In the News - November 4, 2024

Get ready for the latest updates, including new IRS announcements, AI-driven innovations and news from Intuit Connect 2024, EY's new AI advisory council, and notable mergers in the accounting world.

Accounting Technology News

Intuit Unveils AI-Driven Innovations at Intuit Connect 2024 Woodard Report

Intuit announced several AI-driven innovations at Intuit Connect 2024, showcasing how new AI tools can assist accounting professionals in streamlining workflows and providing deeper client insights. These advancements are set to revolutionize the use of technology in accounting by making daily tasks more efficient and accurate. Read more...

Bill360 Introduces Enhancements to AR Automation Platform Bill360

Bill360 introduced new features at Intuit Connect to enhance its accounts receivable (AR) automation platform, aimed at improving cash flow for accountants and B2B SMB clients by 20-30%. New capabilities include bulk invoicing emails, customizable email templates, enhanced fraud protection, and additional ease of payment options for buyers. Bill360 is designed to help accountants expand advisory services, optimize invoicing processes, and improve client cash flow. Read more...

Xero Mentor Match Now Available in the US and Canada Xero Blog

Xero's Mentor Match program, which pairs experienced accounting professionals with those seeking mentorship, is now available in the US and Canada. This initiative is designed to foster growth, development, and community within the accounting profession. Accountants and bookkeepers can now benefit from mentorship and collaboration across North America. Read more...

Mergers and Acquisitions

M&A Roundup: FORVIS, Mazars, Blue & Co., LGA, and RBSK Expand Accounting Today

This week's merger and acquisition activity includes expansions by firms like FORVIS, Mazars, Blue & Co., LGA, and RBSK. These mergers are aimed at increasing geographical reach, expanding service capabilities, and enhancing client offerings, reflecting the continued consolidation trend within the accounting industry. Read more...

IRS News

401(k) Limit Increases to $23,500 for 2025 IRS.gov

The IRS has announced that the 401(k) contribution limit for 2025 will increase to $23,500, while the IRA contribution limit will remain at $7,000. This increase aims to help workers save more for retirement as part of their tax-advantaged contributions. Read more...

IRS Hires New Associate Chief Counsel IRS.gov

The IRS has hired a new Associate Chief Counsel to focus on partnerships and other passthrough entities. This move signals the agency’s commitment to addressing complexities related to partnerships, ensuring better compliance and guidance in this area. Read more...

Other Interesting Things We Found

Intuit CEO Sasan Goodarzi Apologizes to Accountants Woodard Report

During a fireside chat at Intuit Connect 2024, CEO Sasan Goodarzi issued an apology to accountants for recent missteps that caused frustration within the profession. Goodarzi acknowledged these concerns and emphasized Intuit's dedication to strengthening its relationship with accounting professionals. Read more...

How Accountants Can Grow with Video CPA Trendlines

Kate Johnson shared insights on how accountants can grow their practices by leveraging video content. Whether it’s sharing advice, explaining complex topics, or showcasing firm culture, video can be an effective tool for accountants to reach new clients and engage with audiences. Read more...

EY Forms Global AI Advisory Council Accounting Today

EY has established a global AI advisory council made up of AI thought leaders. This council will provide strategic insights on integrating AI into EY’s advisory services, helping clients navigate the complexities of AI and harness its full potential in their businesses. Read more...

FASB Issues New Standard on Income Statement Expenses Accounting Today

The Financial Accounting Standards Board (FASB) has issued a new standard on income statement expense categories, aimed at providing investors with greater transparency. This change is expected to help investors better understand company performance and enhance comparability across industries. Read more...