Must-Read: 2024’s Biggest Tax & Accounting News You Can’t Miss!

What a year it’s been! While we managed to sidestep another global pandemic, Washington, D.C. danced on the edge of a government shutdown. Yet, amidst all this, significant news events and emerging trends have been reshaping the landscape for professionals. These changes will influence how you practice, how firms operate, and the services you provide to your clients—both businesses and individuals.

So, what were the major headlines that are set to impact the profession in 2024? Let’s break it down!

The 2024 Election

The 2024 election is poised to have a monumental impact on the lives of taxpayers and accounting professionals alike. As President-Elect Donald Trump prepares for his January inauguration, he’s making bold promises of sweeping reforms in government and taxes, alongside changes in immigration and global tariffs that could ripple across various industries. With influential figures like Elon Musk and Vivek Ramaswamy steering his advisory panel, the actions of Trump and Congress may take unexpected turns.

Hurricanes Helene and Milton

This past year, the East Coast faced a relentless barrage of tropical storms, including Category 4 Helene and Category 3 Milton, wreaking havoc across Florida, Georgia, the Carolinas, and parts of Virginia. Entire communities were left reeling, and small businesses faced prolonged disruptions. Thankfully, many residents were granted hurricane tax relief from the IRS and state agencies, which included automatic extensions for filing business and individual tax returns.

To BOI, Or Not, To BOI

In a bold bid to combat fraud, the U.S. Department of the Treasury is rolling out new requirements for most LLCs, corporations, and partnerships to disclose their stakeholders. While the AICPA and many business groups have voiced their discontent, a recent court ruling lifted an injunction that had stalled the implementation of these rules. The requirement is now back in play—are you ready to comply?

Social Security Fairness Act Passes

In a long-awaited move, the House of Representatives has passed the Social Security Fairness Act, a victory for millions of retirees. This act eliminates provisions that reduced SSI benefits for workers receiving other pensions, such as teachers and first responders. After decades of debate, the removal of the Windfall Elimination Provision and the Government Pension Offset finally levels the playing field for many.

The Accounting Talent Pipeline Still Has a Shortage

As fewer students pursue accounting degrees, the profession is grappling with a talent shortage. The AICPA and state societies are on high alert, crafting strategies to attract young graduates. From reducing credit hour requirements for the CPA exam to innovative incentives, the urgency to nurture fresh talent is palpable.

Private Equity in Accounting Firms Continues Movement

The wave of private equity interest is creeping into mid-sized accounting firms, prompting a reevaluation of traditional partnership models. With investors eyeing potential profitability, how will this shift impact aspiring equity partners and client service? The implications for the profession are profound—are you prepared for the changes?

Returning to the Workplace?

As businesses transition back from a fully remote workforce, the debate over return-to-work policies intensifies. Some firms are pushing for hybrid models, while others are embracing the flexibility of remote work. What’s your firm’s approach? The workplace of tomorrow is taking shape today, and the decisions made now will define future success.

Covid-Era ERC Claims Are Still an Issue

While the Employee Retention Credit was designed to support businesses during the pandemic, it has become a complex issue. Misunderstandings and fraudulent claims continue to plague companies, leading to IRS scrutiny and the need for amnesty options. As we head into 2024, resolving these claims remains a priority for many firms.

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Did we overlook a pivotal article or trend impacting your profession? What challenges has your firm faced in 2024? Share your thoughts in the comments below!