In The News—October 7, 2024

October is here! Whether or not you’ve put up your Halloween decorations yet, the chill of autumn is fast approaching.

To save you from the fright of missing out on the latest comings and goings of the accounting and bookkeeping industry, we’ve got updates on IRS policies, new offerings in mid-market accounting software, and other insights from the industry.

The Woodard Report

Intuit Small Business Insights Survey Shows Hopeful Signs for Economy [The Woodard Report]

A recent survey from Intuit reveals promising signs of economic recovery among small businesses. The report highlights growing optimism in revenue projections and hiring plans, particularly among businesses that have invested in digital transformation. Despite challenges such as inflation and supply chain issues, many small businesses feel confident about their future growth. These insights provide a clear picture of how small businesses are navigating the current economic landscape.
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Intuit Enterprise Suite: A New Player in the Mid-Market Space [The Woodard Report]

Intuit is expanding its reach with a new offering aimed at the mid-market space—Intuit Enterprise Suite. This suite of tools is designed to address the unique needs of mid-sized businesses, providing more robust capabilities for accounting, tax, and workflow management. The launch marks Intuit's strategic shift into serving larger businesses, which could be a game changer for firms looking to scale their operations.
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Accounting news

The Value of Audited Financial Reports [CPA Journal]

Audited financial reports continue to play a vital role in ensuring transparency and trust in financial statements. This article discusses how audits provide a layer of accountability that is critical for investors, regulators, and stakeholders. It explores the benefits of audits, including increased reliability and confidence in financial disclosures, particularly in publicly traded companies.
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The New Pipeline: Outsourcing and Offshoring [CPA Trendlines]

As the talent shortage continues to impact the accounting industry, more firms are turning to outsourcing and offshoring to manage workloads and maintain profitability. This article dives into the benefits and challenges of these strategies, examining how firms can leverage global talent to meet client demands without sacrificing service quality.
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Art of Accounting: Tax and Law Library Books [Accounting Today]

This piece reflects on the importance of maintaining an extensive tax and law library for accounting professionals. While many firms rely on digital resources, the article argues that having physical copies of key reference materials can still be invaluable for research and deep dives into specific tax codes.
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Is the IRS Adequately Tracking Corporate Tax Evasion? [CPA Trendlines]

This article raises concerns about the IRS's ability to track and manage corporate tax evasion effectively. With increasing complexities in tax law and corporate structures, some experts argue that the IRS may not be equipped to detect sophisticated tax evasion strategies. The article explores potential solutions to improve enforcement and ensure fair taxation across the board.
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IRS news

IRS Direct File Set to Expand Availability in a Dozen New States [IRS]

The IRS has announced the expansion of its Direct File program, making it available in twelve additional states for the 2025 tax filing season. The expanded program will cover a broader range of tax situations, allowing more taxpayers to file directly with the IRS at no cost. This initiative is part of the IRS's ongoing efforts to simplify the filing process and improve accessibility for taxpayers across the country.
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Technology news

Exploring Intuit's New Enterprise Suite: A Game Changer for Mid-Sized Businesses [Insightful Accountant]

Intuit’s Enterprise Suite is set to shake up the mid-market accounting software space. This new platform integrates advanced features for managing complex financials, tax, and workflows, making it easier for mid-sized businesses to operate efficiently. As businesses outgrow traditional small business accounting software, this suite could fill a critical gap in the market.
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