In the News – September 3, 2024

For those of our readers who reside in the U.S., we hope you had a relaxing Labor Day weekend! For everyone else, we hope it was similarly rejuvenating.

We’ve got several news updates for you this week: a new study shows that 25% of accounting professionals are pushing for more diversity, equity, and inclusion (DEI) practices in their firms, FinCEN released new rules that lessen regulatory burdens on small registered investment advisors, and the IRS announced that applications are now open for the Qualifying Advanced Energy Project Credit. Check out the links below for more information on these stories and more.

We also have two new, original pieces from The Woodard Report! First, we have a new write-up for our latest episode of The Woodard Report Podcast. This week, we take a closer look at the inspirational stories of three individuals honored at Scaling New Heights 2024 for showing courage in the face of tremendous adversity.

Second, for those who didn’t make it to SNH this year and couldn’t hear Joe Woodard’s closing speech on the final day of the show in person, we’ve published an article about it. If you want to catch next year’s speech live, click here to register for Scaling New Heights 2025!

The Woodard Report

Courageous Journeys in Accounting [The Woodard Report]
In the latest episode of The Woodard Report Podcast, hosts Joe Woodard and Heather Satterley highlight the inspiring stories of three accounting professionals who have demonstrated extraordinary bravery and resilience in their careers. From overcoming health challenges to making significant impacts in global communities, these professionals show that the path to success is rarely linear.
Read more...

Woodard Challenges Audience to 'Make It So' at Scaling New Heights 2024 [The Woodard Report]
Joe Woodard's closing speech at Scaling New Heights 2024 emphasized the importance of courageous action in navigating industry disruptions. Woodard discussed key principles for taking bold steps forward, from managing tasks effectively to overcoming psychological barriers, and hinted at the theme for next year’s event.
Read more...

Accounting news

Applications Open for Qualifying Advanced Energy Project Tax Credit [CPA Practice Advisor]
The IRS has opened applications for the Qualifying Advanced Energy Project Credit, offering tax incentives for investments in clean energy projects. This initiative aims to promote the development of green technologies and support businesses in transitioning to more sustainable practices.
Read more...

One-Fourth of Accounting Professionals Want More DEI Activity [CPA Practice Advisor]
A recent survey reveals that 25% of accounting professionals are advocating for increased diversity, equity, and inclusion (DEI) initiatives within their firms. This growing demand highlights the profession's need to create more inclusive work environments to attract and retain top talent.
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U.S. Companies Turn to Global Talent Pool as Accountant Shortage Hits Crisis Point [CPA Practice Advisor]
Facing a severe shortage of accounting professionals, U.S. companies are increasingly looking to the global talent pool to fill critical roles. This trend underscores the challenges the industry faces in recruiting and retaining skilled accountants domestically.
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IRS news

IRS Issues Important Interim Guidance on Employer Matching Contributions [IRS.gov]
The IRS has released interim guidance addressing employer matching contributions to retirement plans that are tied to employee student loan payments. This guidance aims to clarify how these contributions should be handled under the SECURE 2.0 Act, offering essential direction for employers looking to support their employees’ financial wellness.
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Technology news

National Payroll Week UK 2024 [Xero Blog]
Xero celebrates National Payroll Week in the UK, spotlighting the importance of payroll professionals and their contributions to businesses. The week-long event emphasizes the need for continuous education and the adoption of digital tools to streamline payroll processes, ultimately helping businesses manage their finances more effectively.
Read more...

Other interesting things we found

FinCEN Final Rule Lessens Impact on Small Registered Investment Advisers [Journal of Accountancy]
The Financial Crimes Enforcement Network (FinCEN) has issued a final rule that reduces the regulatory burden on small registered investment advisers. The rule modifies the requirements related to anti-money laundering programs, making compliance more manageable for smaller firms.
Read more...