In the News: May 22, 2026

This week’s news is dominated by AI, restructuring, and trust. Intuit’s workforce reductions made headlines across the profession, while major firms and platforms announced new AI moves aimed at financial services, client advisory, and accounting workflows. At the same time, the IRS continues to battle identity theft refund fraud, and AICPA leadership is emphasizing innovation that strengthens, rather than erodes, public trust.

What’s Happening at Woodard

Intuit Admins, Roles, and the "Primary Admin" Plot Twist (The Woodard Report)

This article breaks down an issue many accounting professionals have encountered inside Intuit ecosystems: confusing admin roles, access levels, and the unexpected complications tied to the “Primary Admin” designation. Access management matters, and role confusion can create workflow and security issues, which is why firms should regularly review who controls client accounts. Read more…

The Hidden Cost of DIY Bookkeeping (The Woodard Report)

DIY bookkeeping may look like a cost saver on the surface, but this article highlights the operational and strategic risks business owners often overlook. From messy financial data and missed deductions to delayed decision-making and expensive cleanup work, this article makes the case that professional bookkeeping is not just about compliance. Read more…

Bank Recs to Big Dreams: The Human Side of Accounting (The Woodard Report Podcast)

In episode 172 of The Woodard Report Podcast, Heather Satterley sat down with Debra Kilsheimer for a conversation about the human side of accounting, from the routine discipline of bank reconciliations to the bigger dreams accounting professionals build around service, trust, and impact. The episode is a reminder that behind every workflow and client file is a relationship, and that sustainable firms are built on both sound processes and human connection. Read more…

Technology & AI

Intuit to cut 17% of global jobs to streamline operations (Reuters)

Reuters reports that Intuit plans to lay off about 17% of its global workforce, or roughly 3,000 employees, as part of an effort to streamline operations and sharpen its focus on strategic priorities including AI. The move follows a broader pattern in technology and financial software, where companies are reallocating resources toward automation, AI agents, and higher-growth initiatives. Read more…

Intuit Sees Worst Plunge Since 2003 After Announcing Layoffs (CPA Practice Advisor)

Following news of Intuit’s layoffs, the company saw its sharpest stock decline since 2003, according to CPA Practice Advisor. The market reaction underscores investor concern around the scale of the restructuring, even as Intuit frames the cuts as part of a strategy to simplify operations and invest in AI-driven growth. Read more…

KPMG enters alliance with Anthropic (Accounting Today)

KPMG has entered an alliance with Anthropic as the firm continues building AI capabilities into professional services. The partnership reflects a broader shift among major accounting and advisory firms toward enterprise-grade AI systems, particularly those focused on trust, governance, and responsible implementation. Read more…

Xero Introduces XeroForce Natural Language Custom AI Agent Builder (Insightful Accountant)

Xero introduced XeroForce, a natural language custom AI agent builder designed for small business and accounting workflows. The tool allows users to create agents that can work across Xero and third-party apps, handling processes such as month-end close, reporting, organizing tax documents, purchase order validation, and payrun approvals. The alpha release is invitation-only, with broader availability planned later this year. Read more…

IRS & Regulatory Updates

IRS stops billions in identity theft refunds but needs data earlier, report says (The Tax Adviser)

A Treasury Inspector General for Tax Administration report found that the IRS stopped billions of dollars in identity theft refunds, but also warned that earlier access to third-party data would improve fraud prevention. The report highlights the ongoing tension between stopping fraudulent refunds quickly and processing legitimate returns without unnecessary delays. Read more…

Accounting News & Leadership

New AICPA Chair Begins Term Emphasizing Trust, Purposeful Innovation, and the Next Generation of Talent (AICPA & CIMA)

Jan Lewis, CPA, CGMA, Tax Partner with BMSS Advisors, has begun her term as the new chair of the American Institute of CPAs (AICPA) and plans to focus on shaping the future of the profession and working closely with members to align on vision, strategy, and direction for success. Read more…

These stories demonstrate that while the profession evolves rapidly, its core priorities remain unchanged. New technologies, client expectations, and business conditions will continue to influence firm operations. Firms that stay informed, make deliberate decisions, and prioritize trust and human connection will be best positioned for long-term success.

This article was written with the assistance of AI and edited by a human.