In The News—May 20, 2024

This week's news highlights include a warning from the IRS about an increase in tax scams, a look at the evolution of the accounting profession, and how some companies are using artificial intelligence (AI) to automate their businesses in response to talent shortages in the industry. Also, don’t miss out on Joe Woodard’s appearance on the Accounting Today podcast with Dan Hood and a new episode of The Woodard Report podcast featuring Amy Franko.

The Woodard Report

Joe Woodard on Accounting Today: Passive vs. Active Value [The Woodard Report]

On a recent episode of Accounting Today, Joe Woodard joined Dan Hood to discuss the concepts of value and anti-value within the accounting profession, emphasizing the importance of accountants understanding these principles to enhance client relationships and improve service offerings. Read more...

Episode 86: Why Don’t Accountants Love Selling? [The Woodard Report]

Why do many accountants struggle with selling? Amy Franko joins Joe Woodard and Heather Satterley to discuss strategies to overcome this hesitation and improve sales skills. The episode also covers the psychological barriers that may prevent accountants from effectively marketing themselves and their services. Read more...

IRS News

IRS Warns About More Tax Scams [The Tax Adviser]

The IRS has issued a warning about an increase in tax-related scams. These scams often involve fraudulent emails, phone calls, and other forms of communication that attempt to steal personal information and money from taxpayers. The IRS advises taxpayers to remain vigilant and provides tips on recognizing and avoiding these scams. Read more...

IRS Provides Guidance for the Domestic Content Bonus Credit [IRS]

The IRS has released new guidance on the Domestic Content Bonus Credit, part of recent tax legislation promoting the use of domestically produced materials. This credit is intended to support American manufacturers and suppliers by providing tax incentives for businesses that use domestic content in their products. Read more...

IRS Adds Security Protections for CAF Program, Transcript Requests [CPA Practice Advisor]

The IRS has announced enhanced security measures for accessing tax transcripts and the Centralized Authorization File (CAF). These measures include new authentication processes to protect taxpayer data and prevent unauthorized access. The changes are part of the agency's ongoing efforts to improve data security and safeguard taxpayer information. Read more...

Technology News

Could Silicon Valley Bank happen again? ‘The short answer is, yes,’ says professor who sees $2 trillion of losses on the books [Fortune]

Fortune reports on the ongoing impact of Silicon Valley Bank's financial troubles, revealing a $2 trillion exposure that is now underwater. The article examines the ripple effects on the tech industry and the broader financial sector, shedding light on the challenges and potential recovery strategies. Read more...

Accounting News

AI Taking Over Accounting Jobs? [Forbes]

Forbes discusses the increasing role of artificial intelligence in the accounting profession. The article explores how AI is automating many traditional accounting tasks. Read more...

Exploring the Evolution of the Accounting Profession [CPA Journal]

CPA Journal provides an in-depth look at how the accounting profession has evolved. The article covers significant changes in technology, regulatory environments, and professional practices, offering insights into the future for accountants. Read more...

Other Interesting Things We Found

How One Company Added Carbon Estimates to Its Customer Invoices [Harvard Business Review]

Discover how one company has begun including carbon footprint estimates on its customer invoices to raise awareness about environmental impact and encourage clients to adopt sustainable practices. Read more...

How Can I Set the Right Boundaries in a New Job? [Harvard Business Review]

A recent podcast from Harvard Business Review explores the importance of setting boundaries in a new job. The discussion highlights strategies for establishing clear and healthy boundaries with colleagues and supervisors, leading to a more balanced work-life relationship and greater job satisfaction. Read more...