Cloud accounting survey results, IRS budgets upgrades, & lawyers dropping the billable hour

IRS budgets $291M on technology for tax reform — Accounting Today — The Internal Revenue Service plans to spend close to $300 million to implement the new tax law, including approximately $20 million for an estimated 450 new forms, instructions and publications.

Cloud Technology Advances the Accounting Profession: A Survey of Accounting and Finance Professionals — FloQast — 85% of accounting organizations face challenges hiring and retaining their talent. What are more than half of all organizations surveyed doing to address this hindrance? They are adopting modern technology to enable staff to be more efficient.

Billable Hour ‘Makes No Sense’ in an AI World — Big Law Business — Panelists see a future where lawyer’s failure to use AI will be ethical lapse, malpractice liability