In the News – November 11, 2024

From history repeating itself (in a good way) via the Scaling New Heights 2024 Encore Day to TaxGPT software to inflation adjustments released by the IRS, it's a newsy Veteran's Day. Don't forget to show some love for those who have served. Now on to the news...

Scaling New Heights 2024 Encore Day — Virtual Sessions Woodard Report 

The Scaling New Heights 2024 conference is offering an Encore Day featuring virtual sessions for those who couldn't attend the in-person event. This day is designed to provide access to key insights, educational content, and expert panels that were presented live, allowing more accounting professionals to benefit from the conference. Don't miss this opportunity to access high-quality learning at your convenience. Read more... 

Accounting technology news 

Review of TaxGPT - The Accounting Technology Lab Podcast CPA Practice Advisor

In a recent episode of the Accounting Technology Lab Podcast, the hosts reviewed TaxGPT, the new AI-based tool for tax professionals. They highlighted its capabilities in improving tax accuracy and efficiency, while also discussing the importance of understanding its limitations. Read more... 

Wolters Kluwer adds AI features across CCH Axcess cloud system CPA Practice Advisor

Wolters Kluwer has rolled out new technology and AI features in its CCH Axcess cloud system to streamline workflows for accounting professionals. The AI-driven enhancements are aimed at automating tasks, improving productivity, and enhancing accuracy for tax professionals. Read more... 

IRS news 

IRS releases tax inflation adjustments for 2025 IRS.gov

The IRS has released its annual inflation adjustments for tax year 2025. The adjustments include updated tax rate schedules, standard deduction amounts, and more, aimed at reflecting the impact of inflation on taxpayers. Read more... 

IRS Publishes 2024 Financial Report, Resolves Deficiency IRS.gov

The IRS published its financial report for fiscal year 2024, announcing the resolution of a longstanding significant deficiency. This marks a step forward in improving transparency and accountability within the agency. Read more... 

Other interesting things we found 

Layoff Watch: KPMG and CohnReznick Announce Layoffs KPMG, CohnReznick 

KPMG and CohnReznick recently announced layoffs, with KPMG reducing a few hundred positions from its audit team to streamline operations in response to changing demand. Meanwhile, CohnReznick also conducted layoffs as part of a restructuring effort, leading to uncertainty within the accounting community. Read more... Read more... 

Big tax changes promised by Trump administration Accounting Today

The Trump administration has promised significant tax changes, which are expected to affect both individual taxpayers and businesses. These changes are part of broader economic reforms aimed at boosting economic growth. Read more... 

TWR Podcast Episode 99: Candy Bellau Woodard Report

In the latest episode of the TWR Podcast, Candy Bellau discusses her journey in the accounting industry and offers valuable insights on staying resilient and thriving in a changing profession. Read more...