This week’s In the News includes IRS updates, new accounting technology, and more. We’re also sharing a new Woodard Report Podcast episode on the human side of a thriving accounting practice, along with new articles on SaaS taxability and Intuit’s evolving strategy.
In episode 190 of The Woodard Report Podcast, Heather Day is joined by Liz Farr of Farr Communications to discuss what makes a strong accounting practice. Their conversation covers trust, communication, accountability, processes, and why the human side of running a practice may matter even more as technology continues to change the profession. Read more...
Ryan Le looks at why sales tax can become complicated for software-as-a-service clients, with taxability varying by state, product delivery, subscription structure, and how charges appear on invoices. The article also explains why practices should consider both taxability and economic nexus when advising SaaS clients. Read more...
In this opinion piece, Debra Kilsheimer considers Intuit’s current strategy and what it may mean for accounting professionals serving small businesses. She looks at changes including the transition from QuickBooks Online Accountant to Intuit Accountant Suite and raises questions about where smaller accounting practices fit into Intuit’s long-term direction. Read more...
The IRS launched a new mobile app that replaces IRS2Go and expands access to selected Individual Online Account services. Taxpayers can use the app to check refund status, make and review payments, view certain notices and tax records, access an Identity Protection PIN, and manage some account preferences. Read more...
The IRS announced additional relief for eligible individuals and businesses affected by the ongoing conflict in Israel. Certain filing, payment, and other tax-related deadlines occurring between September 30, 2026, and September 30, 2027, may be postponed until September 30, 2027. Read more...
Treasury and the IRS issued proposed regulations for eligible taxpayers who sell qualifying farmland to qualified farmers and elect to pay the tax on the gain in four equal annual installments. The rules would apply to qualifying sales or exchanges made in tax years beginning after July 4, 2025. Read more...
The Senate unanimously approved the Taxpayer Assistance and Service Act, a bipartisan package containing 65 provisions addressing IRS operations, taxpayer rights, service, and oversight of certain paid tax return preparers. The legislation now continues through the legislative process. Read more...
The IRS identified 71 older revenue rulings, procedures, notices, and announcements that it is treating as obsolete. The action is part of a broader federal effort to review and eliminate outdated guidance, including materials that have been superseded by later changes in tax law. Read more...
Treasury guidance indicates that more than 60 million children under age 18 may be automatically enrolled in Trump Accounts. These tax-advantaged accounts are available to U.S. children under age 18 with a Social Security number. Children born from Jan. 1, 2025, through Dec. 31, 2028, may receive $1,000 in federal seed money, regardless of family income. Parents and others can contribute up to $5,000 annually, with the funds invested in low-cost index funds. Read more...
A Congressional Budget Office projection estimates that Social Security’s Old-Age and Survivors Insurance Trust Fund could be depleted in late 2032. The Congressional Budget Office now projects that Social Security benefit cuts could reach 26%, increasing to 40% by the end of the century. A 26% reduction would amount to about $542 per month on average. Read more...
Canopy launched an external API platform that allows accounting practices to connect Canopy data and workflows with internal systems. The platform can support custom reporting dashboards, portals, automations, and other integrations using live Canopy data. Read more...
AuditDashboard introduced AI Connectors that allow Claude, ChatGPT, and Microsoft Copilot to connect directly to their engagements. Depending on permissions, AI agents can assist with engagement setup, evidence review, client follow-up, and drafting working papers while keeping activity visible in the audit trail. Read more...
Expensify launched a native integration with DualEntry that provides automatic two-way synchronization between the platforms. Categories, classifications, expenses, reimbursements, and card transactions can move between the two systems without relying on manual exports. Read more...
U.S. employers announced 43,281 job cuts in September, nearly 20% fewer than a year earlier and the lowest September total since 2022, according to Challenger, Gray & Christmas. Hiring plans remained relatively cautious, with September hiring intentions at their lowest level for the month since 2011. Read more...
This article was written with the assistance of AI and edited by a human.