Welcome to this week’s edition of The Woodard Report: In The News. In addition to our usual roundup of news related to the accounting, bookkeeping, and CAS industries, we’d like to take a moment to say our hearts go out to those affected by Hurricane Helene, and we hope for a fast recovery.
This week, we have numerous tech updates, IRS news stories (including an original piece published by The Woodard Report, and more, so grab a cup of coffee and catch up with the news from the last week!
Employee Retention Credit (ERC) Tax Program Resumes Processing Claims [The Woodard Report]
The IRS has resumed processing claims for the Employee Retention Credit (ERC) tax program after pausing due to concerns over fraud. Qualifying businesses can now submit claims, but the IRS is maintaining a cautious approach by adding measures to prevent fraudulent claims. This program offers significant tax relief for businesses impacted by the pandemic, but it's vital to stay updated on future IRS guidance as claims processing continues.
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New AICPA Apprenticeship Program Expands Accounting Talent Opportunities [Journal of Accountancy]
The American Institute of CPAs (AICPA) has launched a new apprenticeship program aimed at creating more opportunities for aspiring accountants. The program offers participants hands-on experience while they work toward their CPA certification. This initiative is expected to help bridge the talent gap in the accounting profession and make the field more accessible to diverse candidates.
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U.S. Investigating SAP and Carahsoft for Possible Price Fixing [Accounting Today]
The U.S. government is investigating SAP and its partner Carahsoft for potential price-fixing related to government software contracts. The investigation centers on whether the two companies coordinated to inflate prices in violation of federal laws. This probe could lead to significant penalties and has the potential to impact future software procurement practices.
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NYC Accounting Firms Face Hiring Slowdown Amid Workforce Shortage [Crain’s New York]
Accounting firms in New York City are facing a slowdown in hiring due to a shortage of qualified talent. Although demand for accounting services remains high, the lack of available professionals is making it difficult for firms to scale their operations. This hiring gap raises concerns about the long-term sustainability of growth in the sector.
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The IRS has introduced a corporate group mailbox pilot program aimed at large businesses with multiple representatives. This initiative allows businesses to communicate securely with the IRS Independent Office of Appeals, improving the efficiency of the appeals process. The program is designed to streamline case handling, making it easier for large taxpayers to interact with the IRS in a more organized manner.
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FloQast Debuts AI-Powered Capabilities for Close Management [CPA Practice Advisor]
FloQast has launched new AI-powered features designed to help accounting teams streamline the financial close process. These tools automate repetitive tasks and enhance data accuracy, aiming to reduce the time spent on manual work and improve overall efficiency. The introduction of these capabilities signifies FloQast’s continued focus on optimizing the close process for finance professionals.
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Bill Adds New Capabilities to Improve Payment Processes [Insightful Accountant]
Bill has introduced new features that streamline payment processes, including international payment support. These updates are aimed at improving workflow automation and enhancing visibility into payment approval processes. This enables businesses to gain better control over their accounts payable, increasing operational efficiency.
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DOJ Probes Super Micro Computer for Export Violation [Yahoo Finance]
The Department of Justice is investigating Super Micro Computer for potential violations of U.S. export laws. The probe focuses on the company's export practices and whether they complied with regulatory requirements. This investigation is part of a broader effort to ensure compliance across the technology sector.
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Multiplier Announces Comprehensive Global Payroll Solution [CPA Practice Advisor]
Multiplier has launched a global payroll solution designed to simplify payroll management for multinational businesses. The system allows companies to handle payroll across multiple countries while staying compliant with local regulations. This solution is expected to help global firms manage their workforce more efficiently.
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