In the News—September 23, 2024

Last week featured a number of exciting news updates for the world of accounting, bookkeeping, and client advisory services, and The Woodard Report is here to help you stay on top of it all.

In the news this week, we have updates about PwC, a story about the Fed’s recent decision to cut interest rates, and a new product from ADP. The Woodard Report also released two pieces on Intuit’s new Enterprise Suite product, as well as a special report detailing several exciting stories. Read on to keep your finger on the pulse!

The Woodard Report

Intuit Launches Intuit Enterprise Suite [The Woodard Report]

Intuit has announced the release of the Intuit Enterprise Suite, a new software suite designed to streamline operations for mid-sized and large businesses. This launch aims to provide powerful tools for finance, accounting, and workforce management, all in one integrated platform. Intuit hopes to improve efficiency and reduce costs for businesses as they scale.
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TWR Special Report – September 19, 2024 [The Woodard Report]

This special report dives deep into the latest updates for accounting professionals, including changes in IRS regulations, new technology launches, and emerging trends. The article provides a comprehensive look at what’s shaping the profession this month and tips for staying ahead. Topics like regulatory changes, tech innovations, and firm management are explored to help accountants navigate the evolving landscape.
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Accounting news

Fed Cuts Rates by Half Point in Decisive Bid to Defend Economy [Accounting Today]

In an aggressive move to protect the economy, the Federal Reserve has cut interest rates by half a percentage point. The decision is aimed at mitigating potential economic downturns and stabilizing financial markets. The rate cut reflects ongoing concerns about inflation and global economic conditions. Accounting professionals should keep an eye on how this will impact their clients, particularly in areas such as borrowing and investment.
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While PwC Begs Clients Not to Leave, EY Hands Out Cake [Going Concern]

In a surprising move, PwC is working hard to retain clients amidst increasing competition, while EY took a lighter approach by distributing cake to their teams. This situation highlights the ongoing rivalry between the Big Four firms and the lengths they are willing to go to keep clients happy. It serves as a reminder of the competitive nature of the accounting industry.
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IRS news

Tax Tipsters Getting $74M Shows IRS Progress, Lawyers Say [Accounting Today]

The IRS has awarded $74 million to tax tipsters, reflecting progress in the agency's efforts to crack down on tax fraud. This initiative encourages informants to come forward with information about tax evasion, signaling a stronger stance by the IRS in fighting financial crimes. Legal experts believe this is a positive step in enforcing tax laws and increasing compliance.
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IRS Free Sept. 26 Webinar on Dealing with Disasters from an Individual Tax Perspective [IRS]

The IRS will be hosting a free webinar on September 26 to educate individuals about handling tax issues related to disasters. Topics will include tax relief options, documentation of losses, and how to prepare for future emergencies from a tax perspective. This timely event aims to provide valuable insights for both tax professionals and taxpayers in disaster-prone areas.
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Technology news

ADP Launches Lyric, an AI-Enabled Global HR Platform [CPA Practice Advisor]

ADP has introduced Lyric, a new AI-powered HR platform aimed at improving global workforce management. Lyric leverages artificial intelligence to streamline tasks such as payroll, benefits administration, and compliance, making it easier for HR departments to manage employees across various locations. This move is part of ADP’s broader effort to integrate AI into HR services.
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Other interesting things we found

Many Retirees Plan to Return to Workforce in 2025 [CPA Practice Advisor]

A growing number of retirees are considering rejoining the workforce in 2025, driven by financial needs and a desire for meaningful work. This trend is expected to reshape the labor market, with retirees seeking flexible working arrangements and part-time opportunities. Accounting firms should prepare for potential staffing shifts as retirees bring valuable skills back to the workforce.
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