Navigating the dynamic landscape of the accounting industry requires staying updated with the latest trends, regulatory changes, and innovative practices. This week’s "In the News," article highlights tax relief measures to the expansion of Intuit QuickBooks' Partner Council. We've curated a selection of impactful news to keep you informed and ahead of the curve. Dive in to explore these compelling narratives and understand their implications for the industry at large.
IRS Announces Tax Relief for Hurricane Lee Victims
The IRS has extended various tax deadlines to February 15 for taxpayers affected by Hurricane Lee in Maine and Massachusetts. This move aims to alleviate the financial burden on those already grappling with the aftermath of the natural disaster. Read more on IRS.gov
Dawn Brolin Talks Wealth Generation by Losing Clients
A seasoned accounting professional, Dawn Brolin discusses an unconventional approach to wealth generation—losing clients. In the 67th episode of The Woodard Report podcast, she explores how letting go of certain clients can actually lead to more sustainable business growth. Listen to the podcast
Intuit QuickBooks Expands Its Partner Council
Intuit QuickBooks has recently welcomed 11 new members to its Partner Council, extending its influence from Arizona to Rhode Island. This council serves as a collaborative platform where accounting professionals can directly engage with Intuit QuickBooks' senior leadership and product development teams. The new additions signify an expansion and a deepening of expertise, promising a more comprehensive approach to solving industry challenges. Read the full article
FASB Addresses Crypto Accounting
The Financial Accounting Standards Board (FASB) is stepping up to offer clearer guidance on crypto asset accounting. They have released an exposure draft that aims to standardize crypto assets' accounting, valuation, and reporting, a move welcomed by many in the industry. Read the full article
Payment Trends Accountants Should Know
Xero's latest blog post highlights emerging payment trends that are crucial for accountants to understand. From the rise of digital wallets to the decline of cash transactions, these trends are reshaping how businesses manage their finances. Explore the trends on Xero's blog
There you have it—a quick roundup of some of the most impactful stories in the accounting world right now. Each of these articles and podcasts offers valuable insights that can help professionals navigate the ever-changing accounting and finance landscape. Stay tuned for more updates and keep your finger on the pulse of the industry.