In the News - October 14, 2024

It's a short week for many of us, but there's no shortage of news in the accounting industry! Read on to learn about an ERC claims update, due date extensions for hurricane victims, and even a new accountants' AI joke bot!

IRS and Tax News

IRS updates ERC claims processing [Journal of Accountancy]

The IRS recently provided updates on the processing of Employee Retention Credit (ERC) claims, outlining its focus on accelerating reviews while ensuring compliance with all legal requirements. With a significant backlog, the agency is enhancing review protocols to identify fraudulent claims. The aim is to prioritize legitimate filings and expedite the overall process for those eligible. Read more...

IRS support for hurricane victims [IRS.gov]

The IRS announced extended relief measures for victims of Hurricanes Helene and Milton, pushing the deadline to May 1, 2025, for affected individuals and businesses to file tax returns and make payments. This extension is designed to provide much-needed flexibility to those navigating post-disaster recovery. Read more...

Social Security wage base for 2025 announced [Journal of Accountancy]

The Social Security Administration has released its wage base limits for 2025, with an increase to $168,600. This adjustment means higher contributions for high earners but also increased Social Security benefits for those reaching the wage limit. Read more...

Technology News

Intuit's Tax Breakup Campaign Sparks Strong Response from the NATP [The Woodard Report]

Update 10/14/2024: This article has been updated to include a response from Jeff Davis, Director of US Communications at Intuit.

"This is a Taaaax Break-Up! Babayyyyyyy!"—these lyrics from Intuit's latest national television commercial spot set the stage for a larger "Beat the Price Program" that has sparked serious concern among accounting and tax professionals. Read more...

Accounting News

GASB requests input on infrastructure assets proposals [CPA Practice Advisor]

The Governmental Accounting Standards Board (GASB) is seeking public input on proposals related to infrastructure asset reporting. These proposals could affect how governments assess and disclose the condition of their infrastructure, potentially leading to more comprehensive financial reporting. Stakeholders are encouraged to provide feedback on the proposed changes to ensure diverse perspectives are considered. Read more...

KPMG backs alternative CPA pathways [Accounting Today]

KPMG has thrown its support behind alternative pathways for obtaining CPA licensure. With a growing emphasis on making the profession accessible, KPMG’s move signals industry support for evolving qualification standards that cater to the next generation of accountants. Read more...

Other Interesting Things We Found

Reshaping accounting for Millennials and Gen Z [Intuit]

As Millennials and Gen Z increasingly shape the workforce, firms are rethinking traditional accounting practices to better align with these generations' values and expectations. A recent Intuit article highlights changes firms can make to attract and retain younger talent, including more flexible work arrangements and embracing technology to streamline processes. Read more...

The Accountants' Joke Bot: A touch of humor in AI [CPA Trendlines]

CPA Trendlines introduces "The Accountants' Joke Bot," a fun new tool leveraging AI to generate accounting-themed jokes. Designed to bring some levity into an often serious profession, this bot is a playful reminder that humor can be a valuable addition to our workday. Read more...