move to enforce tax compliance, the IRS is targeting high-income individuals who have failed to file tax returns, impacting over 125,000 cases since 2017. This initiative, fueled by the Inflation Reduction Act, zeroes in on those with incomes ranging from $400,000 to over $1 million, who have collectively engaged in financial activities worth more than $100 billion. With the deployment of compliance letters, the IRS aims to rectify this form of non-compliance among high earners, including millionaires, ensuring they fulfill their civic duty alongside millions of tax-paying Americans. This effort represents a significant step towards achieving fairness in the tax system, backed by the newly available resources to tackle tax evasion effectively. Read more...

IRS Free File Program Usage Increases (IRS)

The IRS reports a nearly 10% increase in the usage of its Free File program, indicating a growing trend of taxpayers utilizing free online filing options. This uptick reflects the program's success in providing accessible tax filing solutions. Read more...

This week's "In the News" article for The Woodard Report covers a broad spectrum of topics, from the latest in accounting technology and innovations to significant IRS updates and initiatives. Stay informed with these essential updates to navigate the evolving landscape of accounting and finance.