This week’s In the News includes IRS oversight, tax developments, accounting technology, workplace news, and much more. We’re also sharing a new The Woodard Report Podcast episode on AI and ethics, along with new articles on compensation and what recent IRS guidance means for practice owners.
In episode 191 of The Woodard Report Podcast, Heather Day is joined by Tanya Hilts, CEO & Founder of Cloud Business Services & Tanya’s Bookkeepers’ Bootcamp, for a conversation about AI governance, human judgment, the risks of moving too quickly, and why accounting professionals need to stay actively involved in how AI develops. Tanya also shares what she learned from participating in a United Nations AI summit in Geneva. Read more…
This article looks at how AI may change the way accounting practices think about compensation as technology takes on more routine work. It considers whether traditional measures such as hours worked still make sense when employees can produce more with AI and explores the growing importance of measuring value, outcomes, and skills. Read more...
This article looks at recent IRS guidance around the use of AI in tax practice and what it means for practice owners. The guidance reinforces that responsibility for accuracy, privacy, professional judgment, and oversight remains with the tax professional when AI is used in the preparation process. Read more...
Intuit launched the Accounting Futures Program to connect accounting students with client advisory services (CAS) curriculum, technical training, and professionals working in the field. A group of 28 Intuit Industry Advisors will serve as guest lecturers, mentors, and resources to help students learn more about accounting careers beyond traditional tax and audit roles. Read more...
Accounting professionals across Georgia came together through the Georgia Accounting Food Fight to raise money for the state’s food banks. The annual campaign shows how accounting practices and professionals can make an impact outside the workplace by supporting communities across the state. Read more...
Gusto announced several updates aimed at accounting professionals, including new tools and enhancements designed to improve payroll and practice workflows. The changes focus on helping accountants manage client work more efficiently while giving practices additional ways to support payroll and people-related services. Read more...
Xero introduced a new practice app pilot within its Developer Growth Program to help developers build and test applications designed for accounting practices. The pilot gives selected developers closer access to Xero and accounting professionals as they develop tools intended to solve practice-level workflow challenges. Read more...
A Treasury Inspector General for Tax Administration report found weaknesses in the IRS program designed to prevent unauthorized employee access to taxpayer records. Investigators identified 86 irregular accesses involving 30 taxpayers by 52 employees, including records belonging to government officials, business leaders, and entertainers. Read more...
The U.S. Tax Court upheld a Trust Fund Recovery Penalty against a taxpayer found responsible for unpaid payroll taxes. The case is a reminder that individuals responsible for collecting and paying employment taxes can face personal liability when those funds are willfully not remitted to the IRS. Read more...
Workplace frustration does not always mean it is time to leave a job. The article looks at signs that may point to burnout or a temporary need for rest, as well as indicators that a role or workplace may no longer be a good fit. Read more...
This article was written with the assistance of AI and edited by a human.