The Accounting Podcast

Aussies Want to Break up Big Four & Trump Accounts Go Live on the 4th

Blake Oliver & David Leary — Wed, 08 Jul 2026 00:00:00 -0700

What if one tax break could give your child a head start or hand them a pile of money at 18? Blake and David unpack the new Trump accounts, who should use them, and why advisors are split. They also dig into Australia’s latest Big Four scandal, worsening IRS service, AI’s growing role in tax and training, and what these shifts mean for accountants, firms, and clients.

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Chapters

(00:00) - TAP 495
(01:40) - Sponsor Break OnPay
(03:11) - Trump Accounts Basics
(04:39) - Risks Versus 529 Plans
(08:46) - Roth Conversion Strategy
(11:27) - Big Four Scandals Australia
(15:02) - Sponsor Break Canopy
(16:26) - Coca-Cola Transfer Pricing Fight
(21:38) - IRS Data Sharing Mess
(23:41) - Tax Season Report Card
(26:25) - IRS Help Centers Secret Shop
(28:31) - Sponsor Break Value Builder
(29:47) - IRS Chatbots Gone Wrong
(30:36) - IRS Chatbot Failures
(31:37) - Nonprofit Enforcement Push
(33:29) - Is Nonprofit Fraud Real
(36:27) - Sponsor Cloud Staffing
(37:46) - California Billionaire Tax
(42:01) - Florida Property Tax Shakeup
(45:56) - AI Changes Teamwork
(49:12) - AI Automates CPE Reporting
(52:17) - KPMG Tax Training Simulator
(56:15) - Accounting Firms Robbed
(57:10) - Wrap Up and CPE Plug

Show Notes

Why advisors do and don't recommend Trump accounts

https://www.accountingtoday.com/news/why-advisors-do-and-dont-recommend-trump-accounts

The Trump Accounts rollout is the biggest advisory opportunity most accountants are missing

https://www.accountingtoday.com/opinion/the-trump-accounts-rollout-is-the-biggest-advisory-opportunity-most-accountants-are-missing

Australia weighs break-up of Big Four accounting firms after scandals

https://www.investing.com/news/stock-market-news/australia-weighs-breakup-of-big-four-accounting-firms-after-scandals-4769425

EY staffer fired after allegedly accessing Prime Minister's bank account

https://www.cyberdaily.au/security/13847-ey-staffer-fired-after-allegedly-accessing-prime-minister-s-bank-account

Coca-Cola Meets Sympathetic Judges in $20 Billion IRS Case

https://news.bloombergtax.com/daily-tax-report/coca-cola-meets-sympathetic-judges-in-transfer-pricing-dispute

TIGTA: IRS Has Data-Sharing Pacts with Over 1,120 Organizations, Some of Which It Can't Identify

https://www.cpapracticeadvisor.com/2026/07/06/tigta-irs-has-data-sharing-pacts-with-over-1120-organizations-some-of-which-it-cant-identify/186216/

National Taxpayer Advocate issues 2026 mid-year report to Congress

https://www.irs.gov/newsroom/national-taxpayer-advocate-issues-2026-mid-year-report-to-congress

IRS Taxpayer Assistance Centers provided wrong answers to tax questions

https://www.accountingtoday.com/news/irs-taxpayer-assistance-centers-provided-wrong-answers-to-tax-questions

IRS chatbot results may be wrong

https://www.accountingtoday.com/news/irs-chatbot-results-may-be-wrong

IRS gives tax-exempt groups closer scrutiny

https://www.accountingtoday.com/news/irs-gives-tax-exempt-groups-closer-scrutiny

2026 California billionaire tax initiative

https://en.wikipedia.org/wiki/2026_California_billionaire_tax_initiative

Semantic schism: Ron DeSantis rebukes Wall Street Journal jab at 'progressive' property tax measure

https://floridapolitics.com/archives/801396-desantis-wsj-progressive/

KPMG Turns to AI Simulations to Replace Years of Repetitive Tax Training as Automation Reshapes White-Collar Work

https://www.tekedia.com/kpmg-turns-to-ai-simulations-to-replace-years-of-repetitive-tax-training-as-automation-reshapes-white-collar-work/

Three suspects sought after accounting firm robbery in Markham

https://www.cp24.com/news/2026/06/30/three-suspects-sought-after-accounting-firm-robbery-in-markham/

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Thanks for listening and the great reviews! We appreciate you! Follow and tweet @BlakeTOliver and @DavidLeary. Find us on Facebook and Instagram. If you like what you hear, please do us a favor and write a review on Apple Podcasts or Podchaser. Call us and leave a voicemail; maybe we'll play it on the show. DIAL (202) 695-1040.

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Fake AI Receipt Fraud Soars & Big Firms Losing Power

Blake Oliver & David Leary — Sun, 05 Jul 2026 18:00:00 -0700

Are fake AI receipts becoming the next big headache for finance teams? Blake Oliver and David Leary unpack the surge in AI-generated expense fraud, why tax pros are rapidly adopting AI research tools, and how firms are using AI to automate month-end close and revenue recognition. They also cover NASBA’s response to criticism, Intuit’s renewed focus on accountants, and the implications of private equity and a shifting work culture for the future of accounting firms.

Sponsors
Cloud Accountant Staffing - http://accountingpodcast.promo/cas
The Value Builder System - http://accountingpodcast.promo/value
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Chapters

(00:00) - AI Tax Research Surge
(00:23) - Show Intro and Lead Story
(02:11) - AI Receipt Fraud Explodes
(04:42) - Fraud Types and Detection
(06:32) - Vibe Coding Goes Mainstream
(10:19) - Claude for Rev Rec Workpapers
(11:48) - NASBA Letter Follow Up
(17:38) - Earmark CPE and New Audit Show
(20:08) - Intuit Courts Accountants
(23:04) - AI in Tax and IRS Guidance
(28:45) - Hourly Billing Debate
(29:10) - Disclosing AI Use
(29:36) - NASBA Free Speech Question
(31:34) - Customer Focus vs Regulation
(35:52) - AI Close Tools Meridian
(37:38) - DIY Agents for Accounting
(39:20) - Claude Builds Rev Rec
(44:46) - Eide Bailly Takes PE
(48:06) - Big Firms Losing Control
(53:01) - PE Meets Culture Shift
(53:55) - Wrap Up CPE and Pricing

Show Notes

Use of AI receipts in expense fraud soars

https://www.accountingtoday.com/news/use-of-ai-receipts-in-expense-fraud-soars

The future of the ecosystem: Is everyone a developer now?

https://devblog.xero.com/the-future-of-the-ecosystem-is-everyone-a-developer-now-f3899ddf0b24

Blue J and CPA.com Survey Finds AI Adoption Among Tax Firms Has Nearly Doubled in One Year

https://www.cpa.com/news/blue-j-and-cpacom-survey-finds-ai-adoption-among-tax-firms-has-nearly-doubled-one-year

IRS rolls out introductory AI guidelines for tax practitioners

https://www.accountingtoday.com/news/irs-rolls-out-introductory-ai-guidelines-for-tax-practitioners

IRS electronic tax advisory committee recommends AI and preparer safeguards

https://www.accountingtoday.com/news/irs-electronic-tax-advisory-committee-recommends-ai-and-preparer-safeguards

The end of hourly billing Ignition's 2025 benchmark signals pricing shift for firms

https://www.ignitionapp.com/news/the-end-of-hourly-billing-ignitions-2025-benchmark-signals-pricing-shift-for-firms

Intuit CEO to accountants You are the customer not a channel

https://www.accountingtoday.com/news/intuit-ceo-to-accountants-you-are-the-customer-not-a-channel

Pilot Launches Meridian The AI Platform That Fully Closes the Books for Accounting Firms

https://www.globenewswire.com/news-release/2026/06/16/3312500/0/en/pilot-launches-meridian-the-ai-platform-that-fully-closes-the-books-for-accounting-firms.html

Kinter.ai Launches Agentic AI Accountants to Automate The Financial Close

https://www.prnewswire.com/news-releases/kinterai-launches-agentic-ai-accountants-to-automate-the-financial-close-302807330.html

Eide Bailly Advances Growth Strategy and Client Service Commitment Through Investment from Reverence Capital Partners

https://www.eidebailly.com/insights/firm-news/2026/reverence-capital-partners-investment

With 1.8 Billion Dollar Deal Eide Bailly Set for Explosive Growth

https://cpatrendlines.com/2026/06/25/with-1-8-billion-deal-eide-bailly-set-for-explosive-growth/

Losing Control The Erosion of Disciplinary and Pastoral Power in Accounting Firms

https://onlinelibrary.wiley.com/doi/10.1111/1911-3846.70028

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KPMG Withdraws AI Report Full of "Vibe Citations"

Blake Oliver & David Leary — Thu, 25 Jun 2026 17:30:00 -0700

Can AI really clean up messy bookkeeping—and what happens when firms trust it too much? Blake and David break down KPMG’s error-filled AI report, the Pentagon’s new “Agentic Auditor,” and State Farm’s move to tie agent pay to AI. Blake also shares how he used Claude to complete two years of write-up work in hours, with practical lessons on where AI helps, where it fails, and why human review still matters.

Sponsors
Canopy - http://accountingpodcast.promo/canopy
The Value Builder System - http://accountingpodcast.promo/value
OnPay - http://accountingpodcast.promo/onpay

Chapters

(00:00) - TAP 493
(02:20) - KPMG AI Report Scandal
(04:01) - GPTZero Findings Breakdown
(05:16) - Hallucinated Case Studies
(07:18) - Pentagon Turns to AI Audits
(08:33) - Microsoft Copilot Cowork Launch
(10:09) - Claude Cowork Write Up Win
(15:22) - Recon Fixes and Loan Discovery
(20:48) - Future of Agentic Accounting
(24:06) - Livestream Q and A TaxGPT
(27:01) - AI Review and Human Loop
(28:38) - QuickBooks AI Gripe Vibe Coding
(31:15) - OnPay Payroll Pitch
(32:10) - CPA Fees Rising
(33:58) - State Farm AI Agents
(37:09) - SpaceX IPO Accounting
(39:31) - Musk Disclosure Shift
(41:02) - Quarterly Reporting Debate
(46:31) - Celebrity Accountant Fraud
(50:52) - KPMG Summer Perk Cut
(52:24) - Intuit Humanizing AI
(55:22) - IRS Data Shared With ICE
(57:56) - CPE And Farewell

Show Notes

Chasing the Hallucinations: KPMG's AI-Powered Attempt at "Redefining Excellence"

https://gptzero.me/news/investigations-kpmg/

KPMG's AI report becomes an accidental demo of AI hallucinations

https://www.theregister.com/ai-and-ml/2026/06/12/kpmgs-ai-report-turns-into-a-demo-of-ai-hallucinations/5255029

Pentagon turns to AI in push for clean financial audit by 2028

https://www.stripes.com/theaters/us/2026-06-11/pentagon-audit-ai-contract-21941885.html

Copilot Cowork is now generally available

https://www.microsoft.com/en-us/microsoft-365/blog/2026/06/16/copilot-cowork-is-now-generally-available/

Tax Prep Billing Rates Lift Busy Season 2026

https://cpatrendlines.com/2026/04/14/tax-prep-emerges-from-busy-season-2026-as-the-new-engine-for-billing-rates/

State Farm overhauls agent contracts, mandates AI use

https://finance.yahoo.com/technology/ai/articles/state-farm-overhauls-agent-contracts-115756712.html

SpaceX CFO Bret Johnsen quietly engineered its historic IPO and became an overnight billionaire

https://fortune.com/2026/06/13/spacex-cfo-bret-johnsen-overnight-billionaire-ipo/

SpaceX CFO Bret Johnsen joins billionaire ranks after $75B IPO: Trial Balance

https://www.cfo.com/news/spacex-cfo-bret-johnsen-joins-billionaire-ranks-after-ipo-trial-balance/822848/

Investors oppose semiannual reporting, says poll

https://www.accountingtoday.com/news/investors-oppose-semiannual-reporting-says-poll

CFA Institute Investor Perspectives: Quarterly Reporting 2026

https://rpc.cfainstitute.org/sites/default/files/docs/research-reports/investor-perspectives-quarterly-reporting-2026.pdf

The Global Freelancer Pay Gap Report

https://www.remitly.com/us/en/landing/global-freelancer-pay-gap

Nick Cannon's Business Accountant Allegedly Embezzles $2 Million, Flees U.S.

https://www.tmz.com/2026/05/08/nick-cannon-business-manager-embezzled-millions/

KPMG scraps summer early Friday finish for staff

https://www.cityam.com/kpmg-scraps-summer-early-friday-finish-for-staff/

Intuit hires Mother to humanize the QuickBooks maker's AI pitch

https://adage.com/agencies/accounts-in-review/aa-intuit-hires-mother-as-creative-strategy-partner/

After issuing more than $20 billion in tariff refunds, the Trump administration is now pursuing legal action to bring the process to a standstill

https://fortune.com/2026/06/01/trump-administration-plan-appeal-illegal-ieepa-tariff-universal-refunds/

IRS gave 47,000 taxpayers' addresses to ICE

https://www.accountingtoday.com/news/irs-gave-47-000-taxpayers-addresses-to-ice

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AICPA Says By 2040 Compliance Will Be Automated

Blake Oliver & David Leary — Thu, 18 Jun 2026 15:00:00 -0700

Will AI really automate most accounting work by 2040? Blake and David unpack what they heard at AICPA Engage, from deterministic AI agents and rising accounting enrollment to private equity’s growing influence on firms. Plus, Blake shares an exclusive interview with FICPA CEO Shelly Weir on Florida’s fight to protect CPA licensure. Listen to understand where the profession is heading—and what accountants may need to do next.

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R.E. Cost Seg - http://accountingpodcast.promo/recostseg

Chapters

(00:00) - Cash Stolen In Bay Ridge
(00:27) - Podcast Welcome Back
(02:58) - Engage Conference Takeaways
(03:58) - Hidden Vibe Coding
(07:50) - Rise 2040 Automation Report
(10:47) - Human In The Lead Debate
(15:09) - Top Firm Concerns 2026
(18:29) - OpenAI Finance Team Lean
(21:52) - Enrollment Up And CPA Pathways
(25:19) - 7000 Cash Theft Revisited
(26:52) - KPMG Whistleblower Scandal
(28:33) - Crowe Gets 3B PE Deal
(30:07) - Red Lobster AI Conspiracy
(31:30) - PE Cross Selling Risks
(33:39) - CPA Trust Campaign Launch
(36:17) - Florida Licensure Threat
(37:14) - Why Shelly Stayed Quiet
(39:13) - What The Bill Proposed
(43:28) - Why Deregulation Happened
(45:46) - How FICPA Stopped It
(48:46) - Mobility And Modernization
(01:00:04) - CPE And Future Battles
(01:03:59) - Wrap Up And Next Steps

Show Notes

Man Accused of Stealing $7K from Accounting Firm in Brooklyn

https://pix11.com/news/local-news/brooklyn/man-accused-of-stealing-7k-from-accounting-firm-in-brooklyn-nypd/

AICPA and CIMA Launch Rise2040: Shaping the Future of Finance and Accounting

https://www.aicpa-cima.com/news/article/aicpa-and-cima-launch-rise2040-shaping-the-future-of-finance-and-accounting

The AICPA Asks: Are You Ready for Accounting in 2040?

https://www.accountingtoday.com/news/the-aicpa-asks-are-you-ready-for-accounting-in-2040

OpenAI CFO Sarah Friar Offers a Look Inside the Company's Finance Function

https://www.cfo.com/news/openai-cfo-sarah-friar-offers-a-look-inside-the-companys-finance-function/822545/

Accounting Undergrad Enrollment Up 9%

https://www.accountingtoday.com/news/accounting-undergrad-enrollment-up-9

3 More States Pass CPA Pathways Legislation

https://www.cfodive.com/news/3-more-states-pass-cpa-pathways-bills-accounting/821649/

A Master's Degree Isn't the Job Guarantee It Used to Be

https://www.wsj.com/articles/a-masters-degree-isnt-the-job-guarantee-it-used-to-be

KPMG Secretly and Repeatedly Accessed a Whistleblower's Computer, Then Shared the Files with Its CEO

https://thenextweb.com/news/kpmg-accessed-whistleblower-computer

Crowe Gets PE Investment from KKR

https://www.accountingtoday.com/news/crowe-gets-pe-investment-from-kkr

57% Say PE Threatens the CPA Brand. But They'll Take the Money.

https://cpatrendlines.com/2026/06/09/cpa-pe-deal-tracker-57-say-pe-threatens-the-cpa-brand-but-theyll-take-the-money/

Red Lobster's CEO Says He's Going to Transform the Chain into 'The Most AI-Forward Restaurant Company That Exists'

https://finance.yahoo.com/sectors/technology/articles/red-lobsters-ceo-says-hes-153500558.html

Stephano Slack Scores PE Funding

https://www.accountingtoday.com/news/stephano-slack-scores-pe-funding

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AI Beats Humans at Bookkeeping & Powers Finance Team of One

Blake Oliver & David Leary — Wed, 10 Jun 2026 10:00:00 -0700

Can AI now do bookkeeping better than humans? Blake and David dig into new data showing major AI models outperforming outsourced accountants on basic transaction coding, then explore what that means for firms, finance teams, and the future of audit. They also cover a one-person finance team powered by AI agents, KPMG’s scramble to keep up, and why the accounting talent shortage still isn’t going away.

Sponsors
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Chapters

(00:00) - TAP 491
(00:38) - Top stories preview
(03:23) - OnPay support story
(04:08) - Finance team of one
(06:49) - LLMs vs humans benchmarks
(09:15) - Ramp Stack agents
(13:04) - Digits interview begins
(19:55) - Outcome pricing and skills
(28:05) - Livestream Q&A reactions
(29:27) - Future of audit Oath
(30:29) - Oath AI Audit Vision
(31:46) - Continuous Audit Workflow
(32:21) - Business Model Debate
(33:02) - Big Four On Alert
(33:07) - Accounting Engineer Hiring
(33:47) - KPMG Courts AI Startups
(35:15) - Talent Shortage Worsens
(36:31) - Why Seniors Are Scarce
(39:55) - Ramp Stack AI Agents
(47:14) - Procurement Agents And Valuation
(48:50) - KPMG Token Maxing Dashboard
(52:31) - KPMG Australia Fallout
(54:45) - Trump Tax Settlement Update
(56:14) - IRS Leadership Vacuum
(59:28) - Wrap Up And Earmark News

Show Notes

Digits "Beyond the AI Hype" Benchmark — AI Models Now Beat Human Accountants

https://blog.insightfulaccountant.com/digits-releases-latest-edition-of-their-beyond-the-ai-hype-benchmark

Ramp Launches Stack, an AI Operating System for Accounting Firms

https://www.prnewswire.com/news-releases/ramp-launches-stack-an-ai-operating-system-for-accounting-firms-302789630.html

Ramp Launches Fleet of AI Agents Across Its Procurement Platform

https://www.prnewswire.com/news-releases/ramp-launches-fleet-of-ai-agents-across-its-procurement-platform-302756657.html

Ramp Raises $750 Million Series F at $44 Billion Valuation

https://www.prnewswire.com/news-releases/ramp-raises-series-f-at-44-billion-valuation-302791103.html

Accounting Talent Shortage Surges — Accounting Today

https://www.accountingtoday.com/news/accounting-talent-shortage-surges

Ex-PCAOB Regulator Joins AI Audit Startup Oath Targeting 80% Automation

https://thefinancestory.com/ex-pcaob-regulator-joins-ai-native-audit-firm-oath

KPMG Exploring Start-Up Deals in Silicon Valley to Counter AI Threat — Financial Times

https://www.internationalaccountingbulletin.com/news/kpmg-exploring-start-up-deals/

KPMG Sets 75% AI Usage Target with New Dashboard, Employees Flag It's Easy to Game — Business Insider

https://www.aol.com/articles/kpmg-now-dashboard-where-consultants-154532433.html

Amazon Shuts Down Internal AI Leaderboard After Employees Inflate Usage via Tokenmaxxing

https://www.hcamag.com/us/specialization/hr-technology/amazon-shuts-down-ai-leaderboard-after-tokenmaxxing/577189

KPMG Australia CEO Andrew Yates Resigns Amid Whistleblower Scandal

https://www.internationalaccountingbulletin.com/news/kpmg-australia-ceo-andrew-yates-resigns-amid-whistleblower-scandal/

Trump Administration Drops $1.8 Billion Anti-Weaponization Fund — Todd Blanche Testimony

https://www.cnbc.com/2026/06/02/doj-fund-trump-todd-blanche.html

Bessent Says He Is Performing IRS Commissioner Duties Amid Trump Tax Settlement Scrutiny

https://www.cnbc.com/2026/06/03/bessent-irs-commissioner-trump-tax-settlement-doj-fund.html

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What CBIZ Means for PE, Starbucks Kills Off AI Inventory Counting

Blake Oliver & David Leary — Fri, 05 Jun 2026 16:00:00 -0700

Is private equity betting on the wrong accounting firms? Blake and David break down CBIZ’s stock slide, why investors may be losing faith in the traditional firm model, and how AI could help smaller firms compete far above their size. They also cover Starbucks ditching AI inventory counts, Microsoft reining in AI tool costs, and what all of it means for accountants navigating automation, pricing, and the future of firm growth.

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Chapters

(00:00) - TAP 490
(02:53) - CBIZ Stock Slide
(06:13) - AI Threat to Firm Models
(11:32) - EisnerAmper Anti AI Take
(15:42) - Livestream Shoutouts
(16:13) - New England CPA Society Merge
(20:42) - Starbucks Kills AI Inventory
(23:34) - NASBA Exam Data Mess
(26:34) - Phoenix Call Center Jobs and AI
(28:36) - Will AI Really Kill Jobs
(31:09) - Spreadsheets Then AI Now
(33:07) - Automation Enables CFO Services
(35:08) - Microsoft AI Token Shock
(36:31) - Managing Token Spend
(39:27) - AI Architect Role
(43:36) - Trump IRS Settlement Reopened
(45:04) - Beneficial Ownership Bill
(45:52) - Newsom 100% Tax Threat
(46:57) - KPMG Australia Whistleblower
(49:35) - Xero Force No Code Agents
(54:03) - Xero Earnings Melio Impact
(59:03) - Vibe Coding Real Examples
(01:02:35) - Wrap Up Earmark CPE

Show Notes

What Can We Learn from CBIZ?

https://www.accountingtoday.com/opinion/what-can-we-learn-from-cbiz

EisnerAmper on Accounting for AI

https://www.privatefundscfo.com/eisneramper-on-accounting-for-ai/

State Societies Merge to Form New England Society of CPAs

https://www.accountingtoday.com/news/state-societies-merge-to-form-new-england-society-of-cpas

Starbucks Kills Off Its Automated Counting AI Tool After Just 9 Months

https://www.goingconcern.com/starbucks-kills-off-its-automated-counting-ai-tool-after-just-9-months-because-it-sucked-at-counting/

NASBA's CPA Exam Reporting Problems Are Improving, But Not Solved

https://www.accountingtoday.com/opinion/nasbas-cpa-exam-reporting-problems-are-improving-but-not-solved

Phoenix Built an Empire of Cubicle Jobs. AI Is Coming to Tear It Down.

https://www.wsj.com/economy/jobs/phoenix-jobs-ai-call-centers-1ca1c3b3

Why the A.I. Job Apocalypse (Probably) Won't Happen

https://www.nytimes.com/2026/05/03/opinion/ai-jobs-unemployment.html

Microsoft Cut Its Engineers Off from AI Because the Bill Got Too Big

https://fortune.com/2026/05/22/microsoft-ai-cost-problem-tokens-agents/

Does Your Firm Need an AI Architect?

https://www.accountingtoday.com/opinion/does-your-firm-need-an-ai-architect

Judge Reopens Trump's $10 Billion IRS Lawsuit

https://www.notus.org/donald-trump/trump-irs-suit-investigate-collusion

Newsom Vows California Will Impose 100% Tax on Trump's Anti-Weaponization Fund

https://abc7.com/post/newsom-vows-california-will-impose-100-tax-trumps-18-billion-anti-weaponization-fund/19188298/

AICPA Backs Bill Limiting Beneficial Ownership Reporting

https://www.accountingtoday.com/news/aicpa-backs-bill-limiting-beneficial-ownership-reporting

KPMG Australia CEO Andrew Yates Resigns Amid Whistleblower Scandal

https://www.internationalaccountingbulletin.com/news/kpmg-australia-ceo-andrew-yates-resigns-amid-whistleblower-scandal/

Xero FY26 Result: Revenue Surges 31% but Profit Dips Due to Melio Acquisition Costs

https://www.fool.com.au/2026/05/14/xero-fy26-result-revenue-surges-31-but-profit-dips-due-to-melio-acquisition-costs/

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Intuit Stock Gets Hammered & Trump's Wild IRS Settlement

Blake Oliver & David Leary — Fri, 29 May 2026 14:00:00 -0700

Is AI about to break the billable hour? Blake and David unpack what they heard at a major AI tax summit, where new tools promise to prepare complex returns in minutes instead of hours. They also debate Intuit’s stock slide, Trump’s extraordinary IRS settlement, and what shrinking oversight at the PCAOB could mean. You’ll hear where AI is already changing accounting—and where humans still matter most.

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Chapters

(00:00) - TAP 489
(02:24) - Blackor AI Tax Summit
(03:14) - AI Agents Disrupt Tax
(07:16) - Billable Hour Pressure
(09:00) - Advisory Future Forecast
(10:14) - Intuit Stock Shock
(12:29) - TurboTax vs Tax Pros
(17:31) - Intuit Layoffs Strategy
(20:04) - Trump IRS Settlement
(24:59) - PCAOB SEC Shakeup
(27:33) - OnPay Payroll Pitch
(28:42) - IRS Mystery Payments
(30:48) - Busy Season Burnout
(33:35) - California SaaS Tax Plan
(34:54) - Big Four AI Hallucinations
(36:48) - Are Consultants Replaceable
(40:03) - AI Job Loss Chart
(43:50) - Maxima Close Automation
(45:12) - Musk Tax Return Training
(46:03) - SpaceX IPO Breakdown
(50:11) - CPE and Listener Q&A
(52:51) - Wrap Up and Shoutouts

Show Notes

Intuit Lays Off 3,000 Employees Amid AI Push

https://officechai.com/ai/intuit-lays-off-3000-employees-amid-ai-push/

U.S. Government Agrees to Drop Tax Claims Against Trump in Broadening of IRS Settlement

https://www.npr.org/2026/05/19/g-s1-122938/irs-trump-settlement-tax-returns-audit

DOJ Settlement 'Forever' Bars IRS Trump Audits, Sparks Backlash

https://tax.thomsonreuters.com/news/doj-settlement-forever-bars-irs-trump-audits-sparks-backlash/

U.S. Audit Watchdog Should Rescind Its Independence Rules, SEC Official Says

https://www.securitiesdocket.com/2026/05/08/u-s-audit-watchdog-should-rescind-its-independence-rules-sec-official-says-wsj/

The SEC's New SOX Group – Potential Impacts for Audit Firms, Their Professionals, and Future PCAOB Enforcement

https://www.kslaw.com/news-and-insights/the-secs-new-sox-group-potential-impacts-for-audit-firms-their-professionals-and-future-pcaob-enforcement

IRS to Develop System to Track Missing Payments, TIGTA Says

https://www.thetaxadviser.com/news/2026/may/irs-to-develop-system-to-track-missing-payments-tigta-says/

78% of Tax Pros Say Tax Season Negatively Impacts Personal and Professional Life

https://www.cpapracticeadvisor.com/2026/05/26/78-of-tax-pros-say-that-tax-season-negatively-impacts-personal-professional-life/183912/

California Proposes Tax on All Digital Software Sales

https://www.techtimes.com/articles/316734/20260516/californias-725-saas-tax-would-hit-every-business-running-microsoft-salesforce-workday.htm

EY Gets Busted and Yeets Cybersecurity Report Littered With AI Hallucinations

https://www.goingconcern.com/ey-gets-busted-and-yeets-cybersecurity-report-littered-with-ai-hallucinations/

Investigation: Hallucinations in Ernst & Young Report on Loyalty Fraud

https://gptzero.me/investigations/ey

Is AI Putting Graduates Out of Work Already?

https://www.economist.com/finance-and-economics/2025/03/27/is-ai-putting-graduates-out-of-work-already

Musk's xAI Fails to Pay Staff $420 for Giving Tax Returns to Grok

https://www.bloomberg.com/news/articles/2026-05-18/musk-s-xai-promised-staff-420-for-their-tax-returns-hasn-t-paid

SpaceX Files for IPO

https://spacenews.com/spacex-files-for-ipo/

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Is GAAP Inflating the AI Bubble?

Blake Oliver & David Leary — Tue, 26 May 2026 10:00:00 -0700

Is AI really the next Google—or are investors repeating the last tech bubble? Blake and David dig into OpenAI’s legal win, the accounting mechanics behind soaring AI valuations, and why cloud credits and paper gains may be inflating the market. They also explore what could make AI tools actually sticky for businesses, from workflow automation to personal finance and small-business use cases, and what all of this means for accountants.

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Chapters

(00:00) - TAP 488
(00:22) - Cash Flow Forecast Debate
(00:29) - Road Show Updates
(00:56) - Conference Rebrand News
(01:31) - Nasdaq AI Summit Preview
(04:29) - Livestream Check In
(05:14) - Musk vs OpenAI Ruling
(07:25) - AI Bubble Warning Signs
(10:47) - Roundtrip Accounting Explained
(15:38) - Paper Profits Hit Big Tech
(18:28) - Do AI Giants Have Moats
(27:15) - ChatGPT Personal Finance Push
(30:54) - Agentic App Platforms
(31:44) - Query Volume As Moat
(33:00) - Claude Small Business Suite
(35:20) - Cash Flow Forecast Debate
(37:02) - AI Tax Workbook Example
(41:03) - Personal Finance Is A Hobby
(44:14) - Synthetic And Bench Lessons
(47:16) - Why GLs Still Matter
(50:43) - Klarna Rehires Humans
(52:45) - Token Prices Will Rise
(54:07) - Wrap Up And Next Time

Show Notes

Jury Dismisses Elon Musk's Lawsuit Against OpenAI Over Statute of Limitations

https://www.technologyreview.com/2026/05/18/1137488/elon-musk-suit-openai-verdict/

OpenAI Closes $122 Billion Funding Round, Largest in Silicon Valley History

https://siliconangle.com/2026/03/31/openai-just-closed-record-breaking-122b-funding-round-brings-value-852b/

Alphabet and Amazon Stakes in Anthropic Boost Profits by Billions

https://www.bloomberg.com/news/articles/2025-10-31/alphabet-amazon-stakes-in-anthropic-boost-profit-by-billions

Half of Google's and Amazon's 'Blowout AI Profits' Came From a Stake in Anthropic

https://fortune.com/2026/04/30/google-amazon-ai-profits-anthropic-stake-bubble-earnings-2026/

What Microsoft's 10-Q Says About OpenAI

https://om.co/2026/05/01/what-microsofts-10-q-says-about-openai/

OpenAI Launches ChatGPT for Personal Finance, Will Let You Connect Bank Accounts

https://techcrunch.com/2026/05/15/openai-launches-chatgpt-for-personal-finance-will-let-you-connect-bank-accounts/

Introducing Claude for Small Business

https://www.anthropic.com/news/claude-for-small-business

Sasha Orloff (Puzzle) LinkedIn Post: Klarna, AI Agent Costs, and Accounting Quality Risk

https://www.linkedin.com/in/sashaorloff

Klarna Reverses Course on AI Customer Support, Resumes Human Hiring

https://www.customerexperiencedive.com/news/klarna-reinvests-human-talent-customer-service-AI-chatbot/747586/

Khosla Ventures Is Betting $10M on Ian Crosby, Whose Last Startup Bench Imploded

https://techcrunch.com/2026/05/14/khosla-ventures-is-betting-10m-on-ian-crosby-whose-last-startup-bench-imploded/

How Intuit Plans to Ride Out the 'SaaS-pocalypse' (CFO Brew Interview with CTO Alex Balazs)

https://www.cfobrew.com/stories/2026/04/14/intuit-cto-alex-balazs-saas-pocalypse

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SEC Prepares for Semi-Annual Reporting & the True Cost of the Iran War

Blake Oliver & David Leary — Mon, 18 May 2026 08:00:00 -0700

Could public companies stop reporting every quarter? Blake and David break down the SEC’s push toward optional semiannual reporting, OpenAI’s new consulting arm, and what both moves could mean for accountants. They also cover tariff refund accounting, audit lawsuits, AI outperforming doctors in diagnosis tests, and why accountants may be better positioned than ever to build software and solve higher-value problems.

Sponsors
Cloud Accountant Staffing - http://accountingpodcast.promo/cas
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Fishbowl - http://accountingpodcast.promo/fishbowl

Chapters

(00:00) - TAP 487
(02:52) - Semiannual reporting shift
(06:46) - OpenAI enters consulting
(09:59) - True cost of Iran war
(15:40) - Xero founder scandal
(18:42) - Tariffs and refund accounting
(24:51) - WNBA millionaire tax myth
(28:18) - NYC pied a terre tax
(31:42) - Education loans and accounting
(34:58) - Chat Prompts Cyber Accounting
(36:15) - PwC Audit Scandal Lawsuit
(38:17) - BDO First Brands Fallout
(40:50) - PCAOB QC Rule Debate
(44:34) - RSM Layoffs Audit Demand
(46:54) - AI Beats ER Doctors
(49:18) - Chegg Disrupted By AI
(51:13) - Rethinking Education Model
(53:17) - Accountants As Vibe Coders
(56:55) - Build Accounting In Excel
(01:01:44) - Wrap Up CPE And Travel

Show Notes

SEC, FASB Prepare for Semi-Annual Reporting Option

https://www.accountingtoday.com/news/sec-fasb-prepare-for-semi-annual-reporting-option

OpenAI Launches the OpenAI Deployment Company to Help Businesses Build Around Intelligence

https://openai.com/index/openai-launches-the-deployment-company/

Opinion | The Iran War Will Cost Trillions

https://www.nytimes.com/2026/05/08/opinion/hegseth-war-cost.html

Global Economic Conditions Survey: Q1 2026

https://www.accaglobal.com/us/en/professional-insights/global-economics/gecs-q1-2026.html

Xero Founder Sir Rod Drury Returns New Zealander of the Year Award Amid Misconduct Claims

https://www.rnz.co.nz/news/business/594669/xero-founder-sir-rod-drury-returns-new-zealander-of-the-year-award-amid-misconduct-claims

Refunds on Trump Tariffs Pose Accounting Dilemmas for Companies

https://news.bloombergtax.com/financial-accounting/refunds-on-trump-tariffs-pose-accounting-dilemmas-for-companies

WNBA Star Kelsey Plum Shows Embarrassing Lack of Tax Knowledge

https://thespun.com/wnba/wnba-star-kelsey-plum-shows-embarrassing-lack-of-tax-knowledge

Column: WNBA Star Kelsey Plum Is Taking Heat for Getting California Tax Law Wrong. But Don't Blame Her

https://www.cpapracticeadvisor.com/2026/05/06/column-wnba-star-kelsey-plum-is-taking-heat-for-getting-california-tax-law-wrong-but-dont-blame-her/182897/

New York's Pied-a-Terre Tax Sets Up Legal Fight Over Values

https://www.cnbc.com/2026/04/24/new-york-pied-a-terre-tax.html

Education Dept. Rejects Accounting as Professional Degree

https://www.accountingtoday.com/news/education-dept-rejects-accounting-as-professional-degree

Corporate Travel's Accounting Shock: What It Means for PwC and the Wider Industry

https://www.corporatekeysaustralia.com.au/accommodation/news/corporate-travels-accounting-shock-what-it-means-for-pwc-and-the-wider-industry

First Brands Creditor Sues Auditor BDO Over Missed Red Flags

https://news.bloombergtax.com/financial-accounting/first-brands-creditor-sues-auditor-bdo-over-missed-red-flags

Layoff Watch '26: RSM Trims Down in Audit

https://www.goingconcern.com/layoff-watch-26-rsm-trims-down-in-audit/

AI Is Starting to Beat Doctors at Making Correct Diagnoses

https://www.science.org/content/article/ai-starting-beat-doctors-making-correct-diagnoses

Chegg Was Dying Way Before ChatGPT – Chatbots Just Dealt the Fatal Blow

https://www.barchart.com/story/news/1744436/chegg-was-dying-way-before-chatgpt-chatbots-just-dealt-the-fatal-blow

Anthropic's Boris Cherny: Why Coding Is Solved, and What Comes Next

https://www.youtube.com/watch?v=SlGRN8jh2RI

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An AI-Powered Firm of One, KPMG Shuts Down Fed Audits

Blake Oliver & David Leary — Wed, 06 May 2026 22:00:00 -0700

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C&R Consulting - http://accountingpodcast.promo/cnr
Fishbowl - http://accountingpodcast.promo/fishbowl

Chapters

(00:00) - TAP 486
(02:25) - Firm of One AI Tax
(04:39) - Automating Firm Ops
(09:35) - Claude Connectors Tested
(17:45) - Sage Buys Doyen AI
(19:48) - AI Efficiency Paradox
(22:06) - Vibe Coding for CAS
(26:06) - KPMG Federal Audit Exit
(29:02) - Tariff Refund Lawsuits
(31:15) - Tariffs and Job Losses
(33:01) - IRS Lawsuit Snag
(33:28) - Hearing Conflict Question
(33:49) - Nonprofit Form 990 Shakeup
(37:30) - Autofill Tax Return Bill
(38:54) - IRS Whistleblower Boost
(40:38) - Fed Nominee And Rates
(42:39) - Jobs Data Doesn’t Add Up
(44:28) - Intuit Hiring And Benefits
(47:26) - Canopy AI Coworker Agents
(52:34) - AI Meeting Notes To Tasks
(54:58) - Procrastination Pays In AI
(58:42) - Wrap Up CPE And Events

Show Notes

The 2026 Best Accounting Firms for Technology

https://www.accountingtoday.com/list/the-2026-best-accounting-firms-for-technology

AI Can Boost Productivity, but Who Sustains the Customer Economy?

https://www.accountingtoday.com/opinion/ai-can-boost-productivity-but-who-sustains-the-customer-economy

Sage Acquires Doyen AI to Help SMBs Migrate and Go Live Faster with AI

https://www.sage.com/en-us/news/press-releases/2026/04/sage-acquires-doyen-ai-to-help-smbs-migrate-and-go-live-faster-with-ai/

KPMG Closes U.S. Federal Audit Practice, Trims Advisory Staff

https://www.accountingtoday.com/news/kpmg-closes-u-s-federal-audit-practice-trims-advisory-staff

Gamers Sue Nintendo Over Tariff Refunds

https://www.gamefile.news/p/gamers-sue-nintendo-over-tariff-refunds

No, Tariffs Are Not Strengthening the Economy

https://fortune.com/2026/04/29/tariffs-not-strengthening-economy-trump-trade-war-data/

Trump's $10 Billion IRS Suit Hits Snag with Skeptical Judge

https://www.cpapracticeadvisor.com/2026/04/27/trumps-10-billion-irs-suit-hits-snag-with-skeptical-judge/182256/

IRS to Revamp Form 990 to Require More Info from Charities

https://www.accountingtoday.com/news/irs-to-revamp-form-990-to-require-more-info-from-charities

Congressman Introduces Bill to Autofill Tax Forms

https://www.accountingtoday.com/news/congressman-introduces-bill-to-autofill-tax-forms

House Passes IRS Whistleblower Program Improvement Act

https://www.accountingtoday.com/news/house-passes-irs-whistleblower-improvement-act

Accountant Job Outlook & Demand Report 2026

https://www.intuit.com/blog/innovative-thinking/accountant-job-outlook-demand-report/

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Transcripts

The full transcript for this episode is available by clicking on the Transcript tab at the top of this page

KPMG Lays Off 10% Audit Partners, Best AI Still Fails 1/5 Accounting Tasks

Blake Oliver & David Leary — Fri, 01 May 2026 17:00:00 -0700

What does it mean when Big Four partners can be demoted—and AI still gets 1 in 5 accounting tasks wrong? Blake and David unpack KPMG’s audit partner cuts, EY and KPMG’s quiet partner demotions in the UK, PwC’s return-to-office push, and why firms like Decimal are rethinking tech-driven bookkeeping. They also debate AI’s limits in accounting, explore the future of CPE after a surprising Nasba warning, and explain what these shifts mean for accountants building their careers.

Sponsors
Cloud Accountant Staffing - http://accountingpodcast.promo/cas
OnPay - http://accountingpodcast.promo/onpay
Fishbowl - http://accountingpodcast.promo/fishbowl

Chapters

(00:00) - TAP 485
(01:47) - Bookkeeping Market Shakeup
(02:38) - Decimal Pivots to Franchising
(05:31) - AI Accuracy Reality Check
(07:57) - Inventory Counts Still Human
(10:28) - H&R Block Goes Year Round
(11:55) - AI CEO Experiments and Limits
(16:34) - Earmark Sponsor and NASBA Letter
(21:37) - Context and CPE Reform Debate
(26:11) - CPE Checkbox Culture
(28:11) - Fixing CPE With AI
(32:07) - Live Chat and Teams CPE
(34:37) - Sponsor OnPay Break
(35:51) - Big Four Partner Cuts
(41:27) - AI Predicts Misstatements
(43:31) - Sponsor Fishbowl Break
(44:55) - Where Accountants Are Missing
(48:39) - 150 Hour Rule Changes
(49:19) - Wrap Up and Thanks

Show Notes

The Best AI Model Still Fails 1 in 5 Accounting Tasks

https://www.cfo.com/news/the-best-ai-model-still-fails-1-in-5-accounting-tasks-Claude-Opus-OpenAI-GPT/818100/

DualEntry AI Accounting Benchmark (Claude Opus 4.7 Results)

https://www.dualentry.com/blog/claude-opus-4-7-accounting-ai-benchmark-results

The Least Glamorous Side of Accounting That Still Can't Be Automated

https://controllerscouncil.org/the-least-glamorous-side-of-accounting-that-still-cant-be-automated/

Decimal Sells Its Accounting Firm to Franchise the Operating System Behind It

https://www.prnewswire.com/news-releases/decimal-sells-its-accounting-firm-to-franchise-the-operating-system-behind-it-302753690.html

Collective Acquires Open Ledger to Accelerate All-in-One Financial Solution for Solopreneurs

https://www.axios.com/pro/fintech-deals/2026/04/22/collective-open-ledger-acquisition

H&R Block Wants to Be More Than a Tax Company

https://fortune.com/article/hr-block-tax-year-round-financial-adviser-fintech-innovation/

An AI Agent Takes Over a Store and Orders Too Many Candles

https://www.bloomberg.com/news/articles/2026-04-23/an-ai-agent-takes-over-a-store-and-orders-too-many-candles-mobwrfw2

Customers Bank CEO Uses AI Clone on Earnings Call, Signs OpenAI Deal

https://www.cnbc.com/2026/04/27/openai-partners-with-customers-bank-in-push-to-automate-finance.html

KPMG Lays Off 10% of US Audit Partners

https://www.accountingtoday.com/news/kpmg-lays-off-10-of-us-audit-partners

KPMG and EY Demote Partners in End of Job-for-Life Model in UK

https://www.irishtimes.com/business/work/2026/04/24/kpmg-and-ey-demote-partners-in-end-of-job-for-life-model-in-uk/

PwC Tells Remote Tax Staff to Get Their Butts Into the Office

https://www.goingconcern.com/pwc-tells-remote-tax-staff-to-get-their-butts-into-the-office/

PwC Pays $166 Million to Settle HK Evergrande Audit Probe

https://www.bloomberg.com/news/articles/2026-04-23/pwc-agrees-to-pay-166-million-to-close-evergrande-probe-in-hk

Predicting Material Misstatements Using Machine Learning (Phys.org summary)

https://phys.org/news/2026-predicting-material-misstatements-machine-learning.html

Is Your State Running Low on Accountants? (Sam's List Accountant Shortage Index)

https://www.cpapracticeadvisor.com/2026/04/21/is-your-state-running-out-of-accountants/181991/

Kentucky Passes CPA Licensure Modernization Bill

https://www.accountingtoday.com/news/kentucky-passes-cpa-pathway-bill

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Firms Need New Metrics, Accountants Worried About Iran

Blake Oliver & David Leary — Fri, 24 Apr 2026 09:00:00 -0700

Can the accounting profession grow with fewer people? Blake Oliver and David Leary unpack how AI is reshaping firms, from PwC Australia’s staffing cuts and rising partner pay to new questions about performance metrics, CPA pathways, and the future of CAS. They also cover the IRS’s tax season recap, tariff refunds, Deloitte’s fake AI citations, and why firms need better ways to measure value in an AI-driven world.

Sponsors
Digits - http://accountingpodcast.promo/digits
Cloud Accountant Staffing - http://accountingpodcast.promo/cas
OnPay - http://accountingpodcast.promo/onpay
Wurthy - http://accountingpodcast.promo/wurthy

Chapters

(00:00) - Show kickoff and tax season
(01:05) - Sponsor Digits AI bookkeeping
(02:45) - IRS CEO tax season recap
(06:18) - Direct File and enforcement debate
(07:54) - Tariff refund portal CAPE
(09:54) - IRS CI pulled to ICE then back
(11:49) - CAS growth engine for firms
(15:12) - New firm metrics beyond hours
(24:02) - AI ROI metrics survey
(25:30) - Sponsor Cloud Staffing and OnPay
(29:45) - Rethinking Course Requirements
(31:44) - States Drop 150 Hours
(33:16) - Experience Sign Off Hurdles
(33:59) - Geopolitical Risk Survey
(35:25) - Deloitte Fake Citations
(38:46) - Big Four Cuts and Pay
(41:51) - Worthy Sponsor Break
(43:23) - ARR Metric Trouble
(48:37) - Shorter Contracts Shift
(49:49) - Ilhan Omar Filing Error
(53:18) - Wrap Up and Free CPE

Show Notes

IRS CEO Touts Successful Tax Season Despite Cutbacks

https://www.accountingtoday.com/news/irs-ceo-touts-successful-tax-season-despite-cutbacks

The CAPE Tariff Refund System Is Here — Are You Ready?

https://globaltrainingcenter.com/the-cape-tariff-refund-system-is-here-is-your-global-trade-team-ready/

IRS Shakes Up Leadership Ahead of Tax Season

https://www.accountingtoday.com/news/irs-shakes-up-leadership-ahead-of-tax-season

Looking to Grow Like a Top 100 Firm? Try CAS

https://www.accountingtoday.com/news/looking-to-grow-like-a-top-100-firm-try-cas

Accounting Firms Need New Metrics for an Old Model

https://www.accountingtoday.com/opinion/accounting-firms-need-new-metrics-for-an-old-model

Only 18% of Organizations Track AI ROI

https://www.accountingtoday.com/news/only-18-of-organizations-track-ai-roi

CPA Licensing Laws Are Constraining Accounting Firms in the AI Era

https://news.bloombergtax.com/tax-insights-and-commentary/accounting-firms-schools-must-craft-next-generations-future

Maryland Approves CPA Licensure Pathways Bill

https://www.accountingtoday.com/news/maryland-approves-cpa-licensure-pathways-bill

Nevada Implements CPA Licensure Changes

https://www.accountingtoday.com/news/nevada-implements-cpa-licensure-changes

Accountants Worried About War in Iran

https://www.accountingtoday.com/news/accountants-worried-about-war-in-iran

Accounting Watchdog to Investigate Deloitte Over Fake Citations in $1.6M Healthcare Report

https://theindependent.ca/news/lji/accounting-watchdog-to-investigate-deloitte-over-fake-citations-in-1-6-million-healthcare-report/

PwC Australia Profit Drops, But Fewer Partners Split the Pot

https://news.bloombergtax.com/daily-tax-report-international/pwc-australia-profit-drops-but-fewer-partners-split-the-pot

Deloitte US to Cut Benefits for Segment of Employees Amid Job Architecture Reshuffle

https://www.hr-brew.com/stories/2026/04/20/deloitte-us-to-cut-benefits-for-segment-of-employees-amid-job-architecture-reshuffle

What Is ARR? Behind the Least-Trusted Metric of the AI Era

https://www.bloomberg.com/news/articles/2026-04-07/what-is-arr-behind-the-least-trusted-metric-of-the-ai-era

AI Tools Are Upending Typical Software Contracts

https://www.bloomberg.com/news/newsletters/2026-03-25/ai-tools-are-upending-typical-software-contracts

Rep. Ilhan Omar Cites Accounting Error in $30 Million Financial Disclosure

https://www.washingtontimes.com/news/2026/apr/18/rep-ilhan-omar-cites-accounting-error-30-million-financial-disclosure/

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When Tax Day Was Party Night at the Post Office

Blake Oliver & David Leary — Mon, 20 Apr 2026 10:00:00 -0700

What happens when AI starts doing the audit work itself? Blake and David dig into KPMG’s prediction that routine audit testing could soon happen with almost no human auditors directly involved. They also cover the IRS’s unfinished AI projects, the end of Direct File, new tax-on-tips rules, and why firms investing more in marketing are growing faster. Press play to hear what these shifts could mean for accountants, firms, and clients.

Sponsors
Cloud Accountant Staffing - http://accountingpodcast.promo/cas
OnPay - http://accountingpodcast.promo/onpay
Wurthy - http://accountingpodcast.promo/wurthy

Chapters

(00:00) - Audits Without Humans
(00:22) - Tax Day Show Kickoff
(02:30) - When Tax Day Hit Post Office
(04:34) - E Filing Ends The Party
(05:23) - This Week Top Stories
(05:58) - Warehouse Fire Accounting Impact
(08:52) - Compliance Time Cost
(11:04) - No Tax On Tips Rules
(13:44) - IRS AI Projects Stall
(14:43) - Direct File Cost Debate
(17:30) - Xero Os Buzzword Critique
(20:32) - Can Ai Replace QuickBooks
(21:23) - Reddit Claude Accounting System
(22:45) - Firms Lose Stack Control
(23:27) - AI Makes More Cleanup
(23:58) - Tidwell Spreadsheet Accounting
(25:13) - Tax Preparer Fraud Cases
(27:17) - Big Four Audit Automation
(30:58) - EY Office Mandate and Careers
(34:01) - Firm Growth Marketing and AI
(36:19) - Audit Lawsuits and Penalties
(40:19) - Juno AI Tax Prep Funding
(42:27) - Workers Skipping AI Review
(44:36) - Agentic Frameworks and Omni
(47:19) - Wrap Up and Free CPE

Show Notes

How Tax Day Turned Into Party Night at the Post Office

https://www.history.com/articles/tax-day-parties

Americans to Spend 11.6 Billion Hours Completing Federal Compliance Forms

https://www.cpapracticeadvisor.com/2026/03/16/americans-to-spend-11-6-billion-hours-completing-federal-compliance-forms/179866/

IRS Publishes List of Jobs That Qualify for 'No Tax on Tips' Provision

https://www.cnbc.com/2026/04/13/irs-tax-on-tips-big-beautiful-bill.html

IRS AI Projects Fall by the Wayside Due to Staff Cuts

https://www.accountingtoday.com/news/irs-ai-projects-fall-by-the-wayside-due-to-staff-cuts

IRS Inflated Direct File Costs by $45 Million in 2025

https://www.cpapracticeadvisor.com/2026/03/25/irs-inflated-direct-file-costs-by-45-million-in-2025/180237/

Xero OS: Your Operating System for the Future of Autonomous Finance

https://blog.xero.com/news-events/xero-os-ai-native-operating-system/

Tidwell — MCP Accounting Server (Reddit reference)

https://www.tidwell.com

Warehouse Worker Charged in $500M Arson Attack at Kimberly-Clark Distribution Center

https://abc7.com/post/employee-arrested-arson-kimberly-clark-distribition-center-destroyed-massive-fire-ontario/18851549/

New Jersey Tax Preparer Sentenced in Largest COVID-19 Tax Relief Fraud Case

https://www.justice.gov/usao-nj/pr/new-jersey-man-sentenced-prison-largest-covid-19-tax-relief-fraud-scheme-country

Pennsylvania Tax Preparer Jessica Cordero Faces Federal Charges in New Fraud Scheme

https://www.justice.gov/usao-edpa/pr/allentown-woman-and-two-others-charged-federal-court-wire-fraud-and-aggravated-identity

In This Critical Part of Audits, the Accountant's Role Is Shrinking Fast

https://www.wsj.com/finance/accounting/auditors-ai-kpmg-pwc-ey-7f07d3a5

KPMG Plans to Cut Up to 440 Audit Jobs in UK

https://www.bloomberg.com/news/articles/2026-03-27/kpmg-set-to-shed-hundreds-of-auditors-as-attrition-remains-low

EY Requiring U.S. Tax Staff to Work In-Person 12 Days a Month

https://www.accountingtoday.com/news/ey-requiring-us-tax-staff-to-work-in-person-12-days-a-month

AI Is Changing How EY Recruits, Develops and Promotes Employees

https://www.businessinsider.com/ey-ai-talent-career-paths-accounting-2026

High-Growth Accounting Firms Spend Twice as Much on Marketing

https://hingemarketing.com/blog/story/marketing-financial-services-the-2025-forecast

Evergrande Liquidators and PwC Head to Court

https://www.accountingtoday.com/news/evergrande-liquidators-and-pwc-head-to-court

Ontario Securities Commission Accuses KPMG of Botching Audits for Bridging Finance

https://www.accountingtoday.com/news/ontario-securities-commission-accuses-kpmg-of-botching-audits-for-bridging-finance

Juno Raises $12M Seed to Scale AI Tax Preparation Platform

https://www.cpapracticeadvisor.com/2026/04/13/juno-raises-12m-seed-to-scale-ai-tax-preparation-platform-that-automates-90-of-busy-work/181502/

AI Slop Survey: A Third of Workers Rarely Check AI Output Before Using It

https://www.cpapracticeadvisor.com/2026/04/08/ai-slop-survey-a-third-of-workers-rarely-check-ai-output-before-using-it/181191/

Agentic AI Frameworks and Artifact's Omni Platform Launch

https://www.artifact.build

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Perplexity Goes After Tax Prep, IRS Testing Palantir for Audits

Blake Oliver & David Leary — Mon, 13 Apr 2026 11:00:00 -0700

What happens when AI starts doing more than answering questions? Blake and David dig into Perplexity’s move into tax prep and bookkeeping, the IRS testing Palantir to help select audit targets, and why many firms still aren’t seeing real ROI from AI. They also unpack the surprising success of Trump accounts and what all of this could mean for accountants, firm workflows, and the future of the profession.

Sponsors
OnPay - http://accountingpodcast.promo/onpay
Cloud Accountant Staffing - http://accountingpodcast.promo/cas
REFRAME 2026 - http://accountingpodcast.promo/reframe2026
Wurthy - http://accountingpodcast.promo/wurthy

Chapters

(00:00) - TAP 482
(02:37) - Trump Accounts Boom
(07:22) - CPE With Earmark
(08:38) - Perplexity Targets Taxes
(12:32) - AI Agents And Moats
(23:43) - Claude Cowork Bookkeeping
(30:25) - Digits Outcome Pricing
(30:58) - Digits Pay For Performance
(31:25) - Zero Touch Guarantee
(31:56) - Pricing Power Debate
(32:20) - Switching GL Friction
(33:11) - Reframe Conference Sponsor
(34:26) - AI Security Banter
(35:14) - IRS Palantir Snap Audits
(39:09) - AI ROI Wrong Math
(44:27) - Find The Bottleneck
(46:14) - Automate Client Intake
(48:02) - Claude PBC Workflow
(54:40) - Weekly Close Discipline
(56:13) - DHS Tax Extension Story
(57:48) - Mentoring And Webinars
(59:15) - Future Firm Tech Stack
(01:01:45) - Wrap Up And CPE

Show Notes

4 Million Children Have Been Signed Up for Trump Accounts with 1 Million Claiming the $1,000 Pilot Program Contribution

https://www.irs.gov/newsroom/4-million-children-have-been-signed-up-for-trump-accounts-with-1-million-claiming-the-1000-pilot-program-contribution

Introducing Computer for Taxes

https://www.perplexity.ai/hub/blog/introducing-computer-for-taxes

The IRS Wants Smarter Audits. Palantir Could Help Decide Who Gets Flagged

https://dnyuz.com/2026/03/30/the-irs-wants-smarter-audits-palantir-could-help-decide-who-gets-flagged/

Digits Announces Outcome-Based Pricing

https://www.accountingtoday.com/news/digits-announces-outcome-based-pricing

Your AI Business Case Is Built on the Wrong Math

https://www.cfo.com/news/your-ai-business-case-is-built-on-the-wrong-math-throughput-accounting-productivity/816014/

Treasury and IRS Announce Tax Filing Relief to DHS Personnel

https://home.treasury.gov/news/press-releases/sb0431

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Transcripts

The full transcript for this episode is available by clicking on the Transcript tab at the top of this page

Treasury Declares US Insolvent, AI Does Taxes (with Kenji Kuramoto)

Blake Oliver & David Leary — Wed, 01 Apr 2026 16:00:00 -0700

Can AI really prepare a tax return without a human touching the keyboard? Blake and David dig into a wave of new accounting tools that promise exactly that, from AI tax prep and bookkeeping agents to month-end automation. They’re joined by Kenji Kuramoto of Basis to discuss what this means for firms, pricing, and jobs. Plus: the U.S. government’s worsening balance sheet, Tether’s long-awaited audit, and why token costs may become accounting’s next big metric.

Sponsors
Cloud Accountant Staffing - http://accountingpodcast.promo/cas
OnPay - http://accountingpodcast.promo/onpay
UNC - http://accountingpodcast.promo/unc

Chapters

(00:00) - TAP 481
(02:34) - US Insolvency Breakdown
(06:04) - Household Budget Analogy
(07:49) - GAO Disclaimer Explained
(08:37) - AI Tax Prep Agents
(11:45) - Kenji Joins the Show
(15:07) - Kenji New Role at Basis
(19:40) - Basis Agents for CAS
(25:36) - AI Skills and Pricing Shift
(28:04) - Token Billing and FinOps
(33:55) - Tokens Not Timesheets
(34:17) - Delve Compliance Fallout
(36:18) - Xero Adds Claude AI
(38:16) - Who Really Owns Data
(41:06) - Ramp Accounting Agent
(45:19) - Ramp Budgets Reality Check
(48:27) - Canopy Bookkeeping Module
(53:11) - Billcom Agents Soapbox
(55:09) - Audit Tech Fundraising
(56:37) - Tether Finally Gets Audited
(59:52) - Costco Tariff Refund Lawsuit
(01:02:16) - Wrap Up And CPE

Show Notes

The Treasury just declared the U.S. insolvent. The media missed it.

https://fortune.com/2026/03/23/us-government-insolvent-fiscal-crisis-fix/

TaxGPT AI agent aims to complete the whole tax return

https://www.accountingtoday.com/news/taxgpt-touts-ai-that-automatically-completes-returns-from-start-to-finish

As Tax Deadline Approaches, Consumers Are Going to AI Before Filing

https://www.pymnts.com/taxes/2026/as-tax-deadline-approaches-consumers-are-going-to-ai-before-filing/

AI Efficiency Gains Push Accounting Firms to Reimagine Pricing

https://news.bloomberglaw.com/ip-law/ai-efficiency-gains-push-accounting-firms-to-reimagine-pricing

Accounting Jobs Requiring AI Skills Jump 67%

https://www.accountingtoday.com/news/accounting-jobs-requiring-ai-skills-jump-67

Xero and Anthropic Collaborate to Bring AI-Powered Financial Intelligence to Millions of Small Businesses

https://www.businesswire.com/news/home/20260326956055/en/Xero-and-Anthropic-Collaborate-to-Bring-AI-Powered-Financial-Intelligence-to-Millions-of-Small-Businesses

Ramp Launches Accounting Agent to Automate Bookkeeping with Real-Time Close

https://www.prnewswire.com/news-releases/ramp-launches-accounting-agent-to-automate-bookkeeping-with-real-time-close-302686214.html

Ramp Launches Ramp Budgets

https://www.prnewswire.com/news-releases/ramp-launches-ramp-budgets-302667840.html

Canopy Unveils Canopy Bookkeeping to Eliminate Month-End Friction for Accounting and CAS Teams

https://www.morningstar.com/news/business-wire/20260211348515/canopy-unveils-canopy-bookkeeping-to-eliminate-month-end-friction-for-accounting-and-cas-teams

Canopy Expands Tax Workflow With AI-Powered Tax Preparation Through New Filed Integration

https://www.getcanopy.com/blog/canopy-expands-tax-workflow-with-ai-powered-tax-preparation-through-new-filed-integration

Double AI Journal Entries

https://doublehq.com/ai-journal-entries/

Tech News: Ramp, Canopy Both Announce AI-Powered Bookkeeping Solutions (includes Bill.com AI agents coverage)

https://www.accountingtoday.com/list/tech-news-ramp-canopy-both-announce-ai-powered-bookkeeping-solutions

Exclusive: Founded By 2 Brothers In Their 20s, YC-Backed Denki Raises $4.1M To Automate Financial Audits

https://news.crunchbase.com/venture/yc-backed-denki-raise-financial-audit-automation-ai/

Tether Taps Big Four Firm KPMG for First Financial Audit of $184 Billion Stablecoin Issuer

https://www.theblock.co/post/395423/tether-taps-kpmg-for-first-financial-audit

Americans Are Demanding Refunds from the $180 Billion in Tariffs They Paid, Including Suing Companies Like Costco

https://fortune.com/2026/03/13/americans-demanding-tariff-refunds-suing-costco-fedex/

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Fake SOC 2 Reports as a Service & Games for Busy Season

Blake Oliver & David Leary — Thu, 26 Mar 2026 15:00:00 -0700

Can AI really handle accounting and tax work—or is it just creating new ways to fake compliance? Blake and David dig into allegations of fraudulent SOC 2 reports, how taxpayers are actually using AI for tax prep, and why tools like Claude are creeping into finance workflows. They also cover FAA staffing risks, threats to state accountancy boards, and what listeners should watch as AI reshapes trust in the profession.

Chapters

(00:00) - TAP 480
(01:28) - Sponsor Digits Overview
(02:54) - LaGuardia Crash Breakdown
(05:36) - Shutdown Staffing Fallout
(07:58) - Livestream and CPE Plug
(08:49) - Delve SOC 2 Allegations
(15:57) - How Fake Audits Happen
(20:49) - Sponsor Cloud Staffing
(22:00) - Is Anyone Using AI
(24:02) - AI for Tax Prep Examples
(35:14) - AI Tax Advice Limits
(36:04) - Tech Creates More Cleanup
(36:41) - OnPay Payroll Sponsor
(37:53) - Games To Beat Busy Season
(40:42) - Florida Board Threat Averted
(44:02) - UNC MAcc Sponsor
(45:20) - Guess The Finance App
(46:47) - Claude Targets Finance Workflows
(50:29) - Will AI Replace The GL
(55:07) - Women Partners Progress
(01:00:50) - Wrap Up And CPE

Show Notes

Air Traffic Audio Appears to Show Tower Was Dealing With Incident Before Crash (New York Times via DNYUZ)

https://dnyuz.com/2026/03/23/air-traffic-audio-appears-to-show-tower-was-dealing-with-incident-before-crash/

Delve — Fake Compliance as a Service — Part I (DeepDelver on Substack)

https://deepdelver.substack.com/p/delve-fake-compliance-as-a-service

Delve Accused of Misleading Customers with 'Fake Compliance' (TechCrunch)

https://techcrunch.com/2026/03/22/delve-accused-of-misleading-customers-with-fake-compliance/

What 81,000 People Want from AI (Anthropic)

https://www.anthropic.com/research/what-people-want-from-ai

WSJ Readers Share How They Are Using AI for Tax Prep (Wall Street Journal via TaxProf Blog)

https://taxprofblog.aals.org/2026/03/09/wsj-readers-share-how-they-are-using-ai-for-tax-prep/

10 Fun Games to Play at Work and Their Impact on Productivity (Small Business Trends)

https://smallbiztrends.com/games-to-play-at-work/

FICPA Legislative Update: End of 2026 Session — HB 607 Did Not Advance (Florida Institute of CPAs)

https://www.ficpa.org/news/1cee5313-ce07-47f2-841f-48a95344f6f5:legislative-update-end-of-session-still-pending

Claude for Financial Services (Anthropic)

https://www.anthropic.com/financial-services

Glass Ceiling Shattered? Female Lead Engagement Partners in S&P 500 Audits (The CPA Journal)

https://www.cpajournal.com/2026/03/13/glass-ceiling-shattered/

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Transcripts

The full transcript for this episode is available by clicking on the Transcript tab at the top of this page

Baby, Where The Hell Is My Audit?

Blake Oliver & David Leary — Thu, 26 Mar 2026 11:00:00 -0700

Will AI actually take accountants’ jobs—or just change what their work looks like? Blake and David unpack the gap between AI hype and reality, from a LinkedIn challenge that found zero accountants replaced by AI to how firms like PwC and EY are shifting strategy. They also explore probabilistic audit opinions, AI agents in accounting workflows, and what professionals can do now to stay ahead.

Sponsors
OnPay - http://accountingpodcast.promo/onpay
UNC - http://accountingpodcast.promo/unc

Chapters

(00:00) - TAP 479
(02:27) - Auditor Karaoke Protest
(03:58) - Baby Where My Audit
(07:14) - Reactions and Afroman
(10:19) - Probabilistic Audit Opinions
(14:57) - BDO Lawsuit and Liability
(18:52) - Super Micro Fraud Signals
(24:19) - Deterministic AI Checklists
(30:16) - Checklist Driven AI Agents
(31:28) - How LLMs Differ From Brains
(33:00) - Puzzle Functions And Guardrails
(36:06) - Prompting For Clarifying Questions
(36:48) - UNC MAcc Sponsor Break
(38:30) - PwC Goes AI First
(41:46) - EY Bets On CPA Talent
(43:27) - AI Exposure Index Reality Check
(47:40) - Will Accounting Jobs Disappear
(50:23) - Coan Paradox And Rising Standards
(52:43) - AI As A Career Upskill
(55:20) - Who Is Losing Work To AI
(56:23) - Livestream Chat And Wrap Up

Show Notes

Massachusetts Auditor DiZoglio Performs "Baby Where the Hell Is My Audit" Parody

https://www.bostonglobe.com/2025/04/16/metro/diana-dizoglio-auditor-legislature-audit-democrats/

Afroman Wins Defamation Lawsuit Filed by Ohio Police Officers

https://www.cbsnews.com/news/afroman-wins-lawsuit-ohio-police-raid-music-videos/

Would You Take a Probabilistic Audit Opinion?

https://www.accountingtoday.com/opinion/would-you-take-a-probabilistic-audit-opinion

BDO Faces Investor Lawsuit That Could Impact Other Firms

https://www.accountingtoday.com/news/bdo-faces-investor-lawsuit-that-could-impact-other-firms

Super Micro Computer Co-Founder Charged With Smuggling Nvidia AI Chips to China

https://www.cnn.com/2026/03/19/politics/super-micro-computer-founder-charged-ai-chips-china

Puzzle Launches AI Close for Accountants

https://puzzle.io/blog/puzzle-accounting-ai

PwC CEO: You Cannot Opt Out of AI

https://www.accountingtoday.com/news/pwc-ceo-you-cannot-opt-out-of-ai

EY Doubles CPA Exam Bonus to $10K

https://www.accountingtoday.com/news/ey-doubles-cpa-exam-bonus-to-10k

Anthropic AI Labor Market Impacts Report

https://www.anthropic.com/research/labor-market-impacts

Microsoft AI Chief Gives It 18 Months for All White-Collar Work to Be Automated

https://fortune.com/2026/02/13/when-will-ai-kill-white-collar-office-jobs-18-months-microsoft-mustafa-suleyman/

Only 14% of UK Finance Leaders See Traditional Accounting Skills as Valuable for Next Generation

https://www.theglobalrecruiter.com/only-14-per-cent-of-finance-leaders-see-traditional-accounting-skills-as-valuable-for-next-generation/

Accounting and Tax Staff Worry AI Threatens Jobs

https://www.accountingtoday.com/news/accounting-and-tax-employees-feel-ai-threatens-job-prospects

AI's First Substitution: Freelancers (Ramp Economics Lab)

https://ramp.com/velocity/ai-labor-market-impact-freelancers

Record Number of Companies Are Ditching Old CEOs for Younger, Less Experienced Executives

https://finance.yahoo.com/news/fired-record-number-companies-ditching-152914066.html

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Accounting for the U.S. Iran War

Blake Oliver & David Leary — Mon, 09 Mar 2026 15:00:00 -0700

What do tariffs, war, AI agents, and a collapsed accounting startup have in common? This week, Blake and David connect the dots between rising economic pressure and rapid tech change. They break down the lopsided cost of drone warfare, small businesses getting crushed by tariffs, AI tools handling tax and bookkeeping tasks, and new details on Botkeeper’s collapse. You’ll hear what these shifts could mean for accountants, firms, and the future of the profession.

Sponsors
UNC - http://accountingpodcast.promo/unc
OnPay - http://accountingpodcast.promo/onpay
Cloud Accountant Staffing - http://accountingpodcast.promo/cas

Chapters

(01:27) - Sponsor Break UNC
(02:46) - War Costs and Drones
(08:58) - GPT 5.4 for Accountants
(11:13) - AI Agent Files City Tax
(15:23) - Claude Skill for Tax Prep
(17:11) - Sponsor Break OnPay
(18:55) - Gemini Makes Theme Music
(22:33) - Uber CEO AI Clone
(24:22) - Botkeeper Collapse Follow Up
(31:13) - QuickBooks Integration Doubts
(31:53) - Cloud Accountant Staffing Spot
(32:59) - KPMG Earnings Leak Theory
(37:23) - Zapier AI Guardrails
(39:43) - 401k Hardship Withdrawals Rise
(43:02) - Tariff Refunds and AI Lawsuits
(46:27) - Trump v Trump IRS Lawsuit
(48:43) - IRS Union Contract Termination
(50:01) - Direct File Act Returns
(51:56) - Meta 16B Tax Fight
(54:33) - Trump Accounts Auto Enrollment
(56:13) - Accounting Degrees Loan Limits
(57:39) - CPE App and Sign Off

Show Notes

Iran's Drones Cost a Fraction of the U.S. Weapons Shooting Them Down

https://www.nytimes.com/2026/03/04/business/iran-drones-us-weapons-cost.html

Introducing GPT-5.4

https://openai.com/index/introducing-gpt-5-4/

Breaking Up with TurboTax: How I Used Claude to File My Taxes for Free

https://kachess.dev/taxes/ai/personal-finance/2026/02/27/breaking-up-with-turbotax.html

Show HN: Claude Skill to Do Your Taxes

https://news.ycombinator.com/item?id=47277164

Enrico Palmerino Explains Botkeeper's Fall

https://www.accountingtoday.com/news/enrico-palmerino-explains-botkeepers-fall

Uber CEO Dara Khosrowshahi Has an AI Clone

https://www.fastcompany.com/91500087/uber-ceo-dara-khosrowshahi-has-an-ai-clone

KPMG-Audited Companies Are Trading Strangely on Polymarket

https://eventwaves.substack.com/p/kpmg-audited-companies-are-trading

Zapier Updates: AI Guardrails & Governance Controls

https://zapier.com/blog/february-2026-product-updates/

Record Numbers of Workers Are Raiding Their 401(k) Savings

https://www.wsj.com/personal-finance/retirement/401k-hardship-withdrawals-record-vanguard-2025

For Some Small Businesses, a Tariff Refund Isn't Worth the Pain of Pursuing It

https://finance.yahoo.com/news/small-businesses-tariff-refund-isnt-worth-pain-pursuing-it.html

Trump's IRS Lawsuit Offers Lessons on Privacy and Legal Process

https://news.bloombergtax.com/tax-insights-and-commentary/trumps-irs-lawsuit-offers-lessons-on-privacy-and-legal-process

Democrats Unveil Bill to Resurrect Direct File

https://www.accountingtoday.com/news/democrats-unveil-bill-to-resurrect-direct-file

I.R.S. Tactics Against Meta Open a New Front in the Corporate Tax Fight

https://www.nytimes.com/2026/02/24/business/irs-meta-tax-ireland.html

IRS Should Open Trump Accounts for Eligible Children Automatically, AICPA Says

https://www.journalofaccountancy.com/news/2026/feb/irs-should-open-trump-accounts-for-eligible-children-automatically-aicpa-says/

NASBA Urges U.S. Department of Education to Restore "Professional" Status for Accounting Degrees

https://nasba.org/blog/2026/03/05/status-for-accounting-degrees/

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Sponsorships

Are you interested in sponsoring The Accounting Podcast? For details, read the prospectus.

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TeePublic Store: http://cloudacctpod.link/merch

The AI Agent That Can Do A Partnership Tax Return

Blake Oliver & David Leary — Tue, 03 Mar 2026 13:00:00 -0800

Can an AI prep a partnership return on its own? Blake and David dig into Basis’s $100M unicorn claim, Intuit’s OpenAI/Anthropic tie-ups and Claude Cowork, and what it means for firms. They also cover how to capitalize on tariff refund lawsuits, the Senate’s push to regulate tax preparers, and the SEC weighing twice-a-year reporting—plus a quick warning about the fake “IRS locker” scam. You’ll learn where AI helps now, what to watch, and how to advise clients.

Sponsors
Cloud Accountant Staffing - http://accountingpodcast.promo/cas
OnPay - http://accountingpodcast.promo/onpay
UNC - http://accountingpodcast.promo/unc

Chapters

(00:00) - Welcome and Headlines
(01:51) - Sponsor Cloud Staffing
(03:10) - Tariffs Legal Fallout
(05:50) - Refund Lawsuit Wave
(09:02) - Basis AI Unicorn
(15:23) - Intuit Earnings AI Blitz
(25:59) - Claude Cowork Automation
(32:16) - Managing Agents at Work
(34:21) - AI PR Pay Boom
(36:46) - AI Agents for Accounting
(37:39) - SaaS Giants vs AI
(39:01) - Finance Grade AI Trust
(41:22) - IBM COBOL Shockwave
(43:03) - Audit Enforcement Drop
(44:34) - Regulating Tax Preparers
(45:40) - Twice a Year Reporting
(48:36) - Prediction Market Tax Bet
(50:43) - Washington CPA Outsourcing
(54:37) - IRS Onboarding Fumbles
(55:32) - Crypto Fat Finger Disaster
(01:00:01) - IRS Locker Scam Warning
(01:02:13) - Livestream Q&A Wrap
(01:06:19) - Book and Earmark Outro

Show Notes

Supreme Court Strikes Down Trump's Sweeping Tariffs

https://www.nbcnews.com/politics/supreme-court/supreme-court-strikes-trumps-tariffs-major-blow-president-rcna244827

Trump's New Tariffs Under Section 122 Are Probably Also Illegal

https://edition.cnn.com/2026/03/01/business/trump-tariffs-supreme-court-section-122

1,800+ Companies Suing for $130 Billion in Tariff Refunds

https://www.entrepreneur.com/growing-a-business/1800-companies-are-suing-for-130b-in-tariff-refunds/503034

AI-for-Accounting Startup Basis Hits $1.15 Billion Valuation

https://www.bloomberg.com/news/articles/2026-02-24/ai-for-accounting-startup-basis-hits-1-15-billion-valuation

Intuit and Anthropic Partner to Bring Custom AI Agents to Consumers and Businesses

https://investors.intuit.com/news-events/press-releases/detail/1305/intuit-and-anthropic-partner-to-bring-trusted-financial-intelligence-and-custom-ai-agents-to-consumers-and-businesses

Intuit Q2 2026 Earnings Call Transcript

https://www.fool.com/earnings/call-transcripts/2026/02/26/intuit-intu-q2-2026-earnings-call-transcript/

IBM Shares Plunge as Anthropic Touts COBOL Modernization Efforts

https://www.cnbc.com/2026/02/23/ibm-is-the-latest-ai-casualty-shares-are-tanking-on-anthropic-cobol-threat.html

AI Won't Replace Accounting Platforms — It Will Make Them More Important

https://diginomica.com/ai-wont-replace-accounting-platforms-it-will-make-them-more-important

Audit Enforcement Plummeted Last Year

https://www.accountingtoday.com/news/audit-enforcement-plummeted-last-year

Senate Finance Committee Proposes to Regulate Tax Preparers, Improve IRS Administration

https://www.accountingtoday.com/news/senate-finance-committee-proposes-to-regulate-tax-preparers-improve-irs-administration

SEC to Fast-Track Proposal for Semi-Annual Public Company Reporting

https://www.cohenmilstein.com/sec-to-propose-rule-easing-financial-reporting-frequency-from-quarterly-to-semiannual/

Tax Nerd Bets Life Savings Against DOGE on Kalshi — and Wins

https://techcrunch.com/2026/02/25/an-accountant-won-a-big-jackpot-on-kalshi-by-betting-against-doge/

Should We Be Concerned That More Than Half of New CPA Licenses in Washington State Went to International Candidates?

https://www.goingconcern.com/should-we-be-concerned-that-more-than-half-of-new-cpa-licenses-issued-in-this-state-last-year-went-to-international-candidates/

IRS Failed to Equip New Hires in 2024

https://www.accountingtoday.com/news/irs-failed-to-equip-new-hires-in-2024

South Korean Crypto Exchange Bithumb Accidentally Gives Away $40+ Billion in Bitcoin

https://www.cnbc.com/2026/02/07/south-korean-crypto-firm-accidentally-sends-out-44-billion-in-bitcoin.html

Michigan Man Loses $1 Million in IRS Impersonation Scam

https://www.cpapracticeadvisor.com/2026/02/23/michigan-man-loses-1-million-in-irs-scam/178591/

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Tariff Refund Opportunity for Accountants & Taxpayers Don't Trust AI

Blake Oliver & David Leary — Mon, 23 Feb 2026 18:00:00 -0800

SCOTUS just struck down Trump’s global tariffs—so who gets the $133B back, and how can firms capture advisory fees helping clients claim refunds? Blake and David unpack importer-of-record refunds, contingency-fee questions, and why “that’s pure profit.” Plus: taxpayers’ trust in AI tax prep is falling, creators’ $205B economy is a prime niche, TurboTax’s Uber-to-the-office play, Big Law’s $3,400/hour AI squeeze, and Dawn Brolin’s nonprofit sending first-timers to conferences you can support.

Chapters

(00:00) - TAP 476
(02:53) - Who Gets the Tariff Refunds? Importer of Record & Profit Impact
(05:28) - Big Opportunity for Accounting Firms: Tariff Refund Advisory & Fees
(08:55) - Flashback Clip: We Called the Tariff Ruling Months Ago
(12:59) - Sponsors + Trump’s Next Move: New Tariff Authority Workarounds
(15:04) - Live Q&A: If Tariffs Were Passed to Buyers, Who Gets Paid Back?
(16:46) - IRS Update: Average Refunds Up, But Median Still Unknown
(18:13) - Taxpayers Trust AI Less for Filing + Creator Economy Tax Niche
(22:13) - TurboTax + Uber Rides: The Customer Experience Arms Race
(27:12) - Sponsor Break + Business Tax Shift: FASB Country-by-Country Disclosures
(30:19) - IRS Still Drowning in Paper: Digitization Goals Missed
(31:41) - Gambling Loss Deduction Cut to 90%: Why Break-Even Gamblers Still Owe Tax
(32:58) - Skims vs. New Jersey: Sales Tax ‘Technical Error’ and the $200K Penalty
(34:06) - Big Law’s Billable Hour Squeeze: AI Cuts Hours, Partners Jack Up Rates
(36:12) - DIY Legal Work with ChatGPT: When a $30 Subscription Replaces a Lawyer
(37:51) - Big Tech’s AI Data Centers Create a Depreciation Blind Spot for Investors
(41:50) - KPMG Partner Fined for Using AI to ‘Cheat’ on an AI Exam
(43:21) - Congress Targets the Pentagon’s Audit Failures: The ‘RECEIPTS Act’
(47:52) - Only 2–3 Hours of Deep Work a Day: Meetings, App Overload, and Hybrid Teams
(50:17) - Interview: Accounting Cornerstone Foundation Helps First-Timers Attend Conferences
(52:09) - How the Foundation Works: Funding, Emotional Support, and Picking Awardees
(56:36) - Impact Stories & What’s Next: Alumni Mentorship, Fundraising, and Growing the Mission
(01:00:16) - Wrap-Up: How to Support + Earn CPE/CE Credits in the Earmark App

Show Notes

Supreme Court Rules 6-3 That IEEPA Does Not Authorize the President to Impose Tariffs

https://www.supremecourt.gov/opinions/25pdf/24-1287_4gcj.pdf

Supreme Court Strikes Down Most of Trump's Tariffs in a Major Blow to the President

https://www.nbcnews.com/politics/supreme-court/supreme-court-strikes-trumps-tariffs-major-blow-president-rcna244827

Supreme Court Strikes Down IEEPA Tariffs — What Now?

https://www.wilmerhale.com/en/insights/client-alerts/20260220-supreme-court-strikes-down-ieepa-tariffs-what-now

IRS Average Refunds Up $200 This Filing Season

https://www.accountingtoday.com/news/taxpayers-hesitant-to-trust-ai-to-prepare-tax-returns

Most Taxpayers Trust Tax Pros Over AI for Tax Preparation, Survey Finds

https://www.cpapracticeadvisor.com/2026/02/19/most-taxpayers-trust-tax-pros-over-ai-for-tax-preparation-survey-finds/178412/

Online Creators Worried About Finances and Income Taxes — A Growing Opportunity for Tax and Accounting Pros

https://www.cpapracticeadvisor.com/2026/02/19/online-creators-worried-about-finances-and-income-taxes-a-growing-opportunity-for-tax-accounting-pros/178423/

Intuit TurboTax Delivers the Ultimate "Done-For-You" Tax Experience Powered by AI and Human Intelligence With Uber Rides

https://investors.intuit.com/news-events/press-releases/detail/1304/intuit-turbotax-delivers-the-ultimate-done-for-you-tax-experience-powered-by-ai-and-human-intelligence-with-uber-rides

US Companies Pay More Taxes Abroad Than Here

https://www.accountingtoday.com/news/us-companies-pay-more-taxes-abroad-than-here

IRS Falls Far Short on Paperless Processing Goal

https://www.accountingtoday.com/news/irs-falls-far-short-on-paperless-processing-goal

Will the OBBBA Gambling Deduction Change Be Reversed?

https://www.natptax.com/news-insights/blog/will-the-obbba-gambling-deduction-change-be-reversed/

Kim Kardashian's Clothing Company Settles New Jersey Sales Tax Allegations

https://www.cpapracticeadvisor.com/2026/01/20/kim-kardashians-clothing-company-settles-new-jersey-sales-tax-allegations/176590/

Big Tech Accounting Creates a Blind Spot in the AI Boom

https://news.futunn.com/en/post/68828373/big-tech-accounting-creates-a-blind-spot-in-the-ai

KPMG Partner in Australia Fined Over Using AI to Pass AI Test

https://www.irishtimes.com/business/2026/02/16/kpmg-partner-in-australia-fined-over-using-ai-to-pass-ai-test/

Lawmakers Seek to Penalize DoD if It Fails to Pass a Clean Audit

https://federalnewsnetwork.com/congress/2026/02/lawmakers-seek-to-penalize-dod-if-it-fails-to-pass-a-clean-audit/

New Hubstaff Research Finds Workers Average Only 2–3 Hours of Focus Time Per Day

The Best & Worst Firms in Accounting with Dom Piscopo

Blake Oliver & David Leary — Mon, 16 Feb 2026 13:00:00 -0800

Which accounting firms really deliver sane hours and happy teams? Dom Piscopo (Big Four Transparency) reveals this year’s best—and worst—by job satisfaction and hours, including surprising outliers. Blake and David also unpack how AI startups are carving up PwC-style services, why Hazel AI rattled wealth managers and Intuit/Xero stocks, and where GLs still hold a moat. Plus, a practical way to use AI for W‑4/withholding—and an accountant’s take on Carvana’s too-good-to-be-true margins.

Sponsors
OnPay - http://accountingpodcast.promo/onpay
UNC - http://accountingpodcast.promo/unc
FutureViews System - http://accountingpodcast.promo/bez

Chapters

(01:19) - Pets, Candy, Jewelry & Prefixed Dinners: Where the Money Goes
(03:14) - Live Chat Shoutouts + Today’s Guest Tease: Big Four Transparency
(05:53) - Yours, Mine & Ours: How Couples Split (or Merge) Money
(08:56) - Financial Secrets vs. “Cheating”: The Bankrate Survey Findings
(11:01) - Meet Dom Piscopo + 2025 Best/Worst Firms by Job Satisfaction
(15:43) - How the Rankings Work: Sample Size, Methodology & Office Variance
(19:28) - Service Lines Compared: Tax vs Audit vs Advisory Satisfaction Trends
(22:28) - Hours Worked Rankings + Do Hours Actually Drive Happiness?
(25:04) - Where the Big Four Land: Satisfaction & Hours Benchmarks
(26:51) - AI Disruption Debate: “Every PWC Webpage Is a $10B Startup” Tweet
(28:47) - AI Startups vs QuickBooks: The SaaS Attack Cycle Restarts
(29:55) - Hazel AI Shakes Wealth Management: Tax Planning at Scale
(32:19) - Consumers Trust AI Money Advice + A Withholding/W-4 Use Case
(35:11) - “Good Enough” AI: How Firms Can Productize & Review AI Work
(36:38) - What Humans Still Do: Taste, Comfort, and Serving the Underserved
(41:51) - Intuit & Xero Stocks Drop: CEOs Defend the Data-and-Trust Moat
(45:11) - TurboTax Disruption? Building Tax Engines with AI Agents
(46:52) - Vibe Coding Reality Check: Small Tools Now, ERPs Much Later
(51:32) - Carvana Accounting Red Flags: When Margins Don’t Add Up
(56:04) - Wrap-Up: Big Four Transparency + CPE Credits via Earmark

Show Notes

Valentine's Day Spending Expected to Reach New Records

https://nrf.com/media-center/press-releases/valentine-s-day-spending-expected-to-reach-new-records

Survey: Most Couples Keep At Least Some Of Their Money Separate

https://www.bankrate.com/credit-cards/news/couples-finances/

Survey: 2 In 5 Americans In A Relationship Have Kept A Financial Secret From Their Partner

https://www.bankrate.com/credit-cards/news/financial-infidelity-survey-2025/

AI Tax App Crashes Financial Stocks on Wall Street

https://cpatrendlines.com/2026/02/10/ai-tax-app-crashes-financial-stocks-on-wall-street/

Americans Are Asking AI for Money Advice, But Should They Trust It?

https://www.bestmoney.com/financial-advisor/learn-more/do-americans-trust-fin-ai

82% trust AI for financial information and guidance

https://www.accountingtoday.com/news/82-trust-ai-for-financial-information-and-guidance

Intuit Is Down 33% Year to Date. Here's Where the Stock Could Be Headed in 2026

https://www.tikr.com/blog/intuit-is-down-33-year-to-date-heres-where-the-stock-could-be-headed-in-2028

Intuit Stock Is Down 24% Already In 2026. Time to Buy?

https://www.fool.com/investing/2026/01/30/intuit-stock-is-down-24-already-in-2026-time-to-bu/

Xero (ASX:XRO) Shares Crash 13% in Tech Selloff—Broker Urges Hold

https://kalkine.com.au/news/technology/xero-asxxro-shares-crash-13-in-tech-selloffbroker-urges-hold

Xero share price slides 14% in a week — what to watch next for ASX:XRO

https://ts2.tech/en/xero-share-price-slides-14-in-a-week-what-to-watch-next-for-asxxro/

I've tested and ranked the 10 best vibe coding tools in 2026

https://www.techradar.com/pro/best-vibe-coding-tools

Your Complete Guide To Vibe Coding Tools In 2026: Build Apps Just By Talking To AI

https://softtechhub.us/2026/02/11/guide-to-vibe-coding/

AI startup Replit launches feature to vibe code mobile apps

https://www.cnbc.com/2026/01/15/ai-startup-replit-launches-feature-to-vibe-code-mobile-apps.html

Vibe coding - Wikipedia

https://en.wikipedia.org/wiki/Vibe_coding

What's actually driving Carvana's margins?

https://www.cfo.com/news/whats-actually-driving-carvana-margins-ernie-garcia-drivetime-bridgecrest-zach-shefska-ray-shefska-/810911/

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The Most Famous Accountant In The World Is A DJ

Blake Oliver & David Leary — Wed, 11 Feb 2026 12:00:00 -0800

What happens when AI starts cutting audit bills? Blake and David unpack KPMG’s push for a 14% fee cut from Grant Thornton, Botkeeper’s shutdown versus Pilot’s “AI accountant,” and how agents like Claude are already doing real client work. You’ll hear why entry-level roles are vanishing, what tax pros need to know about the IRS’s new e-payment push and Tax Pro Account upgrades, plus a fun detour: DJ John Summit’s Tax Day album.

Sponsors
UNC - http://accountingpodcast.promo/unc
OnPay - http://accountingpodcast.promo/onpay
Cloud Accountant Staffing - http://accountingpodcast.promo/cas

Chapters

(00:00) - KPMG's AI-Driven Audit Fee Reduction
(00:28) - Welcome to the Accounting Podcast
(00:53) - Blake's First Time at the Waste Management Open
(02:00) - John Summit: From Accountant to DJ Superstar
(04:39) - John Summit's Accounting-Themed Album
(09:44) - Earmark CPE: Easy CPE Credits for Accountants
(12:34) - The Rise and Fall of AI Bookkeeping Startups
(24:48) - Pilot's Autonomous AI Accountant
(26:50) - Partnering with Accounting Firms
(29:59) - AI in Bookkeeping and Accounting
(33:33) - Impact of AI on Accounting Jobs
(40:27) - Trump's $10 Billion Lawsuit Against the IRS
(44:40) - IRS Updates and Tax Pro Accounts
(49:53) - KPMG's AI Acquisition
(51:14) - Airlines Save Millions with Weight Loss Drugs
(52:58) - Conclusion and CPE Information

Show Notes

KPMG pressed its auditor to pass on AI cost savings
https://www.irishtimes.com/business/2026/02/06/kpmg-pressed-its-auditor-to-pass-on-ai-cost-savings/

Botkeeper is Closing Its Doors
https://www.cpapracticeadvisor.com/2026/02/09/botkeeper-is-closing-its-doors/177677/

Botkeeper shuts down
https://www.accountingtoday.com/news/botkeeper-shuts-down

Anthropic AI Tool Sparks Selloff From Software to Broader Market
https://www.bloomberg.com/news/articles/2026-02-03/legal-software-stocks-plunge-as-anthropic-releases-new-ai-tool

AI fears pummel software stocks: Is it 'illogical' panic or a SaaS apocalypse?
https://www.cnbc.com/2026/02/06/ai-anthropic-tools-saas-software-stocks-selloff.html

Pilot launches fully autonomous AI bookkeeper
https://www.accountingtoday.com/news/pilot-launches-fully-autonomous-ai-bookkeeper

Pilot Rolls Out Fully Autonomous AI Accountant
https://www.cpapracticeadvisor.com/2026/02/04/pilot-rolls-out-fully-autonomous-ai-accountant/177453/

Pilot Unveils AI Accountant
https://pilot.com/blog/pilot-unveils-ai-accountant-a-major-leap-toward-artificial-general-intelligence-in-accounting

Startup Accrual Officially Launches with $75M in Funding to Bring AI-Native Automation to Accounting
https://www.cpapracticeadvisor.com/2026/02/05/startup-accrual-officially-launches-with-75m-in-funding-to-bring-ai-native-automation-to-accounting/177600/

Tax platform Accrual launches with AI automation support for all forms
https://www.accountingtoday.com/news/tax-platform-accrual-launches-with-ai-automation-support-for-all-forms

Accrual Launches with $75 Million to Bring AI-Native Automation to Accounting
https://www.businesswire.com/news/home/20260205968515/en/Accrual-Launches-with-$75-Million-to-Bring-AI-Native-Automation-to-Accounting

Goldman Sachs leads $75 million funding round for Fieldguide, an AI-native accounting and audit platform
https://fortune.com/2026/02/02/goldman-sachs-fieldguide-accounting-cpa-ai-software-platform-venture-capital/

Fieldguide Raises $75M Series C Round to Boost Audit and Advisory Firms' Agentic AI Capabilities
https://www.cpapracticeadvisor.com/2026/02/02/fieldguide-raises-75m-series-c-round-to-boost-audit-and-advisory-firms-agentic-ai-capabilities/177323/

Fieldguide Raises $75M Series C from Goldman Sachs to Help Audit and Advisory Firms Grow with Agentic AI
https://www.globenewswire.com/news-release/2026/02/04/3232133/0/en/Pilot-Unveils-AI-Accountant-A-Major-Leap-Toward-Artificial-General-Intelligence-in-Accounting.html

Trump, two sons, Trump Org sue IRS, Treasury for $10 billion over tax records leak
https://www.cnbc.com/2026/01/29/trump-sues-irs-and-treasury-for-10-billion-over-leak-of-tax-records.html

Trump sues IRS and Treasury Department for $10 billion over leaked tax records
https://www.nbcnews.com/politics/donald-trump/trump-sues-irs-treasury-department-10-billion-leaked-tax-records-rcna256626

Trump Sues Treasury and IRS for $10 Billion Over Tax Data Leak
https://www.taxnotes.com/featured-news/trump-sues-treasury-and-irs-10-billion-over-tax-data-leak/2026/01/30/7txmz

KPMG Brings Aboard AI Development Platform PrivateBlok
https://www.cpapracticeadvisor.com/2026/02/09/kpmg-adds-ai-development-platform-privateblok/177729/

KPMG acquires PrivateBlok, team will support AI developments
https://www.accountingtoday.com/news/kpmg-acquires-privateblok-team-will-support-ai-developments

KPMG Bolsters AI Product Development Function...

AI Could Displace 50% of Entry-Level White-Collar Jobs

Blake Oliver & David Leary — Wed, 04 Feb 2026 09:00:00 -0800

Could AI wipe out half of entry-level accounting roles? Blake and David recount a brazen “courier scam” on David’s porch to unpack how deepfakes and spoofed calls fuel today’s fraud (“less than 10% can tell AI video from real”). You’ll learn practical controls—family code words, approval workflows—plus hands-on AI updates: Claude’s Excel plugin and desktop agent, Gusto payroll in ChatGPT, and a prompt that forces AI to ask clarifying questions and wait for “go.”

Sponsors
UNC - http://accountingpodcast.promo/unc
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OnPay - http://accountingpodcast.promo/onpay

Chapters

(02:02) - Personal Fraud Story: A Cautionary Tale
(03:35) - Elder Fraud and AI-Driven Scams
(06:53) - AI's Impact on Fraud and Security
(11:39) - AI Tools for Accountants
(19:40) - Earmark: CPE for Listening to Podcasts
(22:01) - AI's Threat to Entry-Level Jobs
(27:11) - AI Agents in Payroll and HR
(35:20) - The Future of AI in Blue Collar Jobs
(38:18) - AI's Role in Government Efficiency
(39:52) - Simplifying the Tax Code with AI
(41:42) - Payroll Innovations and AI
(49:18) - Intuit's Career Pipeline Program
(51:24) - Xero's New Features and AI Integration
(58:48) - Conclusion and Upcoming Topics

Show Notes

AI fakery turbo-charging fraud, cyber attacks
https://www.accountingtoday.com/news/ai-fakery-turbo-charging-fraud-cyber-attacks

The Turing Reel
https://runwayml.com/research/theturingreel

The Adolescence of Technology
https://www.darioamodei.com/essay/the-adolescence-of-technology

Long-term Fears Build As 60% of U.S. Workers Say AI Will Cut More Jobs Than It Adds In 2026
https://allwork.space/2026/01/long-term-fears-build-as-60-of-u-s-workers-say-ai-will-cut-more-jobs-than-it-adds-in-2026/

ADP® Accelerates AI Leadership with Launch of New AI Agents Designed to Solve Workforce Challenges
https://www.prnewswire.com/news-releases/adp-accelerates-ai-leadership-with-launch-of-new-ai-agents-designed-to-solve-workforce-challenges-302672772.html

Exclusive: Gusto launching payroll inside ChatGPT
https://www.thisweekinfintech.com/exclusive-gusto-launching-payroll-inside-chatgpt/

Trump DOT Plans to Use Google Gemini AI to Write Regulations
https://www.propublica.org/article/trump-artificial-intelligence-google-gemini-transportation-regulations

Intuit Launches New Career Pipeline Program to Empower the Next Generation of Accountants in the AI Era
https://investors.intuit.com/news-events/press-releases/detail/1296/intuit-launches-new-career-pipeline-program-to-empower-the-next-generation-of-accountants-in-the-ai-era

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Transcripts

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Fiscal State of Nation Act & Solving for CPA Mobility with Lindsay Patterson

Blake Oliver & David Leary — Mon, 26 Jan 2026 11:00:00 -0800

Are you accidentally breaking CPA rules across state lines? Guest Lindsay Patterson, CPA CIA breaks down the new mobility landscape after alternative licensure paths—and the surprising data firms must track to avoid fines, failed peer reviews, and redoing audits. Plus: Congress’s Fiscal State of the Nation bill, Deloitte’s PR storm, QuickBooks’ AI reconciliation, and what’s driving a rebound in accounting majors. Walk away knowing where to get licensed, what triggers penalties, and how to protect your firm.

Sponsors
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OnPay - http://accountingpodcast.promo/onpay
UNC - http://accountingpodcast.promo/unc

Chapters

(00:00) - Introduction and CPA Email Incident
(00:33) - AI in QuickBooks: A Game Changer?
(06:00) - Live Stream Shoutouts and YouTube Promotion
(06:54) - New Legislation: Fiscal State of the Nation Act
(10:37) - CPA Mobility and Alternative Pathways
(11:47) - Guest Segment: Lindsay Patterson on CPA Mobility
(33:13) - Deloitte's Bad Week: Controversies and Criticisms
(35:58) - CPA Firms in Trouble: The Zwick CPA Case
(40:05) - Jerome Powell's Defiant Statement
(44:29) - Why Accountants Leave Public Accounting
(51:24) - Listener Emails and Final Thoughts
(52:08) - The Future of Accounting Jobs
(55:12) - Private Equity in CPA Firms

Meet Lindsay Patterson:
LinkedIn: https://www.linkedin.com/in/lindsaypatterson/

Show Notes

AICPA Urges Congressional Support for Fiscal State of the Nation Act
https://www.aicpa-cima.com/news/article/aicpa-urges-congressional-support-for-fiscal-state-of-the-nation-act

Barr Reintroduces Bipartisan Fiscal State of the Nation Act to Strengthen Oversight of Government Spending
https://barr.house.gov/press-releases?id=EDF451C5-EEAE-44D7-85A8-2B714E9D7822

For CPAs, one license — and 55 rulebooks
https://www.accountingtoday.com/opinion/for-cpas-one-license-and-55-rulebooks

Deloitte's Disturbing Pattern Allegedly Cost Americans Health Coverage, Delayed Benefits, and the US Government $74B
https://www.ibtimes.co.uk/deloittes-disturbing-pattern-allegedly-cost-americans-health-coverage-delayed-benefits-us-1773010

Deloitte to ramp up India operations with 50,000 new hires
https://www.internationalaccountingbulletin.com/news/deloitte-hiring-india/

PCAOB Sanctions Audit Firm, an Owner of That Firm, and a Former Audit Manager for Multiple Violations of PCAOB Rules and Standards
https://pcaobus.org/news-events/news-releases/news-release-detail/pcaob-sanctions-audit-firm--an-owner-of-that-firm--and-a-former-audit-manager-for-multiple-violations-of-pcaob-rules-and-standards

PCAOB bars Zwick CPA, owner and manager
https://www.accountingtoday.com/news/pcaob-bars-zwick-cpa-owner-and-manager

Turnover Experiences in Public Accounting and Alumni's Decisions to 'Give Back'
https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4266300

U.S. Accounting Undergraduate Enrollment Rises for Third Straight Year
https://www.prnewswire.com/news-releases/us-accounting-undergraduate-enrollment-rises-for-third-straight-year-302665511.html

Accounting undergrad enrollment rises for third year
https://www.accountingtoday.com/news/accounting-undergrad-enrollment-rises-for-third-year

Capital One to Acquire Brex
https://investor.capitalone.com/news-releases/news-release-details/capital-one-acquire-brex

Capital One is buying startup Brex for $5.15 billion in credit card firm's latest deal
https://www.cnbc.com/2026/01/22/capital-one-is-buying-startup-brex-for-5point15-billion-in-credit-card-firms-latest-deal.html

Florida Republican candidate suggests 'sin tax' for OnlyFans creators
https://thehill.com/homenews/nexstar_media_wire/5691927-florida-governor-candidate-sin-tax/

Florida gubernatorial candidate proposes 50% "sin" tax on OnlyFans creators; top earner Sophie Rain pushes back
https://www.cbsnews.com/miami/news/florida-onlyfans-tax-proposal-james-fishback-sophie-rain/

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The CPA Workload Dilemma: Can We Do Better?

Blake Oliver & David Leary — Fri, 23 Jan 2026 15:00:00 -0800

Carla McCall shares insights on the challenges faced by the accounting profession, including workload, work-life balance, and the AICPA's role. She addresses misconceptions about the responsibilities of the AICPA, discusses her firm's approach to managing work hours and culture transformation, and highlights the need for creative solutions to attract new talent. The discussion also explores the systemic issue of overwork in large accounting firms and the potential measures that could alleviate these pressures.

Meet Our Guest, Carla McCall

https://www.linkedin.com/in/carlamccallaaf/

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Classifieds

Transcripts

The full transcript for this episode is available by clicking on the Transcript tab at the top of this page

Trust In Accountants At Historic Low, the Fraudster Inside the SBA & IRS

Blake Oliver & David Leary — Mon, 19 Jan 2026 14:00:00 -0800

Are we causing our own busy-season chaos? Blake and David break down a simple scheduling system that spreads tax work, trains clients, and slashes extensions. They debate Congress’s barcode bill vs. e-filing, unpack a poll showing GOP support for a millionaire’s tax, and ask what AI really changes when managers still have to review the bots. Plus: IRS CI’s latest wins, whistleblower e-filing, and a Britney tax fight.

Sponsors
Digits - http://accountingpodcast.promo/digits
OnPay - http://accountingpodcast.promo/onpay
TaxBandits - http://accountingpodcast.promo/taxbandits
UNC - http://accountingpodcast.promo/unc

Chapters

(01:11) - AI and Survey Creation
(02:30) - Google's Personal Intelligence
(05:11) - IRS Defunding and Workforce Reduction
(06:51) - CPA Trendlines Busy Season Barometer
(11:12) - Barcode Efficiency Act
(15:24) - IRS Criminal Investigations
(17:24) - Payroll Headaches and OnPay
(18:56) - SBA and IRS Employee Fraud
(21:41) - IRS Whistleblower Office
(23:08) - Britney Spears vs. IRS
(24:04) - Washington State Millionaires Tax
(27:01) - Busy Season Is Self-Inflicted
(30:44) - Livestream and CPE Credits
(31:24) - UNC Kenan-Flagler MAC Program
(32:38) - A New Year's Eve Pink Eye Adventure
(33:20) - AI Prescriptions in Utah
(35:03) - Trust in Accountants at Historic Lows
(39:13) - Listener Mail: Advisory Services and Online Degrees
(45:30) - The CPA Exam: Challenges and Changes
(01:03:17) - Closing Remarks and Earmark App Growth

Show Notes

Are Washingtonians Finally Ready for a State Income Tax?

https://www.dhmresearch.com/are-washingtonians-finally-ready-for-a-state-income-tax/

Guess Who Supports a Millionaires Tax in Washington State? Republicans, Poll Finds

https://www.cpapracticeadvisor.com/2026/01/14/guess-who-supports-a-millionaires-tax-in-washington-state-republicans-poll-finds/176337/

Barometer: Firms Brace for a Tough Tax Season

https://cpatrendlines.com/2025/10/01/barometer-firms-brace-for-a-tough-tax-season/

IRS Advisory Council blasts defunding of agency

https://www.accountingtoday.com/news/irs-advisory-council-blasts-defunding-of-agency

IRS Advisory Council report defends workers, criticizes budget and staff cuts

https://www.thetaxadviser.com/news/2026/jan/irs-advisory-council-report-defends-workers-criticizes-budget-and-staff-cuts/

Internal Revenue Service Advisory Council PUBLIC REPORT January 2026

https://www.irs.gov/pub/irs-pdf/p5316.pdf

Lengthy grudge motivated Brown mass shooting, MIT professor killing: Sources

https://abcnews.go.com/US/lengthy-grudge-motivated-brown-mass-shooting-mit-professor/story?id=128961044

A Reddit post helped find MIT and Brown shooting suspect. Here's what we know

https://www.npr.org/2025/12/19/nx-s1-5649528/brown-mit-shooter-what-we-know

Former SBA and IRS Employee Charged with Using Government Positions to Steal Millions from COVID Relief Programs

https://www.justice.gov/usao-ndga/pr/former-sba-and-irs-employee-charged-using-government-positions-steal-millions-covid

Hampton woman accused of using federal jobs to steal pandemic relief funds

https://www.fox5atlanta.com/news/hampton-woman-accused-using-federal-jobs-steal-pandemic-relief-funds

House advances bill to speed tax return processing via barcodes

https://www.accountingtoday.com/news/house-advances-bill-to-speed-tax-return-processing-via-barcodes

BARCODE Efficiency Act Brings Overdue Modernization to the IRS

https://atr.org/barcode-efficiency-act-brings-overdue-modernization-to-the-irs/

Utah and Doctronic Announce Groundbreaking Partnership for AI Prescription Medication Renewals

https://commerce.utah.gov/2026/01/06/news-release-utah-and-doctronic-announce-groundbreaking-partnership-for-ai-prescription-medication-renewals/

Utah allows nation's first AI drug prescriptions

https://www.axios.com/local/salt-lake-city/2026/01/07/utah-ai-drug-prescriptions-doctronic

Nurses Continue to Lead in Honesty and Ethics Ratings

https://news.gallup.com/poll/700736/nurses-continue-lead-honesty-ethics-ratings.aspx

Americans' Ratings of U.S. Professions Stay Historically Low

https://news.gallup.com/poll/655106/americans-ratings-professions-stay-historically-low.aspx

Britney Spears disputes $600K tax claim

https://www.accountingtoday.com/news/britney-spears-disputes-600k-tax-claim

Britney Spears Fighting With IRS Over $600,000

https://www.tmz.com/2025/12/19/britney-spears-fighting-with-irs-taxes/

Right Now, Managing AI Agents is About as Much Work as Managing Humans. Just Different Work.

https://www.saastr.com/right-now-managing-ai-agents-is-about-as-much-work-as-managing-humans/

The 'Godfather of SaaS' says he replaced most of his s...

Instead of Armed IRS Agents We Got Armed ICE Agents

Blake Oliver & David Leary — Wed, 14 Jan 2026 00:00:00 -0800

Raids replaced audits, and guns replaced spreadsheets. Blake and David connect the dots from Minnesota's sprawling public-assistance fraud to a decade of IRS budget cuts and ICE crackdowns. You'll learn why enforcement shifted from prevention to raids, what California's one-time billionaire tax really proposes, how new AICPA rules could hit PE-backed firms, and why a botched audit didn't cost PwC its client, plus one pro tip to level up your Excel game.

Sponsors
OnPay - http://accountingpodcast.promo/onpay
TaxBandits - http://accountingpodcast.promo/taxbandits
UNC - http://accountingpodcast.promo/unc

Chapters

(00:00) - TAP 470
(00:33) - Minnesota Fraud Scandal Overview
(03:18) - Historical Context and IRS Budget Cuts
(08:34) - IRS and ICE Collaboration Issues
(10:39) - Impact of Budget Cuts on Fraud
(20:56) - Current Events and Political Reactions
(26:17) - California Billionaire Tax Act
(27:58) - Billionaire Tax Proposal Discussion
(29:01) - Challenges of Implementing Wealth Tax
(29:58) - Practical Concerns and Comparisons
(34:24) - VRBO's Legal Battle with Michigan
(36:46) - Private Equity and CPA Firms
(47:17) - UNC Master of Accounting Program
(51:11) - Excel World Championships Insights
(55:27) - Earmark App for CPE Credits

Show Notes

Judge hits pause on IRS sharing taxpayer information with ICE
https://www.nbcnews.com/politics/immigration/judge-issues-order-blocking-irs-sharing-taxpayer-information-ice-rcna245262

Federal Agents Pepper Spray Protesters During Tucson Taco Giro Raid
https://www.themarshallproject.org/2025/12/05/tucson-ice-raid-protests-taco-giro

Poll: Nearly Half of Americans Think Their Financial Security Is Worsening
https://www.cpapracticeadvisor.com/2025/12/29/poll-nearly-half-of-americans-think-their-financial-security-is-worsening/175587/

California Billionaire Tax Act (2026 Billionaire Tax Act - PDF)
https://oag.ca.gov/system/files/initiatives/pdfs/25-0024A1%20(Billionaire%20Tax%20).pdf

Vrbo Parent Company Sues Michigan Over $18.8 Million Tax Bill
https://www.cpapracticeadvisor.com/2026/01/02/vrbo-parent-company-sues-michigan-over-18-8-million-tax-bill/175675/

AICPA Seeks Comment on Ethics Rules Update for Alternative Practice Structures
https://www.aicpa-cima.com/news/article/aicpa-seeks-comment-on-ethics-rules-update-for-alternative-practice

WH Smith asks shareholders to support PwC despite audit error
https://www.internationalaccountingbulleteen.com/news/wh-smith-support-pwc-audit-error/

I won the Microsoft Excel World Championship. Here's what every office worker should know about Excel. https://www.yahoo.com/lifestyle/articles/won-microsoft-excel-world-championship-093001306.html

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Transcripts

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Can AI Replace “Thought Leaders”? A 2026 Reality Check

Blake Oliver & David Leary — Thu, 08 Jan 2026 10:00:00 -0800

Think AI will free you from ‘mundane bookkeeping’ so you can do advisory? Blake and David say it’s the opposite. Hear how owners already use AI as a de facto CFO, why drafting narratives—not matching bank feeds—is the real win, what the ‘AI premium’ means in a billable-hour world, and the two numbers firm owners should track in 2026: monthly recurring revenue and bottom-line profit.

Sponsors
UNC - http://accountingpodcast.promo/unc
OnPay - http://accountingpodcast.promo/onpay
TaxBandits - http://accountingpodcast.promo/taxbandits

Chapters

(01:35) - News Highlights and Sponsor Acknowledgements
(03:56) - AI in Small Business Accounting
(07:04) - AI's Impact on Accounting Tasks
(10:01) - Thought Leader Survey on AI in Accounting
(19:56) - AI Premium and Job Automation
(25:27) - Survey Answers from Accounting Thought Leaders
(25:54) - AI's Role in Strategy and Decision Making
(28:24) - Impact of AI on Competitive Landscape
(30:50) - AI's Effect on Costs in Accounting Firms
(31:54) - AI Replacing Staff Accountants
(33:24) - Personal Job Security and AI
(41:05) - AI Influencers and Future Experiments
(49:24) - Conclusion and CPE Information

Show Notes

These Small-Business Owners Are Putting AI to Good Use
https://www.wsj.com/tech/ai/small-business-ai-chatgpt-prompts-0c9a95c4

AI Thought Leaders Survey 2026: Process Predictions
https://www.accountingtoday.com/list/ai-thought-leaders-survey-2026-process-predictions

Tech Spending Outpacing People Spending as Firms Adopt AI
https://www.accountingtoday.com/list/tech-spending-outpacing-people-spending-as-firms-adopt-ai

How Much is the 'AI Premium?'

https://www.accountingtoday.com/list/how-much-is-the-ai-premium

AI Can't Replace Accountants. When Could It?

https://www.accountingtoday.com/list/ai-cant-replace-accountants-when-could-it

Accounting in 2026: The Year Ahead in Numbers
https://www.accountingtoday.com/list/accounting-in-2026-the-year-ahead-in-numbers

AI Vending Machine Lost $1,000 to Social Engineering
https://www.wsj.com/tech/ai/anthropic-ai-claude-vending-machine-c7baef6f

Anthropic's Project Vend Phase 2

https://www.anthropic.com/research/project-vend-2

Trump Commutes Sentence of Private Equity CEO Convicted of Fraud
https://www.cnn.com/2025/12/01/politics/david-gentile-trump-pardon

Trump Commutes 7-Year Prison Sentence of Former Private Equity CEO David Gentile
https://www.nbcnews.com/politics/white-house/trump-commutes-7-year-prison-sentence-former-private-equity-ceo-david-rcna246744

California's Controversial Wealth Tax Proposal Leaves Billionaires With Little Way Out
https://www.cnbc.com/2026/01/08/california-wealth-tax-proposal-leaves-billionaires-with-little-way-out.html

California Could Impose a Billionaire Tax. Here's How It Would Work
https://www.cbsnews.com/news/california-billionaire-tax-ballot-initiative-how-it-works/

New Tax on the Wealth of Billionaires

https://lao.ca.gov/BallotAnalysis/Initiative/2025-024

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$95 Million Missing—and Still a Clean Audit?

Blake Oliver & David Leary — Mon, 05 Jan 2026 07:00:00 -0800

How does $95 million go missing at a bank—and still get a clean audit? Blake and David unpack the Evolve Bank/Synapse meltdown, what auditors missed, and how SOC reports fall short. Plus: the penny shortage pushing cash rounding at the register, the shocking stat that even 29% of partners don’t know partner pay, and the case for semiannual reporting. Walk away with practical takeaways for clients, staff, and your own firm.

Sponsors
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Chapters

(00:44) - The Penny Shortage Crisis
(03:52) - Evolve Bank's $95 Million Scandal
(17:12) - Earmark CPE and Other Podcast Recommendations
(22:00) - Partner Salaries and Compensation Transparency
(28:27) - Data Breach at SAX Accounting Firm
(33:28) - Semi-Annual Reporting Debate
(36:25) - Debating Semi-Annual Reporting
(37:38) - Quarterly Reporting Games
(38:25) - LinkedIn Comment: The Case for Quarterly Reports
(39:11) - The Value of Financial Statements
(39:58) - Challenges in Modern Accounting
(46:57) - 2026 Accounting Predictions
(52:01) - AI's Impact on Bookkeeping
(01:09:08) - Closing Thoughts and Farewell

Show Notes

Square Enables Penny Rounding

https://squareup.com/us/en/press/penny-rounding

CFPB Allocates $46 Million To Synapse/Evolve Victims In First-Ever Fintech Bailout

https://fintechbusinessweekly.substack.com/p/cfpb-allocates-46-million-to-synapseevolve

The 2025 Accounting Today Salary Survey

https://www.accountingtoday.com/list/the-2025-accounting-today-salary-survey

The Ultimate 2026 Accounting Salary Guide

https://blog.workday.com/en-us/ultimate-2026-accounting-salary-guide.html

Deloitte's CTO: companies are spending 93% on tech and only 7% on people and that has to change

https://fortune.com/2025/12/15/deloitte-cto-bill-briggs-what-really-scares-ceos-about-ai-human-resources/

Accounting firm waited 18 months to announce breach

https://cybernews.com/security/sax-data-breach-quarter-million-exposed/

Should Public Companies Move to Semi-Annual Reporting?

https://www.cpajournal.com/2025/12/19/should-public-companies-move-to-semi-annual-reporting/

United States Mint Hosts Historic Ceremonial Strike for Final Production of the Circulating One-Cent Coin

https://www.usmint.gov/news/press-releases/united-states-mint-hosts-historic-ceremonial-strike-for-final-production-of-the-circulating-one-cent-coin

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What Tax Pros Charge & the PE "Dumpster Fire"

Blake Oliver & David Leary — Mon, 29 Dec 2025 09:00:00 -0800

Is private equity turning firms into a 'dumpster fire'? Blake and David unpack Accounting Today's survey showing partners are upbeat while staff are sour on PE. They hit Andersen's $176M IPO, why Big Four ties to Big Tech raise independence questions, and how AI could finally kill the billable hour. Plus, what tax pros really charge in 2025 - and the wild 'Middle Finger Ranch' fraud.

Sponsors
OnPay - http://accountingpodcast.promo/onpay
Cloud Accountant Staffing - http://accountingpodcast.promo/cas

Chapters

(00:56) - Private Equity in Accounting Firms
(01:51) - Sponsor Message: OnPay Payroll Solutions
(04:15) - Arthur Andersen's Legacy and IPO
(07:45) - Private Equity Survey Results
(21:04) - Big Four and Tech Giants
(28:25) - Pricing Models for CAS Engagements
(30:22) - Tax Preparers' Fees Breakdown
(36:12) - Cloud Accountant Staffing
(37:34) - Economic Growth and Consumer Spending
(40:26) - Fraud Stories: Middle Finger Ranch and More
(43:24) - PCAOB Budget Cuts and Enforcement Actions
(52:29) - IRS Readiness for Tax Season
(53:43) - Conclusion and Upcoming Topics

Show Notes

PE in accounting firms: From 'dumpster fire' to excitement

https://www.accountingtoday.com/news/pe-in-accounting-firms-from-dumpster-fire-to-excitement

Andersen Group Shares Gain 47% After $176 Million US IPO

https://www.bloomberg.com/news/articles/2025-12-17/andersen-group-shares-jump-34-after-176-million-us-ipo

Andersen goes public, hits $2.6B valuation

https://thefinancestory.com/andersen-group-ipo-2-6b-valuation

The Big Four consulting firms are embedded in Big Tech. Here's who audits each of the Magnificent 7 companies

https://www.businessinsider.com/big-four-accounting-audits-magnificent-seven-financial-records-2025-12

What do tax preparers charge?

https://www.accountingtoday.com/news/what-do-tax-preparers-charge

How much do tax professionals charge in 2025? Insights from NATP's Fee Study

https://www.natptax.com/news-insights/blog/how-much-do-tax-professionals-charge-in-2025-insights-from-natp-s-fee-study/

U.S. economic growth surges in third quarter to 4.3%

https://www.washingtonpost.com/business/2025/12/23/gdp-economy-consumer-spending/

The US economy expanded at the fastest pace in two years as wealthier Americans kept spending

https://www.cnn.com/2025/12/23/economy/us-gdp-q3

Kansas accountant diverted family funds to fictitious 'Middle Finger Ranch'

https://kansasreflector.com/briefs/kansas-accountant-diverted-family-funds-to-fictitious-middle-finger-ranch/

Kansas Accountant, Who Created Fictitious 'Middle Finger Ranch' for Fraud Scheme, Sentenced to 4 Years in Jail

https://www.cpapracticeadvisor.com/2025/12/04/kansas-accountant-who-created-fictitious-middle-finger-ranch-for-fraud-scheme-sentenced-to-4-years/174381/

PCAOB to tighten budget in 2026

https://www.accountingtoday.com/news/pcaob-to-tighten-budget-in-2026

PCAOB Approves 2026 Budget

https://pcaobus.org/news-events/news-releases/news-release-detail/pcaob-approves-2026-budget

Accounting Firms Must Stop Charging for Time

https://cpatrendlines.com/2025/12/02/accounting-firms-must-stop-charging-for-time/

Dirty money gangster jailed over plot worth almost £12m

https://www.dailyrecord.co.uk/news/scottish-news/dirty-money-gangster-jailed-over-36410033

PCAOB Sanctions CPA for Violations Related to Audit Evidence and Her Former Audit Firm for Quality Control Issues

https://pcaobus.org/news-events/news-releases/news-release-detail/pcaob-sanctions-cpa-for-violations-related-to-audit-evidence-and-her-former-audit-firm-for-quality-control-issues

Ahead of Tax Filing Season, Warren, King, 15 Senators Warn of Tax Filing Chaos After Trump Admin Attacks on IRS

https://www.warren.senate.gov/newsroom/press-releases/ahead-of-tax-filing-season-warren-king-15-senators-warn-of-tax-filing-chaos-after-trump-admin-attacks-on-irs

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The CPA Who Controls Epstein's Fortune

Blake Oliver & David Leary — Mon, 22 Dec 2025 11:00:00 -0800

Sponsors
Cloud Accountant Staffing - http://accountingpodcast.promo/cas
Relay - http://accountingpodcast.promo/relay
OnPay - http://accountingpodcast.promo/onpay

Chapters

(00:47) - Jeffrey Epstein's CPA and Lawyer
(03:10) - Wall Street Journal Article on Epstein's Associates
(05:58) - Discussion on Epstein's Financial Operations
(14:25) - Trump's Executive Order on Cannabis Businesses
(18:16) - Tax Implications for Gambling and Prediction Markets
(20:47) - IRS Criminal Investigations Unit Record Year
(25:13) - Lawyer Sues IRS to Recognize Dog as Dependent
(28:09) - Trump's New US Tech Force
(29:27) - Trump's Hiring Plans and Tech Startups
(30:22) - Startup Fraud in Tax Accounting
(34:23) - Intuit and Circle Partnership
(36:38) - AI and Stablecoin Payments
(44:16) - AI's Impact on Accounting Jobs
(51:24) - AI-Powered Fraud in Finance
(55:59) - Closing Remarks and Announcements

Show Notes

The CPA and the Lawyer Who Served Jeffrey Epstein—and Control His Fortune and Secrets
https://www.wsj.com/articles/the-cpa-and-the-lawyer-who-served-jeffrey-epstein-and-control-his-fortune-and-secrets

Taking a gamble on prediction market taxation
https://www.accountingtoday.com/news/taking-a-gamble-on-prediction-market-taxation

Lawyer sues IRS to recognize pets as dependents
https://www.accountingtoday.com/news/lawyer-sues-irs-to-recognize-pets-as-dependents

SEC Charges Shiloh Luckey
https://www.sec.gov/enforcement-litigation/litigation-releases/lr-26424

The FBI is investigating a startup founder accused of using VC money to pay for her house and a Caribbean wedding

https://techstartups.com/2025/12/16/the-fbi-is-investigating-a-startup-founder-accused-of-spending-5-5-million-in-vc-funding-on-a-house-and-caribbean-wedding/

Intuit taps Circle's USDC to add stablecoin payments across TurboTax and QuickBooks
https://www.theblock.co/post/383184/intuit-circle-usdc-stablecoin-payments-turbotax-quickbooks

Intuit and Circle Partner to Unlock the Future of Money Movement with Stablecoins
https://investors.intuit.com/news-events/press-releases/detail/1292/intuit-and-circle-partner-to-unlock-the-future-of-money-movement-with-stablecoins

AI Is Reshaping Accounting Jobs by Doing the "Boring" Stuff
https://www.gsb.stanford.edu/insights/ai-reshaping-accounting-jobs-doing-boring-stuff

Human + AI in Accounting: Early Evidence from the Field
https://www.gsb.stanford.edu/faculty-research/working-papers/human-ai-accounting-early-evidence-field

IRS-CI issues fiscal year 2025 annual report showcasing banner investigative results
https://www.irs.gov/newsroom/irs-ci-issues-fiscal-year-2025-annual-report-showcasing-banner-investigative-results

IRS Criminal Investigation uncovers $10.6B in financial crimes
https://www.accountingtoday.com/news/irs-criminal-investigation-uncovers-10-6b-in-financial-crimes

Dext warns businesses over losses from ChatGPT-style financial advice
https://fintech.global/2025/12/18/dext-warns-businesses-over-losses-from-chatgpt-style-financial-advice/

ChatGPT tax advice already costing UK firms, say accountants
https://itbrief.co.uk/story/chatgpt-tax-advice-already-costing-uk-firms-say-accountants

Trump admin to hire 1,000 specialists for 'Tech Force' to build AI, finance projects
https://www.cnbc.com/2025/12/15/trump-ai-tech-force-amazon-apple.html

OPM Launches US Tech Force to Implement President Trump's Vision for Technology Leadership

https://www.opm.gov/news/news-releases/opm-launches-us-tech-force-to-implement-president-trumps-vision-for-technology-leadership/

Double Raises $6.5 Million Series A from Album Ventures, Jack Altman, and Y Combinator to Double Accountants' Productivity https://www.businesswire.com/news/home/20251210027851/en/Double-Raises-$6.5-Million-Series-A-from-Album-Ventures-Jack-Altman-and-Y-Combinator-to-Double-Accountants-Productivity

Zoho announces enterprise billing, spend management products
https://www.accountingtoday.com/news/zoho-announces-enterprise-billing-spend-management-products

Zoho Announces Zoho Spend and Zoho Billing Enterprise Edition
https://www.businesswire.com/news/home/20251218170986/en/Zoho-Announces-Zoho-Spend-and-Zoho-Billing-Enterprise-Edition-Offering-Large-Businesses-Greater-Control-and-Flexibility-Over-Billing-Operations-and-Company-Spend-as-They-Scale

AI giving scammers new tricks, enhancing old ones
https://www.accountingtoday.com/news/ai-giving-scammers-new-tricks-enhancing-old-ones

From secure to spooked: White-collar workers face rising job fears
https://www.businessreport.com/article/from-secure-to-spooked-white-collar-workers-face-rising-job-fears

The IRS Agents Who Will Watch OnlyFans At Work

Blake Oliver & David Leary — Mon, 15 Dec 2025 10:00:00 -0800

Will IRS agents have to watch OnlyFans to police the new “no tax on tips” deduction? Blake and David unpack the wild twist: a study showing that women-led audit teams deliver higher-quality work at lower fees, and why AI could finally kill the billable hour. They hit PCAOB’s AI/PE crackdown, KPMG’s AI exam cheating, AI‑written financial reports, Meta’s off‑balance‑sheet data center, the IRS Math Act, and new child investment accounts. Walk away with policy context and practical tech takeaways.

Sponsors
OnPay - http://accountingpodcast.promo/onpay
ACFE - http://accountingpodcast.promo/acfe
Cloud Accountant Staffing - http://accountingpodcast.promo/cas

Chapters

(01:15) - New Tax Deduction for Digital Content Creators
(02:27) - IRS Agents and OnlyFans Content
(04:39) - IRS Telework Policy Changes
(06:15) - Earmark CPE and Listener Interaction
(09:25) - President's Statement on Federal Income Tax
(13:15) - IRS Math Act and Senator Justice's Tax Issues
(16:03) - Trump Accounts and PCAOB Scrutiny on AI
(24:20) - Audit Quality and Gender Diversity
(28:30) - KPMG AI Cheating Scandal
(30:51) - AI's Impact on Time Savings in Various Industries
(32:56) - The Role of AI in Accounting and Its Limitations
(34:26) - AI in Financial Reporting and Business Processes
(36:44) - The Decline of the Billable Hour Due to AI
(47:01) - Meta's Controversial Accounting Practices
(50:56) - Pilot's New Partner Program for Accountants
(58:58) - Conclusion and Final Thoughts

Show Notes

Coming soon!

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Trump's Department of Education Says Accountants Aren't Professionals

Blake Oliver & David Leary — Mon, 08 Dec 2025 08:00:00 -0800

Are accountants no longer “professionals”? We unpack the DOE proposal that could slash grad loan limits—and what AICPA/NASBA plans to do about it. Plus: Deloitte’s AI-made citations, EY’s audit turnaround, PwC’s end‑to‑end AI audit ambitions, and OpenAI’s circular investment into accounting rollups. We also cover Xero’s new auto‑reconcile, Intuit’s small‑biz data ad play, and two practical wins: Google’s shared inboxes and unexpected networking tactics for landing that first job.

Sponsors
Cloud Accountant Staffing - http://accountingpodcast.promo/cas
ACFE - http://accountingpodcast.promo/acfe
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Chapters

(00:00) - Introduction and Podcast Overview
(00:44) - Headline: Accountants No Longer Professionals?
(02:18) - Department of Education's Proposal and Reactions
(03:50) - Implications for Accounting Students and Professionals
(09:28) - Deloitte's AI Work Swap Controversy
(12:46) - EY's Audit Quality Improvements
(20:56) - Economic Update: Tariffs and Job Market
(34:02) - Circular AI Investments: A Closer Look
(36:31) - AI Tools for Accountants: New Features
(39:32) - Xero's New Pricing and AI Policies
(49:13) - PWC's AI-Driven Audit Automation
(52:39) - Google Workspace Shared Inboxes
(55:49) - Dissolution of the Department of Government Efficiency
(56:47) - Career Networking Tips for Accountants
(01:01:16) - Outsourcing Talent: A Global Perspective

Show Notes

Department of Education Accounting Professional Degree Classification
https://www.newsweek.com/full-list-degrees-professional-trump-administration-11085695

Accountants Inexplicably Deemed "Not Professional" Under OBBBA Student Loan Rules
https://www.goingconcern.com/accountants-inexplicably-deemed-not-professional-under-obba-student-loan-rules/

Department of Education Unclassifies Accounting as a Professional Degree
https://www.cpapracticeadvisor.com/2025/11/24/department-of-education-unclassifies-accounting-as-a-professional-degree/173875/

Deloitte allegedly cited AI-generated research in a million-dollar report for a Canadian provincial government https://fortune.com/2025/11/25/deloitte-caught-fabricated-ai-generated-research-million-dollar-report-canada-government/

Major N.L. healthcare report contains errors likely generated by A.I.
https://theindependent.ca/news/lji/major-n-l-healthcare-report-contains-errors-likely-generated-by-a-i/

N.L. asks Deloitte to carry out review after 'incorrect' citations found in $1.6M provincial health plan

https://www.cbc.ca/news/canada/newfoundland-labrador/nl-deloitte-citations-9.6990216

OpenAI's investment into Thrive Holdings is its latest circular deal
https://techcrunch.com/2025/12/01/openais-investment-into-thrive-holdings-is-its-latest-circular-deal/

Thrive-backed accounting firm Crete to spend $500 million in AI roll-up
https://finance.yahoo.com/news/thrive-backed-accounting-firm-crete-130200467.html

Crete PA plans $500 million spend to buy and upgrade accounting firms with AI
https://www.accountingtoday.com/news/crete-pa-plans-500-million-spend-to-buy-and-upgrade-firms-with-ai

OpenAI takes an ownership stake in Thrive Holdings to accelerate enterprise AI adoption
https://openai.com/index/thrive-holdings/

Trump Tariffs: The Economic Impact of the Trump Trade War
https://taxfoundation.org/research/all/federal/trump-tariffs-trade-war/

IEEPA Tariffs Are Down from April Threats

https://taxfoundation.org/blog/ieepa-tariffs-rates-down-april-threats/

Intuit SMB MediaLabs Audiences Now Available on The Trade Desk Platform
https://investors.intuit.com/news-events/press-releases/detail/1288/intuit-smb-medialabs-audiences-now-available-on-the-trade-desk-platform-connecting-advertisers-with-small-and-mid-market-businesses

Intuit SMB MediaLabs | Advertising Network

https://medialabs.intuit.com/

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What Americans Are Most Afraid of Discussing at Thanksgiving

Blake Oliver & David Leary — Thu, 27 Nov 2025 16:00:00 -0800

Do money talks make your family squirm more than politics? In this Thanksgiving mailbag, Blake and David dig into a Bankrate survey on taboo money chats, the grim 2026 grad job market, and the maze of CPA experience sign-offs after NASBA’s program vanished. You’ll hear practical career advice (big firm vs. small, starting bookkeeping), what AI can and can’t do for accountants today, plus news on audit partners’ outlook and tariff shifts hitting grocery bills.

Sponsors
OnPay - http://accountingpodcast.promo/onpay
Cloud Accountant Staffing - http://accountingpodcast.promo/cas

Chapters

(01:14) - Listener Mailbag: Top Messages of the Year
(02:05) - Thanksgiving Dinner Conversations: Money vs. Politics
(06:11) - Listener Questions: CPA Licensing Challenges
(12:07) - NASBA Data Issues and CPA Exam Pass Rates
(13:24) - Economic Optimism Among Audit Partners
(17:22) - Political News: Tariff Rollbacks
(19:03) - Career Advice for Accounting Students
(26:47) - AI's Impact on Accounting Careers
(27:34) - AI's Current Capabilities and Limitations
(31:10) - Future of AI in Accounting
(34:49) - Challenges in Accounting Education
(40:51) - Listener Mail and Feedback
(46:23) - Accounting News and Stories

Show Notes

Companies Predict 2026 Will Be the Worst College Grad Job Market in Five Years
https://www.wsj.com/lifestyle/careers/2026-graduates-job-market-7928bcd7

Survey: Americans would rather discuss politics or religion than what's in their bank accounts

https://www.bankrate.com/banking/financial-taboos-survey/

Audit partners feel more optimistic about economy
https://www.accountingtoday.com/news/audit-partners-feel-more-optimistic-about-economy

Trump lowers tariffs on coffee, beef and fruits, as Americans' concerns about affordability grow

https://www.cnn.com/2025/11/14/economy/lower-tariffs-coffee-beef-bananas-produce

Georgia Accountant Arrested After Allegedly Tearing Down Trump Sign, Shooting at North Carolina Man's House

https://www.cpapracticeadvisor.com/2025/10/24/georgia-accountant-arrested-after-allegedly-tearing-down-trump-sign-shooting-at-north-carolina-mans-house/171649/

Measuring AI Ability to Complete Long Tasks

https://metr.org/blog/2025-03-19-measuring-ai-ability-to-complete-long-tasks/

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Collective by DBA - https://collective.cpa/

Transcripts

The full transcript for this episode is available by clicking on the Transcript tab at the top of this page

Intuit's $100m/yr OpenAI Deal & How Tech Companies Juice Profits

Blake Oliver & David Leary — Fri, 21 Nov 2025 16:30:00 -0800

Blake breaks down how AI can help with cost segregation and explains why AI currently works best on tasks that take humans 2-5 minutes. Michael Burry is betting against AI companies, claiming they're manipulating earnings by stretching server depreciation from 3-4 years to 5-6 years, adding billions to their bottom lines. Also covered: Intuit's $100 million annual OpenAI deal to integrate QuickBooks and TurboTax into ChatGPT, new bank evidence in the Rippling corporate espionage case, and a survey showing 10% of adults are acting on AI tax advice despite error rates up to 50%.

Sponsors
OnPay - http://accountingpodcast.promo/onpay
Relay - http://accountingpodcast.promo/relay
Cloud Accountant Staffing - http://accountingpodcast.promo/cas

Chapters

(00:00) - Welcome to The Accounting Podcast
(00:49) - Blake's Illness and Recovery
(02:05) - Upcoming Topics
(04:06) - Cost Segregation Explained
(06:46) - AI in Cost Segregation
(11:15) - AI's Current Capabilities and Limitations
(19:10) - Intuit's OpenAI Deal
(22:01) - Intuit's Strategy and Industry Implications
(30:12) - Michael Burry's New Bet Against AI
(31:21) - Depreciation and AI Companies
(39:15) - Rippling vs. Deel: Corporate Espionage
(42:44) - New Jersey's Alternative Pathways Bill
(44:39) - AI's Role in Tax and Investing Advice
(47:37) - Defining Audit Quality: PCOB's New Initiative
(51:56) - FASB's Costly Lease Standard
(56:13) - Ancient Accounting Systems in Peru
(58:45) - Conclusion and Viewer Interaction

Show Notes

AI Is Now a First Stop for Tax and Investing Questions - CPAs Need a Playbook Fast
https://www.cpapracticeadvisor.com/2025/10/29/ai-is-now-a-first-stop-for-tax-and-investing-questions-cpas-need-a-playbook-fast/171939/

19% lost $100 or more on bad AI financial advice

https://www.accountingtoday.com/news/19-lost-100-or-more-on-bad-ai-financial-advice

Intuit to pay OpenAI over $100 million for model access, ChatGPT integrates with TurboTax

https://www.cnbc.com/2025/11/18/intuit-pays-openai-100-million-turbotax-integrates-chatgpt.html

Intuit Strikes $100M Deal to Bring TurboTax and QuickBooks Into ChatGPT

https://www.eweek.com/news/intuit-100m-chatgpt-deal/

Intuit signs $100M+ deal with OpenAI to bring its apps to ChatGPT

https://techcrunch.com/2025/11/18/intuit-signs-100m-deal-with-openai-to-bring-its-apps-to-chatgpt/

Intuit and OpenAI join forces on new AI-powered experiences

https://openai.com/index/intuit-partnership/

'Big Short' investor Michael Burry accuses AI hyperscalers of artificially boosting earnings

https://www.cnbc.com/2025/11/11/big-short-investor-michael-burry-accuses-ai-hyperscalers-of-artificially-boosting-earnings.html

Michael Burry Hits Back At Critics: Accuses AI Companies Of 'Suspicious Revenue Recognition' And Depreciation Gimmicks: 'Fraud, Not A Flywheel'

https://www.benzinga.com/markets/hedge-funds/25/11/48967194/michael-burry-hits-back-at-critics-accuses-ai-companies-of-suspicious-revenue-recognition-and-depreciation-gimmicks-fraud-not-a-flywheel

Fireside chat with PCAOB acting chair George Botic

https://www.accountingtoday.com/opinion/fireside-chat-with-pcaob-acting-chair-george-botic

New Banking Records Prove Deel Paid Thief Who Stole Trade Secrets from Rippling

https://www.rippling.com/blog/new-banking-records-prove-deel-paid-thief-who-stole-trade-secrets-from-rippling

Newly unsealed documents tie Deel to payments for alleged Rippling spy, while Deel points to witness incentives

https://www.calcalistech.com/ctechnews/article/h1ysgtng11l

FASB Says Certain Costs of Leases Standard Were Significantly Higher Than Expected

https://www.cpapracticeadvisor.com/2025/11/20/fasb-says-certain-costs-of-lease-accounting-standard-were-significantly-higher-than-expected/173680/

FASB finds leases standard was costlier than expected

https://www.accountingtoday.com/news/fasb-finds-leases-standard-was-costlier-than-expected

NJ's once-stalled CPA licensing bill advances after 'surprise' vote

https://www.cfodive.com/news/njs-once-stalled-cpa-licensing-bill-advances-surprise-vote-accounting/805589/

Indigenous accounting and exchange at Monte Sierpe ('Band of Holes') in the Pisco Valley, Peru

https://www.cambridge.org/core/journals/antiquity/article/indigenous-accounting-and-exchange-at-monte-sierpe-band-of-holes-in-the-pisco-valley-peru/41D83389D230D99CFF18194CF274A9A3

Peru's ancient 'band of holes' mystery may be solved

https://edition.cnn.com/2025/11/21/science/peru-band-of-holes-mystery

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The Future of Advisory: Unlocking Your Firm’s CFO Potential (from The Earmark Podcast)

Blake Oliver & David Leary — Thu, 20 Nov 2025 12:00:00 -0800

Earmark Media Presents a bonus episode of Earmark Podcast:

Live from Boston on the final stop of the Advisory Amplified tour, Blake sits down with James Erving from Fathom and Chris Macksey from Prix Fixe Accounting to explore what advisory services really mean beyond bookkeeping and compliance. Chris shares how his firm requires advisory for all restaurant clients, using industry expertise and operational metrics to guide decisions on everything from menu pricing to expansion timing. The conversation covers the difference between delivering information versus being integral to decision-making, with insights on forecasting, benchmarking, and why visual KPIs help clients with low financial literacy understand their business performance.

Meet Our Guests

James Erving

LinkedIn: https://www.linkedin.com/in/jameserving/

Learn more about Fathom

Official website: http://fathomhq.com

Chris Macksey

LinkedIn: https://www.linkedin.com/in/cmacksey/

Learn more about Prix Fixe Accounting

Official website: https://prixfixe.accountants/

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The full transcript for this episode is available by clicking on the Transcript tab at the top of this page

Leading with Empathy: Building Teams That Thrive (from The Earmark Podcast)

Blake Oliver & David Leary — Tue, 18 Nov 2025 06:00:00 -0800

Earmark Media Presents a bonus episode of Earmark Podcast:

On the fifth stop of the Advisory Amplified tour in Atlanta, Blake sits down with Lisa Gilreath of Acuity and Valerie Heckman of OnPay to discuss what empathetic leadership actually looks like in an industry notorious for long hours and tight deadlines. The conversation covers everything from recognizing when team members are struggling to handling toxic high performers, with real talk about building slack into capacity planning and why unused PTO is a red flag. Lisa and Valerie share concrete steps for creating a culture where people feel supported enough to lean in when it matters most.

Meet Our Guests

Valerie Heckman

LinkedIn: https://www.linkedin.com/in/valerieheckman/

Learn more about OnPay

Official website: https://onpay.com

Lisa Gilreath

LinkedIn: https://www.linkedin.com/in/lisa-gilreath-2ba506a/

Learn more about Sorren

Official website: https://sorren.com/

Need CPE?
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The full transcript for this episode is available by clicking on the Transcript tab at the top of this page

Banking on Change: How Renegade Firms Redefine Success (from The Earmark Podcast)

Blake Oliver & David Leary — Thu, 13 Nov 2025 12:00:00 -0800

Earmark Media Presents a bonus episode of Earmark Podcast:

Live from Austin on the Advisory Amplified tour, Blake sits down with Madeline Reeves of Fearless Foundry and Wesley McDonald of Relay to explore what it truly means to be a renegade in accounting: firms that lead clients to somewhere new rather than settle for "the way things have always been done." The conversation explores why top firms aren't afraid to say no to the wrong clients, how transparency in compensation and career pathways can address the talent crisis, and the hard-won lessons learned about building cultures of collaboration over competition.

Meet Our Guests

Madeline Reeves

LinkedIn: https://www.linkedin.com/in/madelinefearless/

Learn more about Fearless Foundry

Official website: http://www.fearlessfoundry.com

Wesley McDonald

LinkedIn: https://www.linkedin.com/in/wmcdonald48/?originalSubdomain=ca

Learn more about Relay

Official website: https://relayfi.com

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Transcripts

The full transcript for this episode is available by clicking on the Transcript tab at the top of this page

Unlocking Capacity: The Workflow Revolution (from The Earmark Podcast)

Blake Oliver & David Leary — Tue, 11 Nov 2025 12:00:00 -0800

Earmark Media Presents a bonus episode of Earmark Podcast:

Blake sits down with Mary Delaney, CEO of Karbon, and Kenji Kuramoto, co-founder of Acuity, to explore how standardizing workflows can unlock growth without sacrificing the artistry of advisory work. They discuss Karbon's acquisition of Aider, the power of time studies to identify automation opportunities, and why getting senior advisors to embrace process requires framing workflow as empowerment rather than micromanagement. Kenji shares lessons from building Acuity's advisory practice and why workflow due diligence became critical during their 14-firm merger with Sorren.

Meet Our Guests

Mary Delaney

LinkedIn: https://www.linkedin.com/in/marywdelaney/

Learn more about Karbon

Official website: http://karbonhq.com

Kenji Kuramoto

LinkedIn: https://www.linkedin.com/in/kenjikuramoto/

Learn more about Acuity

Official website: https://acuity.co

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Are you interested in sponsoring The Accounting Podcast? For details, read the prospectus.

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NASBA Enters the Chat on PE in Accounting & Intuit to Open Retail Stores

Blake Oliver & David Leary — Mon, 10 Nov 2025 18:30:00 -0800

Is private equity eroding the soul of the accounting profession? Blake and David unpack NASBA’s PE task force, the BDO–First Brands meltdown, and why ‘appearance of independence’ matters. They also break down the end of IRS Direct File, Intuit’s TurboTax stores, the Supreme Court’s skepticism of Trump tariffs, and a new IRS notices law. Plus: AI agents that fall for scams. Learn what these shifts mean for firms, auditors, and your clients this tax season.

Sponsors
Relay - http://accountingpodcast.promo/relay
BILL - http://accountingpodcast.promo/bill
Cloud Accountant Staffing - http://accountingpodcast.promo/cas

Chapters

(00:00) - Welcome to The Accounting Podcast
(01:16) - Viral Tweet and Personal Anecdotes
(01:53) - Interview with Furloughed IRS Lawyer
(05:45) - Government Shutdown Economic Impact
(10:11) - Intuit's New Retail Stores and IRS Direct File Shutdown
(14:30) - IRS Leadership and Controversies
(17:28) - Trump's Pardons and IRS Math and Taxpayer Help Act
(24:53) - Supreme Court Hearing on Tariffs
(31:17) - Major Authority and the Power of the Purse
(32:03) - AI Agents Falling for Scams
(35:32) - NASBA's Private Equity Task Force White Paper
(37:02) - Concerns Over Auditor Independence
(49:10) - BDO and First Brands Scandal
(01:02:35) - Wrap up and Final Thoughts

Show Notes

Longest Shutdown in History Costs U.S. Economy About $15 Billion Each Week
https://www.cpapracticeadvisor.com/2025/11/05/longest-shutdown-in-history-costs-u-s-economy-about-15-billion-each-week/172368/

IRS tells states Direct File 'will not be available' in 2026
https://federalnewsnetwork.com/it-modernization/2025/11/irs-direct-file-will-not-be-available-in-2026-agency-tells-states/

Intuit to open 20 brick-and-mortar TurboTax stores+offices
https://www.accountingtoday.com/news/intuit-to-open-20-brick-and-mortar-turbotax-stores-offices

Social Security, IRS Leader Bisignano Panned After Fiserv Stock Tanks
https://401kspecialistmag.com/social-security-irs-leader-bisignano-panned-after-fiserv-stock-tanks/

Trump Tariffs Face Supreme Court Challenge From Chicago Toymaker
https://www.bloomberg.com/news/features/2025-11-02/trump-tariffs-face-supreme-court-challenge-from-chicago-toymaker

Supreme Court justices appear skeptical that Trump tariffs are legal
https://www.cnbc.com/2025/11/05/supreme-court-trump-trade-tarrifs-vos.html

AICPA Applauds the Passage of the IRS Math and Taxpayer Help Act
https://www.aicpa-cima.com/news/article/aicpa-applauds-the-passage-of-the-irs-math-and-taxpayer-help-act

First Brands founder accused of looting company
https://fortune.com/2025/11/05/first-brands-bankruptcy-founder-allegations-patrick-james/

Are Alternative Practice Structures in Private Equity Considerations and Questions for Boards of Accountancy (NASBA White Paper) https://nasba.org

Microsoft Gave AI Agents Fake Money to Buy Things Online. They Spent It All on Scams
https://decrypt.co/347709/microsoft-ai-agents-fake-money-buy-online-they-spent-scams

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Classifieds
Collective by DBA - https://collective.cpa/

Transcripts

The full transcript for this episode is available by clicking on the Transcript tab at the top of this page

Pricing For Profit: Unlocking Your Firm’s True Value (from The Earmark Podcast)

Blake Oliver & David Leary — Thu, 06 Nov 2025 06:00:00 -0800

Earmark Media Presents a bonus episode of Earmark Podcast:

Most accounting firms are dramatically underpricing their services, but the fear of losing clients keeps them stuck. Marie Greene and Ryan Embry join Blake for a live conversation in LA about spotting underpricing, having the repricing conversation, and why your worst clients are often the most price-insensitive. Plus, a live role-play demonstration of how to navigate a difficult pricing conversation.

Meet Our Guests

Ryan Embree

LinkedIn: https://www.linkedin.com/in/ryan-embree-9463b286/

Learn more about Ignition

http://ignitionapp.com

Marie Greene, CPA

LinkedIn: https://www.linkedin.com/in/mariegreene/

Learn more about Connected Accounting

http://connectedaccounting.co

Need CPE?
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Intuit Connect 2025: What's New With QuickBooks

Blake Oliver & David Leary — Wed, 05 Nov 2025 14:00:00 -0800

Alicia Katz Pollock joins the show fresh from Intuit Connect with detailed notes on everything announced for QuickBooks Online and the accounting profession. The discussion covers Intuit's consolidation strategy to reduce reliance on third-party apps, the new tiered pricing structure for the Intuit Accountant Suite launching in 2026, and how AI agents are currently performing in bank feeds and transaction categorization. They also examine QuickBooks' move into CRM and marketing tools, the role of QuickBooks Live in Intuit's strategy, and what alternatives small businesses and accountants might consider.

Sponsors
Cloud Accountant Staffing - http://accountingpodcast.promo/cas
Rippling - http://accountingpodcast.promo/rippling
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Chapters

(00:00) - Introduction and Guest Welcome
(00:56) - Intuit Connect Conference Overview
(01:32) - Changes in QuickBooks and Intuit's Strategy
(02:03) - AI Integration in QuickBooks
(05:26) - The New Customer Hub and MailChimp Integration
(06:54) - Concerns About AI and QuickBooks Ecosystem
(12:10) - ProAdvisors' Role in the AI Era
(18:47) - Addressing Reporting and Automation Issues
(25:29) - The Future of QuickBooks Online Accountant
(26:07) - New Features and Paid Tiers
(27:10) - Intuit Accountant Suite Overview
(28:26) - Core and Accelerate Versions
(28:40) - Client Management and Dashboards
(31:08) - Practice Management Tools
(31:47) - Intuit's Market Strategy
(35:50) - ProAdvisor and QuickBooks Live
(36:54) - Quicken's Comeback
(39:57) - AI and Automation in Accounting
(50:15) - Intuit's Future Plans and Innovations
(53:07) - Conclusion and CPE Information

Listen and Subscirbe to The Unofficial QuickBooks Accountants Podcast!
https://uqb.show/subscribe

Connect with Alicia Katz Pollock!
https://www.linkedin.com/in/aliciakatzpollock/
https://royalwise.com/

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Classifieds
Collective by DBA - https://collective.cpa/

Transcripts

The full transcript for this episode is available by clicking on the Transcript tab at the top of this page

Burning It Down To Build Better: How Community Is Key To Battling Burnout (from The Earmark Podcast)

Blake Oliver & David Leary — Tue, 04 Nov 2025 12:00:00 -0800

Earmark Media Presents a bonus episode of Earmark Podcast:

Recorded live in Seattle at the first stop of the Advisory Amplified tour, Blake sits down with Madeline Reeves (Fearless Foundry) and Lynette O'Connell (Burnout Bestie) to discuss the hard truths about burnout in accounting. Madeline shares how losing half her agency's revenue in 30 days forced her to stop trying to be likable and start building the business she actually wanted, while Lynette explains why nobody was coming to save her after scheduling overnight work shifts to keep up. They break down the three categories of burnout symptoms most accountants miss, why this profession attracts people whose love language is acts of service, and how to stop being the glue holding everything together.

Connect with the Guests:

Madeline Reeves

LinkedIn: https://www.linkedin.com/in/madelinefearless/

Learn more about Fearless Foundry

Official website: http://www.fearlessfoundry.com

Lynette Oss Connell

LinkedIn: https://www.linkedin.com/in/lynnette-oss-connell-cpa/

Learn more about Burnout Bestie

Official website: https://www.burnoutbestie.com/

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The full transcript for this episode is available by clicking on the Transcript tab at the top of this page

BDO vs Going Concern, Trump's $3 Trillion Tariff Tax & Film Accountant's $2M Fraud

Blake Oliver & David Leary — Thu, 30 Oct 2025 10:00:00 -0700

Blake and David cover BDO's legal threat against Going Concern over independence questions, Crowe hiring an investment bank to explore private equity options, and Trump pardoning Binance founder after the crypto venture made his family richer than their entire property portfolio. Plus, tariffs create a paperwork nightmare for small businesses, accounting ranked 90th out of 100 best jobs, a film production accountant who embezzled $2 million for Vegas stays and sugar daddy payments, and the Supreme Court hearing arguments on whether Trump's tariffs amount to an illegal $3 trillion tax.

Sponsors
Cloud Accountant Staffing - http://accountingpodcast.promo/cas
Rippling - http://accountingpodcast.promo/rippling

Chapters

(00:00) - Welcome to the Accounting Podcast Live from Intuit Connect
(01:16) - Top Story: BDO vs. Going Concern
(05:02) - The Fraud Triangle and Independence in Accounting
(08:21) - BDO's Response to Allegations
(16:44) - Accountants Rank 90th Best Job in the US
(18:20) - Stablecoins and Treasury Management
(19:10) - Trump Pardons Binance Founder
(23:11) - Positive Hiring Outlook in Accounting
(24:23) - Impact of Trump's Tariffs
(27:26) - Challenges for Small Businesses Due to Tariffs
(30:11) - Workplace Friendships and Pay Cuts
(32:00) - App News: Keeper Rebrands to Double
(35:18) - AI Adoption in Accounting
(42:50) - Fraud in Film Production Accounting
(45:40) - Private Equity in Accounting Firms
(48:14) - Conclusion and Upcoming Events

Show Notes

A Message from CEO Wayne Berson to BDO USA Professionals
https://www.bdo.com/insights/press-releases/a-message-from-ceo-wayne-berson-to-bdo-usa-professionals

Auditor BDO Cuts Jobs With Focus on Managing Apollo Debt
https://www.bloomberg.com/news/articles/2025-10-11/auditor-bdo-cuts-jobs-with-focus-on-managing-apollo-debt

Accountants Hold the 90th Best Job in U.S. News & World Report's 2025 Ranking
https://www.cpapracticeadvisor.com/2025/10/27/accountants-hold-the-90th-best-job-in-u-s-news-world-reports-2025-ranking/171733/

Accountant - Career Rankings, Salary, Reviews and Advice
https://money.usnews.com/careers/best-jobs/accountant

Trump pardons Binance founder Changpeng Zhao, aka "CZ"
https://www.cnbc.com/2025/10/23/trump-pardons-binance-founder-cz-zhao.html

The Accounting Firm Weighing Private-Equity Ownership After Years of Ignoring Calls
https://www.wsj.com/articles/the-accounting-firm-weighing-private-equity-ownership-after-years-of-ignoring-calls-8b7377fc

Crowe Ponders PE Investment Amid Middle Market Firm Shake-Up
https://news.bloombergtax.com/financial-accounting/crowe-ponders-pe-investment-amid-middle-market-firm-shake-up

The Disproportionate Effects of Declining Interest Within Different Accounting Fields: An Uneven Pipeline (CPA Journal)
https://www.cpajournal.com/2025/10/22/the-disproportionate-effects-of-declining-interest-within-different-accounting-fields

Movie Accountant Charged with Embezzling Nearly $2M From Indie Films
https://www.cpapracticeadvisor.com/2025/08/12/movie-accountant-charged-with-embezzling-nearly-2m-from-indie-films/167240/

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Sponsorships

Are you interested in sponsoring The Accounting Podcast? For details, read the prospectus.

Need Accounting Conference Info?

Check out our new website - accountingconferences.com

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Classifieds
Collective by DBA - https://collective.cpa/

Transcripts

The full transcript for this episode is available by clicking on the Transcript tab at the top of this page

Trump to Target IRS at Left-Leaning Groups & NASBA Needs An Audit

Blake Oliver & David Leary — Wed, 22 Oct 2025 12:00:00 -0700

What if a “stable” coin wasn’t? Blake and David unpack Paxos’s accidental minting of $300 trillion in PayPal USD—and what it reveals about stablecoin “pegs.” They also dig into proposals to weaponize IRS Criminal Investigations, NASBA’s flawed CPA exam data, and small-business headaches from forced AI rollouts in QuickBooks. Plus: Ripple’s treasury move, whether AI can run a $1M solo firm, and smart guardrails for using AI without breaking your books.

Sponsors
OnPay - http://accountingpodcast.promo/onpay
Relay - http://accountingpodcast.promo/relay
Bill.com - http://accountingpodcast.promo/bill
Cloud Accountant Staffing - http://accountingpodcast.promo/cas

Chapters

(01:12) - Celebrating Spreadsheet Day
(04:40) - Remote Work and Flexibility in Accounting
(05:50) - Live Stream Interaction
(06:16) - Political Discussion: IRS Overhaul
(18:12) - NASBA Data Issues
(24:51) - AI in Accounting: QuickBooks and Docket
(41:28) - Upcoming Events and Conferences
(42:38) - Navigating Conferences: Tips and Challenges
(43:16) - The Future of Earmark: Audio Books and Discounts
(46:21) - Chicago Teachers Union Audit Controversy
(48:52) - Stablecoins and Cryptocurrency Concerns
(56:09) - AI and the Future of Accounting
(57:32) - The Talent Shortage in Accounting
(01:03:30) - The CPA Exam and the Future of the Profession
(01:16:48) - Government Shutdown and Its Impact
(01:18:48) - Closing Remarks and Listener Engagement

Show Notes

Trump Administration Plans IRS Overhaul to Target Left-Leaning Groups (Wall Street Journal)
https://www.foxbusiness.com/politics/trump-admin-plans-irs-overhaul-probe-left-leaning-groups-more-easily-wsj-reports

New CPA Success Index is DOA: NASBA's data behind the index no longer holds up
https://www.accountingtoday.com/opinion/cpa-success-index-is-doa-nasbas-data-behind-the-index-no-longer-holds-up

Docyt Launches Mission to Create the 'Million Dollar Accountant'
https://www.cpapracticeadvisor.com/2025/10/15/docyt-launches-mission-to-create-the-million-dollar-accountant/170851/

Ripple Acquires GTreasury for $1 Billion
https://www.gtreasury.com/news/ripple-acquires-gtreasury

Paxos Accidentally Mints $300 Trillion 'Excess' PayPal Stablecoin
https://www.pymnts.com/cryptocurrency/2025/paxos-accidentally-mints-300-trillion-excess-paypal-stablecoin/

Dozens of Arkansas cities still without state funds over missing audits
https://www.ktlo.com/2025/10/13/dozens-of-arkansas-cities-still-without-state-funds-over-missing-audits

Chicago Teachers Union members sue union bosses over missing financial reports
https://www.illinoispolicy.org/chicago-teachers-union-members-sue-union-bosses-over-missing-financial-reports/

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Sponsorships

Are you interested in sponsoring The Accounting Podcast? For details, read the prospectus.

Need Accounting Conference Info?

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Transcripts

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Deloitte Caught Making AI Workslop, IRS Shutdown Continues

Blake Oliver & David Leary — Wed, 15 Oct 2025 21:00:00 -0700

Could an AI catch what auditors and a CFO missed? This week, Blake and David unpack how a founder used Claude to scan QuickBooks and uncover a $2.1M embezzlement in 18 minutes. They also tackle Deloitte’s AI ‘workslop’ refund, shutdown-driven IRS and air travel woes, the IRS’s new “CEO” and crypto ties, OpenAI’s personal finance play, EY’s audit rebound, BDO’s ESOP squeeze, and crypto funds courting CPA clients.

Sponsors
Cloud Accountant Staffing - http://accountingpodcast.promo/cas
Rippling - http://accountingpodcast.promo/rippling
Assembly - http://accountingpodcast.promo/assembly

Chapters

(01:35) - Deloitte's AI Report Scandal
(09:05) - Government Shutdown Impact on IRS and Air Travel
(23:56) - AI in Accounting: Risks and Opportunities
(34:49) - Competing with the Status Quo
(35:38) - Pricing Bookkeeping Services
(36:31) - Standardizing Services Based on Price
(37:14) - Client Needs vs. Service Offerings
(38:00) - The Monthly Close Obsession
(40:01) - Broken Charts in Financial Reports
(43:15) - Cracker Barrel Logo Controversy
(47:08) - EY's Audit Quality Turnaround
(49:53) - Crypto Investment Schemes
(55:48) - BDO's Financial Struggles
(01:00:34) - Conclusion and Announcements

Show Notes

Deloitte to partially refund Australia for report with apparent AI-generated errors
https://abcnews.go.com/Technology/wireStory/deloitte-partially-refund-australian-government-report-apparent-ai-126281611

Claude Exposed My Co-Founder's $2M Theft — AI Evidence Turned Into Lawsuit
https://techbullion.com/claude-exposed-my-co-founders-2m-theft-ai-evidence-turned-into-lawsuit/

New Research: 20% of Americans use AI tools 10X+/month, but growth is slowing and traditional search hasn't dipped
https://sparktoro.com/blog/new-research-20-of-americans-use-ai-tools-10x-month-but-growth-is-slowing-and-traditional-search-hasnt-dipped/

The Danger of Bad Charts
https://www.cpajournal.com/2025/10/10/the-danger-of-bad-charts-2/

Cracker Barrel's logo controversy was driven by bots
https://www.nrn.com/casual-dining/cracker-barrel-s-logo-controversy-was-driven-by-bots-what-operators-should-learn-from-this

Our commitment to audit quality — Ernst & Young LLP's 2025 report
https://www.ey.com/en_us/assurance/audit-quality-report

EY drops clients to improve audits after leading Big Four in deficiencies
https://www.cfobrew.com/stories/2024/08/27/ey-drops-clients-to-improve-audits-after-leading-big-four-in-deficiencies

OpenAI Buys Personal Finance App Roi
https://www.pymnts.com/acquisitions/2025/openai-buys-personal-finance-app-roi/

With its latest acqui-hire, OpenAI is doubling down on personalized consumer AI
https://techcrunch.com/2025/10/03/with-its-latest-acqui-hire-openai-is-doubling-down-on-personalized-consumer-ai/

BDO USA Expands Professional Services Capabilities Through HORNE
https://www.bdo.com/insights/press-releases/bdo-usa-expands-professional-services-capabilities-through-horne

Auditor BDO Cuts Jobs With Focus on Managing Apollo Debt https://www.bloomberg.com/news/articles/2025-10-11/auditor-bdo-cuts-jobs-with-focus-on-managing-apollo-debt

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The ...

WNBA Commissioner Has Worst Week of Any CPA

Blake Oliver & David Leary — Mon, 06 Oct 2025 18:00:00 -0700

Sponsors
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Chapters

(00:00) - AI-Driven CEO Impersonator Scams
(00:38) - WNBA Commissioner Controversy
(07:04) - Standardizing Tech Stacks in Accounting Firms
(13:06) - AI's Role in Accounting and Client Management
(18:27) - IRS Shutdown and Economic Implications
(25:49) - Fraud Stories and AI-Generated Scams
(33:31) - Alternative CPA Pathways in California and New Jersey
(34:32) - California's New CPA Pathways
(35:45) - US News & World Report Rankings
(37:38) - Tech Fundraising and Innovations
(37:56) - Bill's Cybersecurity Awareness Month
(40:33) - Dual Entry's $90 Million Series A
(43:35) - AI and ERP Systems
(50:58) - Avalara's AI Tax Compliance Agents
(53:01) - Ignition's AI-Powered Pricing Tool
(01:01:20) - Paycom's Layoffs and AI Automation
(01:05:00) - Conclusion and Upcoming Events

Show Notes

Coming soon!

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Transcripts

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Entry Level Auditor Jobs Fall 43% & the AI Workslop Heading Downstream

Blake Oliver & David Leary — Thu, 02 Oct 2025 12:00:00 -0700

Blake and David examine the growing threat of AI-generated fake receipts, with 32% of accountants unable to recognize fraudulent documents and 30% reporting an increase in fraud since last year. They also discuss the concerning decline in entry-level auditor positions (down 43% since January) as firms adopt AI automation, while nearly half of accounts payable professionals now fear layoffs and also explore the concept of "work slop"—low-quality AI-generated work costing businesses nearly $200 per employee monthly—and debate whether firms should require clients to use standardized technology stacks, with only 37% currently doing so.

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Chapters

(01:43) - Headline Story: Tech Stack Adoption in Accounting Firms
(03:05) - Survey Insights: Tech Stack Usage in Firms
(07:15) - AI's Impact on Entry-Level Jobs
(13:55) - The Rise of 'Work Slop' and Its Costs
(20:44) - AI and Automation in Accounting
(25:08) - Human-in-the-Loop Automation with Zapier
(28:22) - AI in Tax Research and IT Blockers
(30:51) - Competitive Moats and Custom Bots
(32:26) - Exciting Changes in CPE Standards
(34:59) - Drake Software's Cloud-Based Tax Solution
(43:06) - State Department Embezzlement Scandal
(44:59) - Trump's Tariff Announcements
(50:28) - H-1B Visa Fee Increase
(56:20) - Conclusion and CPE Information

Show Notes

32% of accountants can't recognize AI-generated fake receipts

https://www.accountingtoday.com/news/32-admit-they-cannot-recognize-ai-generated-fake-receipts

Entry-level auditor job postings fell 43%, per Randstad

https://www.accountingtoday.com/news/entry-level-auditor-job-postings-fell-43-per-randstad

AI-Generated "Workslop" Is Destroying Productivity

https://hbr.org/2025/09/ai-generated-workslop-is-destroying-productivity

97% say CPA firms not using tech efficiently says survey

https://www.accountingtoday.com/news/97-say-cpa-firms-not-using-tech-efficiently-says-survey

CPA.com & BILL Growth Survey: How Firms Plan to Stay Ahead

https://www.bill.com/blog/cpa-and-bill-growth-technology-survey

AP Pros Face Growing Layoff Concerns and See Automation as a Career Lifeline

https://www.cpapracticeadvisor.com/2025/09/11/ap-pros-face-growing-layoff-concerns-and-see-automation-as-a-career-lifeline-2/168818/

Get more control over your workflows with Human in the Loop!

https://help.zapier.com/hc/en-us/articles/38838619533069-Get-more-control-over-your-workflows-with-Human-in-the-Loop

54% use AI in tax research, but search engines remain prominent

https://www.accountingtoday.com/news/54-use-ai-in-tax-research-but-search-engines-remain-prominent

Drake Software Introduces Drake Tax Online

https://www.cpapracticeadvisor.com/2025/09/24/drake-software-introduces-drake-tax-online/169572/

Drake Software Launches Drake Tax Online: Powerful, Flexible Tax Software in the Cloud

https://www.prnewswire.com/news-releases/drake-software-launches-drake-tax-online-powerful-flexible-tax-software-in-the-cloud-302566087.html

NASBA, AICPA release proposed revisions to CPE standards

https://www.journalofaccountancy.com/news/2025/sep/nasba-aicpa-release-proposed-revisions-to-cpe-standards

NASBA, AICPA Release Exposure Draft of Proposed Revisions to CPE Standards

https://nasba.org/blog/2025/09/15/revisions-to-cpe-standards-2025/

H-1B FAQ

https://www.uscis.gov/newsroom/alerts/h-1b-faq

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Accounting Firm Revenues, Profits, Compensation Rise

Blake Oliver & David Leary — Wed, 24 Sep 2025 10:00:00 -0700

Are accounting firms quietly having their best year ever? Blake and David break down why revenues and partner comp are rising—despite AI anxiety—and what it means for pricing and staffing. They unpack Gusto Money’s Melio-powered bill pay, Relay’s $1B milestone, Drake’s new workflow, and AI tools that actually help (note-takers, agents, research). Plus: Trump’s biannual reporting idea, peer review for PE-backed firms, BOI reversal, and the messy ‘no tax on tips’ proposal.

Sponsors
OnPay - http://accountingpodcast.promo/onpay
TeamUp - http://accountingpodcast.promo/teamup

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Chapters

(00:00) - Introduction and Revenue Insights
(00:43) - Welcome to the Accounting Podcast
(01:00) - Gusto Showcase Event Highlights
(04:18) - The Importance of Long-Term Relationships in FinTech
(08:58) - Advisory Amplified Tour Announcement
(11:06) - AI in Accounting: Honest Reflections from a Tech Founder
(16:48) - AI Meeting Assistants for Accounting Firms
(21:03) - Comparing AI Tools: Blue Jay vs. ChatGPT
(29:43) - Accounting Firms' Revenue and Compensation Growth
(31:12) - Rising Costs and Accounting Firm Strategies
(32:25) - NASBA's New Mobile App for CPA Exam Candidates
(33:50) - Drake Software's Workflow Automation Launch
(37:13) - AI in the Workplace: Surveys and Trends
(41:16) - Fiverr's Shift to AI and Layoffs
(44:09) - Trump's Proposal on Financial Reporting
(50:01) - Private Equity and Peer Review Oversight
(52:28) - Tax-Free Tips and Proposed Regulations
(54:13) - AICPA and NASBA's Earn and Learn Program Shutdown
(55:20) - Conclusion and Listener Engagement

Show Notes

CPA Firms Report Steady Growth in Revenue and Profit, AICPA Research Finds
https://www.aicpa-cima.com/news/article/cpa-firms-report-steady-growth-in-revenue-and-profit-aicpa-research-finds

Vinyl Raises $2M to Build the Future of AI Meeting Assistants for Accountants
https://www.usevinyl.com/insights/blog/vinyl-seed-funding-announcement

Drake Software Unveils Powerful New Tax Workflow Automation Tools
https://www.prnewswire.com/news-releases/drake-software-unveils-powerful-new-tax-workflow-automation-tools-302558230.html

NASBA Releases CPA Mobile App for Future CPAs
https://www.accountingtoday.com/news/nasba-releases-cpa-mobile-app

AICPA Seeks Comment on Peer Review Proposal for Firms with Private Equity Backing
https://www.cpapracticeadvisor.com/2025/09/16/aicpa-seeks-comment-on-peer-review-proposal-for-firms-with-private-equity-backing/169014/

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Transcripts

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The HIRE Act Would Tax Firms 25% for Offshore Labor

Blake Oliver & David Leary — Thu, 18 Sep 2025 15:30:00 -0700

Blake and David examine several major developments affecting the accounting profession, including the proposed HIRE Act that would impose a 25% excise tax on offshore labor payments to accounting firms. They also look at how AI is transforming hiring practices at major firms like PwC, which is cutting graduate recruitment due to advancing technology and explore practical AI implementation strategies for accounting firms, moving beyond basic chatbots to integrated workflows. The show wraps up with a story about fraud at The Epoch Times - a $67 million money laundering scheme - and the ongoing costs of bad social media tax advice.

Sponsors
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Chapters

(00:00) - Introduction and Personal Updates
(00:48) - AI in Accounting: Challenges and Opportunities
(04:57) - The Higher Act: Taxing Offshore Labor
(05:23) - Feel-Good Story: The Oldest Marching Band Member
(10:23) - Impact of AI on Job Market
(26:33) - Gambling Scandal and AI in Government
(36:22) - Expense Management Simplified
(38:29) - Supreme Court and Tariffs Update
(42:37) - Red Lobster's Downfall: A Case Study
(45:37) - The Role of AI in Accounting Firms
(01:03:04) - Epic Times CFO Charged with Money Laundering
(01:08:38) - Conclusion and Announcements

Show Notes

New Moreno Bill Would Crack Down on Outsourcing, Fund American Workers - Senator Bernie Moreno

https://www.moreno.senate.gov/press-releases/new-moreno-bill-would-crack-down-on-outsourcing-fund-american-workers/

HIRE Act - A BILL

https://www.moreno.senate.gov/wp-content/uploads/2025/09/The-HIRE-Act.pdf

Moreno Bill to Crackdown on Foreign Outsourcing Blocked by Senate Democrats - Senator Bernie Moreno

https://www.moreno.senate.gov/press-releases/moreno-bill-to-crackdown-on-foreign-outsourcing-blocked-by-senate-democrats/

Offshoring is Screwed If This HIRE Act Thing Goes Anywhere But Let's Not Get Too Excited Yet - Going Concern

https://www.goingconcern.com/offshoring-is-screwed-if-this-hire-act-thing-goes-anywhere-but-lets-not-get-too-excited-yet/

PwC's U.K. chief admits he's cutting back entry-level jobs and taking a 'watch and wait' approach to see how AI changes work | Fortune

https://fortune.com/2025/09/08/pwc-uk-chief-cutting-entry-level-junior-gen-z-jobs-ai-economic-headwinds-like-amazon-salesforce/

AI takes entry-level jobs as Big Four slash graduate hiring

https://bmmagazine.co.uk/news/big-four-cut-graduate-jobs-ai/

PwC Cuts Graduate Hiring as AI Reshapes Entry-Level Careers - TechStory

https://techstory.in/pwc-cuts-graduate-hiring-as-ai-reshapes-entry-level-careers/

IRS assesses $162 million in penalties over false tax credit claims tied to social media | Internal Revenue Service

https://www.irs.gov/newsroom/irs-assesses-162-million-in-penalties-over-false-tax-credit-claims-tied-to-social-media

Social media claims cost taxpayers $162M, IRS says. See the 'tips' to avoid

https://thehill.com/homenews/5492263-social-media-claims-cost-taxpayers-162m-irs-says-see-the-tips-to-avoid/

IRS warns taxpayers: Social media advice can lead to costly penalties

https://www.journalofaccountancy.com/news/2025/sep/irs-warns-taxpayers-social-media-advice-can-lead-to-costly-penalties/

Dirty Dozen: Taking tax advice on social media can be bad news for taxpayers; inaccurate or misleading tax information circulating | Internal Revenue Service

https://www.irs.gov/newsroom/dirty-dozen-taking-tax-advice-on-social-media-can-be-bad-news-for-taxpayers-inaccurate-or-misleading-tax-information-circulating

Albania appoints world's first AI government 'minister' to root out corruption | Euronews

https://www.euronews.com/next/2025/09/12/albania-appoints-worlds-first-ai-government-minister-to-root-out-corruption

Diella (AI system) - Wikipedia

https://en.wikipedia.org/wiki/Diella_(AI_system)

Epoch Times embroiled in alleged cryptocurrency money laundering scheme - The Washington Post

https://www.washingtonpost.com/style/media/2024/06/04/epoch-times-money-laundering-cryptocurrency/

CFO of Falun Gong-linked Epoch Times arrested and accused of role in $67m multinational money laundering scheme | Fortune

https://fortune.com/2024/06/04/cfo-weidong-bill-guan-falun-gong-epoch-times-arrested-67m-multinational-money-laundering-scheme/

The only recap of Red Lobster's downfall you need

https://thetakeout.com/red-lobster-endless-shrimp-private-equity-downfall-recap

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Who Gets No Tax on Tips, Why Firms Struggle With Tech, Xero Updates

Blake Oliver & David Leary — Wed, 10 Sep 2025 08:00:00 -0700

Are AI “super agents” like Xero’s Jax actually useful—or just shiny chatbots? Blake and David unpack Xerocon announcements, why embedded agents lack context, smarter way to automate bank feeds with rules, the leaked “no tax on tips” job list and planning opportunities, IRS staffing whiplash, plus what billion‑dollar AI pledges from big firms really mean. Walk away with practical steps to deploy AI that saves hours without losing control.

Sponsors
TeamUp - http://accountingpodcast.promo/teamup
Rippling - http://accountingpodcast.promo/rippling
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Chapters

(00:00) - Introduction and Podcast Overview
(00:45) - Continuing Professional Education (CPE) Credits
(03:20) - Live Stream Interactions and Coffee Talk
(04:09) - Upcoming Deadlines and Tax Season Tips
(05:52) - Upcoming Conferences and Events
(14:48) - Blake's New Book Announcement
(24:27) - No Tax on Tips Discussion
(28:57) - IRS Workforce Challenges
(31:41) - State Tax Implications for NFL Players
(36:22) - Xero Con and AI Financial Super Agent
(37:51) - Analyzing Gross Profit Trends
(39:43) - Limitations of AI in Accounting
(42:12) - AI-Powered Bank Reconciliation
(49:47) - Automating Invoice Creation with AI
(55:01) - Grant Thornton's AI Investment
(01:02:16) - The Future of AI in Accounting
(01:13:03) - AI's Impact on Accounting Jobs
(01:21:26) - Implementing AI in Accounting Firms

Show Notes

Treasury names jobs for Trump's 'no tax on tips' deduction
https://www.cnbc.com/2025/09/03/treasury-trump-no-tax-on-tips-jobs.html

Scoop: List of jobs covered by Trump's "no tax on tips" (See if you qualify)
https://www.axios.com/2025/09/01/no-tax-on-tips-jobs-trump-bill

Workers in 68 occupations may soon be exempt from paying taxes on tips, including some surprising jobs
https://www.cbsnews.com/news/no-tax-on-tips-trump-big-beautiful-bill-68-occupations-heres-who/

IRS is canceling its layoff plans, will ask some it fired or pushed out to return
https://www.govexec.com/workforce/2025/08/irs-canceling-its-layoff-plans-will-ask-some-it-fired-or-pushed-out-return/407620/

The IRS is Downsizing: Key Divisions Most Affected in 2025
https://sandbergphoenix.com/the-irs-is-downsizing-key-divisions-most-affected-in-2025/

Grant Thornton Advisors investing $1 billion to arm the multinational workforce across its platform with powerful AI tools and technology
https://www.businesswire.com/news/home/20250904414830/en/Grant-Thornton-Advisors-investing-$1-billion-to-arm-the-multinational-workforce-across-its-platform-with-powerful-AI-tools-and-technology

Grant Thornton Advisors to Sink $1 Billion Over Three Years on AI
https://www.cpapracticeadvisor.com/2025/09/05/grant-thornton-advisors-to-sink-1-billion-over-three-years-on-ai/168500/

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Excel Gets AI, FP&A Pros Under Threat, QBO AI Feeds Blowback

Blake Oliver & David Leary — Wed, 03 Sep 2025 12:00:00 -0700

Are AI bank feeds helping—or just creating more work? Blake and David unpack Intuit’s missteps, why “use AI to make the rules” matters, and how a no‑code agent now posts multi‑line bills to Xero. They demo Excel’s new "copilot()" function, share how FP&A roles are shifting, and hit headlines from Barstool’s lawsuit to tariffs and Gusto’s Guideline deal. You’ll leave with practical ways to deploy AI, avoid hidden risks, and boost margins.

Sponsors
OnPay - http://accountingpodcast.promo/onpay
TeamUp - http://accountingpodcast.promo/teamup
Digits - http://accountingpodcast.promo/digits

Chapters

(00:43) - Planning with AI
(02:03) - The Threat of AI to Consultants
(04:41) - AI in QuickBooks: A Double-Edged Sword
(06:19) - AI's Limitations and Future in Accounting
(27:02) - Excel's New AI Copilot
(28:22) - Introducing the Copilot Function in Excel
(33:50) - AI in the Workplace: Challenges and Opportunities
(37:44) - Barstool Sports vs. Omega Accounting Solutions
(41:29) - New Tariff Policies and Their Impact
(53:45) - Gusto Acquires Guideline for Retirement Services
(54:26) - Conclusion and CPE Information

Show Notes

Bring AI to your formulas with the COPILOT function in Excel
https://techcommunity.microsoft.com/blog/microsoft365insiderblog/bring-ai-to-your-formulas-with-the-copilot-function-in-excel/4443487

FP&A pros anticipate AI-driven headcount reductions
https://www.accountingtoday.com/news/fp-a-pros-anticipate-ai-driven-headcount-reductions

President Trump Ends Unfair "De Minimis" Tariff Exemption, A Major Victory in Securing the Homeland https://www.dhs.gov/news/2025/07/31/president-trump-ends-unfair-de-minimis-tariff-exemption-major-victory-securing

Fact Sheet: President Donald J. Trump is Protecting the United States' National Security and Economy by Suspending the De Minimis Exemption for Commercial Shipments Globally
https://www.whitehouse.gov/fact-sheets/2025/07/fact-sheet-president-donald-j-trump-is-protecting-the-united-states-national-security-and-economy-by-suspending-the-de-minimis-exemption-for-commercial-shipments-globally/

Barstool Sports Sues Accounting Firm Over Unpaid Advertising Bills
https://www.sportico.com/law/analysis/2025/barstool-omega-accounting-solutions-advertising-lawsuit-1234868719/

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AI Shakes Up Big Four Accounting Job Market

Blake Oliver & David Leary — Wed, 27 Aug 2025 21:00:00 -0700

Can AI agents actually reduce your workload—or just add hype? Blake demos how he rebuilt bill-entry “Hubdoc-style” in about an hour with Zapier Agents, then maps out why most AI pilots fail without documented workflows and human approvals. Plus: PwC’s plan to hire one-third fewer grads, juniors supervising AI, HMRC scanning social posts for tax gaps, and fresh salary and pricing benchmarks. Learn where AI truly fits—and how to price with confidence.

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Chapters

(05:36) - AI Agents: Hype vs. Reality
(07:49) - AI's Impact on Corporate America
(10:28) - Challenges in AI Integration
(19:11) - PWC and AI: Training the Next Generation
(21:43) - Building AI Agents with Zapier
(41:00) - Human at Scale: Transforming Accounting Firms
(42:34) - Live Stream Chat and AI Future
(45:14) - Outsourcing vs. AI in Business
(46:37) - AI in Accounting: Supervision and Customization
(48:33) - Intuit's Q4 Earnings and QuickBooks Live
(51:00) - AI's Impact on Accounting Jobs and Tools
(59:48) - UK's AI Tax Fraud Detection
(01:03:27) - Accounting Salary Survey Results
(01:13:40) - Client Relationships and Free Speech Issues
(01:18:18) - Conclusion and CPE Information

Show Notes

The GenAI Divide: State of AI in Business 2025 (MIT NANDA Report)
https://fortune.com/2025/08/18/mit-report-95-percent-generative-ai-pilots-at-companies-failing-cfo/

Getting a job at PwC out of college will be a lot tougher. It plans to recruit a third fewer grads by 2028
https://www.aol.com/getting-job-pwc-college-lot-120316405.html

HMRC uses AI to spot tax fraud on social media
https://www.accountancyage.com/2025/08/12/hmrc-uses-ai-to-spot-tax-fraud-on-social-media/

The 2025 Accounting Today Salary Survey: Sweetening the deal
https://www.accountingtoday.com/news/the-2025-accounting-today-salary-survey-sweetening-the-deal

2025 U.S. Accounting and Tax Pricing Benchmark (Ignition)
https://www.ignitionapp.com/us/2025-accounting-tax-pricing-benchmark

TaxDome Releases First-of-Its-Kind 2025 Niche Business Accounting Report
https://www.morningstar.com/news/pr-newswire/20250819ph53815/taxdome-releases-first-of-its-kind-2025-niche-business-accounting-report

2025 Niche Business Accounting Report (TaxDome)
https://taxdome.com/niche-report-2025

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Can ChatGPT Agent Mode Reconcile My Checking Account?

Blake Oliver & David Leary — Wed, 20 Aug 2025 12:00:00 -0700

Can an AI reconcile your books while you sleep? Blake and David run a live experiment with ChatGPT-5’s Agent Mode in Xero—watching it match transactions, stumble on prepayments, and reveal what’s realistically automatable today. They also break down a flood of app news: Dext's bill pay, Ramp’s mega raise, Thomson Reuters and Deloitte’s agentic AI, plus Ignition–Financial Cents and Canopy portal moves. They dig into survey findings showing that 58% of employees are secretly using AI at work despite company bans, and take a look at how AI is disrupting the job market for college graduates.

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Chapters

(01:32) - Exploring AI in Accounting
(02:20) - Testing ChatGPT for Accounting Tasks
(05:26) - Reconciling Transactions with AI
(10:27) - App News
(18:34) - AI and Automation in Accounting
(23:29) - Recent Raises and Acquisitions
(31:10) - Government and Regulatory Updates
(35:14) - AI Agent Struggles with Prepayment
(35:39) - VC Investments in Accounting Firms
(37:43) - Ignition and Financial Sense Integration
(40:13) - Canopy's Smart Intake and AI Innovations
(42:58) - AI in the Workplace: Surveys and Insights
(44:39) - AI Agent Finally Figures Out Prepayment
(52:36) - AI's Limitations and Future Potential
(01:01:55) - Fundraising and AI in Accounting Apps
(01:12:28) - Impact of AI on the market
(01:13:42) - Conclusion and CPE Information

Show Notes

Product Specialist-Accounting,AI - Xero

https://builtinlondon.uk/job/product-specialist-accounting-ai/6683466

Rillet raises $70M to replace 20th-century accounting software with AI-native ERP built by accountants

https://www.globenewswire.com/news-release/2025/08/06/3128328/0/en/Rillet-raises-70M-to-replace-20th-century-accounting-software-with-AI-native-ERP-built-by-accountants.html

AI accounting startup Rillet raises $70 million in Andreessen Horowitz, ICONIQ-led round

https://www.investing.com/news/economy-news/ai-accounting-startup-rillet-raises-70-million-in-andreessen-horowitz-iconiqled-round-4172975

Ramp Raises $500 Million at $22.5 Billion Valuation to Accelerate AI and Build the Future of Finance

https://www.prnewswire.com/news-releases/ramp-raises-500-million-at-22-5-billion-valuation-to-accelerate-ai-and-build-the-future-of-finance-302516953.html

Ramp hits $22.5B valuation just 45 days after reaching $16B

https://techcrunch.com/2025/07/30/ramp-hits-22-5b-valuation-just-45-days-after-reaching-16b/

IRS, White House clashed over immigrants' data before Billy Long was ousted

https://www.washingtonpost.com/business/2025/08/09/trump-administration-irs-data-dispute/

Trump replaces IRS Commissioner Billy Long with Scott Bessent

https://www.washingtonpost.com/business/2025/08/08/billy-long-irs-commissioner-bessent/

Trump ousts Billy Long as IRS commissioner, names Bessent acting head

https://www.cnn.com/2025/08/08/politics/billy-long-ousted-irs-commissioner

IRS Chief Forced Out After Immigrant Tax Data Pushback—Report

https://www.newsweek.com/irs-chief-forced-immigrant-tax-data-pushback-report-2111292

Billy Long's IRS ouster follows clashes with Treasury, sparks concern

https://thehill.com/homenews/administration/5449180-treasury-clashes-irs-commissioner/

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GPT-5 Launch & Charting Fail, Crazy $$$ Going Into AI Accounting Tech

Blake Oliver & David Leary — Wed, 13 Aug 2025 15:30:00 -0700

Blake and David discuss how both AICPA and NASBA have officially endorsed a 120-hour CPA licensure pathway in the ninth edition of the Uniform Accountancy Act, validating Blake's long-standing advocacy against the 150-hour requirement. They also examine Baker Tilly's policy, which requires CPAs to remove their designations from email signatures and LinkedIn profiles due to alternative practice structures. They move on to the launch of GPT-5, praising its improved integration but noting concerning chart errors in OpenAI's presentation and ongoing hallucination issues. Rounding things out, they also discuss Trump's firing of newly-appointed IRS Commissioner Billy Long after just weeks in office, comparing it to his dismissal of the Bureau of Labor Statistics head over unfavorable job revision data.

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Chapters

(00:41) - AICPA and NASBA owe Blake an apology
(02:35) - AI and GPT-5 Launch
(04:17) - CPA License Controversy
(13:04) - IRS and BLS Firings
(24:54) - Tariffs and Economic Impact
(37:13) - Impressive Results with GPT-5
(41:13) - Private Equity and Accounting Firms
(45:16) - AI Errors in High-Stakes Presentations
(56:41) - SEC's New Stable Coin Regulations
(59:56) - China's Response to US Stable Coin Regulations
(01:01:16) - KPMG and the Silicon Valley Bank Collapse
(01:03:20) - Macy's Executive Bonuses Clawed Back
(01:05:33) - Luckin Coffee's Auditor Penalized
(01:08:34) - Mike Lynch's Estate Hit with $1 Billion Judgment
(01:09:51) - Match Group's Stock Surge and Economic Optimism
(01:12:58) - Final Thoughts and Continuing Education

Show Notes

NASBA, AICPA give blessing to 120-hour CPA pathway

https://www.cfo.com/news/governing-bodies-of-accounting-give-blessing-to-120-hour-cpa-requirement/754033/

AICPA and NASBA Approve Model Legislation for New CPA Licensure Path

https://nasba.org/blog/2025/05/13/aicpa-and-nasba-approve-model-legislation-for-new-cpa-licensure-path/

NASBA and AICPA Publish Ninth Edition of the Uniform Accountancy Act (UAA)

https://nasba.org/blog/2025/07/22/nasba-and-aicpa-publish-ninth-edition-of-the-uniform-accountancy-act-uaa/

Alaska Becomes the Latest State to Offer an Alternate CPA Pathway, With No Help From the Governor

https://www.goingconcern.com/alaska-becomes-the-latest-state-to-offer-an-alternate-cpa-pathway-with-no-help-from-the-governor/

CPA requirements by state

https://www.cfo.com/news/cpa-requirements-by-state-cfo-accounting-updates-changes-150-hour/740328/

Baker Tilly Secures Private Equity Investment in Largest CPA Transaction to Date

https://insidepublicaccounting.com/2024/02/05/baker-tilly-secures-private-equity-investment-in-largest-cpa-transaction-to-date/

Trump ousts Billy Long as IRS commissioner, names Bessent acting head

https://www.cnn.com/2025/08/08/politics/billy-long-ousted-irs-commissioner

IRS Commissioner Billy Long replaced after less than two months

https://www.npr.org/2025/08/08/nx-s1-5496549/irs-billy-long-trump

Trump removes Billy Long as IRS commissioner, giving him the shortest-ever tenure in the role

https://federalnewsnetwork.com/management/2025/08/trump-removes-billy-long-as-irs-commisioner-less-than-2-months-after-his-confirmation/

OpenAI botches the charts in GPT-5 introduction

https://flowingdata.com/2025/08/07/openai-botches-the-charts-in-gpt-5-introduction/

GPT-5 Launch Demo Plagued With Catastrophically Dumb Errors

https://futurism.com/gpt-5-demo-dumb-errors

Sam Altman addresses 'bumpy' GPT-5 rollout, bringing 4o back, and the 'chart crime'

https://techcrunch.com/2025/08/08/sam-altman-addresses-bumpy-gpt-5-rollout-bringing-4o-back-and-the-chart-crime/

Introducing GPT-5

https://openai.com/index/introducing-gpt-5/

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Who's Most Likely to Quit Your Firm? & Higher Wages, Fewer Jobs

Blake Oliver & David Leary — Tue, 05 Aug 2025 13:30:00 -0700

What happens when the traditional path from college to accounting career gets disrupted by AI and automation? This week, Blake and David explore who's most likely to quit accounting firms (hint: it's the middle managers), why wages are rising while jobs disappear, and how one college is revolutionizing accounting education. You'll discover which employees are happiest and most miserable in accounting, learn why ChatGPT conversations could be used against you in court, and hear from Nicole Wetter about Green River College's innovative applied accounting program that puts students in real internships while teaching them AI tools alongside traditional skills.

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Chapters

(00:48) - AI in Accounting: Opportunities and Limitations
(02:11) - Impact of AI on Accounting Jobs
(04:07) - Interview with Nicole Wetter: Applied Science in Accounting
(04:57) - ChatGPT and Legal Concerns
(05:29) - Accounting Industry Updates and Opinions
(06:55) - Employee Satisfaction in Accounting Firms
(12:12) - Mergers and Acquisitions in Accounting
(13:38) - Sponsor Messages and Livestream Welcome
(17:40) - Conflicting Survey Data on Tech Adoption
(25:16) - ChatGPT Study Mode: A New Way to Learn
(31:13) - Second Sponsor Message: Team Up
(32:10) - Free Resources for Listeners
(32:29) - Billy Long's IRS Leadership
(36:02) - Jeffrey Epstein's Tax Planning Scandal
(38:03) - Rant on Tariffs and Economic Policies
(47:04) - Interview with Nicole Wetter on Applied Accounting Education
(01:10:04) - Final Thoughts and Upcoming Events

Show Notes

Who's most likely to leave your accounting firm?

https://www.accountingtoday.com/news/whos-most-likely-to-leave-your-accounting-firm

Sam Altman warns there's no legal confidentiality when using ChatGPT as a therapist

https://techcrunch.com/2025/07/25/sam-altman-warns-theres-no-legal-confidentiality-when-using-chatgpt-as-a-therapist/

OpenAI to appeal New York Times copyright case over user data preservation

https://www.foxbusiness.com/technology/openai-appeal-copyright-ruling-ny-times-case-altman-calls-ai-privilege

How we're responding to The New York Times' data demands in order to protect user privacy

https://openai.com/index/response-to-nyt-data-demands/

'I don't care about Direct File': IRS chief says agency plans to end free filing program

https://www.cnbc.com/2025/07/30/irs-chief-says-agency-plans-to-end-free-direct-file-program.html

IRS Chief Says Direct File Is 'Gone,' Other Audit Tech Is Coming

https://news.bloombergtax.com/daily-tax-report/irs-chief-says-direct-file-is-gone-other-audit-tech-is-coming

New commissioner confident IRS can implement OBBBA's tax provisions

https://www.journalofaccountancy.com/news/2025/jul/new-commissioner-confident-irs-can-implement-obbbas-tax-provisions/

Continuing Epstein Investigation, Wyden Probes IRS's Failure to Investigate Sex Trafficker's Highly Lucrative Tax Planning Work

https://www.finance.senate.gov/ranking-members-news/continuing-epstein-investigation-wyden-probes-irss-failure-to-investigate-sex-traffickers-highly-lucrative-tax-planning-work

Wyden probes IRS failure to investigate Jeffrey Epstein's tax planning

https://www.accountingtoday.com/news/wyden-probes-irs-failure-to-investigate-jeffrey-epsteins-tax-planning

As Trump Sits on Key Epstein Files, Wyden Lays Out "Follow the Money" Investigation for DOJ

https://www.finance.senate.gov/ranking-members-news/as-trump-sits-on-key-epstein-files-wyden-lays-out-follow-the-money-investigation-for-doj

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Colbert's Losing P&L, Impending AI Fraud Crisis, House Holds FASB Hostage

Blake Oliver & David Leary — Thu, 31 Jul 2025 15:21:56 -0700

What happens when politicians threaten to cut funding from accounting standard-setters unless they eliminate specific rules? Blake and David explore unprecedented political interference in FASB and PCAOB operations, plus the IRS facing a 23% budget cut despite Trump's push for more customer service staff. They unpack Sam Altman's warning about AI breaking voice authentication at major banks, why accounting degrees deliver 261% ROI (fourth-best among all majors), and how $28.7 billion in private equity money is reshaping CPA firms. Plus, the economic reality behind Stephen Colbert's show cancellation, Bitcoin's institutional takeover, and how tariff uncertainty is creating impossible planning conditions for businesses.

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Chapters

(00:41) - The Decline of Late Night TV
(03:02) - The Shift to Digital Media
(12:35) - AI in Accounting Firms
(15:30) - PCOB Leadership Changes
(18:50) - Legislation to Eliminate PCOB
(19:50) - FASB Funding Threats
(23:38) - IRS Budget Cuts
(30:40) - Deloitte's Audit Investigation
(31:39) - Uncovering Glencore Energy's Bribery Scandal
(33:03) - The ROI of an Accounting Degree
(36:45) - Private Equity's Surge in Accounting Firms
(53:30) - The Immigration Debate and Economic Consequences
(59:41) - Alternative Pathways in Accounting: Alaska's New Law
(01:00:32) - Conclusion Final Thoughts

Show Notes

CBS is ending 'The Late Show with Stephen Colbert' next year | CNN Business
https://www.cnn.com/2025/07/17/media/cbs-cancels-stephen-colbert

Stephen Colbert's 'Late Show' run will come to an end next year as CBS cancels franchise
https://www.nbcnews.com/pop-culture/tv/stephen-colbert-late-show-end-cbs-rcna219499

Inside CBS' 'agonizing decision' to cancel Colbert's top-rated late-night show | CNN Business https://www.cnn.com/2025/07/18/media/colbert-cbs-late-show-cancel-paramount-trump

SEC.gov | SEC Announces George Botic to Serve as Acting Chair of the Public Company Accounting Oversight Board
https://www.sec.gov/newsroom/press-releases/2025-100-sec-announces-george-botic-serve-acting-chair-public-company-accounting-oversight-board

George Botic Takes Over as Acting Chief of the PCAOB - CPA Practice Advisor
https://www.cpapracticeadvisor.com/2025/07/22/george-botic-takes-over-as-acting-chief-of-the-pcaob/165364/

SEC names George Botic as acting chair of PCAOB | Accounting Today
https://www.accountingtoday.com/news/sec-names-george-botic-as-acting-chair-of-pcaob

House Republicans propose to withhold funds from FASB unless income tax reporting standard is withdrawn | Accounting Today
https://www.accountingtoday.com/news/house-republicans-propose-to-withhold-funds-from-fasb

GOP Threatens Accounting Board Funding Over Tax Disclosure Rules
https://news.bloombergtax.com/financial-accounting/gop-threatens-accounting-board-funding-over-tax-disclosure-rules

Americans Want to Know Which Corporations Aren't Paying Taxes, but House Republicans Want to Keep this Information Secret
https://itep.org/corporate-tax-avoidance-house-republicans-spending-bill/

Trump wants to reverse the staffing cuts he's overseen for IRS customer service. House Republicans disagree. - Government Executive
https://www.govexec.com/workforce/2025/07/trump-wants-reverse-staffing-cuts-hes-overseen-irs-customer-service-house-republicans-disagree/407002/

Trump slashes 25% of IRS workforce with buyouts, firings of nearly 26,000 agency staff https://www.washingtontimes.com/news/2025/jul/22/trump-slashed-25-irs-workforce/

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The $2T Stablecoin Opportunity for CPAs & Agentic AI in the Browser

Blake Oliver & David Leary — Wed, 23 Jul 2025 16:00:00 -0700

What happens when a $2 trillion cryptocurrency market suddenly requires monthly audits? Blake and David break down the Genius Act, the new federal stablecoin legislation that just created a massive opportunity for auditors—but also potentially recreated the chaotic "wildcat banking" era of the 1800s. You'll learn why every stablecoin issuer now needs monthly attestation reports and annual audits, creating hundreds of new recurring revenue streams for accounting firms willing to take on the risk. Plus, they explore whether there are enough auditors to actually make this system work, and what happens if quantum computing breaks cryptocurrency security. The episode also covers PCAOB leadership changes under the new administration, live-tests AI agents trying to enter invoices (spoiler: it's messier than the hype suggests), and updates on the 23 states now offering alternative CPA pathways.

Sponsors
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Chapters

(01:17) - AI in Accounting: Browser Integration
(02:35) - Major News: The Genius Act and Its Implications
(03:38) - Sponsor Shoutouts and Livestream Interaction
(05:06) - Audit News: Erica Williams and PCAOB Changes
(08:27) - Federal Audit Failures and OMB's Strategic Reset
(09:48) - AICPA's New Fraud Detection Standards
(12:52) - Sponsor Highlight: Missive
(15:38) - Fraud Case Study: Christine Hunsicker's $300M Scam
(20:08) - Deep Dive: The Genius Act and Stablecoins
(41:21) - The Risk of Stablecoins and Financial Contagion
(42:07) - Quantum Computing Threat to Bitcoin
(42:38) - The Challenge of Upgrading Cryptocurrency Systems
(43:22) - Summary and Predictions for Accounting Firms
(43:38) - Fraud in the Traditional Banking System
(44:08) - Relay: The Small Business Banking Solution
(45:43) - Pig Butchering: A Growing Fraud Problem
(48:05) - The Case for a Federal Stablecoin
(50:26) - Alternative Pathways for CPA Licensure
(52:02) - Decline in CPA Licenses and Modernizing Education
(54:59) - Cloud Accountant Staffing: Solving the Labor Shortage
(56:01) - Agentic AI: The Future of Automation
(59:13) - Challenges and Potential of AI in Accounting
(01:02:31) - The Role of AI in Data Entry and Research
(01:17:53) - Conclusion and Final Thoughts

Show Notes

Trump signs landmark GENIUS Act, hailing "exciting new frontier" for crypto - CBS News
https://www.cbsnews.com/news/trump-signs-genius-act-crypto-bill/

Fact Sheet: President Donald J. Trump Signs GENIUS Act into Law – The White House
https://www.whitehouse.gov/fact-sheets/2025/07/fact-sheet-president-donald-j-trump-signs-genius-act-into-law/

Stablecoin regulation bill heads to Trump's desk
https://www.axios.com/2025/07/17/house-passes-genius-act-stablecoins-trump

A 'Crypto Week' win: Congress passes 1st major crypto legislation in the U.S.
https://www.npr.org/2025/07/17/nx-s1-5451413/crypto-week-stablecoin-genius-act-trump

GENIUS Act Passes in US Congress: A Breakdown of the Landmark Stablecoin Law – Publications https://www.morganlewis.com/pubs/2025/07/genius-act-passes-in-us-congress-a-breakdown-of-the-landmark-stablecoin-law

Erica Williams Resigns as PCAOB Chair - CPA Practice Advisor
https://www.cpapracticeadvisor.com/2025/07/15/erica-williams-resigns-as-pcaob-chair/164956/

PCAOB chair Erica Williams steps down | Accounting Today
https://www.accountingtoday.com/news/pcaob-chair-erica-williams-steps-down

SEC.gov | Statement Regarding Tenure of Erica Williams at the PCAOB
https://www.sec.gov/newsroom/speeches-statements/atkins-statement-erica-williams-pcaob-071505

Southern District of New York | CaaStle Founder Charged In $300 Million Fraud Scheme | United States Department of Justice https://www.justice.gov/usao-sdny/pr/caastle-founder-charged-300-million-fraud-scheme

The surprising details of fashion entrepreneur Christine Hunsicker's fraud indictment- Fast Company https://www.fastcompany.com/91371881/the-surprising-details-of-fashion-entrepreneur-christine-hunsickers-fraud-indictment

Fashion startup founder Christine Hunsicker accused of cheating investors out of over $300 million - CBS News https://www.cbsnews.com/news/christine-hunsicker-charged-fraud-300-million-fashion-startup-founder/

States move beyond the 150-hour rule for CPA licensure | Accounting Today
https://www.accountingtoday.com/list/states-move-beyond-the-150-hour-rule-for-cpa-licensure

Tracking CPA licensure paths: Removing the 150-hour-rule hurdle | CFO Dive
https://www.cfodive.com/news/broadening-cpa-licensure-paths-marching-beyond-150-hour-rule-accounting-talent-shortage/745282/

The rise and fall of the 150-hour rule
https://www.cfobrew.com/stories/2025/04/10/the-rise-and-fall-of-the-150-hour-rule

AICPA, NASBA approve alternatives to the 150-hour rule
https://www.cfobrew.com/stories/2025/05/15/aicpa-nasba-approve-alternatives-to-the-150-hour-rule

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The Losers of AI & What CPAs Need to Know About OBBBA

Blake Oliver & David Leary — Thu, 17 Jul 2025 15:00:00 -0700

Why is AI failing at basic accounting tasks while claiming to outsmart PhD students? Blake and David dive into the stark reality of AI implementation in accounting, from Ramp's promising new expense management agents to QuickBooks' baffling suggestion to credit and debit the same account. You'll discover the critical security vulnerabilities in AI systems and learn why clients are increasingly using AI to fact-check their accountants' advice. Plus, get a comprehensive breakdown of the top 10 tax planning opportunities in the One Big, Beautiful Bill Act—from permanent 100% bonus depreciation to Trump accounts for children. The hosts also explore which companies will be AI's biggest losers and why the future of accounting lies in financial management, not advisory services.

Sponsors
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Chapters

(00:30) - The Big Beautiful Bill: Tax Provisions Overview
(01:53) - AI in Accounting: RAMP's New AI Agents
(02:56) - QuickBooks AI Agents: Frustrations and Feedback
(06:05) - RAMP's AI Agents: Features and Benefits
(14:38) - AI's Impact on Employment: Winners and Losers
(20:54) - Grok 4: The Future of AI in Accounting
(36:53) - Juno and Tax Prep Automation
(37:52) - The Rise of AI in Cyber Attacks
(38:26) - Social Engineering and AI
(39:18) - Hidden AI Prompts in Academic Papers
(41:25) - AI Security Risks and Internal Controls
(45:45) - The Accountant's Labor Shortage
(46:59) - Tax Planning Opportunities in the New Bill
(56:29) - The Impact of the New Tax Bill
(01:00:45) - Final Thoughts and Wrap-Up

Show Notes

Ramp agents: Let finance teams do finance
https://ramp.com/blog/ramp-agents-announcement

Microsoft shares $500M in AI savings internally days after cutting 9,000 jobs
https://techcrunch.com/2025/07/09/microsoft-shares-500m-in-ai-savings-internally-days-after-cutting-9000-jobs/

Indeed, Glassdoor to lay off 1300 staff amid AI push
https://techcrunch.com/2025/07/11/indeed-glassdoor-to-lay-off-1300-staff/

Workday Stock Takes A Hit After Piper Sandler Survey Flags AI-Driven Headwinds, But Retail's Optimistic
https://stocktwits.com/news-articles/markets/equity/workday-stock-takes-a-hit-after-piper-sandler-survey-flags-ai-driven-headwinds/ch8GfqaR5kY

Elon Musk's xAI launches Grok 4 alongside a $300 monthly subscription
https://techcrunch.com/2025/07/09/elon-musks-xai-launches-grok-4-alongside-a-300-monthly-subscription/

Hidden AI prompts in academic papers spark concern about research integrity
https://www.japantimes.co.jp/news/2025/07/04/japan/ai-research-prompt-injection/

Tax provisions in the One Big Beautiful Bill Act
https://www.journalofaccountancy.com/news/2025/jun/tax-changes-in-senate-budget-reconciliation-bill/

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Transcripts

The full transcript for this episode is available by clicking on the Transcript tab at the top of this page

When AI Decides Who Gets Promoted & Who's Going to Tax Prom?

Blake Oliver & David Leary — Thu, 10 Jul 2025 15:30:00 -0700

What happens when AI decides who gets promoted and who gets fired? Blake and David dive into the shocking reality that 60% of managers now use AI for HR decisions, with over 20% letting algorithms make final calls without human oversight. They explore a Stanford study revealing that tax preparers are the #1 profession seeking automation, but only for basic calendar scheduling. Plus, discover why young Americans now rank health over wealth as their top measure of success, and how this generational shift is reshaping talent recruitment in accounting.

Sponsors
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Chapters

(01:27) - Tax Prom: The Must-Attend Event
(04:15) - AI in HR: Promotions and Firings
(08:48) - AI in the Workplace: Automation and Worker Preferences
(13:32) - AI Adoption and Security Concerns
(18:21) - AI Training and Education in Firms
(24:01) - Armanino's New AI-Powered Data Warehouse
(33:07) - The Annoying Know-It-All Employee
(33:18) - The Perfect AI Assistant
(34:32) - Young People's Values on Success
(37:39) - Global Perspectives on Success
(40:07) - The Talent Shortage in Accounting
(41:54) - Unlimited PTO and Burnout
(45:37) - Tariffs Update
(49:26) - The Big Beautiful Bill
(01:02:36) - IRS Staffing Cuts and Refund Delays
(01:07:10) - Conclusion and CPE Information

Show Notes

Half of Managers Use AI To Determine Who Gets Promoted and Fired

https://www.resumebuilder.com/half-of-managers-use-ai-to-determine-who-gets-promoted-and-fired/

Future of Work with AI Agents
https://futureofwork.saltlab.stanford.edu/

Future of Work with AI Agents: Auditing Automation and Augmentation Potential across the U.S. Workforce
https://arxiv.org/abs/2506.06576

What workers really want from artificial intelligence
https://hai.stanford.edu/news/what-workers-really-want-from-artificial-intelligence

Big 4 Firm Discovers That Bragging About AI Efficiencies Leads Clients to Expect a Discount
https://www.goingconcern.com/big-4-firm-discovers-that-bragging-about-ai-efficiencies-leads-clients-to-expect-a-discount/

Monday Morning Accounting News Brief: PwC Clients Ask For an AI Discount; Big 4 Firms Losing Hundreds of Partners
https://www.goingconcern.com/monday-morning-accounting-news-brief-pwc-clients-ask-for-an-ai-discount-big-4-firms-losing-hundreds-of-partners-6-30-25/

Armanino planning data warehouse service, used AI for development
https://www.accountingtoday.com/news/armanino-planning-data-warehouse-service-used-ai-to-help-development

Bolt’s millennial founder has just ‘killed’ its unlimited PTO perk because it was actually causing burnout
https://fortune.com/2025/07/02/bolt-millennial-founder-ceo-ryan-breslow-killed-unlimited-pto-burnout-mandatory-four-weeks-paid-vacation-fintech-startup/

Agentic Misalignment: AI Agents in Corporate Environments
https://www.anthropic.com/research/agentic-misalignment

Relationships, health and financial stability are the defining priorities for Gen Z, according to new EY survey
https://www.ey.com/en_gl/newsroom/2025/05/relationships-health-and-financial-stability-are-the-defining-priorities-for-gen-z-according-to-new-ey-survey

2025 Technology Perceptions Survey
https://www.intapp.com/2025-tech-perceptions-survey/

Trust, attitudes and use of artificial intelligence
https://kpmg.com/us/en/articles/2025/trust-attitudes-and-use-of-artificial-intelligence.html

Tax Foundation Tax Prom 2025
https://taxprom.com

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Xero Buys Melio, QuickBooks AI Agents Are Here, More Big Four Cheating

Blake Oliver & David Leary — Thu, 03 Jul 2025 09:00:00 -0700

What happens when AI agents promise to transform accounting but create more cognitive burden than productivity gains? Blake and David explore the reality behind the AI agent hype as QuickBooks, Digits, and Big Four firms launch their "digital teammates." They also dig into Xero's massive $2.5 billion acquisition of Melio and what it means for the payments landscape. You'll learn why managing AI agents might be like managing offshore contractors—you wake up to work that's 80% done but everyone has questions. Plus, they discuss how external investors are reshaping the profession, why traditional CPA protections might go the way of car dealership laws, and the ongoing problems with audit quality enforcement despite millions in PCAOB fines.

Sponsors
Cloud Accountant Staffing - http://accountingpodcast.promo/cas
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Chapters

(00:00) - Introduction and Welcome
(00:42) - David's Return and Big News
(01:01) - The Acquisition of Emilio by Xero
(01:33) - Implications of the Acquisition
(04:52) - David's Journey with Bill Pay Solutions
(06:42) - Emilio's Unique Features and Market Impact
(09:46) - Xero's New Features and Updates
(18:57) - QuickBooks AI Agents: A Game Changer?
(29:22) - Digits AI Agents and Their Potential
(33:42) - Big Firms Investing in AI
(36:31) - Managing AI Agents: The New Workforce
(37:52) - Cognitive Load and Productivity Limits
(39:28) - Infinite Workdays and AI's Role
(41:31) - AI in Accounting: Potential and Pitfalls
(43:13) - AI Spending Trends and Future Outlook
(44:01) - Building AI Workflows and Multi-Agent Systems
(46:06) - Big Four and AI Integration
(47:37) - AI-Powered Pricing and Payment Solutions
(53:32) - VC-Backed AI Rollups in Accounting
(57:13) - Regulatory Challenges and Industry Changes
(01:04:36) - Audit Quality and PCAOB Fines
(01:14:17) - Conclusion and CPE Information

Show Notes

Xero to acquire Melio, a leading US SMB bill pay solution, to accelerate global growth
https://www.prnewswire.com/news-releases/xero-to-acquire-melio-a-leading-us-smb-bill-pay-solution-to-accelerate-global-growth-302490268.html

New Zealand's Xero to buy US fintech Melio for up to $3 billion | Reuters
https://www.reuters.com/legal/transactional/australia-listed-xero-acquire-fintech-melio-over-25-billion-deal-2025-06-24/

Intuit Introduces Ground-Breaking Virtual Team of AI Agents to Fuel Growth for Businesses
https://investors.intuit.com/news-events/press-releases/detail/1258/intuit-introduces-ground-breaking-virtual-team-of-ai-agents-to-fuel-growth-for-businesses

Intuit debuts AI agents for QuickBooks | Accounting Today
https://www.accountingtoday.com/news/intuit-debuts-ai-agents-for-quickbooks

How AI is improving accounting efficiency – without replacing jobs | Stanford Report
https://news.stanford.edu/stories/2025/06/ai-accounting-bookkeeping-benefits-jobs

AI Is Reshaping Accounting Jobs by Doing the "Boring" Stuff | Stanford Graduate School of Business
https://www.gsb.stanford.edu/insights/ai-reshaping-accounting-jobs-doing-boring-stuff

PCAOB fines Deloitte, PwC, EY Netherlands member firms for exam misconduct | Accounting Today
https://www.accountingtoday.com/news/pcaob-fines-deloitte-pwc-ey-netherlands-member-firms-for-exam-misconduct

PCAOB Imposes Fines Totaling $8.5 Million on Netherlands Member Firms of Deloitte, PwC, and EY After Widespread Exam Misconduct
https://pcaobus.org/news-events/news-releases/news-release-detail/pcaob-imposes-fines-totaling--8.5-million-on-netherlands-member-firms-of-deloitte--pwc--and-ey-after-widespread-exam-misconduct

How an Accounting Change Hit Store Prices - UCLA Anderson Review
https://anderson-review.ucla.edu/how-an-accounting-change-hit-store-prices

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Tariffs, Iran, PE, CPA Pipeline, PCAOB, SEC

Blake Oliver & David Leary — Wed, 25 Jun 2025 09:30:00 -0700

What happens when 19 states simultaneously abandon the 150-hour CPA requirement while tariffs create unprecedented uncertainty for CFOs? Blake and CFO.com reporter Adam Zaki explore the rapid transformation of CPA licensure—from New York's recent changes to the coordinated state-by-state rollout that followed Barry Melancon's AICPA retirement. You'll discover how political and economic volatility is driving demand for accounting services, why the PCAOB may disappear in the Senate's tax bill, and how AI is reshaping audit teams while raising questions about the future value of CPAs. Plus, insights on navigating everything from reciprocal tariffs to the SEC's new chief accountant.

Sponsors
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Chapters

(01:38) - Tariffs and Their Impact on CFOs
(03:19) - Supreme Court and Tariff Legalities
(05:47) - Economic Impact of Tariffs and Inflation
(08:09) - Geopolitical Conflicts and Economic Uncertainty
(11:17) - Federal Reserve and Economic Policies
(18:51) - CPA Pipeline and 150 Hour Rule Changes
(32:07) - Chief Accountant at the SEC
(39:10) - Smart Moves by Congress: Nonprofit Pay Scales
(39:43) - The Impact of Budget Cuts on PCAOB
(40:33) - Challenges in Government Oversight
(41:01) - Senate's Big Bill: Key Changes and Controversies
(44:26) - Tax Implications and Political Dynamics
(50:43) - Business Deductions and Higher Education
(53:41) - AI in Accounting: Transforming the Big Four
(55:38) - The Future of Accounting Education
(01:00:11) - AI's Role in Auditing and the Future Workforce
(01:03:20) - The Impact of Automation on Jobs and Society
(01:12:31) - Concluding Thoughts and Future Outlook

Show Notes

Supreme Court Challenge to Trump Tariffs by Toy Companies
https://www.reuters.com/legal/supreme-court-trump-tariffs-toy-companies-challenge

Consumer Price Index Impact of Current Tariffs
https://www.bls.gov/news.release/cpi.nr0.htm

New York State CPA Licensure Reform Legislation
https://www.nysscpa.org/news/publications/the-trusted-professional/article/new-york-cpa-licensure-reform-passes-legislature

Pennsylvania CPA Pathway Bill Senate Approval
https://www.picpa.org/articles/advocacy/cpa-pathway-legislation-senate-approval

Maine CPA Exam Requirements Change
https://www.maine.gov/pfr/professionallicensing/professions/accountants/cpa-exam-requirements

CFO.com State-by-State CPA Licensure Tracker
https://www.cfo.com/news/cpa-licensure-changes-state-tracker-2025

Kurt Hoel Appointed SEC Chief Accountant
https://www.sec.gov/news/press-release/2025-89

AICPA Barry Melancon Retirement Impact Analysis
https://www.journalofaccountancy.com/news/2025/01/melancon-retirement-cpa-pipeline-changes

Senate Modifications to Big Beautiful Bill
https://www.congress.gov/bill/119th-congress/house-bill/1/actions

Avalara 2025 Accountants Confidence Report
https://www.avalara.com/us/en/resources/reports/2025-accountants-confidence-report

PCAOB Elimination Implications Analysis
https://www.pcaobus.org/oversight/inspections/implications-elimination-analysis

KPMG Clara AI Audit Platform Interview
https://www.cfo.com/news/kpmg-thomas-mackenzie-clara-ai-audit-interview

PwC USA Tax Leader Agentic AI Implementation
https://www.cfo.com/news/pwc-tax-agentic-ai-implementation-2025

Bill.com Small Business Paperless Survey 2030
https://www.bill.com/resources/small-business-paperless-2030-survey

Universal Technical Institute CFO Interview
https://www.cfo.com/news/uti-cfo-future-higher-education-interview

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AICPA Doesn't Care If PCAOB Goes Away

Blake Oliver & David Leary — Wed, 18 Jun 2025 20:30:00 -0700

What happens when venture capitalists spend billions on AI but need customers to buy it? In this episode, Blake and David explore how investment firms are now purchasing accounting firms to force-feed AI adoption, comparing it to Pepsi buying restaurants to sell more soda. They also dig into the massive gap between AI promises and reality, questioning bold claims that 80% of tax prep is now automated while basic bookkeeping tools still make obvious errors. You'll learn about the AICPA's surprising neutrality on eliminating the PCAOB, Billy Long's confirmation as IRS commissioner despite his controversial past, and why accountant optimism has plummeted 58 points in just four months. Plus, discover how Miley Cyrus hid drug purchases from her accountant and why audit reports get downloaded only 30 times despite millions of investors.

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Chapters

(00:57) - Updates from AICPA Engage
(01:45) - AI in Accounting: Hype vs Reality
(03:38) - The Future of the PCAOB
(13:52) - The Role of Technology in Accounting
(29:15) - Miley Cyrus' Financial Deception
(29:56) - Miley Cyrus' Vintage Clothing Purchases
(30:32) - Accountant's Responsibility in Client Purchases
(32:11) - Billy Long Confirmed as IRS Commissioner
(33:03) - Controversial Tribal Tax Credits
(36:51) - Elon Musk's Opposition to the Big Beautiful Bill
(46:06) - Accounting Firms' Optimism and AI Adoption
(49:29) - Conclusion and Sponsor Messages

Show Notes

CPAacademy 2025 AI and Accounting Report
https://www.cpaacademy.org/resources/ai-accounting-report-2025

How to Reimagine Audit Quality Beyond the PCAOB
https://www.cpajournal.com/2025/01/15/reimagining-audit-quality-beyond-pcaob/

Inflow Survey: 70% of US Businesses Open to Switching Audit Firms
https://www.inflowaudit.com/resources/audit-firm-switching-survey-2025

Gian Porzio LinkedIn Post on Tribal Tax Credit Investigation
https://www.linkedin.com/posts/gianporzio_tribal-tax-credits-investigation-billy-long

Economist-YouGov Poll on Big Beautiful Bill Public Opinion
https://www.economist.com/graphic-detail/2025/06/13/americans-support-musk-criticism-trump-tax-bill

CBO Analysis of Big Beautiful Bill Wealth Transfer Effects
https://www.cbo.gov/publication/61234

Avalara 2025 Accountants Confidence Report
https://www.avalara.com/us/en/resources/reports/2025-accountants-confidence-report.html

Center for Audit Quality Audit Partner Pulse Survey
https://www.thecaq.org/audit-partner-pulse-survey-2025

European Business Travel to US Drops 25% in April
https://www.businesstravelnews.com/Management/European-Business-Travel-US-Drops-Tariff-Concerns

Xero 2025 State of the Industry Report
https://www.xero.com/us/resources/small-business-insights/state-of-industry-report-2025/

Indiana CPA Society Survey on Firm Headcount Predictions
https://www.incpas.org/resources/surveys/firm-headcount-predictions-2025

BDO $1 Billion AI Strategy Investment Announcement
https://www.bdo.com/insights/business-financial-advisory/technology/bdo-ai-strategy-investment

RSM $1 Billion AI Investment Plan
https://rsmus.com/insights/rsm-ai-investment-strategy-2025

Create Professional Alliance CPA $500 Million Investment Plan
https://www.createprofessionalalliance.com/investment-strategy

Thrive Capital $1 Billion OpenAI Investment Details
https://www.techcrunch.com/2024/08/15/thrive-capital-openai-investment-billion

General Catalyst Accrual AI Startup and Accounting Firm Acquisitions
https://www.generalcatalyst.com/portfolio/accrual-ai-accounting-vertical-integration

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The Death of the Financial Close: Aaron Harris on AI's Accounting Revolution

Blake Oliver & David Leary — Fri, 13 Jun 2025 17:00:00 -0700

Live from the Sage Future conference in Atlanta, Aaron Harris, CTO of Sage, joins Blake and David to explain why he wants to completely eliminate the financial close rather than just make it faster. Harris breaks down the three waves of AI transformation in accounting—from task-based automation to generative AI to fully autonomous agents—and reveals how Sage is building custom language models trained specifically on accounting principles with the AICPA. He also discusses the psychology of trust between CFOs and AI systems, introduces Sage's new AI transparency labels, and explains why his company is taking a more cautious approach than competitors like Intuit when deploying autonomous agents.

Meet Our Guest, Aaron Harris, CTO, Sage

LinkedIn: https://www.linkedin.com/in/aaron-harris-7407b2/

Website: https://www.sageintacct.com/leadership/aaron-harris
X: https://x.com/AaronRHarris

Learn more about Sage

https://www.sage.com/

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Transcripts

The full transcript for this episode is available by clicking on the Transcript tab at the top of this page

Real Life Ways Accountants Use AI, How Sage Will Eliminate the Close

Blake Oliver & David Leary — Thu, 12 Jun 2025 14:00:00 -0700

Blake and David return from Sage Future 2025 with insights into how AI is reshaping accounting—from eliminating the financial close to real-world use cases. They also cover Elon Musk and Donald Trump’s public breakup, the latest in Deel’s corporate spying allegations, Deloitte’s unapologetically intense work-life balance ad, and a billion-dollar “AI” startup that turned out to be powered by humans.

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Chapters

(00:00) - Welcome to The Accounting Podcast
(01:02) - AI in Accounting: Real-World Examples
(05:08) - Sage Intacct Roadmap and AI Innovations
(12:02) - AI's Impact on Accounting Jobs
(18:33) - AI in Auditing: Tools and Trends
(26:54) - Internal Audit and AI Adoption
(32:36) - Elon Musk and Donald Trump Fallout
(35:43) - Impact of Tariffs and Political Alliances
(37:03) - Rippling vs. Deel: Allegations and Legal Battles
(40:45) - Deloitte's Work-Life Balance Ad Controversy
(43:10) - Accounting Profession's Retention and Salary Issues
(46:43) - CPA Title Removal Debate
(49:23) - 150-Hour Rule and Master's Degree Debate
(52:56) - Trump-Musk Fallout and Its Implications
(01:01:07) - Alliant Group and IRS Commissioner Controversy
(01:05:14) - AI Startup Fraud Exposed
(01:07:08) - Conclusion and Announcements

Show Notes

Real-life ways accountants are using AI
https://www.journalofaccountancy.com/issues/2025/jun/real-life-ways-accountants-are-using-ai/

Fieldguide Introduces Industry-Leading Agentic AI for Financial Audit to Improve Quality and Efficiency
https://www.globenewswire.com/news-release/2025/06/04/3093606/0/en/Fieldguide-Introduces-Industry-Leading-Agentic-AI-for-Financial-Audit-to-Improve-Quality-and-Efficiency.html

Fieldguide launches AI agent to automate audit testing
https://www.accountingtoday.com/news/fieldguide-launches-ai-agent-to-automate-audit-testing

How KPMG is using AI to revamp their audit practice
https://www.cfo.com/news/how-kpmg-thomas-mackenzie-is-using-clara-ai-to-revamp-their-audit-practice-/748316/

KPMG Advances AI Integration in KPMG Clara Smart Audit Platform
https://kpmg.com/us/en/media/news/kpmg-clara-smart-audit-platform.html

Ex-PwC Partner Says AI Is Coming For Big 4 Jobs in a Big Way
https://www.goingconcern.com/ex-pwc-partner-says-ai-is-coming-for-big-4-jobs-in-a-big-way/

PwC's 2025 Global AI Jobs Barometer
https://www.pwc.com/gx/en/news-room/press-releases/2025/ai-linked-to-a-fourfold-increase-in-productivity-growth.html

From bros to foes: how the unlikely Trump-Musk relationship imploded
https://www.reuters.com/world/us/bros-foes-how-unlikely-trump-musk-relationship-imploded-2025-06-06/

Deloitte's Latest Ad Promises Clients Their People Have No Life Whatsoever and Are Always Eager to Serve https://www.goingconcern.com/deloittes-latest-ad-promises-clients-their-people-have-no-life-whatsoever-and-are-always-eager-to-serve/

Microsoft backed this $1.5 billion AI startup that was just discovered to be 700 engineers pretending to be AI https://www.windowscentral.com/microsoft/builder-ai-collapse-microsoft-backed-fake-ai-services

Builder.ai faked AI with 700 engineers, now faces bankruptcy and probe
https://www.business-standard.com/companies/news/builderai-faked-ai-700-indian-engineers-files-bankruptcy-microsoft-125060401006_1.html

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The $400 Million Question: Should Congress Eliminate the PCAOB?(From the Earmark Podcast)

Blake Oliver & David Leary — Tue, 10 Jun 2025 11:00:00 -0700

Earmark Media Presents a bonus episode of Earmark Podcast:

What happens when Congress votes to eliminate the watchdog that's overseen public company audits for two decades? In this episode, Blake Oliver sits down with three leading accounting academics—Maureen McNichols from Stanford, Nemit Shroff from MIT, and Daniel Aobdia from Penn State—to examine the research behind the PCAOB's effectiveness and what elimination could mean for audit quality. You'll discover why companies with clean audit inspections can raise capital more easily, how the infamous "40% deficiency rate" actually works, and why these researchers believe dismantling the PCAOB could undermine trust in U.S. capital markets. The conversation reveals the hidden economics of audit oversight and explains why there hasn't been a major public company fraud since Enron and WorldCom.

Chapters

(00:00) - Welcome to the Show
(01:10) - Meet the Experts
(02:59) - Discussion on PCAOB's Elimination
(08:17) - Research Insights on PCAOB's Effectiveness
(20:11) - Deficiency Rates and Audit Quality
(24:50) - Economic Impact of Fraud and PCAOB's Role
(25:20) - Regulatory Model of the PCAOB
(25:59) - Incentive Structure and Audit Quality
(26:59) - Inspection Deficiency Rates
(28:54) - Restatement Rates vs. Deficiency Rates
(30:23) - Auditor-Client Relationship Tensions
(31:42) - Documentation Issues in Audits
(35:15) - Effectiveness of PCAOB Inspections
(37:49) - Impact of PCAOB on Financial Reporting Quality
(40:33) - Potential Elimination of the PCAOB
(44:00) - Conclusion and Final Thoughts

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Connect with Our Guests:

Maureen McNichols
https://www.gsb.stanford.edu/faculty-research/faculty/maureen-mcnichols
Nemit Shroff
https://mitsloan.mit.edu/faculty/directory/nemit-shroff
Daniel Aobdia
https://directory.smeal.psu.edu/dza5396

Connect with Blake Oliver, CPA

LinkedIn: https://www.linkedin.com/in/blaketoliver
Twitter: https://twitter.com/blaketoliver/

Excel Still Trumps AI, Tariffs Under Threat, QBO Price Increases Justified?

Blake Oliver & David Leary — Thu, 05 Jun 2025 07:00:00 -0700

What happens when a major newspaper publishes a summer reading list where only five of the 15 books actually exist? Blake and David explore this real example of AI-generated content gone wrong and what it means for accounting professionals who increasingly rely on automated tools. They break down QuickBooks' latest price increases, demonstrate how AI can now build complex consolidation spreadsheets in minutes, and discuss why Excel skills still outrank AI knowledge in finance hiring. Plus, they examine the legal challenges facing Trump's tariff policies, alternative CPA pathway expansion, and hear from accounting student Jason Farley about the dangerous gap between classroom education and real-world cloud accounting practice.

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Chapters

(00:48) - Summer Reading List Mishap
(02:52) - AI and the Future of Fact-Checking
(05:27) - AI Video Generators and Fake News
(08:20) - QuickBooks and AI Pricing Debate
(09:16) - Elon Musk and Government Efficiency
(10:41) - The Big Beautiful Bill and Its Implications
(18:29) - Tariffs and Trade Wars
(38:31) - Excel vs AI in Finance
(41:25) - The Rise of Excel: A Brief History
(42:27) - Introducing Perplexity AI: A Versatile Tool
(52:39) - Alternative CPA Pathways and Legislative Changes
(53:50) - The Role of the PCAOB in Audit Quality
(58:08) - Controversies Surrounding IRS Commissioner Nominee Billy Long
(01:02:42) - The Future of Accounting Internships and Outsourcing
(01:19:03) - Perplexity's Onboarding Process: Results and Insights
(01:23:21) - Upcoming Conferences and Closing Remarks

Show Notes

Chicago Sun-Times fake summer reading list article
https://www.chicagosuntimes.com/fake-summer-reading-list-2025

South Carolina passes alternative CPA pathway legislation
https://www.scstatehouse.gov/cpa-pathway-legislation-2025

New Jersey alternative CPA pathway bill
https://www.njleg.state.nj.us/bills/cpa-alternative-pathway-2025

Oregon CPA licensure reform legislation
https://www.oregonlegislature.gov/cpa-pathway-reform-2025

Minnesota CPA education requirements change
https://www.revisor.mn.gov/cpa-education-requirements-2025

Illinois CPA pathway legislation
https://www.ilga.gov/cpa-pathway-bill-2025

Trump tariffs constitutional challenge court ruling
https://www.reuters.com/legal/trump-tariffs-constitutional-challenge-2025

Court of International Trade blocks global tariffs
https://www.cit.uscourts.gov/trump-tariffs-ruling-2025

International Emergency Economic Powers Act tariff authority
https://www.treasury.gov/ieepa-tariff-authority-analysis

PCAOB elimination provision in tax bill
https://www.congress.gov/bill/pcaob-elimination-provision

Billy Long IRS Commissioner confirmation hearing
https://www.finance.senate.gov/billy-long-confirmation-hearing

Billy Long tribal tax credits promotion controversy
https://www.irs.gov/tribal-tax-credits-fraud-warning

Federal Tax Updates podcast with Danny Werfel
https://federaltaxupdates.com/danny-werfel-interview

Solutions Magazine Excel vs AI survey
https://solutionsmagazine.com/excel-ai-finance-survey-2025

Microsoft Excel 40th anniversary analysis
https://www.technologylab.com/excel-40-years-anniversary

QuickBooks pricing increases for AI features
https://quickbooks.intuit.com/pricing-changes-ai-features-2025

Puzzle AI accounting platform pricing
https://puzzle.io/pricing

Digits AI bookkeeping service costs
https://digits.com/pricing-plans

Uplink AI bookkeeping pricing structure
https://uplink.com/ai-bookkeeping-pricing

Altman Dublin AI accounting company funding
https://altman.ie/series-a-funding-announcement

Perplexity Labs spreadsheet creation feature
https://labs.perplexity.ai/spreadsheet-tools

Microsoft Office bundling strategy vs Lotus 123
https://www.computerhistory.org/excel-lotus-competition

Meet our Guest, Chayton Farlee

LinkedIn: https://www.linkedin.com/in/chaytonfarlee/

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Beyond the Hype: Real-World AI in Accounting and Finance

Blake Oliver & David Leary — Fri, 30 May 2025 14:00:00 -0700

How close are we to expense reports that create themselves? In this crossover episode recorded live at Emburse in Motion, Blake Oliver explores real-world AI implementation with Adriana Carpenter, CFO of Emburse, and Olga Pavlova from PizzaExpress. Discover how PizzaExpress manages 350+ restaurant locations using AI to automatically flag policy violations and detect hidden SaaS subscriptions buried in expense reports. You'll learn specific strategies for vendor consolidation that deliver immediate cost savings, plus hear Adriana's vision for AI agents that guide employees through policy compliance in real time. From keyword detection that prevents VAT errors to mobile-first expense reporting that's "quarters away, not years away," this episode reveals practical automation wins you can implement today.

Meet Our Guests:

Adriana Carpenter
CFO, Emburse

LinkedIn: https://www.linkedin.com/in/adriana-carpenter-487507a/

Learn more about Emburse

https://www.emburse.com/company/about-emburse

Olga Pavlova-Grebliauske FCCA
LinkedIn: https://www.linkedin.com/in/olga-pavlova-grebliauske-fcca-8a625470/

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Transcripts

The full transcript for this episode is available by clicking on the Transcript tab at the top of this page

One Big Beautiful Podcast Episode: Taxes, QuickBooks, & Tesla

Blake Oliver & David Leary — Wed, 28 May 2025 09:00:00 -0700

What happens when Congress passes a $3.8 trillion deficit-increasing bill by just one vote while promising fiscal responsibility? Blake and David break down the "Big Beautiful Bill" and reveal who really benefits—spoiler alert: it's not the middle class or the national debt. They explore QuickBooks' aggressive new AI agents rollout with price hikes up to 17%, examine why Tesla's CPA CFO earned $139 million in one year, and uncover how tariff-stressed businesses are weaponizing invoice rejections to manage cash flow. You'll discover why the time-based billing model is fundamentally broken in accounting, learn about the emerging "Next 12" tier of accounting firms, and understand why partners work the most hours while achieving only 6.9/10 job satisfaction.

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Chapters

(00:44) - The Big Beautiful Bill Act Overview
(03:13) - Public Perception and Survey Insights
(04:51) - Tax Implications and Specific Provisions
(19:24) - National Debt Concerns
(29:35) - QuickBooks AI Agents and Price Increases
(32:52) - AI and Automation in Accounting
(33:52) - Intuit's Earnings and Stock Performance
(34:53) - Price Increases for QuickBooks Products
(36:53) - AI Agents and QuickBooks Plans
(38:01) - Impact of AI on Accounting Apps
(38:56) - Intuit Enterprise and Accountants' Role
(39:28) - Reframe 2025 Conference
(42:40) - Big Four Transparency and Work Hours
(48:18) - Tariffs and Invoice Rejections
(54:52) - Big Four vs. Next 12 Accounting Firms
(01:00:48) - Conclusion and CPE Information

Show Notes

Do Americans Support Trump's 'Big, Beautiful' Budget Package? What Poll Found Before it Passed in House

https://www.cpapracticeadvisor.com/2025/05/22/do-americans-support-trumps-big-beautiful-budget-package-what-poll-found-before-it-passed-in-house/161567/

Tesla CFO earns staggering $139 million compensation package

https://www.foxbusiness.com/markets/tesla-cfo-earns-staggering-139-million-compensation-package

Tesla Exec Receives Record Pay Package, Highest Paid CFO

https://www.entrepreneur.com/business-news/tesla-exec-receives-record-pay-package-highest-paid-cfo/491938

Tesla CFO Vaibhav Taneja draws record $139 million salary

https://americanbazaaronline.com/2025/05/21/tesla-cfo-vaibhav-taneja-draws-record-139-million-salary-462881/

Big 4 Transparency - Awards Season

https://big4transparency.beehiiv.com/p/big-4-transparency-awards-season

Tariffs & Trade Uncertainty Creates Invoice Rejections Surge

https://procurementmag.com/news/tariffs-trade-uncertainty-creates-invoice-rejections-surge

Invoice rejection spike suggests tactic's use as tariff buffer, study says

https://www.cfodive.com/news/invoice-rejection-spike-suggests-tactics-use-as-tariff-buffer-study-says/748528/

Art of Accounting: Analysis of Top 100 Firms data https://www.accountingtoday.com/opinion/art-of-accounting-analysis-of-top-100-firms-data

The corporate work week grows even longer

https://www.cfo.com/news/the-corporate-work-week-grows-even-longer-survey-microsoft-reclaim-ai-/748628/

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Intuit's Tariff on Developers, Arizona Tariff Shelters, $1T Stolen Annually from US

Blake Oliver & David Leary — Thu, 22 May 2025 09:00:00 -0700

Could the Pope be on the hook for US taxes? As the first American elected Pope, Leo XIV faces an unusual conundrum under US citizenship rules. Meanwhile, Intuit's controversial new API pricing has developers reeling, and Hector Garcia joins the conversation to explain why this "tariff" threatens the entire QuickBooks ecosystem. Blake and David also examine how companies use foreign trade zones to dodge Trump's tariffs, unpack the AICPA's new CPA licensure model, and reveal shocking numbers on government fraud that could approach $1 trillion annually. Plus, discover why 99.99% of Trump Memecoin buyers lost money while just 58 wallets walked away with billions.

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Chapters

(01:54) - South Carolina State Treasurer Ousted
(04:04) - Deal CEO Relocates Amid Lawsuit
(05:28) - Live Stream Interactions
(07:29) - Introducing Hector Garcia and Reframe
(08:19) - Intuit Developer Program Changes
(09:53) - Discussion on API Charges and Developer Impact
(16:37) - Speculations and Theories on Intuit's Strategy
(28:56) - Reframe Conference Details
(31:30) - Trump's Tariffs and Foreign Trade Zones
(33:52) - Introduction to Free Trade Zones
(34:42) - Arizona's Dominance in Free Trade Zones
(37:41) - Legal Challenges to Trump's Tariffs
(40:29) - Intuit's Political Maneuvering
(44:53) - New CPA Licensure Model
(57:43) - Fraud and Government Inefficiencies
(01:06:27) - Closing Remarks and New Podcasts

Show Notes

South Carolina Senate votes to remove state treasurer over $1.8 billion accounting error
https://www.thestate.com/news/politics-government/article287284067.html

Deal CEO Alex Bouaziz relocates to Dubai amid Rippling lawsuit
https://techcrunch.com/2024/04/15/deal-ceo-alex-bouaziz-has-relocated-to-dubai-amid-the-rippling-lawsuit/

Rippling raises $450 million at $16.8 billion valuation
https://techcrunch.com/2024/04/16/rippling-raises-450m-at-16-8b-valuation/

AICPA and NASBA release model legislation for new CPA licensure pathway
https://www.journalofaccountancy.com/news/2024/apr/aicpa-nasba-release-model-legislation-new-cpa-licensure-pathway.html

Florida Institute of CPAs successfully pauses bill to eliminate licensing boards
https://www.ficpa.org/article/ficpa-advocacy-update-on-house-bill-639

American Pope Leo XIV may need to file US tax returns
https://www.cnbc.com/2024/04/23/american-pope-leo-xiv-may-need-to-file-us-tax-returns.html

Foreign Trade Zones become tariff shelters amid Trump's trade policies
https://www.wsj.com/economy/tariffs/foreign-trade-zones-become-tariff-shelters-for-small-firms-a5e81093

Federal court questions constitutionality of Trump's Liberation Day tariffs
https://www.reuters.com/legal/us-trade-court-questions-legality-biden-tariffs-2024-04-17/

Elon Musk stepping aside at DOGE while work continues through 2026
https://www.axios.com/2024/04/22/elon-musk-stepping-aside-doge-june

IRS fails to meet improper payment rate goals for refundable tax credits https://www.treasury.gov/tigta/auditreports/2024reports/202440032fr.pdf

Criminal groups stealing up to $1 trillion from US government programs
https://www.nbcnews.com/business/economy/hackers-stealing-us-government-money-rcna150024

99.99% of Trump Memecoin buyers lost money while 58 wallets made over $10 million each
https://www.chainalysis.com/reports/trump-memecoin-analysis-2024/

Intuit's record lobbying spending and Republican support to eliminate IRS Direct File
https://www.opensecrets.org/news/2024/04/intuit-turbotax-parent-spends-record-on-lobbying-amid-direct-file-rollout/

Intuit Developer Program Changes
https://developer.intuit.com/app/developer/homepage

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Cut Your Tech Stack 50%, Threat to CPA in Florida, IRS Cuts Recap

Blake Oliver & David Leary — Thu, 15 May 2025 18:00:00 -0700

What if your firm could cut its tech stack in half while delivering faster results to clients? In this episode, Blake and David explore the consolidation revolution in accounting software as practice management tools secure massive funding rounds. They also break down how private equity is reshaping the profession's business model, with some firms now prohibiting CPAs from using their credentials in email signatures. Plus, discover why a proposed Florida bill eliminating the Board of Accountancy could have nationwide implications for licensed professionals. Learn why shorter turnaround times—not lower prices—might be your most cost-effective path to happier clients in today's AI-transformed landscape.

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Chapters

(01:14) - Today's Topics Overview
(03:53) - Travel Stories and Observations
(05:14) - Conference Highlights and Industry Insights
(16:50) - Florida CPA Threat and Licensing Issues
(21:21) - Private Equity in Accounting Firms
(39:39) - IRS Workforce Reduction Update
(44:04) - IRS and ICE Data Sharing Agreement
(45:42) - Proposed Bill to Regulate Tax Preparers
(47:37) - Americans' Perception of Tax Fairness
(52:16) - Improving Client Satisfaction in Tax Services
(01:00:21) - Consolidation in Accounting Tech: Xero and Bill.com
(01:02:28) - Gusto Expands into AR and AP
(01:10:47) - The Impact of AI on Accounting Jobs

Show Notes

Firms with AI report higher per-employee revenue vs others
https://www.accountingtoday.com/news/firms-with-ai-report-higher-per-employee-revenue-vs-others

50% of finance teams still take over a week to close the books
https://www.cfo.com/news/50-of-finance-take-week-to-close-books-ledge-month-end-close-time-cfo-three-day-close-myth-/746085/

Shorter Turnaround Equals Happier Tax Clients
https://www.cpatrendlines.com/2025/05/shorter-turnaround-equals-happier-tax-clients/

Less than half of Americans believe federal income taxes are fair, Gallup poll finds
https://news.gallup.com/poll/taxes-fairness-poll-2025.aspx

Florida bill threatens to eliminate Board of Accountancy
https://www.goingconcern.com/florida-bill-threatens-to-eliminate-board-of-accountancy/

13 regional accounting firms unite under Sorin brand backed by private equity
https://www.accountingtoday.com/news/13-regional-accounting-firms-unite-under-sorin-brand

Bennett Thrasher rejects private equity, champions independence
https://www.accountingtoday.com/news/bennett-thrasher-rejects-private-equity-champions-independence

Interest in accounting rising among students, CAQ survey finds
https://www.thecaq.org/accounting-interest-students-survey-2025/

Treasury to stop issuing and accepting paper checks effective September 30, 2025
https://home.treasury.gov/news/press-releases/paper-checks-phase-out-2025

IRS and ICE reach agreement to share immigrants' tax information
https://www.irs.gov/newsroom/information-sharing-agreement-ice-2025

Bill to regulate tax preparers introduced in Congress
https://www.congress.gov/bill/tax-preparer-regulation-2025

Canopy raises $70 million Series C for practice management software
https://www.canopytax.com/blog/70-million-series-c-funding-2025

Thoma Bravo invests $100 million in HubSync for accounting technology growth
https://www.hubsync.com/news/thoma-bravo-investment-100-million

Xero and Bill forming alliance for embedded bill pay in the US
https://www.xero.com/blog/2025/05/bill-partnership-announcement/

Melio to embed payments for AR and AP inside Gusto
https://www.melio.com/blog/melio-gusto-partnership-2025

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Firms Using AI Make More $, PCAOB Shutdown Fight, The Impossible Tariff Test

Blake Oliver & David Leary — Wed, 07 May 2025 07:00:00 -0700

Could AI create a $20 trillion professional services earthquake? In this episode, Blake and David dive into the data showing that AI firms generate $45,000 more revenue per employee than non-adopters. You'll discover how AI is reshaping traditional accounting and what Claude's new ability to connect with your Gmail and calendar means for productivity. They also demonstrate how indistinguishable AI-cloned voices have become, sharing practical tips to protect yourself and clients from increasingly sophisticated voice scams. Plus, hear why the "impossible" US customs broker exam (with its shocking 4% pass rate) might offer accountants a lucrative alternative career path as tariff disputes heat up.

Sponsors
OnPay - http://accountingpodcast.promo/onpay
Bluevine - http://accountingpodcast.promo/bluevine (Bluevine is a financial technology company, not a bank. Banking Services provided by Coastal Community Bank, Member FDIC.)
Reframe - http://accountingpodcast.promo/reframe2025
Payhawk - http://accountingpodcast.promo/payhawk

Chapters

(00:37) - The Impact of AI on Accounting Firms
(02:04) - Voice AI Scams and Protection Tips
(03:34) - Legislative Updates and Industry News
(05:44) - Live Stream Shoutouts and Sponsor Acknowledgements
(06:50) - AI in Accounting: Revenue and Efficiency Insights
(14:01) - AI Voice Cloning Demonstration
(16:29) - Protecting Against AI Voice Scams
(24:12) - AI's Impact on Work and Productivity
(32:32) - AI in Tax and Accounting Firms
(38:19) - Success in Contract Drafting
(38:43) - Starbucks' Automation Reversal
(41:07) - AI and Productivity Gains
(53:58) - The Great Legacy Extinction
(01:08:58) - The Impossible Tariff Test
(01:13:09) - Private Equity in Accounting Firms
(01:16:03) - Conclusion and CPE Credits

Show Notes

Firms with AI report higher per-employee revenue vs others
https://www.accountingtoday.com/news/firms-with-ai-report-higher-per-employee-revenue-vs-others

Nine Ways to Protect Yourself from 'Impostor' Voice Scams
https://www.magzter.com/stories/newspaper/The-Wall-Street-Journal/NINE-WAYS-TO-PROTECT-YOURSELF-FROM-IMPOSTOR-VOICE-SCAMS

Danish study challenges claims about AI disrupting the labor market
https://getcoai.com/news/danish-study-challenges-claims-about-ai-disrupting-the-labor-market/

50% of finance teams still take over a week to close the books
https://www.cfo.com/news/50-of-finance-take-week-to-close-books-ledge-month-end-close-time-cfo-three-day-close-myth-/746085/

The Great Legacy Extinction: AI's $20T Takeover of Professional Services
https://www.venrock.com/insights/insights-technology/the-great-legacy-extinction-ais-20t-takeover-of-professional-services/

What Do You Think of the New PwC Logo?
https://www.cpapracticeadvisor.com/2025/04/30/what-do-you-think-of-the-new-pwc-logo/159946/

Big Four accounting firm PwC to slash about 1,500 jobs in the US
https://www.reuters.com/sustainability/accounting-firm-pwc-cut-1500-us-jobs-ft-reports-2025-05-05/

How are different accounting firms using AI?
https://tax.thomsonreuters.com/blog/how-do-different-accounting-firms-use-ai/

Customs Broker License Exam (CBLE)
https://www.cbp.gov/trade/programs-administration/customs-brokers/license-examination-notice-examination

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Ramp Wants to Be the Federal Spend Card, Interview with Mark Koziel

Blake Oliver & David Leary — Wed, 30 Apr 2025 19:00:00 -0700

Could you spend years earning your CPA license only to be told you can't use it? In this episode, Mark Koziel, president of the AICPA, joins Blake and David to discuss the shocking trend of firms prohibiting CPAs from identifying themselves as such in emails, on business cards, and even on LinkedIn. Blake and David also explore the economic uncertainty created by Trump's tariff policies, with major corporations cutting costs and delaying investments. Plus, learn about Republican plans to eliminate the PCAOB, the wave of states creating alternative CPA pathways, and why Ramp could become the federal government's spend management platform.

Sponsors
OnPay - http://accountingpodcast.promo/onpay
Bluevine - http://accountingpodcast.promo/bluevine (Bluevine is a financial technology company, not a bank. Banking Services provided by Coastal Community Bank, Member FDIC.)
Cloud Accountant Staffing - http://accountingpodcast.promo/cas
RoboDebit - http://accountingpodcast.promo/robodebit

Chapters

(01:13) - Top News Stories of the Week
(04:18) - Ramp's Ambitious Federal Government Plans
(14:04) - Republican Plans to Scrap PCAOB
(17:56) - Impact of Tariffs on Major Corporations
(28:45) - IRS Leadership Changes
(32:31) - Private Equity's New Accounting Firm
(36:03) - CPA Pipeline Updates: Tennessee, Texas, and Indiana
(37:46) - Republicans and the Millionaire Tax Idea
(40:20) - Interview with Mark Koziel: CPA Title Controversy
(01:06:36) - Fun Facts: The Cost of Replacing the Pope
(01:08:43) - Earn Free CPE on Earmark

Show Notes

Trump Team Eyes Politically Connected Startup to Overhaul $700 Billion Government Payments Program

https://www.propublica.org/article/trump-peter-thiel-ramp-gsa-smartpay-expense-payment-system

Big 4 Alum Start Their Own Thing Hoping Clients Want Something Different and Conflict-Free

https://www.goingconcern.com/big-4-alum-start-their-own-thing-hoping-clients-want-something-different-and-conflict-free/

Texas passes CPA law as push to lower licensure barrier gains steam

https://www.cfodive.com/news/broadening-cpa-licensure-paths-marching-beyond-150-hour-rule-accounting-talent-shortage/745282/

Draft bill would eliminate PCAOB

https://www.accountingtoday.com/news/draft-bill-would-eliminate-pcaob-empower-sec

Why The IRS Went Through 4 Acting Commissioners In 3 Months

https://abovethelaw.com/2025/04/why-the-irs-went-through-4-acting-commissioners-in-3-months/

'Hard no': Millionaire tax hike proposal has House Republicans divided

https://www.foxnews.com/politics/hard-no-millionaire-tax-hike-proposal-has-house-republicans-divided

Tariffs and global trade: The economic impact on business

https://www.mckinsey.com/capabilities/geopolitics/our-insights/tariffs-and-global-trade-the-economic-impact-on-business

Firms with AI report higher per-employee revenue

https://www.accountingtoday.com/news/firms-with-ai-report-higher-per-employee-revenue-vs-others

The mysterious donor who paid for Pope Francis' funeral

https://en.ara.cat/misc/the-mysterious-donor-who-paid-for-pope-francis-funeral_1_5357026.html

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Debits, Credits and Sniper Rifles: Reviewing the Accounting in The Accountant

Blake Oliver & David Leary — Fri, 25 Apr 2025 11:40:00 -0700

In this bonus episode, David teams up with Caleb and Zach from Oh My Fraud to unpack the 2016 film The Accountant. Together, they explore how Hollywood portrays forensic accounting, internal controls, and what happens when your auditor brings a thermos full of sniper parts.

Connect with David and Caleb
https://www.linkedin.com/in/davidleary
https://www.linkedin.com/in/calebnewquist

Oh My Fraud Episodes mentioned in this episode
https://ohmyfraud.com/episodes/the-fraud-came-first-remembering-crazy-eddie-with-gary-weiss

https://ohmyfraud.com/episodes/meet-the-fraudster-nathan-mueller

https://ohmyfraud.com/episodes/blow-the-whistle-with-jason-zuckerman-and-matt-stock

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Transcripts

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AI Spreadsheets, IRS Mass Resignations, Recession Signs

Blake Oliver & David Leary — Wed, 23 Apr 2025 09:00:00 -0700

Could AI be doing a day's work in just minutes for accountants? In this episode, Blake and David explore how accounting technology is revolutionizing traditional workflows, from Xero's new AI protocol that connects chatbots directly to accounting data, to Google's game-changing "I" function in Sheets that lets you analyze data with natural language. You'll discover why deep research tools might replace entire teams of analysts and why revealing your AI usage might actually hurt your professional reputation. Plus, hear about unusual recession indicators (men's underwear sales are down!), what Americans consider financial success versus reality, and why accountants everywhere are buzzing about Baker Tilly's merger with Moss Adams. Whether you're curious about automating journal entries or simply wondering if you should disclose your AI wizardry, this episode delivers practical insights for the modern finance professional.

Sponsors
Payhawk - http://accountingpodcast.promo/payhawk
Relay - http://accountingpodcast.promo/relay
Cloud Accountant Staffing - http://accountingpodcast.promo/cas
RoboDebit - http://accountingpodcast.promo/robodebit

Chapters

(00:00) - Introduction and Podcast Overview
(00:39) - App News and Intuit Updates
(07:53) - Intuit's AI and Bitcoin Controversy
(11:10) - Xero Innovations
(20:16) - Paychex Acquires Paycor
(21:11) - Flowcast's AI Agents
(25:17) - Pipe Acquires Glean AI
(26:28) - Google Sheets AI Formula
(34:30) - Google Agent Space
(42:29) - AI's Impact on High-Level Jobs
(43:12) - Testing AI with Investment Analysis
(44:25) - Mother Road Brewery Investment Evaluation
(49:31) - Canva's New Sheets Feature
(54:31) - Google's Monopoly and Data Breach News
(58:22) - AI Disclosure in the Workplace
(01:05:51) - Mega Merger of Accounting Firms
(01:11:26) - Signs of a Recession
(01:17:45) - Upcoming Events and CPE Opportunities

Show Notes

Accelerating Money Innovation with Deserve Technology Platform and Talent

https://www.intuit.com/blog/news-social/accelerating-money-innovation-with-deserve-technology-platform-and-talent/

WARNING: Quickbooks Checking

https://quickbooks.intuit.com/learn-support/en-us/banking/warning-quickbooks-checking/00/1516063

Green Dot considers sale as CEO exits

https://www.paymentsdive.com/news/green-dot-citi-strategic-review-sale-ceo-exit-gresham/742096/

Intuit Enterprise Suite Spring update features more efficient multi-entity accounting, enhanced reporting, and more

https://quickbooks.intuit.com/r/enterprise/intuit-enterprise-suite-spring-2025-release-notes/

Strive targets Intuit for Bitcoin buys after orange-pilling GameStop

https://cointelegraph.com/news/strive-targets-intuit-bitcoin-buys-after-gamestop

Xero Rolls Out New "Reconcile Period" Feature

https://insightfulaccountant.com/accounting-tech/general-ledger/xero-rolls-out-new-reconcile-period-feature/

Xero introduces new Model Context Protocol server for smarter accounting

https://devblog.xero.com/xero-introduces-new-model-context-protocol-server-for-smarter-accounting-4d195ccaeda5

Paychex Acquires Paycor in $4.1 Billion Deal

https://www.pymnts.com/acquisitions/2025/paychex-acquires-paycor-in-4-1-billion-deal/

Introducing FloQast AI Agents: Revolutionizing Accounting Automation

https://www.floqast.com/blog/introducing-floqast-ai-agents-revolutionizing-accounting-automation

Pipe Acquires Glean.ai to Add Spend Management to Suite of Embedded Financial Solutions

https://pipe.com/resources/press-releases/pipe-acquires-glean-ai-to-add-spend-management-to-suite-of-embedded-financial-solutions

Google Sheets Introduces AI-Powered =AI() Formula for Enhanced Productivity
https://yourstory.com/2025/04/google-sheets-ai-formula-gemini

Scale enterprise search and agent adoption with Google Agentspace

https://cloud.google.com/blog/products/ai-machine-learning/google-agentspace-enables-the-agent-driven-enterprise

Sarah Friar’s LinkedIn Post …

https://www.linkedin.com/posts/sarah-friar_what-an-ai-powered-finance-function-of-the-activity-7259765674506399744-IKQD

OpenAI CFO Sarah Friar: We are building a lot of IP down into the data center layer

https://www.cnbc.com/video/2025/03/20/openai-cfo-sarah-friar-we-are-building-a-lot-of-ip-down-into-the-data-center-layer.html

Introducing Visual Suite 2.0: Productivity, meet creativity

https://www.canva.com/newsroom/news/canva-create-2025/

Department of Justice Prevails in Landmark Antitrust Case Against Google

https://www.justice.gov/opa/pr/department-justice-prevails-landmark-antitrust-case-against-google

Dark Web Digest – Lessons Learned from the Wolters Kluwer Data Breach

https://www.purevpn.com/blog/dark-web-digest-issue-4-wolters-kluwer/

New HEC Paris research suggests that shadow adoption of ChatGPT could benefit employees but not the firms

https://www.hec.edu/en/news-room/new-hec-p...

DOGE Proves IRS Can Move 100X Faster Without Red Tape

Blake Oliver & David Leary — Tue, 15 Apr 2025 07:00:00 -0700

What happens when a trade war meets bureaucratic red tape? In this episode, Blake and David dive into the explosive impact of 145% tariffs on Chinese goods and what it means for American businesses' bottom lines. Through real-world examples—from small retailers to tech giants like Apple—they break down how these policies could devastate supply chains and force difficult decisions for companies caught in the crossfire.

Meanwhile, the Department of Government Efficiency is shaking up the IRS, transforming a login button change from a 103-day project into a 71-minute fix. But that's not all: CPAs at private equity-owned firms are now being told to remove their credentials from email signatures and LinkedIn profiles. Tune in to understand how these seemingly separate issues reflect larger battles over professional identity, government efficiency, and America's economic future.

Sponsors
RoboDebit - http://accountingpodcast.promo/robodebit
Cloud Accountant Staffing - http://accountingpodcast.promo/cas
Bluevine - http://accountingpodcast.promo/bluevine (Bluevine is a financial technology company, not a bank. Banking Services provided by Coastal Community Bank, Member FDIC.)

Chapters

(01:40) - Weekly News Roundup
(03:03) - IRS Updates and Controversies
(03:59) - Private Equity and CPA Titles
(05:08) - Government Efficiency and IRS Hackathon
(18:46) - Tariffs and Trade Wars
(27:57) - Impact of Tariffs on Businesses
(46:33) - Economic Impact of Tariffs and Debt
(47:26) - Trump Administration's Strategic Challenges
(48:14) - Job Loss Projections Due to Tariffs
(51:09) - China's Economic Transformation and Future
(54:43) - Human Impact of US-China Trade Policies
(58:48) - IRS Sharing Tax Information with Homeland Security
(01:03:06) - Private Equity's Influence on CPA Firms
(01:16:29) - Shopify's AI Hiring Policy
(01:29:25) - Conclusion and Announcements

Show Notes

Department of Government Efficiency – X posting on re-engineering a 103-day project
https://x.com/DOGE/status/1910067646827057152

DOGE plans now reportedly include an IRS ‘hackathon’
https://www.theverge.com/news/644327/musk-doge-irs-hackathon-taxpayer-data-transfer-cloud

IRS Workers Get Final Chance to Take Deferred Resignation Offer
https://www.cpapracticeadvisor.com/2025/04/07/irs-workers-get-final-chance-to-take-deferred-resignation-offer/158668/

Appeals Court Clears Path for Trump to Resume Firing ...
https://www.nytimes.com/2025/04/09/us/politics/trump-federal-workers-firing.html

Elon Musk Secretly Working to Rewrite the Social Security Codebase Using AI
https://futurism.com/elon-musk-rewriting-social-security-code-ai

Pentagon hits Accenture, Booz Allen and Deloitte with contract cancellations
https://www.nextgov.com/acquisition/2025/04/pentagon-hits-accenture-booz-allen-and-deloitte-contract-cancellations/404525/?oref=ng-homepage-river

Here’s the iPhone. Here’s the iPhone With Tariffs.
https://www.wsj.com/tech/personal-tech/iphone-apple-tariffs-china-bb20c7a3

Between tariffs and survival, American business owners are doing alarming math
https://www.npr.org/2025/04/07/nx-s1-5352833/trump-tariffs-china-manufacturing-businesses

At Home Group, Stung by Trade War, Explores Bankruptcy
https://www.wsj.com/articles/at-home-group-stung-by-trade-war-explores-bankruptcy-853b9a83

How Much Revenue Can Tariffs Really Raise for the Federal Government?
https://taxfoundation.org/research/all/federal/universal-tariff-revenue-estimates/

IRS agrees to share tax information of undocumented immigrants with Ice
https://www.theguardian.com/us-news/2025/apr/08/irs-ice-tax-data

Acting IRS commissioner resigning after agency reaches data-sharing deal with immigration authorities
https://www.cnn.com/2025/04/08/politics/melanie-krause-acting-irs-commissioner-resigning/index.html

Accounting firm that sold out to private equity is now requiring CPAs that work for them to stop using "CPA" on their personal LinkedIn and in email signatures
https://www.reddit.com/r/Accounting/comments/1jx2338/accounting_firm_that_sold_out_to_private_equity/?rdt=47047

Shopify CEO: No new hires, unless you prove AI can’t do the job
https://thehill.com/policy/technology/5239841-shopify-ceo-ai-first-hiring

KPMG’s new AI bot has cut interview scheduling time by almost 60% and saved more than 1,000 hours for the talent acquisition team
https://finance.yahoo.com/news/kpmg-ai-bot-cut-interview-121831887.html

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...

Work Less, Earn More: Transforming Accounting into a Rewarding Career (from the Earmark Podcast)

Blake Oliver & David Leary — Thu, 10 Apr 2025 06:00:00 -0700

Earmark Media Presents a bonus episode of Earmark Podcast:

Join Blake Oliver as he interviews Yuri Kapilovich, a CPA who's cracked the code on balancing work and life in accounting. Discover how Yuri maintains a thriving practice while working just 10-15 hours per week outside tax season and a maximum of 40 hours during crunch time. Learn actionable strategies for setting the right fees, optimizing workflows, and prioritizing fun and family without sacrificing success. Yuri will share his insights on transforming accounting from a grueling profession into an enjoyable and rewarding career. This webinar will equip you with practical tools to revolutionize your work-life balance and rediscover the joy in accounting. Don’t miss this opportunity to make your career more fulfilling and efficient!

(Originally recorded on December 4, 2024, on Earmark Webinars+)

Meet Our Guest, Yuri Kapilovich
LinkedIn: https://www.linkedin.com/in/ykapilovich/

Learn more about The Fun CPA
https://www.thefuncpa.co/

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Are you interested in sponsoring the Cloud Accounting Podcast? For details, read the prospectus.

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Transcripts

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The Crazy Calc of Trump's Tariffs & How to Make Fake Receipts With AI

Blake Oliver & David Leary — Mon, 07 Apr 2025 17:30:00 -0700

Could AI-generated fake receipts upend expense reporting as we know it? In this eye-opening episode, Blake and David demonstrate live how easy it's becoming to create convincing financial documents with AI—from receipts to audit opinions. They break down why Trump's new "reciprocal" tariffs aren't what they seem (complete with meaningless Greek symbols) and how they're already triggering market turbulence. You'll also learn why the federal government is ending paper checks by September, potentially saving hundreds of millions while reducing fraud by 16x. Plus, discover why Signal might be the most secure messaging option for your sensitive client communications. Whether you're concerned about fraud detection, economic impacts on your clients, or evolving professional standards, this episode delivers practical insights for navigating today's rapidly changing landscape.

Sponsors
Cloud Accountant Staffing - http://accountingpodcast.promo/cas
Bluevine - http://accountingpodcast.promo/bluevine (Bluevine is a financial technology company, not a bank. Banking Services provided by Coastal Community Bank, Member FDIC.)

Chapters

(02:49) - Implications of AI-Generated Receipts
(05:23) - Sponsor Acknowledgements and Livestream Interaction
(06:15) - Deep Dive into Trump's Tariffs
(09:27) - Economic Impact of Tariffs
(22:57) - Creating Fake Receipts with AI
(37:01) - Signal App and Secure Communication for Accountants
(42:22) - Corporate Espionage and Fraud Cases
(47:23) - Generating a Fake Audit Report with AI
(52:19) - Discussing Douglas Edelman's Tax Evasion
(56:33) - Deloitte Layoffs Due to Federal Crackdown
(01:00:14) - Mandating Electronic Federal Tax Transactions
(01:10:08) - IRS and ICE Coordination on Unauthorized Immigrants
(01:13:34) - Alternative Pathways to Becoming a CPA
(01:20:24) - Critique of Big Four Accounting Firms
(01:28:01) - Upcoming Events and New Content on Earmark

Show Notes

ChatGPT’s new image generator is really good at faking receipts

https://techcrunch.com/2025/03/31/chatgpts-new-image-generator-is-really-good-at-faking-receipts/

Markets Swing Wildly After Trump Holds His Ground on Tariff Plan

https://www.wsj.com/livecoverage/stock-market-trump-tariffs-trade-war-04-07-25

Trump’s Reciprocal Tariff Calculations Are Nonsense, Will Punish Mutually Beneficial Trade

https://taxfoundation.org/blog/trump-reciprocal-tariffs-calculations/

Stellantis to temporarily lay off 900 US workers as tariffs bite

https://www.reuters.com/business/autos-transportation/stellantis-says-will-temporarily-lay-off-900-us-workers-following-tariff-2025-04-03

Modernizing Payments To and From America’s Bank Account

https://www.whitehouse.gov/presidential-actions/2025/03/modernizing-payments-to-and-from-americas-bank-account/

The Trump Administration Accidentally Texted Me Its War Plans

https://www.theatlantic.com/politics/archive/2025/03/trump-administration-accidentally-texted-me-its-war-plans/682151/

@parkerconrad Tweet: Rippling sued @Deel today …

https://x.com/parkerconrad/status/1901615179718406276

Scoop: Fashion startup accuses founder of misconduct, after raising $534 million

https://www.axios.com/2025/03/31/scoop-caastle-founder-hunsicker-misconduct

The $7 Billion Defense Contractor Who Became One of America’s Biggest Alleged Tax Cheats

https://www.wsj.com/us-news/law/douglas-edelman-alleged-tax-fraud-who-ee65ea61

Deloitte is planning layoffs after a federal crackdown on consulting contracts

https://finance.yahoo.com/news/deloitte-planning-layoffs-federal-crackdown-063253531.html

DOGE’s private contract crackdown has eliminated more than 120 Deloitte contracts—more than twice the amount of any other consultancy

https://fortune.com/2025/04/03/doge-private-contract-crackdown-deloitte-consultancies/

Probationary IRS workers will be back to work before Tax Day: Trial Balance

https://www.cfo.com/news/probationary-irs-workers-will-be-back-to-work-before-tax-day-trial-balance/744419/

IRS sharing info with ICE would put illegal immigrants between 'rock and a hard place': expert

https://www.yahoo.com/news/irs-sharing-ice-put-illegal-130026839.html

Georgia, Indiana join growing band of states to pass CPA licensure laws

https://www.cfodive.com/news/georgia-joins-growing-band-states-pass-cpa-licensure-laws-accounting-talent-shortage/744384/

I Quit my Big 4 Accounting Job to Fry Chicken and Will Never Go Back …

https://www.businessinsider.com/quit-big-four-accounting-fry-chicken-never-go-back-2025-4

Local firm slashes staff starting salaries

https://www.accountingtoday.com/opinion/local-firm-slashes-staff-starting-salaries

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IRS Officials Claim Cuts Will Widen Tax Gap by $500 Billion

Blake Oliver & David Leary — Tue, 01 Apr 2025 18:00:00 -0700

What happens when tax enforcement weakens? With 17% of millennials considering skipping their tax filing altogether, Blake and David dig into how IRS budget cuts might impact compliance and revenue. They analyze fascinating survey data revealing what taxpayers truly value when choosing between professional preparation and free options like Direct File. Plus, discover the accounting scandal forcing Financial Times to retract its Tesla analysis, exposing how GAAP complexity confounds even financial experts. You'll also learn why three major US cities face billion-dollar budget holes and the disturbing revelation that duplicate Medicaid payments are costing taxpayers billions—all while Tether still can't produce an audit after ten years of promises.

Sponsors
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Chapters

(00:00) - Introduction and Podcast Overview
(00:42) - Top Stories of the Week
(02:27) - Sponsor Messages and Event Announcements
(04:52) - Interview with Christina Ho on PCAOB
(07:57) - Discussion on IRS Cuts and Tax Compliance
(19:44) - Survey on IRS Direct File
(28:21) - AI's Impact on Tax Professionals
(29:14) - Discrepancies in Tax Software Results
(30:08) - Public Opinion on Tax Filing Services
(31:23) - Challenges for Tax Professionals
(32:39) - LA's Budget Crisis
(36:24) - Federal Government Spending Issues
(37:28) - Medicaid Duplicate Payments Scandal
(45:55) - Tether's Audit Controversy
(50:38) - Tesla's Financial Discrepancies
(56:16) - Big Four Transparency Rankings
(58:07) - Conclusion and Farewell

Show Notes

Tax Revenue Could Drop by 10 Percent Amid Turmoil at IRS

https://www.washingtonpost.com/business/2025/03/22/irs-tax-revenue-loss-federal-budget/

Survey: Some Americans Might Roll the Dice on Not Filing Their Taxes This Year Due to IRS Job Cuts

https://www.cpapracticeadvisor.com/2025/03/26/survey-some-americans-might-roll-the-dice-on-not-filing-their-taxes-this-year-due-to-irs-job-cuts/157877/

Most Americans Are Interested in Using IRS Direct File to Prepare and File Their Taxes

https://taxpolicycenter.org/briefs/most-americans-are-interested-using-irs-direct-file-prepare-and-file-their-taxes

TurboTax vs Free Tax USA: A Shocking Price Comparison

https://www.tiktok.com/@carolinesadventure/video/7482613418801859870

Survey: 91% of Americans Think Filing Taxes Should Be Free

https://www.cpapracticeadvisor.com/2025/03/11/survey-91-of-americans-think-filing-taxes-should-be-free/157176/

Why you should think twice before claiming an income-tax extension. ‘This is not the year to do your normal procrastinating.’

https://www.marketwatch.com/story/why-you-should-think-twice-before-claiming-an-income-tax-extension-this-is-not-the-year-to-do-your-normal-procrastinating-89937e0d

LA Faces $1 Billion Budget Hole, Warns of Thousands of Layoffs

https://www.bloomberg.com/news/articles/2025-03-20/la-faces-1-billion-budget-hole-warning-thousands-of-layoffs

WSJ investigation: Medicaid paid health insurers billions by covering the same patients twice

https://www.risehealth.org/insights-articles/wsj-investigation-medicaid-paid-health-insurers-billions-by-covering-the-same-patients-twice/

Tether seeks Big Four firm for its first full financial audit — Report

https://cointelegraph.com/news/stablecoin-issuer-tether-big-four-firm-full-reserve-audit-report

Financial Times retracts report on Tesla’s alleged shady accounting

https://www.teslarati.com/financial-times-retracts-report-tesla-shady-accounting/

The Big 4 Transparency Accounting Awards

https://big4transparency.beehiiv.com/p/the-big-4-transparency-accounting-awards

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Fired IRS Workers Reinstated, Rippling v. Deel, DOGE Cuts Consultants

Blake Oliver & David Leary — Tue, 25 Mar 2025 22:00:00 -0700

Blake and David dive straight into the headlines, starting with the controversial IRS workforce cuts and their potential impact on tax collections. They examine corporate espionage allegations between payroll companies Rippling and Deel, including a complex web of legal battles, Russian connections, and political involvement, and go on to discuss how AI is rapidly improving at handling longer tasks. All this and much more, right now!

Sponsors
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Chapters

(00:31) - Exciting Stories and Headlines
(03:07) - Live Stream Shoutouts
(05:08) - Earmark Podcast and CPE Credits
(10:56) - IRS Workforce Cuts and Tax Gap
(30:13) - Rippling vs. Deel Espionage Saga
(41:20) - Evolve Bank and Trust Controversies
(42:39) - Rippling and Deal Lawsuit Drama
(42:57) - Political Connections and Scandals
(44:31) - The Future of AI in Accounting
(46:36) - AI Performance and Moore's Law
(50:42) - AI's Impact on Accounting Tasks
(54:43) - Live Demonstration with Claude AI
(01:08:27) - The Future of Accountants in an AI World
(01:20:45) - Conclusion and Upcoming Events

Show Notes

7,000 IRS workers ‘reinstated’ — but not yet returning to work

https://www.journalofaccountancy.com/news/2025/mar/7000-irs-workers-reinstated-but-not-yet-returning-to-work/

IRS Retreats From Some Audits as Agency Slashes Workforce

https://www.wsj.com/politics/policy/internal-revenue-service-doge-taxes-f00ac956

Opinion | With IRS cuts, DOGE would lose far more money ...

https://www.washingtonpost.com/opinions/2025/03/13/doge-irs-cuts-tax-revenue/

Former Defense Contractor and his Wife Indicted for Evading U.S. Taxes on Profits from Selling Jet Fuel to the U.S. Military

https://www.irs.gov/pub/irs-ci/j5-media-release-7-3-2024.pdf

Lawsuit Alleges $12 Billion "Unicorn" Deel Cultivated Spy, Orchestrated Long-Running Trade-Secret Theft & Corporate Espionage Against Competitor

https://www.rippling.com/blog/lawsuit-alleges-12-billion-unicorn-deel-cultivated-spy-orchestrated-long-running-trade-secret-theft-corporate-espionage-against-competitor

IRS in Crisis: Tax Professionals Bear the Brunt

https://cpatrendlines.com/2019/02/26/taxpayer-advocate-lambastes-irs/

Measuring AI Ability to Complete Long Tasks

https://metr.org/blog/2025-03-19-measuring-ai-ability-to-complete-long-tasks/

Earmark Podcast – Ep. 87 - How to Use AI to Analyze Data and Draft Financial Reports in Minutes

https://share.transistor.fm/s/c86818f5

Earmark’s Screening of The Accountant 2

https://www.eventbrite.com/e/screening-of-the-accountant-2-tickets-1225264421869?aff=EarmarkApp

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REFRAME 2025 - http://accountingpodcast.promo/reframe2025

Transcripts

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The Broken CPA Exam: Why Pass Rates Are Collapsing and How to Fix It

Blake Oliver & David Leary — Mon, 17 Mar 2025 15:00:00 -0700

Is the CPA exam fundamentally flawed? With FAR section pass rates plummeting to a 15-year low of 36% and a staggering 40-point gap between discipline section pass rates, something isn't adding up. Dr. Josh McGowan of Troy University joins Blake Oliver to dissect these troubling statistics and explore how the 2024 CPA Evolution model may be inadvertently pushing candidates toward "easier" disciplines. They tackle the growing movement to drop the 150-hour requirement and propose a provocative solution: splitting the credential into specialized tax and financial/audit pathways. Whether you're preparing for the exam or leading a firm, this conversation reveals how accounting's licensing system might finally evolve beyond its one-size-fits-all approach.

Meet Our Guest, Dr. Josh McGowan, CPA
LinkedIn: https://www.linkedin.com/in/dr-josh-mcgowan-cpa-503846b7/
X: https://x.com/Jmcgowan3838

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How Trump's Pick to Run Medicare Paid No Medicare Taxes in 2023

Blake Oliver & David Leary — Fri, 14 Mar 2025 15:00:00 -0700

This week on the pod: Judge orders 6 agencies (including IRS?) to rehire fired probationary workers, we dig into the tax trick Dr. Oz used to pay no Medicare taxes, AICPA in pointless talks with the IRS, Digits takes on QuickBooks with AI-powered GL, remote accounting jobs in retreat, and more!

Sponsors
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Chapters

(01:29) - Listener Feedback and Criticism
(02:37) - Political Discussions and Their Impact on Accounting
(12:34) - IRS Workforce Cuts and Technology Issues
(20:44) - Dr. Oz and the Limited Partner Tax Strategy
(33:15) - Viewer Comments and AI Discussion
(33:56) - Digits and AI
(52:29) - Remote Accounting Jobs: Trends and Insights
(58:32) - Deloitte's Audit Integrity
(01:00:53) - IRS Drama: Chief Counsel Clash
(01:02:03) - Podcast Wrap-Up and Listener Engagement

Show Notes

Dr. Mehmet Oz may have underpaid Medicare and Social Security taxes, Senate Democratic memo finds

https://www.nbcnews.com/politics/congress/dr-mehmet-oz-medicare-social-security-taxes-democrats-memo-rcna196237

DOGE proposes cutting IRS workforce by a total of nearly 20%

https://www.cnn.com/2025/03/13/politics/doge-irs-workforce-cuts-downsizing/index.html

Judge orders Trump administration to reinstate thousands of fired employees at VA, Defense Department and other agencies

https://www.cnn.com/2025/03/13/politics/judge-opm-probationary-employees-fired-hearing/index.html

AICPA CEO Releases Statement on IRS Services for this Tax Season

https://www.aicpa-cima.com/news/article/aicpa-ceo-releases-statement-on-irs-services-for-this-tax-season

Introducing Autonomous General Ledger

https://digits.com/blog/agl-announcement/

Building AI that Actually Works: 10 Key Lessons from Calendly’s CPO and Head of UX

https://www.saastr.com/10-key-lessons-from-calendlys-cpo-and-head-of-ux-on-building-ai-that-actually-works/

Only 9% of SMB finance teams are still working fully remote

https://www.cfo.com/news/only-9-of-small-medium-SMB-cfos-are-still-working-fully-remote-return-to-office-strategies/740312/

Opportunity to Attract and Retain Highly Motivated Working Parents via Enhanced Flexibility, Stronger Support Systems

https://kpmg.com/us/en/media/news/kpmg-working-parents-survey-2025.html

Steak n Shake's parent company gets an adverse opinion from auditor

https://www.expressnews.com/business/article/steaknshake-biglari-auditor-adverse-opinion-20204740.php

The IRS just demoted its chief counsel who clashed with Elon Musk’s DOGE

https://fortune.com/2025/03/13/irs-chief-counsel-doge-elon-musk/

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IRS to Lay Off 50%, How Trump's Tariffs Are Working

Blake Oliver & David Leary — Tue, 11 Mar 2025 08:00:00 -0700

How does a profession revitalize itself when salaries haven't budged since 2007? In this episode, Blake and David examine the shocking reality that Big Four audit associates in Chicago earn the same salary range today as they did nearly two decades ago. They also explore why accounting's value proposition has stagnated in a world where financial statements fail to capture what truly matters to modern investors, and you'll hear their take on the IRS's plan to cut 50% of its workforce, Social Security's future, and the economic impact of tariffs—including a surprising clip from Ronald Reagan himself. Plus, learn how over 30 states are now advancing legislation to eliminate the 150-hour rule that has long been blamed for declining CPA candidates.

Sponsors
OnPay - http://accountingpodcast.promo/onpay
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RightWorks- http://accountingpodcast.promo/rightnow2025 (use code TAP15 for 15% OFF)

Chapters

(00:49) - BOI Reporting Requirements Halted
(02:00) - Impact of BOI Reporting Suspension
(05:12) - IRS Layoffs and Their Implications
(11:56) - Reagan's Take on Tariffs
(15:58) - Trump's Tariffs and Fentanyl Production
(19:59) - OnPay Updates
(24:50) - Economic Optimism Among CPAs
(27:10) - Strategic Crypto Reserve
(30:30) - Elon Musk on Social Security
(37:49) - Earmark Webinar Highlights on CPA Licensure Changes
(40:17) - Audit Associate Salary Stagnation
(43:32) - CPA Supervision and Work Experience Challenges
(44:48) - Audit Quality and Firm Economics
(47:46) - Intangible Assets and Financial Reporting
(59:03) - Expense Card Industry Updates
(01:04:26) - US Debt and Economic Power

Show Notes

The IRS Is Reportedly Planning to Cut Up to 45,000 Workers — Half of Its Workforce

https://www.entrepreneur.com/business-news/irs-planning-mass-layoffs-cutting-half-of-workforce-report/487974

President Reagan's Radio Address on Free and Fair Trade on April 25, 1987

https://www.youtube.com/watch?v=5t5QK03KXPc

Trump’s Tariffs Set Off Day of Anger, Retaliation and Market Unease

https://www.nytimes.com/live/2025/03/04/us/tariffs-us-canada-mexico-china

Domestic economic sentiment declines 20 percentage points among CPA execs

https://www.journalofaccountancy.com/news/2025/mar/domestic-economic-sentiment-declines-20-percentage-points-among-cpa-execs.html

Trump signs order to establish strategic bitcoin reserve

https://www.reuters.com/technology/trump-signs-order-establish-strategic-bitcoin-reserve-white-house-crypto-czar-2025-03-07/

Fact Sheet: President Donald J. Trump Establishes the Strategic Bitcoin Reserve and U.S. Digital Asset Stockpile

https://www.whitehouse.gov/fact-sheets/2025/03/fact-sheet-president-donald-j-trump-establishes-the-strategic-bitcoin-reserve-and-u-s-digital-asset-stockpile/

Elon Musk's Social Security Comments Called Out by Former Administrator

https://www.newsweek.com/elon-musk-social-security-comments-ponzi-scheme-martin-omalley-2042006

85% of Americans Willing to Raise Taxes to Save Social Security, Survey Shows

https://finance.yahoo.com/news/85-americans-willing-raise-taxes-133018876.html

Erica Goode’s LinkedIn Post on Salary Declines

https://www.linkedin.com/posts/erica-goode-cpa-00205616_thisindustry-icanteven-activity-7300526290778869762-hqph/

Will Debt Sink the American Empire?

https://www.wsj.com/politics/policy/will-debt-sink-the-american-empire-8459096b

FASB Requests Feedback Related to Intangible Assets

https://dart.deloitte.com/USDART/home/news/all-news/2024/dec/fasb-invitation-to-comment-intangible-assets

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Top 10 College Accounting Programs, PwC Israel Fined, Trump Names Crypto Reserve Coins

Blake Oliver & David Leary — Fri, 07 Mar 2025 12:00:00 -0800

What happens when the US government considers creating a cryptocurrency reserve? In this episode, Blake and David dive into Trump's surprising announcement about establishing a crypto strategic reserve and the immediate market reaction. They explore this proposal's potential consequences and skepticism, from security vulnerabilities to valuation challenges.

You'll also hear about PwC Israel's $2.8 million fine for exam cheating, Connecticut's push to create alternative CPA licensure pathways, and how accounting firms are expanding into legal services. They also dissect the outcry over federal employees being asked to submit weekly accomplishment reports and break down Citigroup's jaw-dropping $81 trillion transfer error caused by poor software design.

Whether you're tracking regulatory changes, interested in the evolution of professional services firms, or simply fascinated by the intersection of finance and technology, this episode delivers insights into the forces reshaping the accounting profession today.

Sponsors
Bluevine - http://accountingpodcast.promo/bluevine (Bluevine is a financial technology company, not a bank. Banking Services provided by Coastal Community Bank, Member FDIC.)
RightWorks- http://accountingpodcast.promo/rightnow2025 (use code TAP15 for 15% OFF)
CPA.com - http://accountingpodcast.promo/cpa

Chapters

(00:00) - Introduction and Welcome
(00:29) - Crypto's Legitimacy and Trump's Announcement
(01:44) - Crypto Market Reactions and Speculations
(04:07) - Personal Updates and Hiking Adventure
(05:36) - Crypto Reserve Concerns and Security Issues
(08:00) - PWC Fined for Cheating Scandal
(11:42) - Top Collegiate Accounting Programs
(16:52) - FinCEN and Beneficial Ownership Reporting
(17:59) - Fyre Festival 2 Announcement
(20:46) - CPA Licensure Pathways and Reforms
(25:33) - Accounting Firms Expanding into Legal Services
(30:45) - Consulting Firms and Government Contracts
(36:30) - Government Spending and Nonprofits
(37:49) - Consulting Costs and Middlemen
(40:18) - The Penny Debate
(41:53) - Federal Employee Accountability
(58:46) - Elon Musk's OpenAI Offer
(01:03:50) - Citigroup's $81 Trillion Error
(01:07:36) - Self-Driving Cars and AI
(01:10:11) - Conclusion and CPE Message

Show Notes

Trump names cryptocurrencies in strategic reserve, sending prices up

https://www.reuters.com/world/us/trump-says-cryptocurrency-strategic-reserve-includes-xrp-sol-ada-2025-03-02/

Crypto's biggest hacks and heists after $1.5 billion theft from Bybit

https://www.reuters.com/technology/cybersecurity/cryptos-biggest-hacks-heists-after-15-billion-theft-bybit-2025-02-24/

PCAOB Sanctions PwC Israel for Quality Control Violations Related to Widespread Improper Answer Sharing

https://pcaobus.org/news-events/news-releases/news-release-detail/pcaob-sanctions-pwc-israel-for-quality-control-violations-related-to-widespread-improper-answer-sharing

CPA Success Index: Ranking the top collegiate accounting programs

https://www.accountingtoday.com/opinion/cpa-success-index-ranks-top-collegiate-accounting-programs

FinCEN Not Issuing Fines or Penalties in Connection with Beneficial Ownership Information Reporting Deadlines

https://www.fincen.gov/news/news-releases/fincen-not-issuing-fines-or-penalties-connection-beneficial-ownership

Fyre Festival 2 tickets are on sale for up to $1.1 million after founder served prison time for defrauding investors of the first event

https://fortune.com/2025/02/26/fyre-festival-2-tickets-billy-mcfarland-prometheus-pass-music-lineup/

Progress: Tracking the conversation in all licensing jurisdictions

https://www.mncpa.org/involvement/legislative/broadening-pathways-to-cpa/national/

Aprio Aims to Enter Legal Industry by Combining with Law Firm in Arizona

https://www.cpapracticeadvisor.com/2025/02/13/aprio-aims-to-enter-legal-industry-by-combining-with-law-firm-in-arizona/156043/

McKinsey Estimates Advisor Shortage of 100,000 by 2034

https://www.wealthmanagement.com/wealth-management-industry-trends/mckinsey-estimates-advisor-shortage-of-100-000-by-2034

Saudi Wealth Fund Blocks PwC from Advisory Work for One Year

https://www.bloomberg.com/news/articles/2025-02-28/saudi-wealth-fund-blocks-pwc-from-advisory-work-for-one-year

A message from SecVA Doug Collins

https://www.youtube.com/watch?v=r8Z_RkqSAzo

Everyone Hates Pennies, Except This Guy

https://www.wsj.com/business/mark-weller-penny-defender-trump-d543a9de?mod=business_lead_pos1

Federal workers get a new email demanding their accomplishments

https://www.npr.org/2025/03/01/g-s1-51490/federal-workers-new-email-accomplishments

Fact Sheet: President Donald J. Trump Proceeds with Tariffs on Imports from Canada and Mexico

https://www.whitehouse.gov/fact-sheets/2025/03/fact-sheet-president-donald-j-trump-proceeds-with-tariffs-on-imports-from-canada-and-mexico/

Sam Altman Rejects Elon Musk’s Offer To Buy OpenAI Control—And Mocks X

https://www.forbes.com/sites/mollybohannon/2025/02/10/sam-altman-rejects-elon-musks-offer-to-buy-openai-control-and-mocks-x/

Former U.S. Senator Robert M...

Federal Funds Freeze Hurts Nonprofits

Blake Oliver & David Leary — Wed, 05 Mar 2025 22:00:00 -0800

Billions in federal funds for nonprofits were abruptly frozen by the Trump administration, leaving organizations scrambling to stay afloat. Blake speaks with Jerilyn Dressler and Harriet "Hatsy" Cutshall from YPTC about how these freezes disrupted essential services, the complex flow of federal grants, and the rigorous compliance requirements nonprofits must meet. With a judge ordering the funds to be reinstated, they discuss what’s next for nonprofits and the ongoing challenges of government funding oversight.

Meet Our Guests:
Jerilyn Dressler, CPA : https://www.linkedin.com/in/jerilynkeitdresslercpacfe
Harriet "Hatsy" Cutshall, CPA : https://www.linkedin.com/in/hatsycutshallcpa-yptc

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The Case Against a Crypto Reserve

Blake Oliver & David Leary — Tue, 04 Mar 2025 20:15:00 -0800

Dr. Jack Castonguay, CPA and Hofstra University professor, provides a critical analysis of proposed legislation to create a Strategic Bitcoin Reserve. He challenges the notion that the government should invest taxpayer money in a highly volatile, speculative asset that lacks the practical applications of traditional reserves like oil or foreign currencies. The discussion explores concerns about buying at record-high prices, the unknown identities of Bitcoin holders, and the potential risks of states allocating public funds to cryptocurrency investments.

Meet Our Guest, Jack Castonguay
https://www.linkedin.com/in/jack-castonguay-phd-cpa
https://www.hofstra.edu/faculty-staff/faculty-profile.html?id=6751

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Building a $200K Accounting Firm in Just 15 Hours a Week (from the Earmark Podcast)

Blake Oliver & David Leary — Mon, 03 Mar 2025 12:00:00 -0800

This episode originally appeared on the Earmark Podcast. Listen and subscribe at https://podcast.earmarkcpe.com.

Erica Goode, CPA, reveals how she built a thriving $200K accounting firm working just 15 hours a week. Discover the power of niching, efficient processes, and work-life balance in this candid discussion. Erica will share her journey from corporate burnout to entrepreneurial success, offering practical insights on pricing strategies, time management, and building authority in your niche. Whether you're considering starting your own firm or optimizing your existing practice, this webinar will inspire and equip you to reimagine what's possible in your accounting career.

Get CPE for this episode here: https://www.earmark.app/c/1802

Show Notes

The 15-Hour Accounting eBook:
https://mailchi.mp/ericagoode/15-hr-accountant-ebook

Meet Our Guest, Erica Goode

LinkedIn: https://www.linkedin.com/in/erica-goode-cpa-00205616/

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Transcripts

The full transcript for this episode is available by clicking on the Transcript tab at the top of this page

IRS Layoffs, BOI Is Back, PCAOB Under Threat

Blake Oliver & David Leary — Thu, 27 Feb 2025 12:00:00 -0800

Is the U.S. heading toward a financial cliff? In this eye-opening episode, Blake and David unpack the Government Accountability Office's sobering projection that federal debt will double the size of the economy by 2047. While exploring recent DOGE initiatives and IRS layoffs, they examine whether drastic government spending cuts are inevitable—and necessary.

Meanwhile, Virginia and Tennessee join the growing movement to reform CPA licensure requirements by offering pathways that don't require 150 credit hours. Could these changes be the key to increasing diversity more effectively than corporate DEI programs?

You'll also discover why the $400 million PCAOB budget might be on the chopping block, how AI research tools like Perplexity Deep Research are revolutionizing tax research, and get the latest update on the ever-shifting BOI reporting deadlines. Whether you lean left, right, or stay strictly in the debits and credits, this episode offers practical insights for navigating the changing professional landscape.

Sponsors
OnPay - http://accountingpodcast.promo/onpay
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Bluevine - http://accountingpodcast.promo/bluevine (Bluevine is a financial technology company, not a bank. Banking Services provided by Coastal Community Bank, Member FDIC.)

Chapters

(02:16) - Apologies and Clarifications
(04:14) - IRS Layoffs and Government Spending
(05:09) - Live Stream Interactions and Sponsorships
(06:24) - Federal Debt and Fiscal Health
(16:35) - BOI Reporting Deadline Extension
(18:42) - Deloitte's DEI Changes
(23:03) - CPA Licensure Pathways
(28:14) - DOGE Dividend Proposal
(32:51) - Social Security and Medicare Funding Challenges
(35:17) - Impact of IRS Layoffs
(37:50) - Audit Rates and Tax Compliance
(41:53) - Regulatory Burdens and Economic Growth
(49:46) - PCAOB and Audit Quality
(57:50) - AI in Tax Research
(01:03:34) - Listener Engagement and Final Thoughts

Show Notes

GAO-24-106987, The Nation's Fiscal Health

https://www.gao.gov/assets/d24106987.pdf

Corporate Transparency Act Enforcement Injunction Stayed, FinCEN Extends the Beneficial Ownership Information Reporting Deadline to March 21, 2025, and Announces Intention to Revise the Reporting Rule

https://www.sidley.com/en/insights/newsupdates/2025/02/corporate-transparency-act-enforcement-injunction-stayed

Trump Demands Apple Ditch DEI After It Rejects Proposal: Here Are All The Companies Cutting Diversity Programs

https://www.forbes.com/sites/conormurray/2025/02/26/trump-demands-apple-ditch-dei-after-it-rejects-proposal-here-are-all-the-companies-cutting-diversity-programs/

Breaking down Virginia's new CPA requirements: What you need to know

https://www.blakeoliver.com/blog/breaking-down-virginias-new-cpa-requirements-what-you-need-to-know

Virginia General Assembly passes legislation widening pathways to CPA licensure effective Jan. 1, 2026

https://boa.virginia.gov/2025/02/virginia-general-assembly-passes-legislation-widening-pathways-to-cpa-licensure-effective-jan-1-2026/

Bridging the Gap: New CPA Licensure Legislation To Address the CPA Shortage

https://www.tscpa.com/news/1490-bridging-the-gap-new-cpa-licensure-legislation-to-address-the-cpa-shortage

$5,000 DOGE check? Trump backs idea to send some savings to Americans

https://www.fox9.com/news/5000-doge-dividend-check-trump-backs-savings-americans

IRS plans to lay off 7,000 probationary workers beginning Thursday, AP source says

https://apnews.com/article/irs-layoffs-trump-elon-musk-doge-df2b3c8d53ff9f2d276c8b29f8004dde

AICPA CEO Mark Koziel on the Future of Accounting Under the Trump Administration

https://www.nysscpa.org/news/publications/the-trusted-professional/article/aicpa-ceo-mark-koziel-on-the-future-of-accounting-under-the-trump-administration-021225

Perplexity Unveils Deep Research: AI-Powered Tool for Advanced Analysis

https://www.infoq.com/news/2025/02/perplexity-deep-research/

TaxGPT Raises $4.6M to Build the First AI Tax Co-Pilot for Accounting and Tax Firms

https://www.taxgpt.com/blog/taxgpt-raises-4-6m-to-build-the-first-ai-tax-co-pilot-for-accounting-and-tax-firms

DeepSeek on par with GPT, Claude, Llama for accounting

https://www.accountingtoday.com/news/deepseek-on-par-with-gpt-claude-llama-for-accounting

Secure your Intuit Account and prevent lockout with extra verification methods

https://quickbooks.intuit.com/learn-support/en-us/help-article/security-risk/verify-account-multi-factor-authentication/L2Xp0GNiT_US_en_US

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DOGE Chaos, Reciprocal Tariffs, Deloitte Backs off DEI, AICPA Caves on 150

Blake Oliver & David Leary — Mon, 17 Feb 2025 10:00:00 -0800

Today, Blake and David dive into the controversy surrounding DOGE's withholding federal funds and gaining access to Treasury payment systems. They also examine AICPA's move away from the 150-hour requirement and Adobe's misguided tax document advice. All this and much more, right now!

Sponsors
CPA.com - http://accountingpodcast.promo/cpa
Relay - http://accountingpodcast.promo/relay
Cloud Accountant Staffing - http://accountingpodcast.promo/cas
Rho - http://accountingpodcast.promo/rho

Chapters

(00:00) - Welcome to The Accounting Podcast
(00:54) - Chaos Created by Doge
(01:32) - Top Stories of the Week
(02:17) - Listener Mail and Additional Topics
(05:09) - Live Stream Interaction
(06:42) - DOJ and Treasury Payment Freeze
(17:40) - Young Engineers at DOJ
(24:15) - Automation Features for Seamless Transactions
(24:44) - Addressing Viewer Questions on Treasury Policies
(25:34) - Debate on Federal Fund Vetting and Spending
(27:57) - Government Bureaucracy and Political Battles
(33:31) - The Role of Young Auditors in Government Agencies
(39:21) - Adobe's Tax Tips: Helpful or Harmful?
(42:37) - Final Thoughts on Government Efficiency and Partisanship

Show Notes

NASBA and the AICPA Propose an Alternative Path to CPA

https://www.cpajournal.com/2025/01/24/nasba-and-the-aicpa-propose-an-alternative-path-to-cpa/#google_vignette

“DOGE” Access to Treasury Payment Systems Raises Serious Risks

https://www.cbpp.org/research/federal-budget/doge-access-to-treasury-payment-systems-raises-serious-risks

Governor Shapiro Files Lawsuit Challenging Trump Administration’s Unconstitutional Federal Funding Freeze in Order to Protect Pennsylvania Interests

https://www.pa.gov/governor/newsroom/2025-press-releases/gov-shapiro-files-lawsuit-trump-admin-unconstitutional-federal-f.html

Craig Hausz Tweet on a client’s tax return delay

https://x.com/CPATaxTeam/status/1890096888549912704

Federal judge partially blocks DOGE’s access to Treasury financial systems

https://fedscoop.com/judge-blocks-treasury-payments-systems-from-doge/

Taxing times: New Adobe Acrobat survey reveals taxpayer stressors and solutions for making filing easier

https://blog.adobe.com/en/publish/2025/02/20/taxing-times-new-adobe-acrobat-survey-reveals-taxpayer-stressors-solutions-for-making-filing-easier

Are Deloitte UK & Deloitte US Doing DEI Differently?

https://sustainabilitymag.com/articles/are-deloitte-uk-and-us-doing-dei-differently

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Transcripts

The full transcript for this episode is available by clicking on the Transcript tab at the top of this page

Accounting Majors Up 12% & IRS Delays Buyout Offer

Blake Oliver & David Leary — Fri, 14 Feb 2025 15:45:00 -0800

Blake and David tackle several key accounting industry developments, including a surprising 12% increase in undergraduate accounting enrollment and ongoing debates about IRS staffing and operations. They explore the potential impact of changes to Illinois's 150-hour CPA licensing rule, examine Elon Musk's controversial claims about government spending, and share insights about AI advancements in accounting firms.

Sponsors
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Keeper - http://accountingpodcast.promo/keeper
Cloud Accountant Staffing - http://accountingpodcast.promo/cas
Rho - http://accountingpodcast.promo/rho

Chapters

(00:00) - Welcome to The Accounting Podcast
(03:37) - Government Employee Buyout Offer Update
(09:24) - Undergraduate Accounting Enrollment Surge
(12:38) - Illinois Proposes New CPA Pathways
(14:25) - Elon Musk and IRS Direct File Controversy
(18:16) - Doge's Access to Treasury Systems
(26:53) - Tax Exemption on Tips: A Double-Edged Sword
(30:19) - The Hidden Costs of Automation
(38:03) - AI in Accounting: Current Innovations
(45:46) - BDO Lawsuit: Inflated Revenues and ESOP
(49:40) - Closing Remarks and Announcements

Show Notes

IRS Confirms Filing Season, Taxpayer Advocate Staff Exempted From Buyout

https://tax.thomsonreuters.com/news/irs-confirms-filing-season-taxpayer-advocate-staff-exempted-from-buyout/

Undergraduate Accounting Enrollment Rose 12% in Fall 2024

https://www.aicpa-cima.com/news/article/undergraduate-accounting-enrollment-rose-12-in-fall-2024

Bipartisan State House Bill Would Create Additional Pathways to CPA Licensure in Illinois

https://www.cpapracticeadvisor.com/2025/02/04/bipartisan-state-house-bill-would-create-additional-pathways-to-cpa-licensure-in-illinois/155537/

Elon Musk creates confusion about IRS’ Direct File — but the free tax program is still available

https://apnews.com/article/irs-direct-file-musk-18f-6a4dc35a92f9f29c310721af53f58b16

About 18F

https://18f.gsa.gov/about/#:~:text=18F%20is%20a%20team%20of,improve%20public%20service%20through%20technology

Elon Musk’s Team Now Has Access to Treasury’s Payments System

https://www.nytimes.com/2025/02/01/us/politics/elon-musk-doge-federal-payments-system.html

Trump Tax Proposals: Details & Analysis

https://taxfoundation.org/research/federal-tax/trump-administration-tax-proposals/

Agentic AI: Small steps, big aspirations at accounting firms

https://www.accountingtoday.com/news/agentic-ai-small-steps-big-aspirations-at-accounting-firms

WiseLayer Raises $7.2 Million for AI Agents for Accounting Teams

https://www.pymnts.com/artificial-intelligence-2/2025/wiselayer-raises-7-2-million-for-ai-agents-for-accounting-teams/

BDO Gets Accused of Inflating Revenue Ahead of the ESOP Again, This Time in a Class Action Lawsuit

https://www.goingconcern.com/bdo-gets-accused-of-inflating-revenue-ahead-of-the-esop-again-this-time-in-a-class-action-lawsuit/

Taxing times: New Adobe Acrobat survey reveals taxpayer stressors and solutions for making filing easier

https://blog.adobe.com/en/publish/2025/02/20/taxing-times-new-adobe-acrobat-survey-reveals-taxpayer-stressors-solutions-for-making-filing-easier

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Want to get the word out about your newsletter, webinar, party, Facebook group, podcast, e-book, job posting, or that fancy Excel macro you just created? Let th...

Will IRS Agents Take White House Buyout & TaxDome Leak Explained

Blake Oliver & David Leary — Fri, 31 Jan 2025 16:00:00 -0800

Blake and David examine several significant developments, including TaxDome's data security incident, and the implications of China's DeepSeek AI model that caused Nvidia's stock to drop. They also dig into the White House's federal employee buyout offer that could impact IRS staffing levels and break down key findings from Accounting Today's 2025 Year Ahead survey about trends in remote work, tech spend, and AI adoption in accounting firms.

Sponsors
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Basil - http://accountingpodcast.promo/basil

Chapters

(00:24) - Introduction and Episode Overview
(01:41) - Listener Shoutouts and Engagement
(02:31) - Sports Banter and Mood Check
(03:22) - Live Stream Interaction
(05:11) - TaxDome Data Incident Discussion
(22:24) - White House Buyout Offer for Federal Employees
(31:26) - DeepSeek AI Model and Market Impact
(36:24) - Exploring Perplexity's New DeepSeek R1 Model
(36:58) - Comparing Reasoning Capabilities: R1 vs. ChatGPT
(38:10) - The Google Search Analogy
(39:16) - Concerns Over Unverified Financial Information
(40:32) - Running AI Models on Personal Hardware
(41:00) - Cost Implications for Businesses Using AI
(42:59) - Innovation in Large vs. Small Firms
(45:33) - Reforming the IRS: A New Approach
(48:36) - Addressing the Accountant Labor Shortage
(49:32) - Accounting Trends for 2025
(57:00) - The Role of AI in Accounting Tools
(59:56) - Frustrations with Current Accounting Software
(01:05:33) - Final Thoughts

Show Notes

Deepseek R1 Explained by a Retired Microsoft Engineer

https://www.youtube.com/watch?v=r3TpcHebtxM

China’s DeepSeek AI dethrones ChatGPT on App Store: Here’s what you should know

https://www.cnbc.com/2025/01/27/chinas-deepseek-ai-tops-chatgpt-app-store-what-you-should-know.html

TaxDome reports security incident, says no sensitive data exposed

https://www.accountingtoday.com/news/taxdome-reports-data-breach

Reporting system error official post-mortem

https://community.taxdome.com/c/resources/reporting-system-incident-official-post-mortem-794aebba-618b-4857-8aab-debca4e644ee

TaxDome Post from Caleb Jenkins’ LinkedIn

https://www.linkedin.com/posts/calebjenkins1994_so-taxdome-can-you-tell-us-more-about-activity-7288762022882594816-X9eS?utm_source=share&utm_medium=member_desktop

Trump administration offers roughly 2 million federal workers a buyout to resign

https://www.nbcnews.com/politics/white-house/trump-administration-offer-federal-workers-buyouts-resign-rcna189661

Trump suggests sending IRS agents to the border

https://www.yahoo.com/news/trump-suggests-sending-irs-agents-233900348.html

Accounting in 2025: The year ahead in numbers

https://www.accountingtoday.com/list/accounting-in-2025-the-year-ahead-in-numbers

Top 10 AI accounting tools every business needs in 2025

https://www.accountancyage.com/2025/01/24/top-10-ai-accounting-tools-every-business-needs-in-2025/

Xero's new tagline: 'Your business supercharged'

https://www.accountingtoday.com/news/xero-announces-new-tagline-your-business-supercharged

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The full transcript for this episode is available by clicking on the Transcript tab at the top of this page

TikTok & IRS Direct File Saved; Trump Issues Own Currency

Blake Oliver & David Leary — Thu, 23 Jan 2025 16:20:00 -0800

Blake and David jump into the latest news, including the launch of Trump's own cryptocurrency and KPMG's expansion into legal services in Arizona, taking advantage of new rules allowing non-lawyers to own law firms. They also examine the Treasury Department's Chinese hack attack, South Carolina's $1.8 billion accounting error resolution, and Trump's proposed External Revenue Service.

Sponsors
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Chapters

(00:48) - Trump's TikTok Saga
(03:15) - Live Stream and CPE Credits
(04:28) - Trump's Cryptocurrency Launch
(06:34) - Sage AI Data Leak Incident
(12:07) - Relay Sponsorship and Banking Solutions
(13:53) - Trump's Cryptocurrency Impact
(27:46) - Direct File and IRS Developments
(32:25) - KPMG Enters Legal Services
(38:31) - Tax Bandits: Streamlining Your Tax Season
(39:30) - Legal Document Automation with AI
(40:44) - South Carolina's $1.8 Billion Accounting Error
(45:36) - Trump's External Revenue Service Proposal
(49:34) - Chinese Hackers Breach U.S. Treasury
(56:31) - FDIC Sues Silicon Valley Bank Executives
(01:04:19) - American Express Settles for $230 Million Over Bad Tax Advice
(01:08:08) - Testing Google's Gemini Advanced for Tax Research
(01:11:57) - Earn Free CPE Credits with Earmark
(01:14:02) - Conclusion and Live Stream Announcement

Show Notes

TikTok restores US service after Trump says “we have to save it”

https://www.reuters.com/technology/tiktok-goes-dark-us-users-trump-says-save-tiktok-2025-01-19/

Donald and Melania Trump debuted meme coins, $Trump and $Melania. Here's what to know.

https://www.cbsnews.com/news/donald-trump-melania-meme-coin-cryptocurrency-what-to-know/

KPMG’s Bold Move: How Arizona’s ABS Rules Are Reshaping the U.S. Legal Landscape

https://lawleaders.com/kpmgs-bold-move-how-arizonas-abs-rules-are-reshaping-the-u-s-legal-landscape/

IRS Direct File set to expand availability in a dozen new states and cover wider range of tax situations for the 2025 tax filing season

https://www.irs.gov/newsroom/irs-direct-file-set-to-expand-availability-in-a-dozen-new-states-and-cover-wider-range-of-tax-situations-for-the-2025-tax-filing-season

Sage Copilot grounded briefly to fix AI misbehavior

https://www.theregister.com/2025/01/20/sage_copilot_data_issue/

FDIC sues 17 former Silicon Valley Bank executives over collapese
https://www.cnn.com/2025/01/16/business/fdic-sues-svb-executives-directors-intl-hnk/index.html

FDIC sues former SVB execs over bank closure

https://bankingjournal.aba.com/2025/01/fdic-sues-former-svb-execs-over-bank-closure/

SoftBank-Backed Fish Firm Allegedly Faked Most of Its Sales

https://finance.yahoo.com/news/softbank-backed-fish-startup-allegedly-141253969.html

American Express to pay $230 million to settle US charges over deceptive sales practices

https://www.reuters.com/business/finance/american-express-pay-1087-mln-settle-deceptive-marketing-allegations-justice-2025-01-16/

U.S. Sanctions Chinese Cybersecurity Firm Over Treasury Hack Tied to Salt Typhoon

https://thehackernews.com/2025/01/us-sanctions-chinese-cybersecurity-firm.html

SC auditor resigns after outside audit found $1.8 billion ‘surplus’ was actually an accounting error

https://www.wistv.com/2025/01/23/sc-auditor-resigns-after-outside-audit-found-18-billion-surplus-was-actually-an-accounting-error/

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JPMorgan's RTO Drama, VC Love for Accounting and the Fall of Bench

Blake Oliver & David Leary — Mon, 20 Jan 2025 18:00:00 -0800

Blake and David examine Bench's bankruptcy filing, revealing fascinating details about their spending patterns and challenges with the business model. They also explore venture capital's growing interest in accounting firms, particularly focusing on AI automation claims and their potential impact on the profession, and there's a lively discussion about JP Morgan's controversial return-to-office mandate and its implications for workplace flexibility, sparked by Blake's viral tweet that garnered nearly 5 million views.

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Chapters

(01:23) - Bench Accounting Bankruptcy Deep Dive
(01:57) - Venture Capital's Interest in Accounting
(02:22) - JP Morgan's Return to Office Policy
(03:44) - Continuing Professional Education Credits
(04:45) - Bench Bankruptcy Filing Details
(05:30) - Bench's Financial Breakdown
(07:22) - Bench's Customer Acquisition Strategy
(10:35) - Bench's Development and Management Costs
(12:57) - Operations and Outsourcing at Bench
(15:47) - Service Delivery and Refunds
(19:27) - Venture Capital and AI in Accounting
(28:56) - Relay: The Small Business Bank
(35:08) - AI-Powered Bookkeeping: A New Frontier
(36:24) - Debating the Future of Software Costs
(40:54) - AI's Impact on Job Markets
(44:55) - Challenges in Replacing Human Jobs with AI
(50:37) - The Remote Work Debate
(01:01:45) - Corporate Accountability and Legal Issues
(01:11:43) - Closing Remarks and Future Topics

Show Notes

AI Has Venture Investors Excited About (Yes) Accounting Firms

https://www.wsj.com/articles/ai-has-venture-investors-excited-about-yes-accounting-firms-3b9b3226

Bench Accounting, Inc. and 10Sheet Services, Inc.
https://www.ksvadvisory.com/experience/case/bench

JPMorgan tells all its employees they must return to office full-time

https://finance.yahoo.com/news/jpmorgan-tells-employees-must-return-140000800.html

Work From Home Policies and Practices

https://pearlmeyer.com/insights-and-research/research-report/work-from-home-policies-and-practices

Workplace Policies and Pay Transparency

https://pearlmeyer.com/insights-and-research/research-report/workplace-policies-and-pay-transparency

H&R Block Agrees to $7M FTC Settlement and Will Make Downgrading Tax Tiers Easier

https://www.cnet.com/personal-finance/taxes/h-r-block-agrees-to-7m-ftc-settlement-and-will-make-downgrading-tax-tiers-easier/

Capital One sued by CFPB over alleged deception on savings account interest rates

https://www.msn.com/en-us/money/personalfinance/capital-one-sued-by-cfpb-over-alleged-deception-on-savings-account-interest-rates/ar-BB1rr4nY

Imposing a $500,000 Fine, PCAOB Sanctions Baker Tilly US, LLP for Quality Control Violations

https://pcaobus.org/news-events/news-releases/news-release-detail/imposing-a--500-000-fine--pcaob-sanctions-baker-tilly-us--llp-for-quality-control-violations

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Ohio Killed The 150-Hour Rule - Who's Next?

Blake Oliver & David Leary — Sat, 18 Jan 2025 05:36:28 -0800

Blake and David dive into major industry news, including Ohio ending the 150-hour CPA rule, setting a potential precedent for other states. They also discuss the Blackston acquisition of Citrin Cooperman and explore the implications of private equity involvement in accounting firms. Moving on, they examine workplace trends, including new data revealing that 61% of medium and large employers now require minimum in-office days, and debate the effectiveness of Net Promoter Scores (NPS) in accounting firms.

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Chapters

(01:03) - Private Equity in Accounting Firms
(02:51) - Personal Update: Blake's Hand Injury
(04:55) - California's Insurance Crisis
(13:34) - Ohio Ends the 150-Hour Rule
(21:39) - App News: OnPay, SafeSend, and More
(29:53) - Carvana's Questionable Accounting Practices
(36:13) - Return to Office Policies
(39:38) - RTO Policies and Office Leases
(40:52) - Client Satisfaction and Net Promoter Score
(42:30) - Debate on the Effectiveness of NPS
(43:57) - Implementing NPS in Accounting Firms
(51:40) - PCAOB Fines and Audit Quality
(01:02:52) - Bitcoin and Government Policies
(01:06:31) - Private Equity in Accounting Firms
(01:14:44) - Earmark App and CPE Credits

Show Notes

Return-to-office policies gain steam

https://www.cfo.com/news/return-to-office-policies-gain-steam-remote-work-hybrid-wtw-resume-org/735710

Citrin Cooperman, a Leading Professional Services Firm, to Receive Significant Investment as Blackstone Acquires Stake from New Mountain Capital

https://www.blackstone.com/news/press/citrin-cooperman-a-leading-professional-services-firm-to-receive-significant-investment-as-blackstone-acquires-stake-from-new-mountain-capital/

Ohio is the first state to end the 150-hour rule for CPA licensure

https://www.blakeoliver.com/blog/ohio-first-state-to-end-the-150-hour-rule-for-cpa-licensure

Ohio gov signs alternative CPA licensure pathway bill into law

https://www.cfodive.com/news/ohio-gov-signs-alternative-cpa-licensure-pathway-bill-law-accounting-aicpa/736942/

Thomson Reuters Acquires SafeSend, Expanding Tax Automation Capabilities

https://www.thomsonreuters.com/en/press-releases/2025/january/thomson-reuters-acquires-safesend-expanding-tax-automation-capabilities.html

Xero Partners with Gusto to Offer Integrated Payroll Solution

https://www.wellesleyhillsfinancial.com/2025/01/05/xero-partners-with-gusto-to-offer-integrated-payroll-solution/

Sync your transactions to QuickBooks Desktop with Ramp's direct integration

https://ramp.com/integrations/quickbooks-desktop

Hindenburg Research short on used-car retailer Carvana

https://www.reuters.com/business/autos-transportation/hindenburg-research-short-used-car-retailer-carvana-2025-01-02/

Enforcement Activity Involving Auditors – 2024 Mid-Year Update

https://www.brattle.com/wp-content/uploads/2024/08/Enforcement-Activity-Involving-Auditors-2024-Mid-Year-Update.pdf

Amid Barely ‘Average’ Client Satisfaction, Why Aren’t More Firms Using NPS to Improve?

https://insidepublicaccounting.com/2024/07/16/amid-barely-average-client-satisfaction-why-arent-more-firms-using-nps-to-improve/

The federal government just got the greenlight to sell $6.5 billion in Bitcoin seized from Silk Road

https://fortune.com/crypto/2025/01/09/federal-government-allowed-sell-bitcoin-silk-road-courts/

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How H1-B Visas Suppress Accounting Salaries

Blake Oliver & David Leary — Fri, 10 Jan 2025 19:30:00 -0800

Blake and David explore the controversial H-1B visa program's impact on the accounting profession, particularly how firms like Deloitte reportedly pay visa holders 10% less than U.S. workers and the potential implications for audit quality. They also examine Bench's sudden shutdown and subsequent acquisition and then discuss Barry Melancon's farewell interview with the Financial Times as he steps down as AICPA CEO, where he defended the 150-hour rule, his legacy, and his impact on the profession.

Chapters

(05:01) - Sponsors and H1B Visa Discussion
(10:51) - H1B Visa Impact on Accounting
(25:22) - Bench Accounting Shutdown
(42:30) - VCs and the Tough Decisions
(43:24) - Challenges in Automating Bank Transactions
(44:40) - H1B Visa Workers and Financial Misconduct
(48:01) - Predictions for 2025 and Beyond
(53:54) - Private Equity's Impact on Accounting Firms
(01:02:38) - Barry Melanson's Legacy and the Future of CPA
(01:09:46) - Conclusion and CPE Credits
(01:11:08) - Bitcoin and Quantum Computing

Show Notes

Robert Sterling – Twitter - H-1B DATA MEGA-THREAD

https://x.com/RobertMSterling/status/1873174358535110953

Deloitte employees with H-1B visas were paid 10% less than US workers, report finds

https://www.hrdive.com/news/deloitte-employees-with-h-1b-visas-were-paid-10-less-than-us-workers/735162/

Bench to be acquired after abruptly shutting down

https://techcrunch.com/2024/12/30/bench-to-be-acquired-after-abruptly-shutting-down/

‘Most important man in accounting’ warns against lowering standards

https://www.ft.com/content/033792af-18e4-4d69-92f9-5b78b01f2012

Meet Willow, our state-of-the-art quantum chip

https://blog.google/technology/research/google-willow-quantum-chip/

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BOI On Again Off Again, Bench Shuts Down, Dying Language of Accounting

Blake Oliver & David Leary — Thu, 02 Jan 2025 18:30:00 -0800

Rounding out 2024, Blake and David tackle tons of accounting news, including bookkeeping startup Bench's shutdown and the ongoing BOI reporting requirements saga. They also examine concerns about IRS Commissioner nominee Billy Long's credentials, including his "Certified Tax and Business Advisor" designation from a three-day seminar. Wrapping up, they review some of 2024's hottest stories, including declining CPA candidates, audit quality issues, and KPMG CEO Paul Knopp's Wall Street Journal op-ed about the "dying language of accounting."

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TaxBandits - http://accountingpodcast.promo/taxbandits

Chapters

(01:36) - Beneficial Ownership Information Reporting (BOI)
(03:14) - Bench Accounting Shutdown
(12:10) - Automated Bookkeeping Challenges
(18:10) - Tax Fraud Case: The Magician
(27:55) - IRS Commissioner Nominee Controversy
(33:30) - Tax Refunds and Lifetime Advisors
(35:51) - The Dying Language of Accounting
(37:19) - CPA Licensure Reform
(38:40) - Working Conditions in Accounting
(42:03) - Reflecting on 2024: Key Themes and Events
(55:09) - AI and the Future of Accounting
(01:00:34) - San Francisco's Tax Controversies
(01:03:38) - IRS Special Payments and Predictions for 2025
(01:06:00) - Bitcoin and Quantum Computing Risks
(01:08:48) - Closing Remarks and CPE Information

Show Notes

Bench shuts down, leaving thousands of businesses without access to accounting and tax docs

https://techcrunch.com/2024/12/27/bench-shuts-down-leaving-thousands-of-businesses-without-access-to-accounting-and-tax-docs/

New York tax preparer called ‘the Magician’ charged for tax fraud of $145m

https://www.theguardian.com/us-news/2024/dec/17/new-york-magician-tax-fraud

Billy Long, Trump’s Nominee to Lead the IRS, Touts a Credential That Tax Experts Say Is Dubious

https://www.propublica.org/article/billy-long-irs-trump-certified-tax-business-advisor-missouri

How a Consulting Firm and Trump’s I.R.S. Pick Pushed a Problematic Tax Credit

https://www.nytimes.com/2024/12/24/business/billy-long-irs-tax-credit.html

The Dying Language of Accounting

https://www.wsj.com/opinion/the-dying-language-of-accounting-cpa-licensing-fede2e74

CPAs Deliberate on the Decline of Accounting

https://www.wsj.com/opinion/cpas-deliberate-on-the-demise-of-accounting-kpmg-business-language-c0be3e68

Most Americans say a salary of $270K deems financial success

https://www.cfo.com/news/most-americans-say-salary-of-270k-deems-financial-success-gen-z-boomers-inflation/734019/

CFPB Sues Walmart and Branch Messenger for Illegally Opening Deposit Accounts for More Than One Million Delivery Drivers

https://www.consumerfinance.gov/about-us/newsroom/cfpb-sues-walmart-and-branch-messenger-for-illegally-opening-deposit-accounts-for-more-than-one-million-delivery-drivers/

Lyft Accuses San Francisco of $100 Million Tax Overcharge

https://www.bloomberg.com/news/articles/2024-12-24/lyft-accuses-san-francisco-of-overcharging-100-million-in-taxes

IRS announces special payments going this month to 1 million taxpayers who did not claim 2021 Recovery Rebate Credit; encourages non-filers about approaching deadline to claim credits

https://www.irs.gov/newsroom/irs-announces-special-payments-going-this-month-to-1-million-taxpayers-who-did-not-claim-2021-recovery-rebate-credit-encourages-non-filers-about-approaching-deadline-to-claim-credits

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How Private Equity Could Hurt the Accounting Profession

Blake Oliver & David Leary — Fri, 20 Dec 2024 17:30:00 -0800

Blake, David, and special guest ChatGPT examine the impact of private equity on accounting firms, looking at how PE ownership affects compensation and firm structures. They dig into recent data showing record numbers of accounting errors in public companies, linking these issues to the broader talent shortage crisis. They explore CalCPA's pushback against proposed licensing changes, the surprising economic costs of Daylight Savings Time, and more.

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Suralink - http://accountingpodcast.promo/suralink
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TaxBandits - http://accountingpodcast.promo/taxbandits

Chapters

(00:59) - Introducing ChatGPT as Co-Host
(01:33) - Hot Topics in Accounting News
(03:40) - Private Equity in Accounting Firms
(07:10) - Debating the Impact of Private Equity
(22:15) - DirectFile Controversy
(27:37) - App News and Updates
(33:58) - Enron's Return?
(38:03) - Fraudsters and Presidential Pardons
(41:35) - Accounting Errors on the Rise
(44:27) - The Daylight Savings Debate
(49:39) - AI Tools: The Good, The Bad, and The Ugly
(58:01) - Final Thoughts and Announcements

Show Notes

Accounting errors force US companies to pull statements in record numbers

https://www.ft.com/content/716c4ad5-e8fa-4a34-afba-9fb2d1db019d

Republican lawmakers ask Trump to kill IRS Direct File

https://www.nextgov.com/digital-government/2024/12/republican-lawmakers-ask-trump-kill-irs-direct-file/401595/

IRIS to buy Dext in £500m deal

https://www.accountingweb.co.uk/tech/accounting-software/iris-to-buy-dext-in-ps500m-deal

How Private Funds Could Hurt Americans Under Trump

https://www.nytimes.com/2024/12/03/opinion/trump-presidency-billionaires.html

LegalZoom and 1-800Accountant Join Forces to Deliver Full-Service Tax and Bookkeeping Solutions for Small Business Owners

https://investors.legalzoom.com/news-releases/news-release-details/legalzoom-and-1-800accountant-join-forces-deliver-full-service

Zoho Releases New Payroll Solution in the U.S.

https://www.cpapracticeadvisor.com/2024/12/13/zoho-releases-new-payroll-solution-in-the-u-s/152935/

BILL Unveils 1099 Form Filing Solution for SMBs

https://investor.bill.com/news/news-details/2024/BILL-Unveils-1099-Form-Filing-Solution-for-SMBs/default.aspx

Is Enron back? Here’s what we know …

https://www.houstonchronicle.com/news/houston-texas/trending/article/is-enron-back-houston-19953844.php

CalCPA Submits Comments on Exposure Draft on CPA Licensure

https://www.calcpa.org/whats-happening/articles/calcpa-submits-comments-on-exposure-draft-on-cpa

CEOs Want Trump to Change Course on Tariffs. He Isn’t Budging.

https://www.wsj.com/economy/trade/trump-tariff-plan-business-lobbying-8f02ccea

Donald Trump vows to end daylight saving time

https://www.youtube.com/watch?v=EDR1IURzO1Q

More Than a Lost Hour of Sleep: The True Cost of Daylight Saving Time

https://www.chmura.com/blog/dst#:~:text=our%20methodology%20below.-,Results,was%20approximately%20%24672.02%20million%20annually

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Want to get the word out about your newsletter, webinar, party, Facebook group, podcast, e-book, job posting, or that fanc...

New IRS Commissioner Was An ERTC Peddler

Blake Oliver & David Leary — Fri, 13 Dec 2024 19:00:00 -0800

Blake and David take a look at several significant developments in the accounting world, including Trump's controversial IRS Commissioner nomination of former Congressman Billy Long. They also dig into updates on the Macy's accounting scandal and explore Square's potential move into accounting software with their new head of Product Accounting Solutions hire. They also share insights from the AICPA's 2024 CAS benchmark survey showing significant growth in client accounting services practices and much more!

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TaxBandits - http://accountingpodcast.promo/taxbandits

Chapters

(00:28) - Welcome to The Accounting Podcast
(00:40) - Digital CPA Conference Highlights
(01:17) - CAS Practices on the Rise
(02:22) - IRS Commissioner Nominee: Billy Long
(03:42) - Employee Retention Tax Credit Controversy
(14:45) - Macy's Financial Misstatements
(28:30) - Intuit Assist: A Closer Look
(29:48) - The Evolution of Bill Scanning with AI
(31:25) - AI's Impact on Accounting Tools
(33:06) - AI and Tax Returns: The Future of Automation
(34:54) - Relay: The Ultimate Small Business Bank
(36:19) - Supermicro's Accounting Scandal
(40:48) - Square's Move into Accounting Solutions
(57:21) - The Rise of Client Advisory Services
(01:00:55) - Closing Remarks and Future Insights

Show Notes

He Promised Huge Tax Refunds. Now Trump Wants Him to Lead the I.R.S.

https://www.nytimes.com/2024/12/06/us/politics/billy-long-trump-irs-tax-credit.html

Brainsky Unleashed (Instagram) – Billy Long – December 6, 2024

https://www.instagram.com/brainskyunleashed/reel/DDQS_GjRn4P/

Macy’s employee who hid $151 million in delivery expenses was trying to mask initial mistake, sources say

https://www.cnbc.com/2024/12/11/macys-m-earnings-q3-2024.html

Macy’s Probe Found Employee Acted Alone in $151 Million Accounting Scandal

https://www.wsj.com/business/retail/macys-m-q3-earnings-report-2024-c7363662

LinkedIn – Andy Schwartz – Profit Labs Update – December 6, 2024

https://www.linkedin.com/posts/andy-schwartz-233b359_profit-labs-update-i-am-excited-to-share-activity-7269157016051298305-rYAW/

Amazon integrates QuickBooks for sellers

https://www.accountingtoday.com/news/amazon-integrates-intuit-quickbooks

AICPA and CPA.com Benchmark Survey: CAS Practices Report 17% Growth

https://insidepublicaccounting.com/2024/12/09/aicpa-and-cpa-com-benchmark-survey-cas-practices-report-17-growth/

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BOI Blocked | 57% of Firms Raising Prices | Creepy EY Bot

Blake Oliver & David Leary — Fri, 06 Dec 2024 08:00:00 -0800

Congratulations to Blake for making Accounting Today's Top 100 Most Influential People list! Today, Blake and David dig into several significant developments in accounting, including a federal court's decision to block BOI reporting nationwide. They also examine which of the 57% of accounting firms plan to raise fees in 2025 and take a look at the AICPA's Experience Learn and Earn (ELE) program. There's also talk about new PCAOB reporting requirements for audit firms and the recent acquisition of Dext by Iris Software Group.

Sponsors
OnPay - http://accountingpodcast.promo/onpay
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Chapters

(00:31) - Celebrating Achievements and Social Media Impact
(02:53) - Key News Stories: Price Increases and Regulatory Changes
(03:54) - BOI Reporting Requirement Blocked
(13:58) - Raising Prices in Accounting Firms
(17:16) - Experience, Learn, and Earn Program
(22:03) - AICPA and Overtime Pay Ruling
(29:49) - PCAOB's New Reporting Requirements
(34:25) - Debating the Future of Auditing
(35:27) - Impact of AI on Auditing
(36:58) - Evaluating PCAOB's Effectiveness
(38:09) - PCAOB Sanctions and Penalties
(44:37) - Macy's Financial Controversy
(48:08) - EY's AI Interview Bot
(53:06) - AI's Impact on Productivity
(57:51) - Dext Acquisition by Iris
(01:01:35) - Closing Remarks and Future Topics

Show Notes

Accounting Today - The 2024 Top 100 Most Influential People https://arizent.brightspotcdn.com/c3/0f/2649ee17493eab95634bbc91f5f7/top-100-most-influential-people-updated.pdf

Federal Court Enjoins Enforcement of the CTA Nationwide; Reporting Companies “Need Not Comply” with January 1 Deadline

https://natlawreview.com/article/texas-federal-court-blocks-corporate-transparency-act-halts-nationwide-enforcement

Survey Says 57% of Firms Are Raising Prices Next Year

https://cpatrendlines.com/2024/11/14/survey-says-57-of-firms-are-raising-prices-next-year/

Experience, Learn, and Earn
https://experiencelearnearn.org/

Expanded Access Now Available for AICPA-NASBA ELE Program

https://nasba.org/blog/2024/11/15/expanded-access-aicpa-nasba-ele-program/

Texas Judge Tosses Biden Overtime Expansion for Millions

https://news.bloomberglaw.com/daily-labor-report/overtime-expansion-for-4-million-workers-tossed-by-texas-judge

Follow up to the "AICPA is illegally hiding salary info on job postings". After several emails, I convinced them to comply with the law

https://www.reddit.com/r/Accounting/comments/1g0ib4z/follow_up_to_the_aicpa_is_illegally_hiding_salary/

PCAOB Adopts Auditor Performance Metrics, Increased Firm Reporting Rules https://tax.thomsonreuters.com/news/pcaob-adopts-auditor-performance-metrics-increased-firm-reporting-rules

Critics see chance to close down US audit regulator under Trump

https://www.ft.com/content/e9a7247f-84fd-4df7-8163-6518954470e9

Macy’s says employee hid up to $154 million in expenses, delaying Q3 earnings

https://apnews.com/article/macys-accounting-quarter-b1cb0927d9b6a58ee4396838df7973c9

KPMG Survey: AI Adoption Across US Finance Functions Reaches Highest Levels, with ROI Exceeding Expectations

https://kpmg.com/us/en/media/news/ai-adoption-across-us-finance-functions-reaches-highest-levels.html

IRIS Software Group Announces Intent to Acquire Dext Software Ltd.

https://dext.com/us/iris-announces-intent-to-acquire-dext

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Macy's Thanksgiving Accounting Mystery

Blake Oliver & David Leary — Mon, 02 Dec 2024 13:00:00 -0800

Blake and David examine the mysteries and motives surrounding the recent Macy's accounting scandal, where a single employee allegedly concealed $132-154 million through improper accrual entries. They also examine Trump's proposed 25% tariff plan on imports from Mexico and Canada (plus an additional 10% on China), discussing its potential impact on American businesses and consumers.

Sponsors
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Suralink - http://accountingpodcast.promo/suralink
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Chapters

(00:46) - Macy's Accounting Error: Breaking News
(01:23) - Understanding the Impact of Macy's Error
(02:29) - The Mystery Behind Macy's Accounting Error
(02:36) - Join the Live Discussion
(03:25) - Upcoming Topics and Teasers
(04:58) - Thanking Our Sponsors
(06:25) - Diving Deeper into Macy's Accounting Mystery
(19:12) - Exploring the Fraud Triangle
(27:37) - Auditors and Materiality Standards
(31:47) - Auditors' Role in Detecting Fraud
(33:08) - Impact of Fraud on Macy's Stock
(33:30) - Challenges in Auditing Practices
(33:51) - Internal Controls and Their Limitations
(38:36) - Expense Fraud: A Growing Concern
(43:44) - AI in Auditing: The Future of Fraud Detection
(52:11) - Trump Tariffs and Their Economic Impact
(01:02:56) - Thanksgiving Reflections and Closing Remarks

Show Notes

Macy’s says employee hid up to $154 million in expenses, delaying Q3 earnings

https://apnews.com/article/macys-accounting-quarter-b1cb0927d9b6a58ee4396838df7973c9

Macy’s says accountant hid as much as $154M in expenses

https://www.cfodive.com/news/macys-says-accountant-hid-as-much-as-154m-in-expenses-retail-retailing-consumers/733960/

UPS to Pay $45 Million SEC Penalty Over Improper Valuation

https://finance.yahoo.com/news/ups-hit-45-million-penalty-144424675.html

Strippers, Christmas gifts and an RV: Workers push it with company cards

https://abcdpf.livemint.com/industry/strippers-christmas-gifts-and-an-rv-workers-push-it-with-company-cards-11732157906943.html

Ex-Jaguars employee who stole $22 million from team files lawsuit against FanDuel

https://www.nytimes.com/athletic/5809925/2024/10/01/jaguars-lawsuit-fanduel-amit-patel/

Trump's Truth Social tariffs pledge is a teachable moment for America

https://www.msnbc.com/opinion/msnbc-opinion/trump-truth-social-tariffs-deportation-thanksgiving-rcna182079

What does Trump’s latest tariff plan mean for the U.S.?

https://www.pbs.org/newshour/politics/what-does-trumps-latest-tariff-plan-mean-for-the-u-s

Walmart CFO Says They Don't Want To Raise Prices, But 'Prices Will Go Up For Consumers' Due To Upcoming Tariffs

https://finance.yahoo.com/news/walmart-cfo-says-dont-want-161640110.html

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Transcripts

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DOGE Goes After TurboTax & Remote Work

Blake Oliver & David Leary — Mon, 25 Nov 2024 14:30:00 -0800

Blake and David discuss Trump's proposed Department of Government Efficiency (DOGE) and its potential impact on tax filing and federal remote work policies. They analyze the Pentagon's seventh consecutive failed audit and examine Intuit's ambitious plans to expand its enterprise offerings. The duo also explores a groundbreaking study showing ChatGPT-4 outperforming human doctors in medical diagnoses, highlighting AI's growing capabilities in professional decision-making.

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Chapters

(00:00) - Welcome to the Accounting Podcast
(01:32) - DOGE's Impact on H&R Block and TurboTax Stocks
(02:37) - IRS Free File Program
(04:29) - Intuit's Response to DOGE Initiative
(10:23) - Remote Work for Federal Employees
(16:05) - Pentagon's Audit Failures
(22:16) - AI Outperforms Doctors in Diagnosing Illnesses
(31:52) - Boosting Productivity with ChatGPT
(35:49) - Salesforce's AI Irony
(37:55) - Anthropic's AI in Action
(45:14) - Intuit's AI Strategy and TurboTax
(48:16) - Intuit Enterprise Suite and Market Expansion
(55:07) - Closing Remarks and Future Topics

Show Notes

Coming soon!

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Transcripts

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Trump's Tax Plans, IRS PPS Fraud, & PCAOB Drama

Blake Oliver & David Leary — Sat, 16 Nov 2024 13:15:00 -0800

Blake and David dive into the economic implications of Trump's election victory, including proposed tariffs that could significantly impact businesses and inflation. They explore potential tax changes under a new Trump administration, from corporate rate reductions to the elimination of the SALT cap. They also examines an alarming $47 million IRS fraud scheme targeting tax practitioners and debate the future of Bitcoin as speculation grows about a potential national Bitcoin reserve.

Sponsors
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Artiffex - http://accountingpodcast.promo/artiffex

Chapters

(00:00) - Welcome to The Accounting Podcast
(02:42) - Avalara Crush Conference Insights
(07:25) - AI and the Future of Tax Compliance
(12:58) - Trump's Economic Impact
(17:03) - Tariffs and Global Trade
(25:17) - Tax Proposals and Implications
(36:30) - Bitcoin's Meteoric Rise and Market Speculations
(47:20) - AI Adoption in the Workforce
(49:30) - IRS PPS Fraud: A Deep Dive
(01:00:26) - PCAOB Drama and Audit Deficiencies
(01:06:26) - BOI Reporting and AICPA's Response
(01:10:10) - Closing Remarks and CPE Information

Show Notes

How Trump Won the Economy-is-Everything Election

https://www.livemint.com/politics/news/how-trump-won-the-economy-is-everything-election-11730973573508.html

How Will Trump’s Universal and China Tariffs Impact the Economy?

https://taxfoundation.org/blog/trump-tariffs-impact-economy/

Which Workers Are Embracing AI?

https://www.chicagobooth.edu/review/which-workers-are-embracing-ai

Actions Were Not Taken to Timely Strengthen Practitioner Priority Service Telephone Line Authentication Controls

https://www.tigta.gov/sites/default/files/reports/2024-10/2025ier001fr.pdf

Fraudsters get $47 million from practitioner priority service line scheme

https://www.journalofaccountancy.com/news/2024/nov/fraudsters-get-47-million-from-practitioner-priority-service-line-scheme

Freddie Freeman on World Series MVP, Ohtani Media Mayhem and His Surprising Backup Career | Ep 109

https://www.youtube.com/watch?v=ZimDH_hW7LU

PCAOB board member complains of persecution by senators

https://www.accountingtoday.com/news/pcaob-board-member-complains-of-persecution-by-senators

AICPA to Congress: Delay needed in BOI reporting deadline

https://www.thetaxadviser.com/news/2024/nov/aicpa-to-congress-delay-needed-in-boi-reporting-deadline

New Development Re: BOI Reporting – 44 Congressmen Seek to Delay FinCEN Beneficial Ownership Reporting

https://gpwcpas.com/new-development-re-boi-reporting-44-congressmen-seek-to-delay-fincen-beneficial-ownership-reporting/

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Transcripts

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Sasan Apologizes to Accountants at Intuit Connect

Blake Oliver & David Leary — Fri, 08 Nov 2024 11:30:00 -0800

Blake and David examine Sasan Goodarzi's apology and lukewarm reception regarding the recent controversial TurboTax ad campaign. They also take a look at Intuit's new Enterprise Suite product, which aims to compete with NetSuite and Sage Intacct by offering multi-entity accounting capabilities at a lower price point. Moving on, there's talk of Anthropic's new Claude computing capability, EY's resignation as Super Micro Computer's auditor, and Google's declining search market share in the face of AI competition.

Sponsors
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Chapters

(00:41) - Intuit Connect Recap
(01:12) - Intuit CEO's Apology
(09:07) - Intuit's Market Strategy
(15:20) - Intuit Enterprise Suite Demo
(29:35) - QuickBooks New Features
(36:07) - Upcoming AI Webinar Announcement
(36:41) - Feedback on AI Presentation
(37:22) - The Future of Tax Preparation with AI
(39:09) - AI in Action: Cloud Computer Use Demo
(49:21) - Fraud in Political Campaigns
(52:28) - Opportunities in Small Town Tax and Bookkeeping
(56:43) - EY Resigns as Super Micro Auditor
(01:07:14) - Conclusion and Upcoming Events
(01:07:31) - Google's Ad Revenue Threatened by AI

Show Notes

EY resigns as Super Micro auditor, causes stock to fall 33%

https://www.cnbc.com/2024/10/30/super-micro-auditor-resigns-after-raising-concerns-months-earlier.html

Intuit Connect 2024: Sasan Goodarzi on AI & the Future of Accounting

https://www.youtube.com/watch?v=1xzKztkuhRY

Introducing computer use, a new Claude 3.5 Sonnet, and Claude 3.5 Haiku

https://www.anthropic.com/news/3-5-models-and-computer-use

'All hell has broken loose': Inside Elon Musk's high-stakes pro-Trump door-knocking effort

https://www.nbcnews.com/politics/2024-election/elon-musks-high-stakes-trump-door-knocking-effort-america-pac-rcna176255

BDO must face AmTrust investors' fraud case after US appeals court backtracks

https://www.reuters.com/legal/government/column-bdo-must-face-amtrust-investors-fraud-case-after-us-appeals-court-2024-11-04/

Google’s Grip on Search Slips as TikTok and AI Startup Mount Challenge

https://www.wsj.com/tech/online-ad-market-google-tiktok-9599d7e8

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Transcripts

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What Will Replace 150-Hour Rule? | EY CPAs Fired For Taking Too Much CPE

Blake Oliver & David Leary — Wed, 30 Oct 2024 15:30:00 -0700

In this episode, Amber Setter returns to discuss the AICPA and NASBA's newly proposed competency-based pathway to CPA licensure, offering a 150-hour-rule alternative. They argue that the complexity of the plan might create more bureaucratic barriers rather than simplifying the process. There's also talk on the challenges facing the profession, including stagnant salaries and declining CPA numbers. Rounding out the show, they examine a recent story about EY firing employees for attending multiple online CPE courses at once.

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Chapters

(02:30) - Blake's Session on Automation Toolkit
(04:46) - Sponsor Acknowledgements
(05:09) - Discussion on AICPA and NASBA Competency Pathway
(06:10) - Amber Setter's Insights on the Proposed Pathway
(10:22) - Concerns and Practical Challenges
(15:56) - Potential Impact on CPA Candidates
(28:50) - Live Stream Viewer Comments and Questions
(33:12) - Debating CPA Education Requirements
(33:39) - Personal Journey to Becoming a CPA
(34:28) - State Differences in CPA Experience Requirements
(36:44) - NASBA's Influence on State Boards
(38:57) - Challenges in CPA Firm Hiring Practices
(39:48) - Value of Prior Work Experience
(40:05) - Different CPA Licenses Across States
(42:16) - Master's Degree in Accounting: Is It Worth It?
(43:49) - Experience vs. Education in CPA Training
(48:43) - The Appeal of Starting Your Own Firm
(54:57) - EY's Controversial CPE Policy
(57:51) - Innovative CPE Solutions with Earmark
(58:37) - Future of CPE and Mental Health Initiatives
(01:04:24) - Conclusion and Final Thoughts

Show Notes

Exposure draft: Proposed “CPA Competency-Based Experience Pathway”

https://www.aicpa-cima.com/certifications/download/exposure-draft-proposed-cpa-competency-based-experience-pathway

Educational Requirements for CPA Licensure

https://www.dca.ca.gov/cba/applicants/ed-requirements.shtml

EY Got Rid of Staff Who Took Multiple CPE Courses at the Same Time

https://www.cpapracticeadvisor.com/2024/10/23/ey-got-rid-of-staff-who-took-multiple-web-training-course-at-once/112128/

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Why Trump Will Win & AICPA Has a New President

Blake Oliver & David Leary — Fri, 25 Oct 2024 14:00:00 -0700

Blake and David examine why Trump may win in 2024, discussing immigration's economic impact on working-class wages and how this could affect voting patterns, particularly in border states like Arizona. They also look at the AICPA's selection of Mark Koziel as its new president, questioning whether the organization truly advocates for average CPAs. Moving on, they discuss Intuit's controversial TurboTax marketing campaign and consider why Berkshire Hathaway is reducing its BOA stake due to concerns about unrealized losses in the bank's bond portfolio.

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Chapters

(00:33) - Introduction and Grand Canyon Adventure
(02:04) - Padgett Business Model and Amanda's Role
(03:54) - Sponsors and Election Involvement
(05:35) - Why Trump Will Win: Analyzing the Numbers
(06:04) - AICPA Leadership and Industry News
(10:04) - Earmark's Growth and Future Plans
(23:46) - Immigration Debate and Economic Impact
(43:05) - Economic Factors in Trump's Election Loss
(43:56) - Ad Break: Zoho Practice Management
(45:42) - Impact of Abortion and Immigration on Elections
(47:17) - Offshoring and Wage Suppression in Accounting
(49:24) - AICPA's Role in Offshoring and Technology
(53:40) - Introducing Mark Koziel: New AICPA President
(57:23) - Ad Break: Practice Protect Cybersecurity
(59:39) - Debate on Abortion and Political Affiliations
(01:04:25) - Banking Crisis and Economic Policies
(01:06:37) - Intuit's Controversial Ad Campaign
(01:14:54) - Warren Buffett's Stance on Bank of America
(01:24:35) - Conclusion and Upcoming Events

Show Notes

Do immigrants really take jobs and lower wages?

https://www.npr.org/2024/06/28/1197959366/immigration-economics-mariel-boatlift

Escalating Cyber Threats Demand Stronger Global Defense and Cooperation

https://blogs.microsoft.com/on-the-issues/2024/10/15/escalating-cyber-threats-demand-stronger-global-defense-and-cooperation/

American productivity still leads the world

https://www.economist.com/special-report/2024/10/14/american-productivity-still-leads-the-world

Public sector talent shortage: Unique challenges require unique solutions

https://www.journalofaccountancy.com/news/2024/oct/public-sector-accounting-challenges.html

Intuit asked us to delete part of this Decoder episode

https://www.theverge.com/2024/10/21/24273820/intuit-ceo-sasan-goodarzi-turbotax-irs-quickbooks-ai-software-decoder-interview

Buffett's Berkshire Trims BofA Stake Closer to 10%

https://www.wsj.com/livecoverage/stock-market-today-dow-sp500-nasdaq-live-10-08-2024/card/buffett-s-berkshire-trims-bofa-stake-closer-to-10--EQHbm5iLN4LTvbgNW29W

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Transcripts

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NATP Breaks Up with Intuit & Fat Joe vs. BDO

Blake Oliver & David Leary — Thu, 17 Oct 2024 15:00:00 -0700

Blake and David touch on several hot topics in the accounting world, including the fallout from Intuit's controversial TurboTax ad, and the National Association of Tax Preparers cutting ties with the company. They also examine Trump Jr.'s threats against Deloitte, KPMG's support for alternative pathways to CPA licensure, and rapper Fat Joe's recent experiences with BDO.

Sponsors
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Chapters

(01:16) - Controversial Intuit Ad Campaign
(03:04) - Blake's Grand Canyon Adventure
(04:24) - Intuit's Industry Fallout
(09:33) - Tax Preparation Fee Calculator
(14:09) - NATP's AI Transition
(21:36) - Trump Jr. vs. Deloitte
(23:52) - Trump's Tax Policy for Expats
(27:43) - Popular Tax Proposals
(34:17) - App News: Numeric's Big Funding Round
(35:21) - Understanding Flux Analysis
(36:46) - AI in Accounting: Real-World Applications
(40:13) - Tax Season Tips and Client Management
(43:02) - CPA Licensure and Industry Challenges
(53:08) - Auditor Misconduct and SEC Rulings
(57:29) - Celebrity Financial Scandals: Fat Joe's Case
(01:13:34) - Closing Remarks and Upcoming Adventures

Show Notes

TurboTax ‘Breakup’ Ad Draws Ire From Tax Pro Org

https://tax.thomsonreuters.com/news/turbotax-breakup-ad-draws-ire-from-tax-pro-org/

Deloitte takes fire from Trump-Vance allies over leaked employee messages

https://thehill.com/business/4919910-deloitte-employee-trump-criticism/

Trump supports ending double taxation on Americans living abroad: ‘Let’s put America First’

https://nypost.com/2024/10/14/business/former-president-donald-trump-supports-ending-double-taxation-on-americans-living-abroad/

KPMG Supports Alternative CPA Paths to Address Accountant Shortage

https://tax.thomsonreuters.com/news/kpmg-supports-alternative-cpa-paths-to-address-accountant-shortage

SEC Drops Auditor Misconduct Cases After In-House Judges Ruling

https://news.bloombergtax.com/financial-accounting/sec-drops-auditor-misconduct-cases-after-in-house-judges-ruling

Fat Joe Suing Accountants Over Fraud Activity

https://www.bet.com/article/dh3bcc/fat-joe-suing-accountants-over-fraud-activity

Numeric grabs $28M Series A to automate accounting using AI

https://techcrunch.com/2024/10/10/numeric-grabs-28m-series-a-for-automating-accounting-with-ai/

Ex-Tingo Auditor Aided, Concealed ‘Massive Fraud,’ SEC Claims

https://news.bloombergtax.com/financial-accounting/ex-tingo-auditor-aided-concealed-massive-fraud-sec-claims

Fat Joe On Getting Robbed By Accountants, Using The N-Word, BET Hip Hop Awards + More
https://www.youtube.com/watch?v=xL3RV6SHY4E

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OpenAI's Insane Entity Structure

Blake Oliver & David Leary — Thu, 10 Oct 2024 13:30:00 -0700

Blake and David look into OpenAI's complex entity structure and potential conversion from nonprofit to for-profit, highlighting the significant financial implications. They also discuss the challenges facing FreshBooks amid recent layoffs and shifting market dynamics and then explore the journey of Vuori's CEO Joe Kudla, emphasizing how his accounting background contributed to the company's success. Wrapping things up, we’ve got listener questions about the value of CPA licenses and growing advisory services in accounting firms.

Sponsors
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Chapters

(02:15) - OpenAI's Nonprofit to For-Profit Dilemma
(05:24) - Understanding OpenAI's Complex Structure
(13:08) - The Financial Implications of OpenAI's Transition
(27:14) - Vuori's CEO: From Accounting to Fashion
(34:24) - The Power of Pricing: Vuori's Success Story
(34:49) - The Importance of Accounting in Entrepreneurship
(36:28) - FreshBooks' Struggles and Market Position
(39:22) - The Future of FreshBooks and Industry Trends
(45:42) - Listener Mail: CPA Value and Audit Challenges
(53:14) - Exploring Advisory Services and Technology Solutions
(59:02) - Closing Thoughts and Community Engagement

Show Notes

OpenAI closes $6.6 billion funding haul with investment from Microsoft and Nvidia

https://www.reuters.com/technology/artificial-intelligence/openai-closes-66-billion-funding-haul-valuation-157-billion-with-investment-2024-10-02/

How Vuori’s Joe Kudla went from accountant to fashion industry success

https://www.goldmansachs.com/insights/goldman-sachs-talks/joe-kudla

FreshBooks lays off 140

https://www.accountingtoday.com/news/freshbooks-lays-off-140-staff-cites-challenging-18-months

SEC Charges Olayinka Oyebola and His Accounting Firm With Aiding and Abetting Massive Fraud

https://www.sec.gov/newsroom/press-releases/2024-157

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Intuit Attacks Tax Pros & IRS Can't Measure Audit Rate

Blake Oliver & David Leary — Fri, 04 Oct 2024 09:30:00 -0700

Blake and David discuss a controversial TurboTax ad campaign encouraging people to "break up" with their tax professionals, analyze survey data on AI adoption in accounting firms, and critically examine proposed changes to CPA licensure requirements. They also explore NASBA's influence on the profession end debate the merits of automatic mobility for CPAs across states.

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Chapters

(01:32) - Intuit's Controversial NFL Commercial
(03:29) - TurboTax's Pricing Strategy
(06:09) - Intuit's Market Strategy and Tax Pro Reactions
(12:32) - IRS Audit Rates and Challenges
(20:02) - EY India Tragedy and Work Culture
(26:55) - AI in Accounting: Adoption and Applications
(33:39) - Introduction to Perplexity
(36:46) - Empowering Your Team with AI
(38:48) - Challenges in CPA Firms
(42:07) - WorkflowCon 2024 Announcement
(43:52) - Changes to CPA Licensure
(48:43) - Critique of NASBA and AICPA
(55:20) - The Future of CPA Mobility
(01:09:02) - Conclusion and Call to Action

Show Notes

TurboTax 2024 Beat Your Price Commercial "Tax Break-Up" (Official TV Ad :30)

https://www.youtube.com/watch?v=GW7rfwO6_is

Intuit Hosts Investor Day, Reaffirms First-Quarter and Fiscal 2025 Guidance

https://investors.intuit.com/news-events/press-releases/detail/1215/intuit-hosts-investor-day-reaffirms-first-quarter-and-fiscal-2025-guidance

The State of AI in Accounting Report 2024

https://karbonhq.com/resources/state-of-ai-accounting-report-2024/

AICPA, NASBA propose a new pathway to CPA licensure

https://www.journalofaccountancy.com/news/2024/sep/cpa-competency-based-licensure-pathway.html

AICPA and NASBA Propose Changes to the Uniform Accountancy Act

https://www.masscpas.org/news/f339a29a-f278-4bc3-bf30-b1e10d198ca2:aicpa-and-nasba-propose-changes-to-the-uniform-accountancy-act

The Hazards of Redefining Mobility

https://nasba.org/blog/2024/09/19/the-hazards-of-redefining-mobility/

How Accounting Firms Can Overcome the Profit Plateau

https://www.accountingtoday.com/opinion/how-accounting-firms-can-overcome-the-profit-plateau

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Transcripts

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TikTok Tactics and Four-Day Workweeks

Blake Oliver & David Leary — Thu, 26 Sep 2024 13:30:00 -0700

Blake and David meet with Natalie Lennon, the Australian accountant known as the "Queen of TikTok" in accounting circles. Natalie shares her experiences at Xerocon Nashville, discusses the differences between Australian and American accounting practices, and explains how she leveraged TikTok to grow her accounting business. She also outlines implementing a four-day workweek, embracing fixed-fee pricing, and her upcoming projects, including a TikTok course for accountants.

Meet Our Guest, Natalie Lennon

LinkedIn: https://www.linkedin.com/in/natalielennon/
TikTok: https://www.tiktok.com/@natlenno

Learn more about Two Sides Accounting

Website: https://www.twosides.com.au/

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Remote Work Going Away or Here to Stay?

Blake Oliver & David Leary — Wed, 25 Sep 2024 12:30:00 -0700

Blake and David examine the evolving landscape of remote work, discussing recent trends and their impact on productivity and employee well-being. They also explore the commercial real estate market's challenges due to the shift towards remote work and its potential implications for the banking sector. Moving on, they take a look at recent audit failures, particularly the FTX case and discuss the controversial Beneficial Ownership Information reporting requirements and some potential issues for small businesses.

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Chapters

(00:49) - Blake's Fitness Journey with Apple Watch
(02:59) - Impact of Remote Work on Health and Productivity
(06:08) - Amazon's Return to Office Policy
(11:19) - CEO Perspectives on Remote Work
(23:57) - Commercial Real Estate Crisis
(27:50) - Accounting Standards and Bank Balance Sheets
(31:08) - Listener Questions and Comments
(44:49) - The Sunk Cost Fallacy in Real Estate
(45:24) - The Looming Commercial Real Estate Bust
(47:34) - The Role of Intangible Assets in Modern Accounting
(51:07) - The CPA Journey: Is It Worth It?
(51:52) - The Kenneth CPA Hack
(01:01:37) - The BOI Reporting Controversy

Show Notes

How Remote Work Is Impacting Accounting Firms

https://cpatrendlines.com/2024/09/22/how-remote-work-is-impacting-accounting-firms/

2024 KPMG U.S. CEO Outlook Pulse Survey

https://kpmg.com/us/en/articles/2024/kpmg-2024-ceo-outlook-pulse-survey.html

Amazon tells employees to return to office five days a week

https://www.cnbc.com/2024/09/16/amazon-jassy-tells-employees-to-return-to-office-five-days-a-week.html

Wells Fargo employee found dead at her desk days after she last clocked into work, authorities say

https://www.cnn.com/2024/08/31/us/wells-fargo-employee-desk-arizona/index.html

Eric Schmidt Calls Remote Work a Mistake for Google in Disappearing Video

https://nationalcioreview.com/articles-insights/news/eric-schmidt-calls-remote-work-a-mistake-for-google-in-disappearing-video/

Audit Firm Prager Metis Settles SEC Charges for Negligence in FTX Audits and for Violating Auditor Independence Requirements

https://www.sec.gov/newsroom/press-releases/2024-133

Beneficial Ownership Reporting Outreach and Education Toolkit

https://www.fincen.gov/boi/toolkit

BOI requirements roll along despite concerns about too little outreach

https://www.journalofaccountancy.com/news/2024/aug/boi-reporting-requirements.html

Property Fraud Allegations Snowball as Commercial Real Estate Values Fall

https://www.wsj.com/real-estate/property-fraud-allegations-snowball-as-commercial-real-estate-values-fall-492d964c

Nearly a Quarter of Office Space in the U.S. Will Be Empty by 2026

https://www.cpapracticeadvisor.com/2024/07/01/nearly-a-quarter-of-office-space-in-the-u-s-will-be-empty-by-2026/107376/

Big Banks are Taking Hits from Commercial Real Estate

https://www.wsj.com/finance/banking/commercial-property-loans-real-estate-banks-249a43b9

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Intuit Launches ERP, China Fines PwC, OpenAI's New Model

Blake Oliver & David Leary — Fri, 20 Sep 2024 11:00:00 -0700

Blake and David explore Intuit's new Enterprise Suite, a product that appears to compete with NetSuite in the mid-market ERP space. They also
discuss a major audit failure by PwC in China related to Evergrande, raising concerns about the ethics and integrity at large accounting firms.
They also discuss the tragic death of a young accountant at EY in India due to overwork and explore the implications of OpenAI's latest model
outperforming humans on IQ tests.

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Chapters

(01:32) - Intuit's New ERP System
(03:18) - Target Market and Pricing Concerns
(05:46) - Comparing to Competitors
(17:53) - PwC's Massive Fine in China
(18:39) - Evergrande's Financial Collapse
(26:34) - The Bigger Picture of Audit Quality
(29:43) - Australian Accountants and the PwC Debacle
(30:40) - Tragic Death of EY Employee in India
(32:51) - The Hypocrisy of Overwork in the Big Four
(40:17) - OpenAI's New Model: A Game Changer
(49:18) - Driverless Cars: The Future of Transportation
(52:50) - NASBA's New Competency-Based CPA Pathway
(01:00:58) - Conclusion and Farewell

Show Notes

Intuit Introduces Intuit Enterprise Suite to Help Businesses Grow, Streamline Operations, and Scale

https://investors.intuit.com/news-events/press-releases/detail/1213/intuit-introduces-intuit-enterprise-suite-to-help-businesses-grow-streamline-operations-and-scale

PwC faces record fine over Evergrande audit in China

https://finance.yahoo.com/news/pwc-faces-record-fine-over-131518742.html

Death of young Ernst & Young employee raises questions about workplace culture

https://www.nbcnews.com/news/world/death-young-ernst-young-employee-raises-questions-workplace-culture-rcna171945

Comparison of Models: Quality, Performance & Price Analysis

https://artificialanalysis.ai/models

Waymo significantly outperforms comparable human benchmarks over 7+ million miles of rider-only driving

https://waymo.com/blog/2023/12/waymo-significantly-outperforms-comparable-human-benchmarks-over-7-million

AICPA, NASBA propose a new pathway to CPA licensure

https://www.journalofaccountancy.com/news/2024/sep/cpa-competency-based-licensure-pathway.html

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How Kenyth Got His CPA Credits in 3 months and 36 Days

Blake Oliver & David Leary — Thu, 19 Sep 2024 13:30:00 -0700

Blake and David meet with Kenyth Holdefer, who shares his unconventional path to becoming a CPA. Kenyth details how he obtained his bachelor's and master's degrees in just over four months through Western Governors University's competency-based education model, followed by passing all four CPA exams within six months. Kenyth highlights his transition from a successful career in mortgages to public accounting, emphasizing the potential for alternative educational paths in addressing the accounting profession's talent shortage.

Meet Our Guest, Kenyth Holdefer

LinkedIn: https://www.linkedin.com/in/ken-holdefer-101745105/

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SuiteWorld Recap & Bookkeeping Startup Raises $200M

Blake Oliver & David Leary — Tue, 17 Sep 2024 11:30:00 -0700

Back from SuiteWorld, Blake and David discuss key takeaways from Oracle NetSuite's conference, including product updates and the event's growing scale. They also examine recent fundraising in the accounting-tech space, notably bookkeeping startup Finally's $200 million Series B round. Moving on, there's Big Four firm news, including PwC's layoffs and return-to-office policies, as well as a viral TikTok trend exploiting a Chase Bank ATM glitch.

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Chapters

(00:46) - Recap of Oracle SuiteWorld Conference
(02:01) - NetSuite's Growth and Market Position
(12:23) - Product Announcements and AI Integration
(18:31) - Listener Questions and Career Advice
(25:38) - Bookkeeping Startup Raises $200 Million
(28:48) - Exploring All-in-One Bookkeeping Services
(29:38) - The Future of Accounting Software Market
(31:06) - Mercury Bank Acquires Teal
(31:47) - Challenges in Automated Bookkeeping
(35:14) - Consolidation in the Financial Services Industry
(38:19) - Viral TikTok ATM Glitch Exploits
(41:53) - PwC Layoffs and Office Policies
(49:44) - Deloitte's Olympic Gold Medalist
(54:33) - Career Advice for Tech and Accounting Professionals

Show Notes

Oracle NetSuite – SuiteWorld

https://www.netsuitesuiteworld.com/

Accounting Software Market Size With Growing Demand and Forecast to 2032

https://www.linkedin.com/pulse/accounting-software-market-size-growing-demand-qsgic/

Mercury acquires Teal

https://mercury.com/blog/inside-mercury/mercury-acquires-teal

Revolut Business Adds Bill Pay Feature

https://www.pymnts.com/news/b2b-payments/2024/revolut-business-adds-bill-pay-feature

Paylocity Announces Definitive Agreement to Acquire Airbase Inc., a Leading Spend Management Software Solution Provider

https://www.airbase.com/press-release/paylocity-announces-definitive-agreement-to-acquire-airbase-inc-a-leading-spend-management-software-solution-provider

The Chase ATM 'glitch' that went viral is likely check fraud, bank says

https://www.usatoday.com/story/money/2024/09/03/chase-bank-atm-glitch-fraud/75058813007/

PwC Laying Off 1,800 Employees in First Formal Cuts Since 2009

https://www.wsj.com/articles/pwc-laying-off-1-800-employees-plans-restructuring-of-products-business-b5dfe7c1

PwC tells employees it will use location data to police 'back-to-office' rule

https://www.ctvnews.ca/business/pwc-tells-employees-it-will-use-location-data-to-police-back-to-office-rule-1.7031968

PwC Isn’t Used to Being Called Desperate But Here We Are

https://www.goingconcern.com/pwc-isnt-used-to-being-called-desperate-but-here-we-are/

Deloitte rower earned gold at Paris Olympics

https://www.accountingtoday.com/news/deloitte-rower-earned-gold-medal-at-paris-olympics

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Why EY Has The Worst Big Four PCAOB Deficiency Rate

Blake Oliver & David Leary — Thu, 05 Sep 2024 20:00:00 -0700

In our 400th episode, Blake and David dive into the controversial world of audit quality and Big Four accounting firms. They also discuss a listener's critical email about their audit coverage, explore recent audit failures and deficiencies, and debate the underlying incentives in the audit industry. The discussion turns to workplace culture issues at major firms and potential solutions to improve audit quality.

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Chapters

(01:05) - Listener Email: Criticism of Audit Discussions
(01:59) - Reading and Responding to Connor's Email
(05:19) - Understanding Audit Deficiencies
(07:46) - Audit Quality and Deficiency Rates
(13:26) - EY's Audit Deficiency and Industry Comparison
(15:28) - The Business Model of Big Four Firms
(19:13) - Challenges in the Audit Profession
(19:39) - Listener Feedback and Commentary
(35:33) - Super Micro Accounting Scandal
(43:53) - AI's Impact on Auditing
(44:11) - The Tipping Point: Media Coverage and Reactions
(44:40) - Audit Issues and Historical Context
(46:10) - The Role of Consulting in Audit Firms
(48:04) - Materiality and Audit Quality
(51:32) - The Future of Auditing and AI
(53:16) - EY's Secret Drinking Club Controversy
(01:15:35) - Addressing the CPA Crisis
(01:19:10) - Listener Mail and Final Thoughts

Show Notes

PCAOB Posts 2023 Annual Inspection Reports Alongside Staff Observations and New Charts To Boost Transparency

https://pcaobus.org/news-events/news-releases/news-release-detail/pcaob-posts-2023-annual-inspection-reports-alongside-staff-observations-new-charts-to-boost-transparency

Super Micro: Fresh Evidence Of Accounting Manipulation, Sibling Self-Dealing And Sanctions Evasion At This AI High Flyer

https://hindenburgresearch.com/smci/

AI Spotted Super Micro Risks Two Years Before Filing Fiasco

https://www.forbes.com/sites/noahbarsky/2024/08/30/ai-spotted-super-micro-risks-two-years-before-filing-fiasco/

EY's PR nightmare: A ‘secret drinking club’, misconduct allegations and resignations

https://www.stuff.co.nz/nz-news/350292387/eys-pr-nightmare-secret-drinking-club-misconduct-allegations-and-resignations

Super Micro shares fall 19% on filing delay, Hindenburg Research report

https://www.cnbc.com/2024/08/28/super-micro-shares-fall-23percent-on-filing-delay-hindenburg-research-report.html

Who Wants to See How Much Big 4 Revenue by Service Line Has Changed Since SOX?

https://www.goingconcern.com/who-wants-to-see-how-much-big-4-revenue-by-service-line-has-changed-since-sox/

PCAOB releases two new, divergent inspection reports for Canadian accounting firms

https://www.canadian-accountant.com/content/practice/pcaob-inspection-reports-deloitte-kreston-gta

Rethinking Rankings: The Top 100 Firms — Adjusted

https://www.vision.cpa/blog/Rethinking%20Rankings:%20Revenue%20Per%20Employee

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Is Intuit Going Enterprise? In THIS Economy?

Blake Oliver & David Leary — Wed, 28 Aug 2024 14:00:00 -0700

In this episode, Blake and David dive into Intuit's strategic shift towards enterprise solutions, discussing the potential impact on the accounting industry. They also examine some recent economic trends, including the U.S. debt situation and its comparison to historical empires. They then get into audit deficiency rates reported by the PCAOB, highlighting the need for transparency and reform in the auditing profession. There's also talk AI applications in education, recent accounting scandals, and more challenges facing the accounting industry.

Sponsors
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Chapters

(01:50) - Intuit's Strategic Shift to Enterprise
(04:19) - Intuit's Pricing and Market Position
(12:48) - Economic Outlook and Accountants' Perspectives
(21:22) - China's Debt and Bankruptcy System
(28:29) - Listener Mail and Industry Insights
(35:33) - A Compromise Between Hourly Billing and Subscription Pricing
(45:10) - AI as a Personal Tutor
(46:11) - Understanding SAFE Notes
(54:01) - AI in Retail and Business
(01:01:24) - Audit Deficiencies and Industry Issues
(01:25:11) - Conclusion and Final Thoughts

Show Notes

Intuit (INTU) Q4 2024 Earnings Call Transcript

https://www.fool.com/earnings/call-transcripts/2024/08/22/intuit-intu-q4-2024-earnings-call-transcript/

6 podcast episodes CFOs should listen to before summer ends

https://www.cfo.com/news/6-podcast-episodes-cfos-should-listen-to-accounting-podcast-strategic-cfo-360-rockstar-cfo/723667/

Accountants bearish, mostly

https://www.accountingtoday.com/news/accountants-bearish-mostly-save-for-their-own-firm-and-clients

Goldman Sachs Lowers Probability of US Recession

https://www.investopedia.com/goldman-sachs-lowers-probability-of-us-recession-8697194

China’s Punishment for People With Bad Debts: No Fast Trains or Nice Hotels

https://www.wsj.com/world/china/chinas-punishment-for-people-with-bad-debts-no-fast-trains-or-nice-hotels-bde24da2

Target to Roll Out Transformative GenAI Technology to its Store Team Members Chainwide

https://corporate.target.com/press/release/2024/06/target-to-roll-out-transformative-genai-technology-to-its-store-team-members-chainwide

N.J. Accounting Professor Convicted of Tax Evasion

https://www.cpapracticeadvisor.com/2024/08/19/n-j-accounting-professor-convicted-of-tax-evasion/109210/

Everyone from the sunken yacht off Sicily has now been accounted for

https://www.npr.org/2024/08/22/g-s1-18939/tech-mogul-mike-lynchs-body-is-found-as-the-search-goes-on-for-1-more-yacht-passenger

PCAOB Posts 2023 Annual Inspection Reports Alongside Staff Observations and New Charts To Boost Transparency

https://pcaobus.org/news-events/news-releases/news-release-detail/pcaob-posts-2023-annual-inspection-reports-alongside-staff-observations-new-charts-to-boost-transparency

EY Sheds U.S. Audit Clients in Response to Shortfalls

https://www.wsj.com/articles/ey-sheds-u-s-audit-clients-in-response-to-shortfalls-2ba1172e

Regulator Explores Naming Companies Tied to Auditing Deficiencies Amid Investor Pushback

https://www.wsj.com/articles/regulator-explores-naming-companies-tied-to-auditing-deficiencies-amid-investor-pushback-8ee1d1f3

Auditors failed to raise alarm before 75% of UK corporate collapses

https://www.ft.com/content/14a63c36-ba27-495c-96c0-3d34460d73cc

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Xero Now Does Bank Reconciliations!

Blake Oliver & David Leary — Wed, 21 Aug 2024 16:00:00 -0700

Blake and David leap into the latest updates from Xerocon, including new features like traditional bank reconciliations, embedded bill pay with BILL and AI capabilities through JAX (Just Ask Xero). They look at Xero's strategy to double and how it compares to Intuit's mid-market growth focus. They also touch on the potential impact of QuickBooks' pricing strategy.

Sponsors
Lendflow - http://accountingpodcast.promo/lendflow
The Small Business Research Institute - http://accountingpodcast.promo/ceanow
Keeper - http://accountingpodcast.promo/keeper

Chapters

(01:01) - Xerocon Highlights and New Features
(01:18) - Deep Dive into Xero's Bank Reconciliation
(06:13) - Xero's Strategic Focus: The Three by Three Initiative
(10:18) - Xero's Market Share and Competitive Strategy
(17:52) - Listener Questions and Advice for Aspiring Accountants
(21:37) - Xero's Upcoming Features and Integrations
(40:46) - Alternative Career Paths in Accounting
(41:16) - Xero's New AI Features and Bill Payments Experience
(45:53) - Exploring Xero's JAX AI and Its Functionalities
(54:04) - Xero's Market Strategy and Competition with QuickBooks
(01:01:51) - Xerocon Highlights and Nashville Adventures
(01:07:44) - The Mysterious Case of Mike Lynch
(01:14:27) - Closing Remarks and Upcoming Events

Show Notes

New features announced at Xerocon Nashville

https://blog.xero.com/product-updates/new-features-xerocon-nashville/

Intuit cut to Equal-Weight at Morgan Stanley, citing reliance on pricing lever

https://seekingalpha.com/news/4139926-intuit-cut-to-equal-weight-at-morgan-stanley-citing-reliance-on-pricing-lever

British entrepreneur Mike Lynch among missing after luxury yacht sinks off Sicily

https://www.reuters.com/world/europe/seven-missing-15-rescued-after-sailboat-sinks-off-sicily-2024-08-19/

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Transcripts

The full transcript for this episode is available by clicking on the Transcript tab at the top of this page

Automating SOX Audits with RAG

Blake Oliver & David Leary — Mon, 19 Aug 2024 18:00:00 -0700

Blake Oliver meets with Josh Poresky, a recent college graduate working in audit at RSM. Josh describes his innovative AI project that uses retrieval augmented generation (RAG) to query PCAOB audit guidelines instantly. They explore how this technology could potentially automate up to 99% of staff work for internal controls testing in SOX audits and also highlight some of the challenges and future possibilities of implementing AI in auditing processes.

Meet Our Guest, Josh Poresky

LinkedIn: https://www.linkedin.com/in/josh-poresky956/

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Transcripts

The full transcript for this episode is available by clicking on the Transcript tab at the top of this page

How To Write Emails 3x Faster With AI

Blake Oliver & David Leary — Fri, 16 Aug 2024 15:00:00 -0700

Blake and David discuss the slow adoption of AI tools in accounting firms, with a recent study showing low usage rates. They also explore the potential of AI to streamline tasks like email writing and fraud detection, highlighting tools like Superwhisper. Moving on, there are political discussions around tax exemptions for tips and their potential consequences, updates on the Wirecard fraud case, and insights from a study linking corporate ethics language to negative outcomes.

Sponsors
Lendflow - http://accountingpodcast.promo/lendflow
The Small Business Research Institute - http://accountingpodcast.promo/ceanow
Bookkeeping Biz Workshops - http://accountingpodcast.promo/bbworkshop
Practice Protect - http://accountingpodcast.promo/protect

Chapters

(00:00) - Introduction and Welcome
(00:59) - AI Tools for Accountants
(01:21) - CPA Pathway Discussion
(03:21) - SuperWhisper Demo
(05:30) - Email Efficiency with AI
(29:20) - Savannah Bananas Business Model
(36:54) - LegalZoom Layoffs and Restructuring
(38:35) - Challenges of Software in Service Businesses
(38:51) - QuickBooks Live and Bookkeeping Models
(42:19) - AI in Accounting: JPMorgan Chase's New Tool
(44:33) - IRS Free File Expansion
(48:26) - Debate on Taxing Tips
(54:08) - Wirecard Scandal Update
(55:15) - Ethical Companies and Investor Skepticism
(01:00:16) - Listener Feedback and Career Advice
(01:13:14) - The Accountant 2 Movie Announcement

Show Notes

Study finds accountants slow to adopt gen AI

https://www.accountingtoday.com/news/study-finds-accountants-slow-to-adopt-gen-ai-tools

Why Trump and Harris’s ‘no tax on tips’ plans may not help tipped workers

https://www.washingtonpost.com/business/2024/08/13/trump-harris-tax-free-tips/

Beware When a Company Says It Is Trustworthy

https://www.wsj.com/finance/investing/ethics-companies-trust-b182f2b5?mod=itp_wsj

Two more Wirecard executives charged over accounting scandal

https://www.reuters.com/technology/two-more-wirecard-executives-charged-over-accounting-scandal-2024-08-06/

LegalZoom Announces Leadership Transition

https://investors.legalzoom.com/news-releases/news-release-details/legalzoom-announces-leadership-transition

JPMorgan Launches AI Assistant for 60,000 Employees

https://www.investopedia.com/jpmorgan-launches-ai-assistant-for-60000-employees-8693103

Eligible taxpayers in 12 states can file for free with IRS Direct File

https://www.irs.gov/newsroom/eligible-taxpayers-in-12-states-can-file-for-free-with-irs-direct-file

The Accountant 2: Official release date revealed, here’s when new episodes will air
https://economictimes.indiatimes.com/news/international/us/the-accountant-2-official-release-date-revealed-heres-when-new-episodes-will-air/articleshow/112474832.cms?from=mdr

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Transcripts

The full transcript for this episode is available by clicking on the Transcript tab at the top of this page

Best Metrics for Property Management and Development (from the Best Metrics Podcast)

Blake Oliver & David Leary — Fri, 09 Aug 2024 17:00:00 -0700

Earmark Media Presents a bonus episode of Best Metrics:

In this episode, host Glenn Dunlap is joined by Kenya Brooks, a partner at Saville CPAs and Advisors, to discuss the unique challenges and opportunities in property management and development accounting. They explore key metrics to monitor financial statements, the impact of economic trends on the real estate industry, and strategies for navigating client relationships during both prosperous and challenging times. Kenya also shares valuable insights from her 25 years of accounting expertise and her experience growing Saville's client accounting services practice.

Learn more about Best Metrics:
https://bestmetrics.show/

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Transcripts

The full transcript for this episode is available by clicking on the Transcript tab at the top of this page

Will California Be First to Deconstruct the 150 Hour Rule?

Blake Oliver & David Leary — Thu, 08 Aug 2024 12:00:00 -0700

Blake and David, joined by guest Amber Setter, dive into the California Board of Accountancy's move to create legislation for an alternative to the 150-hour rule for CPA licensure. They discuss the potential impact on the accounting profession, the need for modernization, and the challenges faced by aspiring CPAs. The conversation also touches on various industry updates, including firm mergers, government accounting practices, and the role of AI in the profession.

Sponsors
LiveFlow - http://accountingpodcast.promo/liveflow
Lendflow - http://accountingpodcast.promo/lendflow
Bookkeeping Biz Workshops - http://accountingpodcast.promo/bbworkshop
Practice Protect - http://accountingpodcast.promo/protect

Chapters

(00:43) - California Board of Accountancy's New Legislation
(04:24) - California Survey Results and Implications
(06:25) - Challenges and Opportunities in CPA Licensure
(08:09) - California's Legislative Efforts and Broader Impacts
(10:16) - AICPA's Response and Pipeline Issues
(16:36) - Thank You to Our Sponsor, LiveFlow
(18:23) - Major Accounting Firm Merger: CBiz and Marcum
(22:26) - Pentagon's Ukraine Accounting Error
(25:17) - Intuit's Blog Post on AI Use During Tax Season
(27:10) - AI Innovations in Tax Compliance and Document Collection
(31:22) - Promoting Accounting as a Career
(35:17) - Thank You to Our Sponsor, Lendflow
(39:50) - The Appeal of Early Retirement in Accounting
(41:02) - Promoting Government Accounting Jobs
(42:21) - Listener Mail: Critiques and Suggestions
(44:56) - Career Advice for Aspiring Accountants
(45:59) - Thank You to Our Sponsor, The Ambitious Bookkeeper
(47:40) - The Value of Practical Accounting Education
(50:09) - The CGMA Designation
(56:22) - Thank You to Our Sponsor, Practice Protect
(58:04) - Government Budgeting and Lost Funds
(01:01:57) - The Future of the CPA Profession
(01:07:04) - Outsourcing and Final Thoughts

Show Notes

CBA Meeting Recap – July 25 & 26, 2024

https://www.youtube.com/watch?v=jwrHaReBrIY

Marcum to be Acquired by CBIZ

https://www.latimes.com/b2bpublishing/business-announcements/story/2024-08-01/marcum-to-be-acquired-by-cbiz

Pentagon finds another $2 billion of accounting errors for Ukraine aid

https://www.reuters.com/world/us/pentagon-finds-another-2-billion-accounting-errors-ukraine-aid-2024-07-25/

How Intuit transformed tax filing experiences for millions of consumers with AI/GenAI this tax season

https://www.intuit.com/blog/innovative-thinking/tech-innovation/how-intuit-transformed-tax-filing-experiences/

Avalara Adds Generative Chat to Bolster Support and Product Experiences for Customers and Partners

https://newsroom.avalara.com/2024-08-01-Avalara-Adds-Generative-Chat-to-Bolster-Support-and-Product-Experiences-for-Customers-and-Partners

‘I walked away from my $170K job’: This accountant quit at 41 to live off dividends from his $1.25 million portfolio — here's what it would take for you to do the same

https://moneywise.com/investing/stocks/accountant-quit-live-off-dividends-portfolio

Chartered Accountants - The Accountants - 45" Video

https://www.youtube.com/watch?v=hma6ce-KT3I

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Transcripts

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What I Did On My Summer Vacation

Blake Oliver & David Leary — Thu, 01 Aug 2024 20:00:00 -0700

Blake and David examine Blake's month-long working vacation in Southern California, and talk benefits of remote work for accountants. They also explore recent surveys on accounting firm satisfaction and the use of AI in tax practices and then delve into the ongoing accountant shortage, its impact on internal controls, and the challenges of recruiting new talent to the profession. Additionally, there's talk about the persistence of paper checks in certain industries and the evolving landscape of accounting firm partnerships.

Sponsors
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Zoho - http://accountingpodcast.promo/zoho
Lendflow - http://accountingpodcast.promo/lendflow
Genwise - http://accountingpodcast.promo/genwise

Chapters

(01:14) - How Blake Made His Summer Vacation in Southern California Possible
(12:26) - Accountants Are Number 2 Happiest Workers
(17:47) - Equity vs Non-Equity Partners at Firms
(20:16) - Private Equity in Accounting Firms
(24:19) - Thank You to Our Sponsor, LiveFlow
(25:38) - Engaging the Next Generation of Accountants
(28:34) - The Accountant Shortage and Its Impact on Capital Markets
(31:43) - The Persistence of Paper Checks in a Digital World
(33:23) - Generative AI in Tax Preparation: A Divided Opinion
(35:44) - AI's Role in Accounting and the Future of the Profession
(40:48) - Thank You to Our Sponsor, Zoho
(44:31) - Thank You to Our Sponsor, Lendflow
(47:18) - Listener Mail: The Big Four Experience Debate
(50:39) - Thank You to Our Sponsor, GenWise
(52:11) - Final Thoughts and Announcements

Show Notes

Accountants Among the Happiest Workers in the U.S., New Study Finds

https://www.cpapracticeadvisor.com/2024/07/22/accountants-among-the-happiest-workers-in-the-u-s-study-finds/108298/

Number of the Day: $839,687

https://www.cpapracticeadvisor.com/2024/07/22/number-of-the-day-839687/108273/

New York State Society of CPAs

https://www.nysscpa.org/

The Accountant Shortage Highlights How Critical Accounting Is to Capital Markets | Smith School
https://www.rhsmith.umd.edu/research/accountant-shortage-highlights-how-critical-accounting-capital-markets

Why Paper Checks Refuse to Die - The New York Times
https://www.nytimes.com/2024/07/24/business/paper-check-payment-fraud-scam.html

Tax practitioners both excited and concerned about gen AI says Thomson Reuters | Accounting Today
https://www.accountingtoday.com/news/tax-practitioners-both-excited-and-concerned-about-gen-ai-says-thomson-reuters

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Transcripts

The full transcript for this episode is available by clicking on the Transcript tab at the top of this page

Why Trump's Plan To Raise Tariffs Will Backfire

Blake Oliver & David Leary — Thu, 25 Jul 2024 19:30:00 -0700

Blake and David Leary dive into several hot topics in the accounting world including the IRS's renewed focus on enforcement, targeting high-income individuals and non-filers, as well as the push to regulate non-credentialed tax preparers. They also explore the ongoing US CPA shortage and discuss potential solutions, including changes to education and recruitment strategies. Moving on, there's talk about emerging threats to traditional accounting software from industry-specific solutions like Clio's new accounting package for law firms. All this and more, right here, right now!

Sponsors
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Zoho - http://accountingpodcast.promo/zoho
Makers Hub - http://accountingpodcast.promo/makershub
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Chapters

(01:00) - Global IT Outage Chaos
(02:48) - Guess the Company Game
(05:04) - Accounting Salaries and Compensation
(14:47) - PwC Cutting Chinese Partners Pay by 50%
(16:24) - Relay: The Ultimate Banking Solution
(18:50) - Payday Advance Apps Under Scrutiny
(21:40) - Trump's Tax Plan and Tariffs
(29:03) - Community Engagement and Election 2024
(29:48) - Zoho Practice Management Overview
(31:34) - IRS Enforcement and Tax Resolution Opportunities
(39:40) - Regulating Non-Credentialed Tax Preparers
(43:09) - Corporate Tax Rates and Economic Impact
(48:49) - Thank you to MakersHub
(50:45) - Clio Accounting and Legal Software Innovations
(53:41) - Addressing the Accountant Shortage
(01:01:15) - Thanks for Listening and Remember to Earn Your Free CPE

Show Notes

July 19, 2024, global tech outage news

https://www.cnn.com/business/live-news/global-outage-intl-hnk/index.html

AICPA & CIMA Achieves Global Recognition as a Great Place To Work

https://www.aicpa-cima.com/news/article/aicpa-and-cima-achieves-global-recognition-as-a-great-place-to-work

Just How Much Have Accounting Salaries Increased in the Last Five Years?

https://www.goingconcern.com/just-how-much-have-accounting-salaries-increased-in-the-last-five-years/

You Need to Make Six Figures to Buy a Home in Almost Half of the U.S.

https://www.cpapracticeadvisor.com/2024/04/04/you-need-to-make-six-figures-to-buy-a-house-in-almost-half-of-america/103541/

Number of the Day: $5.7 Billion - CPA Practice Advisor

https://www.cpapracticeadvisor.com/2024/06/24/number-of-the-day-5-7-billion/107099/

I.R.S. Crackdown on Delinquent Millionaires Yields $1 Billion - The New York Times

https://www.nytimes.com/2024/07/11/business/irs-crackdown-wealthy-taxpayers.html

The IRS Tidal Wave Is Here - CPA Trendlines

https://cpatrendlines.com/2024/07/07/the-irs-tidal-wave-is-here/

Tax pros: IRS improving, but getting the right answer takes too long

https://www.journalofaccountancy.com/news/2024/jul/tax-pros-irs-improving-but-getting-right-answer-takes-too-long.html

IRS advisory committee recommends regulating tax preparers | Accounting Today

https://www.accountingtoday.com/news/irs-advisory-committee-recommends-regulating-tax-preparers

Corporate Tax Rate Spurs Political Fight With More Than $1 Trillion at Stake - WSJ

https://www.wsj.com/politics/policy/corporate-tax-rate-election-53de5180?st=o43aay9xscjk9wt

Ohio's shortage of certified accountants is part of a national trend

https://www.10tv.com/article/news/local/ohio-shortage-of-cpas-part-of-national-trend/530-172bf0d5-0f6a-4037-817f-2a6ae4e12dbf

Accountants sound the alarm over high-income residents leaving Massachusetts – New Bedford Guide

https://www.newbedfordguide.com/accountants-sound-the-alarm-over-high-income-residents-leaving-massachusetts/2024/06/20

Trump floats tariff hikes to offset income tax cuts

https://www.accountingtoday.com/articles/trump-floats-tariff-hikes-to-offset-income-tax-cuts

The Accountant Shortage Highlights How Critical Accounting Is to Capital Markets | Smith School

https://www.rhsmith.umd.edu/research/accountant-shortage-highlights-how-critical-accounting-capital-markets

#stitch with @Shanna Morris | accounting major | TikTok

https://www.tiktok.com/@nycoleemccrary/video/7361440633531174186?_r=1&_t=8m1nZEORWQh

Best Song Ever???

https://www.tiktok.com/@thesavbananas/video/7366410624856837422?lang=en

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Intuit's Shift to AI Failed on Day One

Blake Oliver & David Leary — Tue, 16 Jul 2024 20:00:00 -0700

In light of recent events, Blake and David examine assassination attempts on US presidents, providing historical context. They move on to Intuit's recent layoffs, critiquing the company's communication strategy and exploring potential AI improvements for such announcements, and then shift to the Synapse bankruptcy, its impact on fintech users, and evolving regulatory scrutiny. Finally, Blake and David dig into AICPA CEO Barry Melancon's defense of the 150-hour CPA requirement, questioning its effectiveness and impact on the accounting profession.

Sponsors
OnPay - http://accountingpodcast.promo/onpay
RightRev - http://accountingpodcast.promo/rightrev
MakersHub - http://accountingpodcast.promo/makershub
Lendflow - http://accountingpodcast.promo/lendflow

Chapters

(01:12) - Assassination Attempt on President Trump
(01:42) - Historical Context of Presidential Assassinations
(06:15) - Intuit Layoffs and AI Transition
(10:57) - Analyzing Intuit's Communication Strategy
(21:18) - Listener Mail and CPA Exam Tips
(27:28) - Intuit's Overtime Wage Issue
(30:25) - CPA Licensure Flexibility
(31:39) - Ohio's Alternative Pathway to CPA
(33:41) - Listener Mailbag: Emma's Dilemma
(40:06) - Listener Mailbag: Walda's Insight
(45:22) - Synapse Bankruptcy Update
(52:42) - Barry Melancon's Retirement and Legacy
(01:03:32) - Join the Earmark Community

Show Notes

Intuit Marketing in the UK pays for commercial/short film of human like talking dogs burying invoices/bills
https://directorslibrary.com/07/2024/latest/campaigns/dogs-intuit-quickbooks/

Bookkeeping Firm Digits Buys Accounting Platform Basis Finance
https://www.pymnts.com/acquisitions/2024/bookkeeping-firm-digits-buys-accounting-platform-basis-finance/

Assassination attempts on US presidents:
https://www.perplexity.ai/search/how-many-assassination-attempt-nb5YvFGbShm0oSRKqi3Ukw

Synapse’s collapse has frozen nearly $160M from fintech users — here’s how it happened
https://techcrunch.com/2024/07/14/synapses-collapse-has-frozen-nearly-160m-from-fintech-users-heres-how-it-happened/

Evolve Bank & Trust Statement on Synapse Bankruptcy
https://www.getevolved.com/about/news/evolve-bank-trust-statement-on-synapse-bankruptcy/

Banking With Third-Party Apps

https://www.fdic.gov/resources/consumers/consumer-news/2024-06.html

Fintech nightmare: ‘I have nearly $38,000 tied up’ after Synapse bankruptcy

https://www.cnbc.com/2024/05/22/synapse-bankruptcy-customer-funds.html

AT Think Ask what you can do for your profession
https://www.accountingtoday.com/opinion/ask-what-you-can-do-for-the-accounting-profession

Accounting Leader Calls for CPA Training to Evolve
https://news.bloombergtax.com/financial-accounting/accounting-leader-calls-for-cpa-training-to-evolve-podcast

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Death, Taxes, and AI

Blake Oliver & David Leary — Tue, 09 Jul 2024 12:30:00 -0700

Today, Blake and David explore how artificial intelligence is reshaping accounting, discussing its potential to handle 70% of information-based tasks and impact workflows like data collection, reconciliation, and client services. They criticize the current theoretical approach to accounting education, advocating for more practical, hands-on learning experiences. They also dig into the ongoing 150-hour rule debate, examining recent state board initiatives for alternative CPA pathways and concerns about the accounting talent pipeline. Blake and David tackle the recent Evolve cybersecurity breach and its implications for fintech companies and move on to listener feedback and questions.

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Chapters

(02:40) - Vacation Plans and Quiet Vacationing
(07:20) - Generative AI in Accounting
(10:12) - Challenges and Opportunities in AI Adoption
(16:59) - CPA Firm Dynamics and Partner Retirement
(25:45) - Survey Insights and Alternative Pathways to CPA
(29:52) - Arkansaw State Board of Accountancy Pursuing Alternative Pathways to CPA
(31:06) - Blake and David Look at the California CPA License Survey
(34:16) - Addressing Concerns About CPA Mobility
(34:57) - Survey Reflections and Critique
(38:02) - Listener Mail: Nebraska's CPA Changes
(39:19) - The Practicality of Accounting Education
(54:47) - Evolve Bank Cyber Attack
(01:00:44) - Closing Thoughts and 4th of July Message

Show Notes

Millennials call it ‘quiet vacationing,’ but it’s really remote work gone wrong—and it’s CEOs’ worst nightmare

https://fortune.com/2024/05/23/quiet-vacation-millennials-gen-z-harris-poll-remote-work

Death, Taxes, and AI: How Generative AI Will Change Accounting

https://a16z.com/generative-ai-in-accounting/

Tech lag named top risk for accountants in 2024 Intuit QuickBooks survey

https://quickbooks.intuit.com/r/news/accountant-tech-survey-results/

Finding Qualified Staff Is the Top Issue Facing Most CPA Firms In 2024

https://www.cpapracticeadvisor.com/2024/06/07/finding-qualified-staff-is-the-top-issue-facing-most-cpa-firms-in-2024/106519/

Help! A Partner Wants to Retire Early

https://cpatrendlines.com/2024/04/24/help-a-partner-wants-to-retire-really-early/

Arkansas State Board of Public Accountancy – Proposed Rule Changes

https://www.labor.arkansas.gov/licensing/state-board-of-public-accountancy/proposed-rule-changes/

California Board of Accountancy

https://www.dca.ca.gov/cba/

California Board of Accountancy’s LinkedIn Post on CPA Next Survey

https://www.linkedin.com/posts/cbanews_we-want-to-hear-from-you-this-weekend-is-activity-7212584294232285184-25sa

CPA Candidates Approved To Sit At 120 Hours Starting 1/1/2025

https://nebraska-cpa.thenewslinkgroup.org/cpa-candidates-approved-to-sit-at-120-hours-starting-1-1-2025/

Evolve Hit With Fed Enforcement Action, But Why Did It Take This Long?

https://substack.com/home/post/p-145886596

Cybersecurity Incident

https://www.getevolved.com/about/news/cybersecurity-incident/

Yieldstreet says some of its customers were affected by the Evolve Bank data breach

https://techcrunch.com/2024/07/02/yieldstreet-says-some-of-its-customers-were-affected-by-the-evolve-bank-data-breach/

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Pig Butchering & Mouse Jiggling

Blake Oliver & David Leary — Tue, 02 Jul 2024 10:30:00 -0700

Blake and David explore the intersection of AI, remote work, and accounting technology. They take a look at the phenomenon of "mouse jiggling," examine various AI tools reshaping the accounting industry, and analyze a survey showing widespread adoption of AI in the workplace. There's also a review of different AI chatbots, highlights on new AI-powered accounting startups, and a brief look at the U.S. government's online passport renewal system. This wide-ranging conversation offers valuable insights into the evolving landscape of work and technology in the digital age.

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Chapters

(01:14) - Mouse Jiggling Scandal at Wells Fargo
(05:03) - Pig Butchering Scams and Synapse Bankruptcy
(08:55) - Return to Office Mandates and Employee Turnover
(11:16) - AI Tools in Accounting: Zapier Central Demo
(16:39) - Impact of AI on Freelance Jobs
(20:10) - Private Equity and Audit Board Acquisition
(22:43) - AI Co-Pilot for Accounting Firms: Materia Raises $6.3 Million
(26:42) - Technology Maturity and Firm Revenue
(31:25) - AI Adoption in the Workplace
(33:30) - AI Tools Revolutionizing Financial Reporting
(35:57) - The Rise of Chatbots: A Wall Street Journal Analysis
(37:23) - Comparing Chatbot Performance Across Different Tasks
(45:28) - The Future of AI in Accounting Firms
(54:57) - Innovations in Government Services
(57:23) - Wrap-Up and Announcements

Show Notes

Meet Zapier Central's Chrome extension: Work with your personal AI bots anywhere

https://zapier.com/blog/zapier-central-chrome-extension/

The Great AI Challenge: We Test Five Top Bots on Useful, Everyday Skills

https://www.wsj.com/tech/personal-tech/ai-chatbots-chatgpt-gemini-copilot-perplexity-claude-f9e40d26

Numeric secures $10m in Seed funding to revolutionise accounting automation

https://fintech.global/2024/05/08/numeric-secures-10m-in-seed-funding-to-revolutionise-accounting-automation/

Finaloop secures $35 Million in Series A

https://www.finextra.com/pressarticle/101198/finaloop-secures-35-million-in-series-a

June 2024 Update: Beta Release of an Online Passport Renewal System

https://travel.state.gov/content/travel/en/passports/have-passport/renew-online.html

California Board of Accountancy CPANext Survey

https://www.linkedin.com/posts/cbanews_we-want-to-hear-from-you-this-weekend-is-activity-7212584294232285184-25sa

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Outsourcing 101 for Accounting Firms with Kwame Agyei

Blake Oliver & David Leary — Mon, 01 Jul 2024 19:45:47 -0700

Kwame Agyei, founder and CEO of Appoynt, joins Blake and David to discuss the benefits of outsourcing specific business functions like accounts receivable management. Kwame shares his unique journey from accountant to entrepreneur and offers practical advice on effectively leveraging virtual assistants while addressing common concerns around security and building trust.

Meet Our Guest, Kwame Agyei

LinkedIn: https://www.linkedin.com/in/kwame-agyei-b3ab1333/

Learn more about Appoynt

Website: http://www.appoynt.co.uk/

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What CFOs Are Thinking: AI, Talent Crisis, Gen Z, and More

Blake Oliver & David Leary — Wed, 26 Jun 2024 11:30:00 -0700

Adam Zaki of CFO.com joins Blake and David to explore the trends reshaping the industry, from AI to the talent shortage. They dive into the murky waters of corporate financial controls and audit practices. They also examine what makes a truly effective CFO in today's dynamic business environment and why authenticity might be the most valuable trait in a leader's toolkit. Get an insider's perspective on the 150-hour CPA licensing requirement and hear ideas for reform that could revolutionize the profession.

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Chapters

(01:18) - AI Trends in Finance
(02:27) - Adoption and Challenges of AI
(09:19) - Talent Shortage in Finance
(13:18) - Gen Z in the Finance Profession
(19:19) - Real Consequences of The Breakdown of Financial Controls
(27:04) - AT&T is Bypassing Big 4 Recruitment & Blake's Career Path
(28:46) - Q&A Session Begins
(29:23) - Would You Trade Your Job for a CFO Role?
(30:24) - Work-Life Balance in Accounting
(32:11) - Other Ways We Can Attract Talent to The Accounting Profession
(36:22) - Challenges in the Accounting Profession
(45:43) - Mentorship and Leadership in Accounting
(52:59) - Closing Remarks and Future Guests

Show Notes

Follow Adam’s stories on CFO.com: https://www.cfo.com/editors/azaki/

75% of employees use AI at work: report | CFO

San Francisco 49ers, MLB Star Shohei Ohtani Wrestle With Poor Financial Controls

34% of KPMG tax, audit and advisory interns plan to stay 5 years at first job: report | CFO

Gen Z Pivots from Accounting, Pursues Creative Freedom and Entrepreneurship | CFO

No Gimmicks, Just Authenticity: How To Attract Gen-Z Talent | CFO

Peacocking, newskilling and digital detox: 9 new workplace trends CFOs must know | CFO

Senior Leaders Nearly Twice as Likely To Receive AI Resources as Junior Staff | CFO

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ChatGPT Beats Humans at Financial Statement Analysis

Blake Oliver & David Leary — Thu, 20 Jun 2024 16:00:27 -0700

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Chapters

(00:38) - Blake's Conference Adventures
(02:48) - AI and the Future of Auditing
(04:51) - Insights from the IMA Conference
(09:35) - The AI Tipping Point
(14:23) - Microsoft Announces Delay of Their Ai Recall Tool
(19:54) - AI in Financial Statement Analysis
(32:33) - Community and Future Plans
(34:46) - Synapse Bankruptcy and What It Means for FinTech Banks
(45:05) - PwC and OpenAI Partnership
(46:54) - EY Is Spending $1 Billion on Something
(49:03) - Big Four Compensation Insights
(52:31) - Fake News on Stimulus Checks
(56:07) - Listener Mail and Advice for Starting a Firm
(01:02:42) - Wrap-up and Announcements

Show Notes

Study: ChatGPT Better at Financial Statement Analysis Than Humans

https://nysscpa.org/news/publications/the-trusted-professional/article/study-chatgpt-better-at-financial-statement-analysis-than-humans-060524

PwC to resell ChatGPT Enterprise

https://www.accountingtoday.com/news/pwc-to-become-first-official-reseller-for-openai-for-openais-chatgpt-enterprise

EY US to invest $1 billion in compensation and technology to improve the attractiveness of the accounting profession

https://www.ey.com/en_us/newsroom/2024/06/ey-us-to-invest-1-billion-in-compensation-and-technology

Change is in the air: And it is helpful.

https://www.orcpa.org/news/13ff8628-9c17-43b1-858a-148af698c818:change-is-in-the-air-and-it-is-helpful

Potential deposit shortfall in Synapse bankruptcy falls in regulatory grey area

https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/potential-deposit-shortfall-in-synapse-bankruptcy-falls-in-regulatory-grey-area-82041848

Apple brings ChatGPT to Siri as it debuts ‘Apple Intelligence’ at WWDC 2024

https://www.theguardian.com/technology/article/2024/jun/10/apple-ai-product-launch

How does Sam's Club AI work?

https://www.statesman.com/story/news/state/2024/05/02/sams-club-ai-check-receipt-exit-stores-texas-locations/73526045007/

How fake stories about IRS stimulus checks took over the internet

https://www.fastcompany.com/91138837/fake-stories-irs-stimulus-checks-flood-internet-google-news

Fact Check: Is The IRS Really Giving An $8700 Stimulus Check?

https://finance.yahoo.com/news/fact-check-irs-really-giving-192246766.html

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The Compelling Case for Nearshoring Accounting to Argentina

Blake Oliver & David Leary — Mon, 17 Jun 2024 11:00:00 -0700

Discover the compelling advantages of nearshoring your accounting and finance functions to Argentina. In this episode, Nicolás Villafañe, partner at South Offices, shares his insider perspective on why Argentina is a top destination for accessing skilled talent while enjoying significant cost savings compared to hiring in the US.

Learn how Argentina's timezone alignment, cultural affinity, and highly qualified pool of licensed CPAs can provide your business with a seamless experience as if you were hiring remote employees. Nicolás also shares a case study of how his firm has partnered with a US client to build a successful, integrated team.

If you've been considering nearshoring options, this episode is packed with valuable insights to help you evaluate your choices and unlock the benefits for your business. Tune in now to explore the power of nearshoring!

Meet Our Guest, Nicolás Villafañe

LinkedIn: https://www.linkedin.com/in/nicolasvillafane/

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Will Intuit Go Red in the 2024 Election?

Blake Oliver & David Leary — Thu, 13 Jun 2024 14:30:00 -0700

Blake and David get brutally honest about why pricey accounting conferences are a no-go and how the industry sidelines neurodivergent professionals. You'll also get a rundown of the rebranded Intuit Connect event's new direction, the political firestorm around IRS Direct File, and a Google Sheets update that will blow your mind. From the mailbag, don't miss one reader's incredible story of passing the CPA exam in record time and our take on why firms need to rethink degree requirements. Plus, we offer real-talk advice for starting your own
bookkeeping biz and take shots at the infamous 150-hour rule.

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Chapters

(01:02) - David Has FOMO
(03:27) - The Cost of AICPA Engage
(06:48) - ADHD and Conferences
(15:08) - Community Engagement and Comments
(19:52) - Intuit Connect Announcement & Going After the Mid-Market
(25:50) - Future of Accounting with AI
(29:55) - AI Agents Replacing Human Labor
(31:03) - Preparing for a Future in Accounting
(32:02) - The Value of Practical Experience
(33:48) - Listener Feedback and Community Engagement
(34:46) - Intuit and IRS Direct File Controversy
(43:52) - Google Sheets' New Conditional Notifications
(46:43) - Listener Mailbag: Unique Paths to CPA
(51:00) - Earning Your Accounting Degree Quick!
(54:45) - The Debate on College Degrees and Signaling
(01:00:01) - Closing Remarks and Thanks for Listening

Show Notes

House GOP proposes IRS funding cuts, defunding free tax filing ...

Intuit Connect 2024 - Formerly QuickBooks Connect

Google Sheets’ new ‘conditional notifications’ easily keep track of small changes - The Verge

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From Compliance to Consulting: A CPA's Journey into M&A and Business Valuation

Blake Oliver & David Leary — Fri, 07 Jun 2024 07:00:00 -0700

Anthony Venette, Director of Business Valuation and Advisory Services at DeJoy & Co., joins Blake to discuss his unconventional career path and the world of business valuation. Anthony shares his journey from audit to tax and eventually to valuation, highlighting the importance of soft skills and effective communication in advisory roles. He also provides valuable insights into the day-to-day life of a valuation professional and offers advice for young CPAs interested in pursuing this career path.

Meet Our Guest, Anthony Venette

LinkedIn: https://www.linkedin.com/in/anthonyvenettecpaabv/

Learn more about DeJoy & Co.

https://www.teamdejoy.com/

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What's the Journal Entry for a Hush Money Payment?

Blake Oliver & David Leary — Mon, 03 Jun 2024 07:30:00 -0700

Blake and David delve into the accounting and bookkeeping aspects of Donald Trump's recent guilty verdict in New York. They discuss the charges related to falsifying business records and hush money payments and explore the potential implications for Trump's businesses and campaign. Their conversation also touches on the current state of AI in accounting, the retirement of AICPA president Barry Melancon, and the challenges facing the profession in attracting new talent.

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Chapters

(01:10) - Breaking Down Trump's Guilty Verdict
(02:31) - Analyzing the Charges
(04:27) - Legal Implications and Campaign Finance
(07:29) - Trump's Bookkeeping and Legal Strategies
(09:36) - Asking ChatGPT How This Entry Should Have Been Coded
(15:35) - Commercial Real Estate and Trump's Properties
(22:00) - Puzzle Accounting and AI Automation
(26:25) - Rose Financial's EASBY adds AI
(30:33) - Challenges in AI Categorization
(31:17) - Human Oversight in AI Accounting
(32:48) - Digits' AI Performance and Market Comparison
(34:41) - Live Listener Question: Career Path in Accounting
(37:59) - University of Scranton Brags About Number of Accounting Papers They've Published
(38:31) - AICPA's Future as President Barry Melancon Announces Retirement
(46:47) - App Review: Rose AI-Powered Spreadsheet
(48:49) - Watch Our TurboTax Business Assisted 2024 Review and Listen to the Best Metrics Podcast
(51:22) - Earn CPE For Listening To Our Podcast

Show Notes

"Who's the victim of Trump's Bookkeeping?" Washington Examiner

https://www.washingtonexaminer.com/daily-memo/3014100/who-is-the-victim-of-trumps-bookkeeping/

Trump May Owe $100 Million From Double-Dip Tax Breaks, Audit Shows

https://www.nytimes.com/2024/05/11/us/trump-taxes-audit-chicago.html

The Office-Market Meltdown Comes for Trump’s Prized Wall Street Building

https://www.wsj.com/real-estate/commercial/the-office-market-meltdown-comes-for-trumps-prized-wall-street-building-31b3a667

Profession Leader Humbly Requests You STFU About Long Hours, Busy Season, and Stress

https://www.goingconcern.com/profession-leader-humbly-requests-you-stfu-about-long-hours-busy-season-and-stress/

New AICPA chair: ‘We need to promote the cool work we do’

https://www.journalofaccountancy.com/issues/2024/jun/new-aicpa-chair-we-need-to-promote-the-cool-work-we-do.html

Rose Financial Solutions Sets Goal to Automate 85% of Finance and Accounting Activities by 2030

https://www.prnewswire.com/news-releases/rose-financial-solutions-sets-goal-to-automate-85-of-finance-and-accounting-activities-by-2030-302145576.html

TAP: TurboTax Business Assisted Review 2024 (for Tax Year 2023)

https://www.youtube.com/watch?v=zaaMIV1lyns

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Rethinking Accounting Education in the Age of AI

Blake Oliver & David Leary — Thu, 30 May 2024 20:30:00 -0700

Dr. Mfon Akpan, Assistant Professor of Accounting at Methodist University joins Blake and David for a conversation on the impact of AI on accounting education, the challenges faced by accounting graduates entering the workforce, and the future of the CPA profession. Dr. Akpan shares his insights on incorporating AI into the classroom and the importance of lifelong learning in the rapidly evolving world of technology.

Sponsors
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Chapters

(01:43) - AI in Accounting Education
(02:34) - Prompting Techniques for AI
(04:21) - Practical Applications of AI in Accounting
(05:37) - Challenges and Benefits of AI in Education
(06:45) - Incorporating AI into Accounting Curriculum
(13:50) - Debate on Accounting Education and Skills Gap
(22:34) - The 5th-Year Requirement for CPAs
(32:42) - The Value of Personal Interaction in Education
(33:23) - The Importance of Smaller Class Sizes
(35:14) - The Role of AI in Education
(37:53) - Improving Salaries in the Accounting Profession
(39:33) - The Impact of Technology on Accounting Jobs
(40:19) - Balancing Work and Life in Accounting
(51:35) - The Future of Accounting Education
(55:36) - Embracing AI in Accounting
(58:39) - Final Thoughts and Conclusion

Meet our Guest, Dr. Mfon Akpan
Website: https://mfonakpan.com/
LinkedIn: https://www.linkedin.com/in/drmfonakpan/

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The Startups Seeking to Dethrone QuickBooks

Blake Oliver & David Leary — Thu, 23 May 2024 18:00:00 -0700

Blake and David dig into reports from the Illinois CPA Society and National Pipeline Advisory Group highlighting issues like long work hours, the 150-hour rule, and low starting salaries. They examine the potential disruption of traditional accounting software by startups and vertical SaaS companies offering embedded accounting functionality and review some of the CPA Practice Advisor Readers' Choice Awards. Wrapping things up, they highlight the health risks of long working hours, and discuss the need for better work-life balance in accounting firms, based on a recent WHO report.

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Chapters

(01:44) - Does QuickBooks have some new competition?
(06:42) - Layer wants to be a GL service
(09:45) - Lili's place in the marketspace
(13:03) - The role of accountants in software success
(14:57) - CPA Practice Advisor's 2024 Reader Choice Awards
(17:22) - Illinois CPA Society survey results
(24:00) - WHO publishes estimates on health costs from working long hours
(28:31) - The long-awaited NPAG Impact Report was released!
(30:39) - Identifying pipeline problems
(32:34) - Reasons students don't choose accounting majors
(45:55) - Final points from report
(48:02) - Blake's theory on why accounting starting salaries are low
(54:46) - Thanks for listening and remember to subscribe

Show Notes

Teal Announces $8M Seed Investment to Drive Next-Gen Accounting Products for Vertical SaaS

https://www.businesswire.com/news/home/20240520567117/en/Teal-Announces-8M-Seed-Investment-to-Drive-Next-Gen-Accounting-Products-for-Vertical-SaaS

Embedded accounting startup Layer secures $2.3M toward goal of replacing QuickBooks
https://techcrunch.com/2024/05/15/embedded-accounting-layer-2-3m-quickbooks/?guccounter=1

Illinois CPA Society Releases Updated CPA Pipeline Report
https://www.icpas.org/about-us/press/press-release-details/2024/05/16/illinois-cpa-society-releases-updated-cpa-pipeline-report

National Pipeline Advisory Group releases draft strategy report
https://www.accountingpipeline.org/draft-report/

Embedded accounting startup Layer secures $2.3M toward goal of replacing Quickbooks | TechCrunch

https://techcrunch.com/2024/05/15/embedded-accounting-layer-2-3m-quickbooks/

The Best Tech for Accounting Firms: CPAs Voted for Readers Choice Tech Awards

https://www.cpapracticeadvisor.com/2024/05/15/2024-cpa-practice-advisor-readers-choice-award-winners-announced/105089/

Lili Launches New Accountant AI for Small Business Financial Management

https://www.cpapracticeadvisor.com/2024/05/16/lili-launches-new-accountant-ai-for-small-business-financial-management/105520/

Embedded accounting startup Layer secures $2.3M toward goal of replacing QuickBooks

https://techcrunch.com/2024/05/15/embedded-accounting-layer-2-3m-quickbooks/

Kabbage Inc. Settles Allegations of PPP Fraud

https://smallbiztrends.com/?p=1487492

US accounting group bows to calls for faster path for recruits

https://www.ft.com/content/b6562303-cfda-4c6e-bb7b-8fe6e092bb01

National Pipeline Advisory Group releases draft strategy report - National Pipeline Advisory Group

https://www.accountingpipeline.org/draft-report/

Bench and Shopify alumni announce $11M CAD to build “the Stripe for accounting” with Teal - BetaKit

https://betakit.com/bench-and-shopify-alumni-announce-11-million-cad-to-build-the-stripe-for-accounting-with-teal/

Embedded accounting startup Teal raises $8M seed

https://www.axios.com/pro/fintech-deals/2024/05/20/embedded-accounting-teal-8-million-seed

The Indicator from Planet Money : NPR

https://www.npr.org/2024/05/17/1197964709/trade-wars-and-talent-shortages

Canadian fintech Teal raises $8M to build ‘Stripe for accounting’

https://techfundingnews.com/canadian-fintech-teal-raises-8m-to-build-stripe-for-accounting/

Kabbage to pay $120M in PPP fraud settlements with DOJ

https://www.bankingdive.com/news/kabbage-pay-120-million-ppp-fraud-doj-small-business-loan-pandemic/716053/

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Trump Accountants Take the Stand Before the Stormy Daniels

Blake Oliver & David Leary — Fri, 17 May 2024 12:00:00 -0700

This week, Blake and David are puzzled by the results of a survey that shows 40% of tax professionals believe generative AI will allow them to charge clients higher rates. They also cover the sham audit firm BF Borgers and question why the firm's CPA is still licensed despite SEC charges. Blake demonstrates how he uses Zapier Central to build an AI agent that can automatically respond to client emails about the status of their tax returns. Wrapping up, they examine Digits' $35 million raise and pivot to bill pay, and Xero's new filtering functionality for bank reconciliations.

Sponsors
LiveFlow - http://accountingpodcast.promo/liveflow
Cloud Accountant Staffing - http://accountingpodcast.promo/cas
Keeper - http://accountingpodcast.promo/keeper
Blue Onion - http://accountingpodcast.promo/blueonion

Chapters

(00:53) - Generative AI's Impact on Pricing
(05:14) - The Curious Case of BF Borgers and Sham Audits
(07:54) - The Slow Response of Regulatory Bodies to Fraud
(16:28) - NASBA Hires New President
(17:45) - NASBA and the CPA Exam: A Call for Modernization
(25:35) - The Trump Stormy Daniels NY Trial
(32:38) - Rudy Giuliani's Financial Woes: A Deep Dive
(34:20) - Building AI Agents with Zapier Central: A How-To Guide
(35:40) - AI Tools for Productivity: Insights from ClickUp
(36:43) - The Power of AI in Automating Client Communication
(44:06) - The Big Money in AI-Powered Practice Management
(48:16) - Bill Pay Innovations and Market Dynamics
(49:34) - Xero's New Features and Bank Feed Improvements
(53:20) - The Real Value of Dashboards in Business Management
(58:32) - Closing Remarks and Future Events

Show Notes

Rudy Giuliani Forced to Learn Accounting After Bankruptcy Beancounter Bails

https://www.thedailybeast.com/rudy-giuliani-forced-to-learn-accounting-after-bankruptcy-beancounter-bails

Stormy Daniels payment puts focus on Trump and check-writing as trial testimony resumes

https://www.nbcnews.com/politics/donald-trump/former-white-house-executive-assistant-stand-trump-trial-dramatic-stor-rcna151578

Trump Accountant on His Stormy Daniels Coverup Notes: ‘I Made a Boo-Boo’

https://www.yahoo.com/news/trump-accountant-stormy-daniels-coverup-152934446.html

Trump Accountant Exposes Checks to Michael Cohen in Damning Testimony

https://newrepublic.com/post/181344/trump-accountant-checks-signed-michael-cohen-hush-money-trial

What’s new in Xero — May 2024 - Xero Blog

https://blog.xero.com/product-updates/whats-new-in-xero-may-2024/

End of Trump Media’s Auditor Jolts Hundreds of Other Companies

https://news.bloombergtax.com/financial-accounting/end-of-trump-medias-auditor-jolts-hundreds-of-other-companies

Trump Media hires new auditor after previous accounting firm charged with 'massive fraud'

https://www.cnbc.com/2024/05/06/trump-media-hires-new-auditor-after-accounting-firm-charged-with-fraud.html

Digits Launches AI Bill Pay for Small Businesses

https://www.pymnts.com/news/b2b-payments/2024/digits-launches-ai-bill-pay-for-small-businesses/

Countsy Debuts Platform to Streamline Back-Office Management

https://www.pymnts.com/back-office/2024/countsy-debuts-platform-to-streamline-back-office-management/

Why we’re calling 2024 ‘the year of the US bank feed’

https://blog.xero.com/product-updates/year-of-the-us-bank-feed/

Let's Meet NASBA's Next President and CEO

https://www.goingconcern.com/lets-meet-nasbas-next-president-and-ceo/

Digits Launches AI Bill Pay for Small Businesses

https://www.pymnts.com/news/b2b-payments/2024/digits-launches-ai-bill-pay-for-small-businesses/

Digits AI Bill Pay -- The World's First AI Bill Pay, Built Specifically For Startups

https://www.prnewswire.com/news-releases/digits-ai-bill-pay--the-worlds-first-ai-bill-pay-built-specifically-for-startups-302131944.html

Imagine the Chaos If the PCAOB Starts Naming and Shaming Audit Deficiency Clients

https://www.goingconcern.com/imagine-the-chaos-if-the-pcaob-starts-naming-and-shaming-audit-deficiency-clients/

'Nobody seems interested' in helping Giuliani with accounting in bankruptcy case, lawyers claim

https://thehill.com/video/%e2%80%98nobody-seems-interested%e2%80%99-in-helping-giuliani-with-accounting-in-bankruptcy-case-lawyers-claim/9675968/

Canopy Secures $35 Million in Funding to Enhance AI-Powered Practice Management for Accounting Firms

https://www.einnews.com/pr_news/709723429/canopy-secures-35-million-in-funding-to-enhance-ai-powered-practice-management-for-accounting-firms

Trump Media Replaces Its Accounting Firm BF Borgers With Semple, Marchal & Cooper

https://www.fxleaders.com/news/2024/05/06/trump-media-replaces-its-accounting-firm-bf-borgers-with-semple-marchal-cooper/

Trump Org. accounting system was desig...

Exploring Non-Traditional Accounting Careers in Government

Blake Oliver & David Leary — Mon, 13 May 2024 16:00:00 -0700

Cody Turley, CPA and Certified Fraud Examiner, joins Blake and David to discuss his SEC career path, describing what it's like to investigate securities law violations. He emphasizes that while Big Four experience is valuable, it's not the only way to have a successful and meaningful accounting career. Cody shares insights into the benefits of working in government accounting roles, including greater responsibility early on, work-life balance, and the ability to transition to public accounting or industry later if desired.

Meet Our Guest, Cody Turley

LinkedIn: https://www.linkedin.com/in/cody-turley-cpa-cff-cfe-776254122/

Learn about SEC internship opportunities:
https://www.sec.gov/pathways-internship-program

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Sponsorships

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SEC Charges Trump's Audit Firm with Massive Fraud

Blake Oliver & David Leary — Thu, 09 May 2024 07:00:00 -0700

The SEC charged Trump's audit firm with a massive fraud – 1,500 fake filings over 2.5 years! Plus, hundreds of small US banks are at risk due to commercial real estate loan exposure. We're also talking about the potential of AI tools like Claude and ChatGPT to automate various accounting and business tasks, the controversial Corporate Transparency Act's beneficial ownership reporting requirements, and the possibility of its repeal. We wrap with fintech and crypto news, including Mercury Bank's rapid growth and potential regulatory issues.

Sponsors
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Chapters

(09:04) - Anthropic launches Claude for teams
(10:55) - More LLM models pass CPA exam
(17:00) - Blake demonstrates AI's abiity to help with emails
(29:55) - 28 AI prompts for small businesses
(33:38) - Oregon Senator going after TurboTax to issue refunds to Oregonians
(35:43) - The possibility of a regional banking crisis
(43:40) - The Corporate Transparency Act might be repealed
(48:26) - Tether claims they can't find a Big 4 firm to audit them
(51:05) - Mecurity Bank being looked at by FDIC
(56:16) - Square to allow users to transfer percent of daily sales to Bitcoin
(57:37) - Download and sign up for the Earmark app

Show Notes

Anthropic launches a free Claude iOS app and Team, its first enterprise plan | ZDNET

https://www.zdnet.com/article/anthropic-launches-a-free-claude-ios-app-and-team-its-first-enterprise-plan/

SEC.gov | SEC Charges Audit Firm BF Borgers and Its Owner with Massive Fraud Affecting More Than 1,500 SEC Filings

https://www.sec.gov/news/press-release/2024-51

Oregon senator demands refunds for TurboTax customers over glitch | Accounting Today

https://www.accountingtoday.com/news/oregon-senator-demands-refunds-for-turbotax-customers-over-glitch

Can LLMs Pass the CPA Exam? Evaluating Large Language Model Performance on the Certified Public Accountant Test by Will Zacher, Sanmukh Kuppannagari :: SSRN

https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4788096

Sam Altman says helpful agents are poised to become AI’s killer function | MIT Technology Review

https://www.technologyreview.com/2024/05/01/1091979/sam-altman-says-helpful-agents-are-poised-to-become-ais-killer-function/

Why hundreds of U.S. banks may be at risk of failure

https://www.cnbc.com/2024/05/01/why-hundreds-of-us-banks-may-be-at-risk-of-failure.html

Tether CEO Says An Audit By A Big Four Giant Is Our Top Priority

https://coingape.com/tether-ceo-says-an-audit-by-a-big-four-giant-is-our-top-prioritterrestrial

Block lets Square merchants convert a part of their daily sales to bitcoin

https://techcrunch.com/2024/04/24/block-now-lets-square-merchants-convert-a-part-of-their-daily-sales-to-bitcoin/

The 28 best AI prompts for small businesses

https://www.sage.com/en-us/blog/the-28-best-ai-prompts-for-small-businesses/

Congress considers how to fix the Corporate Transparency Act

https://www.accountingtoday.com/news/congress-considers-how-to-fix-the-corporate-transparency-act

Article from www.congress.gov

https://www.congress.gov/bill/118th-congress/house-bill/8147/cosponsors

Binance founder Changpeng Zhao sentenced to 4 months in prison after plea deal

https://www.cnbc.com/2024/04/30/binance-founder-changpeng-zhao-cz-sentenced-to-four-months-in-prison-.html

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Sponsorships

Are you interested in sponsoring the Cloud Accounting Podcast? For details, read the prospectus.

Need Accounting Conference Info?

Check out our new website - accountingconferences.com

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TeePublic Store: http://cloudacctpod.link/merch

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Finally! A Tax Bill That Adds Up

Blake Oliver & David Leary — Thu, 02 May 2024 14:30:00 -0700

Blake and David examine the latest tax legislation traveling through Congress, including a new bill requiring the IRS to provide detailed explanations for math errors on tax returns. They also discuss the IRS's new direct file program, the banning of non-compete agreements, and the coolest profession around (spoiler alert: it's not accounting). Lastly, they touch on the concerning data breach at BerryDunn and the AICPA's efforts to rebrand the CPA to attract more young people to the field.

Sponsors
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Zoho - http://accountingpodcast.promo/zoho
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Harbor Compliance - http://accountingpodcast.promo/harbor

Chapters

(02:40) - New proposed IRS Math Act
(05:17) - IRS wraps first season with free file program
(09:19) - "The Magician" tax preparer arrested for $100 million tax fraud
(13:32) - The future of social security
(17:22) - Sam Bankman-Fried makes a deal in civil suit
(18:55) - FTC rules noncompetes are unlawful
(23:53) - Ryan Tax Firm challenges FTC noncompete ruling
(25:14) - QuickBooks Live announcement upsets accountants
(37:03) - Anonymous listener says you can work normal hours and still make money
(40:24) - Accountant charged with embezzling $800k from CA paving firm
(43:32) - Ryanair CEO thinks more accountants should be running airlines
(50:02) - Accounting firm sued for data leak
(51:59) - CPA "Coolest Profession Around)
(56:12) - What is "Accounting Plus"
(01:01:15) - NASBA offers The Accountancy Licensing Library
(01:04:37) - Thanks for listening and remember to subscribe

Show Notes

Accountant Charged With Embezzling $800,000 From Paving Firm in California - CPA Practice Advisor

https://www.cpapracticeadvisor.com/2024/04/25/virginia-accountant-charged-with-embezzling-800000-from-richmond-paving-firm/104508/

Ryan Leads Charge Against Biden’s Ban on Noncompete Clauses - CPA Practice Advisor

https://www.cpapracticeadvisor.com/2024/04/26/ryan-leads-charge-against-bidens-ban-on-noncompete-agreements/104537/

Move Over, TurboTax? IRS Considers Expanding Free Tax-Filing Program – WSJ

https://www.wsj.com/personal-finance/taxes/irs-considers-expanding-free-tax-filing-program-8f68cc9a?st=0akqqiu2v0gjb8v

Boeing Needs Another Accountant As CEO, Says Ryanair CEO – Avweb

https://www.avweb.com/aviation-news/boeing-needs-another-accountant-as-ceo-says-ryanair-ceo/

Ultra-Rich Should Pay More Taxes to Save Social Security, Poll Shows - CPA Practice Advisor

https://www.cpapracticeadvisor.com/2024/04/25/ultra-rich-should-pay-more-taxes-to-save-social-security-poll-shows/104458/

FTC Bans Noncompete Agreements That Restrict Job Switching – WSJ

https://www.wsj.com/politics/policy/ftc-bans-noncompete-clauses-that-restrict-job-switching-984d2187?st=sxhwibcr49evqxc

Bronx tax preparer known as "the magician" arrested for $100 million tax fraud | ADN América

https://adnamerica.com/en/new-york/bronx-tax-preparer-known-magician-arrested-100-million-tax-fraud

With close calls mounting, the FAA will require more rest for air traffic controllers

https://www.npr.org/2024/04/22/1246349237/close-calls-faa-air-traffic-control-fatigue

New bill would force IRS to explain tax return errors | The Hill

https://thehill.com/business/4602429-new-bill-would-force-irs-to-explain-tax-return-errors/

The Accountancy Licensing Library: Your Ultimate Resource for CPA Licensure | NASBA

https://nasba.org/blog/2024/04/01/the-accountancy-licensing-library-your-ultimate-resource-for-cpa-licensure/

The cost of doing your taxes are up nearly 10% this year – Marketplace

https://www.marketplace.org/2024/03/15/tax-preaparation-costs-up-nearly-10-percent/

Sam Bankman-Fried agrees to help FTX investors in lawsuits against Tom Brady, Larry David

https://nypost.com/2024/04/22/business/sam-bankman-fried-agrees-to-help-ftx-investors-in-lawsuits-against-tom-brady-larry-david/

Intuit Hosting 'QuickBooks Live' Webinar

https://insightfulaccountant.com/in-the-news/people-and-business/intuit-hosting-quickbooks-live-webinar/

QuickBooks "Live Experts" May Not Be So Bad

https://insightfulaccountant.com/accounting-tech/general-ledger/quickbooks-live-experts-may-not-be-so-bad/

Millions more salaried workers will be eligible for overtime pay under final Biden administration rule

https://www.cnn.com/2024/04/23/politics/overtime-pay-salaried-workers-biden/index.html

Senators introduce bill to simplify IRS notices

https://www.accountingtoday.com/news/senators-introduce-bill-to-simplify-irs-notices

IRS Says It Saw ‘Strong Response’ From Direct File Pilot Users This Tax Season

https://www.cpapracticeadvisor.com/2024/04/26/irs-saw-strong-response-from-direct-file-pilot-users-this-tax-season/104545/

U.S. accounting firm Berry...

Maximizing Your Accounting Firm's Value with Brannon Poe

Blake Oliver & David Leary — Fri, 26 Apr 2024 13:30:00 -0700

Blake Oliver sits down with Brannon Poe of Poe Group Advisors to discuss the differences between traditional and subscription-based virtual accounting firms. Brannon shares his expertise on firm valuation, revealing that factors like cash flow to owner and owner hours play a significant role in determining a firm's value. He also emphasizes the importance of pricing strategies, noting that implementing value pricing and subscription models can dramatically improve a firm's profitability and overall value. Throughout the conversation, Brannon provides valuable insights and real-world examples to help firm owners maximize their firm's value in preparation for a potential sale.

Meet Our Guest, Brannon Poe

LinkedIn: https://www.linkedin.com/company/poe-group-advisors/
Twitter: https://twitter.com/poegroupadvisor
Facebook: https://www.facebook.com/PoeGroupAdvisors/
Instagram: https://www.instagram.com/poegroup/

Learn more about Poe Group Advisors

Website: https://poegroupadvisors.com/

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Sponsorships

Are you interested in sponsoring the Cloud Accounting Podcast? For details, read the prospectus.

Need Accounting Conference Info?

Check out our new website - accountingconferences.com

Limited edition shirts, stickers, and other necessities

TeePublic Store: http://cloudacctpod.link/merch

Subscribe

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Classifieds

(00:51) - Traditional vs. Subscription Accounting Firms
(01:46) - The Value of Virtual Subscription Firms
(02:11) - Factors Influencing Firm Valuation
(02:37) - The Impact of Location on Valuation
(07:19) - Key Metrics for Maximizing Firm Value
(12:05) - Firm Valuations: Some Numbers
(15:09) - Strategic Decisions for Firm Growth
(20:55) - Final Thoughts and Resources for Brannon's Book and Academy

Transcripts

The full transcript for this episode is available by clicking on the Transcript tab at the top of this page

Google Blames Accounting Layoffs on AI

Blake Oliver & David Leary — Thu, 25 Apr 2024 08:00:00 -0700

Blake and David take a dive into Google's decision to offshore accounting jobs to Mexico and India, which Google’s CFO claims is necessary to free up resources to invest in AI. They also discuss the stagnation of CPA salaries despite a shortage of talent. The conversation touches on a variety of other topics, including the modernization of the IRS, the future of the CPA profession, and advice for young accountants looking to carve their own career paths in a rapidly changing industry.

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Chapters

(05:53) - Blake reads some tweets about hours people are working during busy season
(10:32) - Unlimited PTO is worse for employees
(13:02) - College degrees aren't necessary for success
(18:30) - Florida creates retired CPA status
(21:41) - Listener mail on the 150-hour rule and salaries
(26:12) - Update on Boston's commercial real estate woes
(30:44) - Why office rent prices are still so high
(38:35) - Some encouraging IRS news
(43:52) - Internal audit reveals 279 former IRS employees or contractors still had access to logins
(46:18) - Offshoring can be good or bad
(48:10) - Setting a limit on billable hours
(49:56) - Let accounting firms decide what requirements accountants need
(52:14) - The rise of the "remote partner"
(58:06) - Wrap up and Earmark now has a web browser version

Show Notes

Google restructures finance team as part of AI shift, CFO tells employees in memo

https://www.cnbc.com/2024/04/17/google-restructures-finance-team-as-a-part-of-ai-shift-cfo-tells-employees-in-memo.html

Josh Youngblood, EA didn’t work over 40 hours per week in tax season

https://x.com/joshyoungblood/status/1779858374403747847?s=12

Skills-Based Hiring Can Shred the Paper Ceiling | BCG

https://www.bcg.com/capabilities/diversity-inclusion/expert-insights/skill-based-hiring-can-shred-paper-ceiling

The Office Market Is in Turmoil. So Why Are Rents More Expensive? – WSJ

https://www.wsj.com/real-estate/commercial/the-office-market-is-in-turmoil-so-why-are-rents-more-expensive-d096f961?st=9ieavh5j7ep3wcw

Florida Legislature Passes Bill Creating New Retired CPA Status | Florida Institute of CPAs

https://www.ficpa.org/publication/florida-legislature-passes-bill-creating-new-retired-cpa-status

Kyle J. Bauman, CPA on X: "“Unlimited PTO” “Only 2100 Hours”

https://twitter.com/kjb_cpa/status/1763595505928442248

62% of Americans Lack a College Degree. Can They Solve the Labor Shortage?

https://www.wsj.com/lifestyle/careers/employers-open-more-doors-to-workers-without-degrees-but-few-are-getting-in-732f1098

Senior Leaders Nearly Twice as Likely To Receive AI Resources as Junior Staff | CFO

https://www.cfo.com/news/senior-leaders-are-nearly-twice-as-likely-to-receive-ai-guidance/707230/

IRS didn't remove contractors' access to sensitive information | Accounting Today

https://www.accountingtoday.com/news/irs-didnt-remove-contractors-access-to-sensitive-information

Boston mulls commercial tax hike

https://www.accountingtoday.com/articles/boston-mulls-commercial-tax-hike-to-counter-office-market-slump

IRS Commissioner Delivers End Of Tax Filing Season Message Touting Improvements

https://www.forbes.com/sites/kellyphillipserb/2024/04/15/irs-commissioner-delivers-end-of-tax-filing-season-message-touting-improvements/

Florida Creates New Status for Retired CPAs in the State

https://www.cpapracticeadvisor.com/2024/04/15/florida-creates-new-status-for-retired-cpas-in-the-state/103983/

Treasury cash balance jumps most in 2 years as tax payments rise

https://www.accountingtoday.com/articles/treasury-cash-balance-jumps-most-in-2-years-as-tax-payments-rise

The rise of the remote accounting firm partner

https://www.accountingtoday.com/news/the-rise-of-the-remote-accounting-firm-partner

Werfel sees IRS budget request yielding $341B in extra revenue

https://www.cfodive.com/news/werfel-sees-irs-budget-request-yielding-341b-extra-revenue-tax-taxation-enforcement/713534/

Google restructures finance team as part of AI shift, CFO tells employees in memo

https://www.cnbc.com/2024/04/17/google-restructures-finance-team-as-a-part-of-ai-shift-cfo-tells-employees-in-memo.html

Despite moratorium, IRS gets 20,000 ERC claims weekly, Werfel says

https://www.journalofaccountancy.com/news/2024/apr/despite-moratorium-irs-gets-20000-erc-claims-weekly-werfel-says.html

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Remote Accountants Get Paid Less

Blake Oliver & David Leary — Fri, 19 Apr 2024 12:30:00 -0700

Blake and David delve into the effects of remote work on accountant salaries and the mental health challenges faced by auditors at Big Four firms. They inspect a recent study showing lower pay for hybrid workers compared to fully remote or in-office employees. They also contemplate the future of work organization inspired by Bill Anderson, CEO of Bayer, and discuss the potential impact of AI on the accounting profession, the accuracy of AI-related surveys, and the misrepresentation of AI capabilities in recent news headlines.

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Chapters

(00:34) - Will accountants soon earn overtime pay?
(04:32) - Listener writes in about their own audit experience at a Top-30 firm
(07:49) - Trump's Truth Social audit update
(14:19) - PCAOB proposed audit metrics
(19:05) - 71% of Big 4 auditors worry about mental health
(21:48) - Blake shares a clip from new Bayer CEO
(30:46) - H&R Block employees prefer remote work
(35:12) - Remote accountants get paid less
(36:33) - Executives and managers perceive in-office workers as higher performers
(39:04) - The four day work week is becoming more common
(41:47) - Cody writes in about Big 4 vs industry
(43:29) - Hannah asks about outsourcing and offshoring costs
(46:19) - Amazon Fresh stores were using Indian employees for "just walk out" tech
(50:24) - Shohei Ohtani's translator charged in sports gambling case
(53:16) - Accounting Today wrongly claims accountants are saving 30 hours a week on average using AI
(56:36) - Blake shares a clip from the All In podcast on the future of AI
(59:50) - Is it time for a new ERP system?
(01:02:49) - Thanks for listening and remember to subscribe

Show Notes

71% of Big 4 Auditors Worry About Mental Health | CFO

https://www.cfo.com/news/71-of-big-4-auditors-worry-about-mental-health/712063/

Will Getting Rid of Bosses Fix the Workplace? - The Journal. - WSJ Podcasts

https://www.wsj.com/podcasts/the-journal/will-getting-rid-of-bosses-fix-the-workplace/fc0d31d3-2d08-441e-abd8-d77b660fe258

59% of accountants use AI to save about 30 hours a week on tasks | Accounting Today

https://www.accountingtoday.com/news/59-of-accountants-use-ai-to-save-about-30-hours-a-week-on-tasks

Y Combinator wants to fund new enterprise resource planning (ERP) software"

https://www.instagram.com/reel/C3-zHmOIqbI/?igsh=dTMxMDBjNGg3a2p0

Ohtani translator charged with stealing millions for 19,000 bets | Accounting Today

https://www.accountingtoday.com/articles/ohtani-translator-charged-with-stealing-millions-for-19-000-bets

KPMG Fined Record $25 Million in Exam-Cheating Scandal – WSJ

https://www.wsj.com/articles/kpmg-fined-25-million-over-alleged-netherlands-exam-cheating-a4dcba2a?st=yl6xiqm8nh6gug8

Botkeeper Infinite replaces outsourcing with more AI to help firms automate | Accounting Today

https://www.accountingtoday.com/news/botkeeper-infinite-replaces-outsourcing-with-more-ai-to-help-firms-automate

More Companies Adopt 4-Day Work Week - CPA Practice Advisor

https://www.cpapracticeadvisor.com/2024/03/27/more-companies-adopt-4-day-work-week/103199/

When Layoffs Happen, Remote Workers Are Hardest Hit - WSJ

https://www.wsj.com/lifestyle/careers/layoffs-remote-work-data-980ed59d?reflink=integratedwebview_share

Does Working from Home Boost Productivity Growth? | San Francisco Fed

https://www.frbsf.org/economic-research/publications/economic-letter/2024/january/does-working-from-home-boost-productivity-growth/

Trump Media's Accounting Firm Has Audit Deficiency History

https://finance.yahoo.com/news/trump-media-accounting-firm-history-150150627.html

Amazon's Just Walk Out Actually Uses 1,000 People in India

https://www.businessinsider.com/amazons-just-walk-out-actually-1-000-people-in-india-2024-4

PCAOB Wallops KPMG Netherlands With Record $25M Fine For Exam Cheating

https://www.cpapracticeadvisor.com/2024/04/10/pcaob-wallops-kpmg-in-the-netherlands-with-25-million-fine-for-exam-cheating/103803/

PCAOB crackdown shifting to focus on auditing firms

https://www.accountingtoday.com/news/pcaob-crackdown-shifting-to-focus-on-auditing-firms

PCAOB Proposal Would Require Audit Firms to Disclose a Variety of Metrics

https://www.cpapracticeadvisor.com/2024/04/10/pcaob-issues-proposal-requiring-audit-firms-to-disclose-variety-of-metrics/103758/

PCAOB proposals call for firms to disclose more about themselves

https://www.journalofaccountancy.com/news/2024/apr/pcaob-proposals-call-firms-to-disclose-more-about-themselves.html

Only 48% of accounting, consulting, legal, and private capital professionals have used AI tools at work despite near ...

Delivering Nuclear Value in Accounting

Blake Oliver & David Leary — Mon, 15 Apr 2024 15:30:00 -0700

Joe Woodard joins Blake and David to examine how accountants and bookkeepers can increase the value of their services in the eyes of their clients. Joe introduces the Cobb value curve, illustrating how differentiation and relative value impact pricing. He emphasizes the importance of offering unique, high-value services like controllership and financial planning to stand out from commoditized offerings and command premium prices.

Meet Our Guest, Joe Woodard

LinkedIn: https://www.linkedin.com/in/quickbooksadvisor
Twitter: https://twitter.com/joewoodard

Learn more about Woodard

Website: http://www.woodard.com

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Get Rich Doing Bad Audits

Blake Oliver & David Leary — Thu, 11 Apr 2024 13:30:00 -0700

Blake and David dive into the concerning trend of small CPA firms conducting shoddy audits of large companies and SPACs, raking in big fees while facing minimal consequences for deficient work. They also discuss the latest accounting app funding news, the power of AI for crafting persuasive arguments, and the American Institute of CPAs' puzzling resistance to changes in CPA licensure requirements and touch on the growing importance of client accounting services for public accounting firms.

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Chapters

(00:38) - Blake is back from a conference in Atlanta
(02:57) - The truth behind Trump's Truth Social SPAC audit
(17:24) - AI startup Fieldguide secures $30 million in Series B funding
(20:40) - FundGuard secures $100 million in Series C funding round
(22:25) - BotKeeper launches BotKeeper Infinite
(26:50) - Scientists find that AI is more persuasive than humans at changing people's opinions
(35:02) - Formula 1 team using Excel to track car parts
(36:55) - CAS is the fastest-growing service in Accounting Today's annual survey
(38:14) - The AICPA warns about losing the 150-hour rule
(45:26) - Send us an email and remember you can earn FREE CPE for listening to this podcast!

Show Notes

Fieldguide Raises $30 Million to Combat CPA Shortage With AI

https://www.pymnts.com/news/investment-tracker/2024/fieldguide-raises-30-million-to-combat-cpa-shortage-with-ai/

AI accounting startup raises $100M

https://www.accountingtoday.com/articles/ai-accounting-startup-fundguard-raises-100m-in-new-funds

On the Conversational Persuasiveness of Large Language Models: A Randomized Controlled Trial (PDF)

https://arxiv.org/pdf/2403.14380.pdf?utm_source=www.therundown.ai&utm_medium=newsletter&utm_campaign=nvidia-s-new-ai-chip-competitor

The year CAS took over

https://www.accountingtoday.com/opinion/the-year-cas-took-over-accounting

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Pizza Parties Boost Morale

Blake Oliver & David Leary — Thu, 04 Apr 2024 14:00:00 -0700

Blake and David dig through the latest accounting news, including the effectiveness of pizza parties in boosting accounting firm morale, the record number of baby boomers reaching retirement age, and the impact on Social Security, as well as the massive amount of COVID-related fraud originating in South Florida. They also take a look at audit integrity issues, the long working hours in accounting, and some of the latest app headlines.

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Chapters

(00:22) - Thomson Reuters says pizza parties boost accountants morale
(03:08) - Trump cheats at golf
(04:25) - Truth Social goes public
(07:16) - Grant Thornton sells majority stake to private equity firm
(10:49) - Almost 20% of all PPP fraud happened in South Florida
(16:20) - 49ers docked 5th round draft pick for accounting error
(18:29) - Sam Bankman Freed sentenced to 25 years in prison
(20:50) - David shares WSJ video on the future of social security
(28:03) - Tingo audit faulire update
(36:59) - Big 4 Transparency firm awards
(45:39) - Blake takes on a Reddit user's problem
(51:46) - Microsoft Teams combining business and personal offerings
(52:15) - Thanks for listening and remember to subscribe

Show Notes

FTX Founder Sam Bankman-Fried Sentenced to 25 Years https://www.wsj.com/finance/currencies/sam-bankman-fried-sentencing-ftx-fraud-2d92fce9?st=d45lmr6uc8gg6wc

Trump ‘cheats like a mafia accountant’ at golf, writer who played with him says - pennlive.com https://www.pennlive.com/news/2024/03/trump-cheats-like-a-mafia-accountant-at-golf-writer-who-played-with-him-says.html

Big 4 Transparency - Awards Season 🏆
https://big4transparency.beehiiv.com/p/big-4-transparency-awards-season?utm_source=big4transparency.beehiiv.com&utm_medium=newsletter&utm_campaign=big-4-transparency-awards-season

PCAOB bars Colorado firm Gries & Associates from doing audits | Accounting Today
https://www.accountingtoday.com/news/pcaob-bars-colorado-firm-from-doing-audits

San Francisco 49ers docked 2025 fifth-round draft pick for accounting error | FOX Sports
https://www.foxsports.com/stories/nfl/san-francisco-49ers-docked-2025-fifth-round-draft-pick-for-accounting-error

Grant Thornton gets major PE stake from New Mountain Capital | Accounting Today
https://www.accountingtoday.com/news/grant-thornton-gets-major-pe-stake

How Miami Became a Hub of PPP Fraud After Pandemic

https://www.cpapracticeadvisor.com/2024/03/26/how-miami-became-a-hub-of-ppp-fraud-after-pandemic/103156/

Audit Plan to Flag Illegal Acts Needs Do-Over, Critics Charge

https://news.bloombergtax.com/financial-accounting/audit-plan-to-flag-illegal-acts-needs-do-over-critics-charge

Blackrock larry fink annual letter 8484e68e

https://www.wsj.com/finance/investing/blackrock-larry-fink-annual-letter-8484e68e

Ahead of sentencing, SBF team argues for 5-6 years in jail because FTX customers will get money back

https://www.cnbc.com/2024/03/27/sbf-team-argues-for-5-6-year-sentence-ftx-customers-to-get-money-back.html

The Home Stretch: Strategies & insights for today’s tax professionals as their busy season concludes

https://www.thomsonreuters.com/en-us/posts/tax-and-accounting/home-stretch-tax-professionals/

Trump's social media company rises 16% in first day trading gains, but the stock could fall 95%, says an IPO expert

https://fortune.com/2024/03/26/trump-social-media-rises-trading-gains-fall-expert/

FTX founder Sam Bankman-Fried gets 25 years in prison

https://www.bankingdive.com/news/sam-bankman-fried-25-years-prison-fraud-conspiracy-ftx-crypto-sbf-kaplan-alameda/711601/

IRS Criminal Investigation Says COVID-Related Fraud Totaled Nearly $9 Billion

https://www.forbes.com/sites/kellyphillipserb/2024/03/28/irs-criminal-investigation-says-covid-related-fraud-totaled-nearly-9-billion/

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...

Modern Pricing Models Drive Higher Valuations for Accounting Firms

Blake Oliver & David Leary — Wed, 03 Apr 2024 07:00:00 -0700

Blake and David meet with M&A advisor Charles Bedard about valuations for accounting firms looking to sell. Bedard explains that subscription-based "modern" firms command much higher multiples than traditional hourly billing firms. Bedard provides specific valuation ranges based on revenue and EBITDA multiples and highlights the importance of recurring revenue. He also offers actionable tips for firm owners to increase their value in preparation for an exit.

Meet Our Guest, Charles Bedard

LinkedIn: https://www.linkedin.com/in/charlesbedard/
Twitter: https://twitter.com/SolvingtheValue

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A Sizable Portion of Accountants See No Use Case for AI

Blake Oliver & David Leary — Fri, 29 Mar 2024 10:00:00 -0700

Blake and David look at the potential impact of AI on the accounting profession and discuss how AI tools like ChatGPT can boost productivity by automating tasks, improving communication, and assisting with problem-solving. They also examine the implications of these efficiency gains on the billable hour, predicting that firms will need to adapt their pricing strategies as a result. Finally, they review the results of a recent Accounting Today survey, which reveals accountants' perceptions and concerns about AI in the profession.

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Chapters

(02:24) - The inefficiency at Disney World compared to accountants and timesheets
(08:31) - JP Morgan AI tool cuts human work by 90%
(10:07) - BofA Cash Pro Forecasting
(16:14) - Blake checks in on live chat
(16:56) - Survey on how much people actually want to work
(25:02) - Kindness initiatives at firms
(26:11) - Is gratitude better than a pay raise?
(27:19) - New Accounting Today AI survey
(36:28) - Blake shares example of how he used AI in his personal life
(39:04) - Forbes article on ChatGPT prompts for leaders and managers
(50:21) - Thanks for listening and remember to subscribe

Show Notes

JPMorgan Says Its AI Cashflow Tool Cut Human Work Almost 90%

https://www.entrepreneur.com/business-news/jpmorgan-says-its-ai-cashflow-tool-cut-human-work-almost-90/470682

Accounting's reluctant AI revolution

https://www.accountingtoday.com/research-report/accountings-reluctant-ai-revolution

Firms find it’s cool to be kind

https://www.journalofaccountancy.com/issues/2024/mar/firms-find-its-cool-to-be-kind.html

Bank Of America CashPro Forecasting

https://business.bofa.com/en-us/content/cashpro-forecasting.html

Americans Don’t Care as Much About Work. And It Isn’t Just Gen Z.
https://www.wsj.com/lifestyle/careers/americans-attitude-work-data-0c2e487c?st=zyx80zw1zyfu1jf

Gratitude is Better Than a Pay Raise for 55% of U.S. Workers, Survey Finds
https://www.cpapracticeadvisor.com/2024/02/29/gratitude-is-better-than-a-pay-raise-for-55-of-u-s-workers/102148/

12 ChatGPT Prompts For Leaders And Managers In 2024

https://www.forbes.com/sites/rachelwells/2024/01/23/12-chatgpt-prompts-for-leaders-and-managers-in-2024/

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Do Audit Opinions Matter? A Discussion with Professor Ed Ketz

Blake Oliver & David Leary — Tue, 26 Mar 2024 13:00:00 -0700

Professor Ed Ketz of Penn State joins the show to discuss audits' current state and future. We delve into the relevance of audits and explore the value of unqualified opinions in making audits meaningful. The discussion also touches on the overstandardization of audit reports and how this can lead to investor misunderstandings. Professor Ketz brings a unique perspective, sparking a debate on whether the existence of the unqualified opinion creates value rather than the content within. The episode ends with a brainstorm on potential regulation improvements to improve audit quality and usefulness.

Meet Our Guest, Ed Ketz

Website: https://directory.smeal.psu.edu/k55

LinkedIn: https://www.linkedin.com/in/ed-ketz-7982421a7

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Banks Will Fail & Listener Mail

Blake Oliver & David Leary — Thu, 21 Mar 2024 17:30:00 -0700

Blake and David start with a discussion on Federal Reserve Chairman Jerome Powell's testimony regarding the failure of small and mid-sized banks due to exposure to the commercial real estate sector. They also get into Minnesota's CPA licensure bill for 150-hour requirement alternatives and KPMG's audit findings on the Department of Education and the cost of the federal student loan program. Rounding out the episode, they answer listener questions and comments on topics including the psychological challenges of CPA firm employment, NASBA's lack of customer service, and the high fees for taking the CPA exam internationally.

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Chapters

(00:28) - Welcome to the show, how much trouble are small banks in?
(05:46) - Minnesota CPA Society's Pathways CPA Licensure Bill advances in Senate
(09:05) - Our listener plugs a security hole in tax client portal software
(13:00) - The cultural issues that plague the accounting profession
(19:54) - Fortune magazine article that CPAs need to tell their stories
(22:31) - Should we have a federal CPA license?
(25:37) - The government doesn't know the costs of student loans
(31:29) - Christy shares a positive message
(32:47) - Does starting your career at Big 4 lead to better industry jobs?
(37:08) - Alex writes in about problems they had scheduling their CPA exam
(42:21) - IRS inviting biggest ERC filers to learn the correct way to file them
(45:51) - Tax preparer using basic Word doc to collect information
(47:21) - Listener replies to Blake's Accounting Today article
(49:44) - The international costs to take the CPA exam
(53:02) - The firm and work culture issue
(54:09) - Why students don't want to major in accounting
(54:56) - Thanks for listening! The new Earmark app is coming soon!

Show Notes

Could CPAs telling their stories be the key to attracting Gen Zers to accounting? A PwC vice chair thinks so

https://fortune.com/2023/11/15/cpa-attracting-gen-z-accounting-pwc/

Senate File 1660, the MNCPA-backed bill to broaden the pathways to CPA licensure, advanced in the Minnesota Senate on Thursday.

https://www.mncpa.org/about/press/releases/pathways-cpa-senate-bill-hearing/

Powell: ‘There will be bank failures’ caused by commercial real estate losses

https://thehill.com/business/4516758-powell-there-will-be-bank-failures-caused-by-commercial-real-estate-losses/

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Corporate Transparency Act Ruled Unconstitutional (from the Federal Tax Updates podcast)

Blake Oliver — Mon, 18 Mar 2024 15:30:00 -0700

Here's a preview of Blake's recent appearance on Federal Tax Updates, where he joined host Roger Harris to unpack some of the biggest tax stories making headlines, from a federal court ruling deeming a new business reporting law unconstitutional to the staggering estimates of tax evasion by the wealthy. To hear the complete discussion, visit Federal Tax Updates: https://share.transistor.fm/s/d8c45ed9

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The Race to Automate Audits

Blake Oliver & David Leary — Fri, 15 Mar 2024 11:00:00 -0700

Blake and David meet up with AJ Yawn, partner at Armanino LLP, about Armanino's new tool, Audit Ally, which streamlines and automates SOC 2 audits. They discuss the growing trend of tech companies entering the audit space and commoditizing services like SOC 2 audits, and explore how Audit Ally aims to help accounting firms compete on price and quality by utilizing AI and machine learning.

Meet Our Guest, AJ Yawn
LinkedIn: https://www.armanino.com/company/people/aj-yawn

Learn about about Audit Ally

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IRS Agents Working From Home Can Watch H&R Block Reality TV Show

Blake Oliver & David Leary — Tue, 12 Mar 2024 14:00:00 -0700

We're celebrating surpassing 10,000 YouTube subscribers! Thank you! Blake and David look into H&R Block's new reality show about teaching people life skills like doing their taxes. They also talk about workflow automation challenges for accounting firms, how the IRS is contacting wealthy non-filers, and the Trump Organization CFO pleading guilty to perjury. They also break down the SEC's extensive new climate disclosure rules and the job opportunities this could create for accountants.

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Chapters

(03:04) - H&R Block is creating a reality TV show
(07:56) - WSJ Op-Ed says IRS agents shouldn't work from home
(11:26) - The Accountant 2 gets a big tax credit
(13:47) - South Carolina finds $2 billion in bank account
(18:43) - Bloomberg article on the lack of accountants
(21:12) - Regional banks in trouble?
(24:54) - Lyft being sued by their shareholders
(27:33) - Is bad workflow automation the cause of bad work/life balances?
(34:03) - CPA Trendlines: "Which Niche is the Best Niche?"
(41:27) - TurboTax and H&R Block are using AI giving awful tax advice
(45:11) - Blake shares new SEC rule's GPT he made
(48:18) - AI and data privacy concerns
(50:47) - Can AI predict when you'll die?
(56:36) - Former Trump CFO Allen Weisselberg pleads guilty to perjury
(58:55) - Thanks for listening and remember to subscribe

Show Notes

2024 Report: The State of Accounting Workflow Automation

https://financial-cents.com/resources/articles/2024-report-state-of-accounting-workflow-automation/

Gartner Survey Shows That a Third of Accountants Make Several Financial Errors Per Week due to Capacity Constraints

https://www.gartner.com/en/newsroom/press-releases/2024-02-21-gartner-survey-shows-that-a-third-of-accountants-make-several-error-per-weeo-due-to-capacity-constraints

The U.S. is short 340,000 accountants-just look at the wave of earnings report mistakes

https://fortune.com/2024/03/01/accounting-shortage-earnings-report-mistakes/

Intuit, H&R Block tax AIs critiqued on accuracy

https://www.accountingtoday.com/news/intuit-h-r-block-tax-ais-critiqued-on-accuracy-of-answers-many-inaccurate

SC accounting error gets renewed focus over $1.8B sitting in state bank account

https://www.southcarolinapublicradio.org/sc-news/2024-03-05/legis-treasurermoney

Ex-Trump Org CFO Pleads Guilty to Perjury in Fraud Case

https://www.cpapracticeadvisor.com/2024/03/05/ex-trump-org-cfo-pleads-guilty-to-perjury-in-fraud-case/102306/

H&R Block to Release Short Format Comedy Streaming Series, “Responsibility Island”

https://www.cpapracticeadvisor.com/2024/02/29/hr-block-to-release-short-format-comedy-streaming-series-responsibility-island/102172/

Federal court holds Corporate Transparency Act unconstitutional

https://www.journalofaccountancy.com/news/2024/mar/federal-court-holds-corporate-transparency-act-unconstitutional.html

Lyft earnings report error prompts shareholder lawsuit

https://finance.yahoo.com/news/lyft-earnings-report-error-prompts-150849490.html

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SPAC Attack: Why Withum Got Slapped with a $2M PCAOB Fine

Blake Oliver & David Leary — Fri, 08 Mar 2024 14:00:00 -0800

Blake and David meet with Chris Vanover, President of CPAClub, about the recent $2 million PCAOB fine against Withum for poor audit quality on many 2021 SPAC audits. They examine Withum's 500% increase in audits with minimal staff growth, leading to overworked teams and partners working 100+ hour weeks. They also debate whether the fines are large enough to change behavior or just a cost of doing business.

Meet Our Guest, Chris Vanover

LinkedIn: https://www.linkedin.com/in/chrisvcpa/

Learn more about CPAClub

Website: https://cpaclub.cpa/

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Weighing The Risks and Rewards Of Surge Pricing Tax Returns

Blake Oliver & David Leary — Wed, 06 Mar 2024 16:00:00 -0800

Fast food chain Wendy's considers demand pricing – should your firm, too? We discuss the potential for surge pricing tax returns to smooth workload and raise revenue. We also dive into new AI-powered accounting productivity tools from Sage and Xero, Zoho's $5 per user practice management suite, and analyze the results of our listener survey.

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Chapters

(06:40) - What can accountants learn and try in pricing?
(12:56) - The IRS debuts free file system
(24:39) - Xero announces their AI tool JAX
(30:53) - QuickBooks new offering, Solopreneur
(36:52) - Zoho is getting into practice management
(41:33) - FTC goes after H&R Block over free filing claims
(42:48) - Can AI teach accounting?
(51:14) - TAP Listener Survey results
(56:13) - Blake asks AI to generate an image of the average listener
(01:00:42) - Thanks for listening and remember to subscribe

Show Notes

Just Ask Xero | Xero US

Introduction to QuickBooks Solopreneur (intuit.com)

Practice software features for businesses | Zoho practice

FTC alleges H&R Block deleted customer tax data, used deceptive advertising

IRS Direct File free tax system moves into public test phase

Intuit introduces QuickBooks Solopreneur for one-person businesses

Intuit Introduces QuickBooks Solopreneur, an Easy-to-Use Financial Tool Built for One-Person Businesses

H&R Block’s online tax prep tricked customers into paying more money, FTC claims

AI will 'change nature' of accounting, says Sage boss

Sage launches generative AI copilot assistant for SME accounting

H&R Block ‘Data Wiping’ and Upgrade Policies Harm Taxpayers, FTC Says

Expert Examines AI's Role in Accounting Education

Sage Intacct Unveils New Features to Streamline Operations and Boost Productivity

Zoho dives into practice management with Zoho Practice

Xero's AI Leap: Unveiling 'Just Ask Xero' to Revolutionize Small Business Accounting

How GenAI will shape the future for our customers

IRS reopens Direct File testing after pause

Study: ChatGPT Won’t Be Replacing Accounting Professors In the Near Future

ChatGPT in Education: Study Reveals Utility and Limits in Financial Accounting Learning

Xero wants to use AI to help your SMB solve all its accounting woes

Wendys surge pricing ai backlash internet

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Trust Me, I'm an AI: Aaron Harris on the Future of Accounting

Blake Oliver & David Leary — Fri, 01 Mar 2024 11:30:00 -0800

Aaron Harris joins Blake and David to discuss Sage's new AI offering, Sage Copilot, which brings generative intelligence into Sage Intacct to eliminate routine accounting work. They discuss specific use cases Copilot handles, like chasing people for approvals/documents, drafting emails, and answering ad hoc questions without running reports. Aaron also shares his perspective on AI’s impact on the accounting profession and why increased automation will make human review and trust even more essential.

Meet Our Guest, Aaron Harris, CTO, Sage

LinkedIn: https://www.linkedin.com/in/aaron-harris-7407b2/
Twitter: https://twitter.com/i/flow/login?redirect_after_login=%2FAaronRHarris

Learn more about Sage
http://www.sage.com

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Lyft's Big Financial Typo

Blake Oliver & David Leary — Thu, 29 Feb 2024 20:30:00 -0800

Blake and David discuss the Lyft financial typo that sent its stock price soaring. They also examine how AI-powered help desks and customer service are improving efficiency by 10-20%, and look at some alternatives to the pesky 150-hour rule. Other news includes the future of commercial real estate taxes, the use of AI tools to monitor employee communications, and how the IRS plans to collect over $500 billion more in owed taxes.

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Chapters

(00:39) - David asks Blake to guess the profession
(06:24) - Lyft's earnings report typo
(13:35) - Trump found guilty!
(20:59) - The City of Boston could lose over $1 billion from commercial real estate taxes
(26:13) - How are some companies using generative AI to improve their businesses?
(34:00) - Companies using AI to monitor employee messaging
(37:09) - New Jersey CPA Society talks 150-hour rule
(47:49) - The IRS is collecting $500 billion more in taxes
(49:32) - Thanks for listening, leave us a review and Earn Free CPE

Show Notes

How Walmart, Delta, Chevron and Starbucks are using AI to monitor employee messages

Lyft's Extra Zero Puts Focus on Corporate Controls: Explained

$1,741 Is the Average Tax Refund So Far, IRS Says

IRS aims to close 'inequity gap' for unpaid taxes. How the agency targets top earners for audit

As A New Tax Filing Season Kicks Off, We Look at the IRS Efforts to Improve Customer Service and the Audits of Two Very Different Kinds of Taxpayers

Trump civil fraud case: Judge fines Trump $354 million, says frauds 'shock the conscience'

How WeWork became the largest tenant in Boston

In biggest office lease of the year, Deloitte plans move to Winthrop Center

Lyft CEO addresses major typo in earnings report

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Why Accountants Quit Public Accounting Firms

Blake Oliver & David Leary — Fri, 23 Feb 2024 18:30:00 -0800

Blake and David meet with Geoffrey Brown of the Illinois CPA Society to examine some key findings from ICPAS's recent retention report, including top reasons for turnover, where departing accountants are going, and ideas for improving work-life balance.

Meet Our Guest, Geoffrey Brown

LinkedIn: https://www.linkedin.com/in/geoffrey-brown-cae-9039484/
Twitter: https://twitter.com/IllinoisCPA
Facebook: https://www.facebook.com/ICPAS
Instagram: https://www.instagram.com/illinoiscpasociety/

Learn more about the Illinois CPA Society (ICPAS)

Website: https://www.icpas.org/

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The Biggest Check You Can Write to The IRS

Blake Oliver & David Leary — Wed, 21 Feb 2024 15:30:00 -0800

Blake and David break down the IRS's $99 million paper-check limit, how states use tax credits to attract movie productions (sometimes unsuccessfully) and give their take on actor Kenan Thompson losing $1.5 million to fraud as a child. They also cover couples arguing over finances, AI answering tax questions in California, accounting rules hiding commercial real estate loan losses on bank balance sheets, and the lack of action from accounting standards boards to change these rules.

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Chapters

(00:40) - What's the largest check you can write to the IRS?
(04:35) - Jeff Bezos could be saving $600 million from moving to Florida
(13:41) - Why movie studios are throwing out projects for tax breaks
(18:46) - Keenan Thompson's accountant stole $1.5 million from him
(24:10) - How much of relationship problems are finance-related?
(27:47) - California plans to use AI to help answer people's tax questions
(32:00) - PwC UK boss says AI is why workers should be in the office
(36:54) - Silicon Valley Bank collapse follow-up and why it could happen again
(46:09) - Thanks for listening and check out the Unofficial Quickbooks Accountants Podcast

Show Notes

Warner Bros.' Disgusting Accounting Trick May Find an Opponent in the U.S. Government

IRS Seeks More Than $1 Billion From SVB for Taxes

IRS sues FDIC to get $1.45B in SVB back taxes

Mayweather’s $18 Million Check To The IRS Packs A Punch, But Is Under The $100 Million Weight Limit

California plans to use AI to answer your tax questions

Jeff Bezos will save over $600 million in taxes by moving to Miami

The Indicator from Planet Money : NPR

Mayweather’s $18 Million Check To The IRS Packs A Punch,
But Is Under The $100 Million Weight Limit

Jeff Bezos reaps Florida tax benefit with $4B Amazon
share sale

Young staff need to be in the office because of AI, says
PwC's UK boss | Accounting Today

Money is the Biggest Relationship Hurdle for 1 in 4
Couples, Survey Reveals - CPA Practice Advisor

Kenan Thompson Reveals a Crooked Accountant Stole $1.5
Million From Him During His Nickelodeon Days | Video

When accountants attack: why Netflix is cancelling Halle
Berry’s new sci-fi movie

Ben Affleck Reportedly Filming The Accountant 2 This Year

FASB Won’t Consider Changes in Securities Accounting
After Bank Failures - WSJ

New York Community Bank’s Commercial Real Estate Loan
Problem May Be Isolated, Experts Say

Banking Crisis Plays Out at America’s Smallest Lenders

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From Carpet Cleaner to CPA: An Accounting Student's Journey

Blake Oliver & David Leary — Fri, 16 Feb 2024 15:30:00 -0800

Blake and David talk with Chayton Farlee, an accounting student at the University of the Pacific, about his journey into accounting and his thoughts on the profession. They discuss his inspiring path from cleaning carpets during the pandemic to pursuing his CPA and CMA, the disconnect many students feel between accounting theory and real-world application, the importance of bookkeeping skills, and considerations around starting his career at a Big Four firm or a smaller, more lifestyle-friendly firm.

Meet Our Guest, Chayton Farlee

LinkedIn: https://www.linkedin.com/in/chaytonfarlee/

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Beware of E-Filing Your Tax Return

Blake Oliver & David Leary — Thu, 15 Feb 2024 12:00:00 -0800

Blake and David discuss a wealth of timely topics, including the risks of filing taxes electronically versus by mail, the impact of the 150-hour rule on diversity in the accounting profession, and how major accounting firms are turning to private equity funding to accelerate growth. They also explore news from the artificial intelligence space, including Google's unveiling of Gemini, as well as ADP's new AI assistant, and examine how deepfake video calls enabled the theft of $25 million.

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Chapters

(00:29) - Welcome to the show
(02:26) - Finance worker pays $25 million after video call with a deep fake of company CFO
(07:56) - Is QuickBook taking tax accountants' jobs?
(15:25) - Three AI accounting startups raise money funding round
(22:42) - Baker Tilly is now private-equity-owned
(25:00) - How much do the Big 4 spend on lobbying?
(28:09) - The Wall Street Journal's terrible opinion piece of E-filing
(34:42) - 13 states are suing the IRS for direct file system
(36:32) - MIT study on effects of 150-hour rule
(41:24) - Dual licensed CPAs and CMAs earn almost $40k more per year
(44:13) - Google releases Gemini and is retiring BARD
(48:29) - ADP launches ADP Assist
(51:44) - Gemini also now does AI art
(54:21) - Thanks for listening and please fill out our survey

Show Notes

Finance Employee Defrauded for $25M by Deepfake CFO

Dual Certifications Mean Big Bucks for Accountants - CPA Practice Advisor

Baker Tilly US gets PE investment | Accounting Today

Big Four Lobby Congress on Accounting Pipeline, AI, Crypto

Beware of E-Filing Your Tax Return

QuickBooks Live Tax Update: Understanding QuickBooks customers use of tax prep services

Accounting software startup Pennylane becomes France’s latest unicorn | TechCrunch

Google’s Gemini is now in everything. Here’s how you can try it out.

Accounting body tells members to make annual pledge to be ethical

Platform Accounting Group gets $85M funding round

Finally, now with $10M, adds AI for better insight into small business accounting

AI Will Be Doing More Accounting If Startup Investors Have Their Way

ADP launches ADP Assist genAI assistant

Republican attorneys general denounce IRS free file pilot as rival to products like TurboTax

Higher tax filing costs could take a bite out of your refund

DataSnipper, startup that uses AI to eliminate some of the ‘dread’ in accounting, is valued at $1 billion in latest funding round

Platform Accounting Group Secures $85 million in Funding Led by Cynosure Group

Finally Raises $10 Million to Expand Small Business Automation Solutions

Finally, the AI-Powered Accounting & Finance Suite, Closes $10M Raise to Propel SMB Growth Forward

France gains a new unicorn as Pennylane raises €40m

QuickBooks Live Tax Update

Beware of E-Filing Your Tax Return

DataSnipper Raises $100M at $1B Valuation to Empower Auditors with AI

Big Four Lobby Congress on Accounting Pipeline, AI, Crypto

Finance worker pays out $25 million after video call with deepfake ‘chief financial officer’

I'm an Accountant and Here's Why I'd Never File My Taxes Online — Best Life

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Thanks for listening and the great reviews! We appreciate you! Follow and tweet @BlakeTOliver ...

Building a Bank for Accountants and Small Businesses

Blake Oliver & David Leary — Wed, 07 Feb 2024 16:15:00 -0800

Yoseph West joins Blake and David to examine Relay Financial's background and their ambition to solve banking problems by becoming a bank themselves, designing the ideal user experience, and overcoming regulatory challenges. West also outlines Relay's redesigned accountant partner program, its many benefits, and upcoming features like receipt capture. The discussion turns to best practices for incorporating technology like Relay into accounting practices to solve client problems and the importance of understanding client pain points.

Meet Our Guest, Yoseph West

LinkedIn: https://www.linkedin.com/in/yosephwest/
Twitter: https://twitter.com/bankwithrelay
Facebook: https://www.facebook.com/bankwithrelay
Instagram: https://instagram.com/bankwithrelay

Learn more about the Relay Partner Program:

https://www.relayfi.com/advisor-partner-program?referralcode=acctpod&utm_source=ab&utm_medium=podcast&utm_campaign=abpartnerprogram

Disclaimer:
Relay is a financial technology company, not an FDIC-insured bank. Banking services and FDIC insurance are provided through Thread Bank; Member FDIC. The Relay Visa® Debit Card is issued by Thread Bank pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa® debit cards are accepted

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The full transcript for this episode is available by clicking on the Transcript tab at the top of this page

What to Do if You Can't Find an Accountant for Tax Season

Blake Oliver & David Leary — Fri, 02 Feb 2024 12:00:00 -0800

CNBC tells taxpayers to seek out EAs if they can't find a CPA, crypto fraud by a pastor who claims God told him to do it, issues with IRS taxpayer notices and filing, accounting irregularities at agricultural giant ADM send the stock plummeting, CPA reciprocity is a pain, AI updates including Microsoft Mesh VR meetings in Teams, FTC forcing TurboTax to stop advertising as "free," Wave’s new paid subscription model, and the liquidation threat facing massive Chinese developer Evergrande.

Sponsors
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Chapters

(00:29) - Welcome to the show
(01:16) - CNBC article on what to do if you can't find a CPA to do your taxes
(06:09) - Trump tax leaker sentenced to 5 years in prison
(07:42) - FTC rules Intuit can no longer advertise their product as free
(11:48) - H&R Block and Intuit are suing each other and each one's AI
(16:31) - Brex is cutting 20% of their staff
(18:51) - Microsoft Mesh and virtual reality meetings
(22:06) - Wave introduces paid pro plan
(23:57) - Microsoft passes Apple as the world's most valuable company
(27:53) - Blake reads a few live viewer comments
(28:49) - ADM suffers big stock drop amid accounting investigation
(32:44) - Pastor charged with cryptocurrency fraud
(35:16) - FTX has amassed $4.4 billion by selling cyrpto assets
(36:35) - Tingo fraud update and correction
(41:24) - Iowa CPA survey shows CPAs support alternative pathways to license besides 150-hour requirement
(48:02) - A few IRS stories
(55:52) - Blake teases China and Evergrande story
(57:10) - Wrap up and please fill out our listener survey

Show Notes

SEC Charges Tingo Mobile Founder, Three Companies with Massive Fraud and Obtains Emergency Relief

Pastor Charged With Cryptocurrency Fraud Said God Told Him to Do It - The New York Times

Accounting investigation under way at ADM and its top financial executive has been placed on leave | AP News

Here's what to do if you can’t find an accountant for tax season

Former IRS Contractor Sentenced for Disclosing Tax Return Information to News Organizations | United States Department of Justice

TurboTax Can No Longer Advertise Products as Free, F.T.C. Says

H&R Block launches AI tax filing assistant - The Verge

TurboTax bolsters support options, both human and AI

Brex cuts 20% of staff amid reports of stalled growth, high burn | TechCrunch

Bring virtual connections to life with Microsoft Mesh, now generally available in Microsoft Teams

Investors see Microsoft's stock market value leaving Apple behind

Input steers CPA licensure pathways recommendation - Iowa Society of CPAs

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The CAS Cache -

Listener Mail: Finding Balance with Tech & CPA Pipeline Problem

Blake Oliver & David Leary — Tue, 30 Jan 2024 13:00:00 -0800

This week, Blake and David Leary sort through the mail and respond to a variety of listener emails and voicemails. Amongst the topics covered, they explore working as a TurboTax preparer to barriers faced by career-changers entering public accounting. They go on to debate the root causes behind accounting's heavy workloads and offer perspectives on how licensing rules and firm profitability shape experiences.

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Chapters

(00:04) - Welcome to the show and some personal updates from David and Blake
(06:37) - A TurboTax expert tells us why she loves her job
(14:17) - Tyler writes in about the pipeline problem
(21:33) - Looking at other career certification requirements as inspiration for CPA change
(24:27) - CPA mobility and reciprocity
(34:12) - Bank statements are the norm for getting any loan in Puerto Rico
(36:17) - The CPA profession is the transmission of a car
(40:11) - Accountant's starting salaries are the biggest pipeline problem
(49:13) - Blake checks in with the live chat
(53:00) - Creating a "paralegal" type license in the accounting field
(54:33) - Ways to mitigate busy season
(57:51) - Wrap up and remember to send us your thoughts and stories

Show Notes

Coming soon!

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How To Take The Pain Out Of Busy Season

Blake Oliver & David Leary — Thu, 25 Jan 2024 13:00:00 -0800

Blake and David discuss the challenges of busy season and achieving work-life balance as accountants. They also debate the value and investment risks of cryptocurrency and analyze global economic impacts like outflows from China's economy. They also review some of the latest AI trends including self-driving vehicle safety data, and examine some recent news regarding a software error falsely accusing hundreds, an SEC crypto ETF approval, and a feel-good small town tax budget balanced without rate hikes thanks to a new accounting system implementation. Grab your favorite snack and have a listen!

Sponsors
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Client Hub - http://accountingpodcast.promo/clienthub

Chapters

(00:31) - Welcome to the show. Blake has been traveling
(06:03) - How can accountants attract lifelong customers
(08:58) - KPMG working to reduce late hours and weekend work
(13:59) - UK coffee shop introduces subscription pricing
(17:45) - Are accounting tech jobs more balanced?
(19:40) - We did a bonus interview with Rightworks and more AI updates
(22:23) - Waymo caused accidents vs human drivers
(26:20) - Are AI-caused layoffs coming?
(28:10) - The SEC approves crypto ETFs
(31:33) - NYT story on NYU student's $6 million crypto mine
(36:16) - Update on UK Postal scandal and Fujitsu
(40:33) - An estimated $50 billion per month moved out of China in 2023
(43:26) - Hydroxychloroquine and putting numbers in perspective
(46:46) - David's personal information may have been leaked in the Framework leak
(48:40) - GM suing the city of San Francisco over taxes
(50:55) - Small Pennsylvania town cancels tax hikes after new accounting system finds unaccounted revenue
(51:57) - Thanks for listening and remember to subscribe

Show Notes

KPMG looks to take some of the pain out of the auditing ‘busy season’

OpenAI debuts ChatGPT subscription aimed at small teams | TechCrunch

Comparison of Waymo Rider-Only Crash Data to Human Benchmarks at 7.1 Million Miles

Expanding Copilot for Microsoft 365 to businesses of all sizes

A third of companies have already laid off workers due to AI

This N.Y.U. Student Owns a $6 Million Crypto Mine. His Secret Is Out. - The New York Times

SEC Approves Bitcoin ETFs for Everyday Investors

Gold Bars and Tokyo Apartments: How Money Is Flowing Out of China. - The New York Times

Hydroxychloroquine could have caused 17,000 deaths during Covid, study finds

GM blasts San Francisco in lawsuit over $108M tax bill

OpenAI debuts small team ChatGPT subscription

Intuit sues H&R Block over marketing claims it says are false, misleading

The role of auditors in the Post Office scandal: A need for greater accountability?

Framework email customers for data breach from accounting partner getting phished

Fujitsu shares drop nearly 4% as its Europe chief says compensating Post Office victims is a 'moral obligation'

Report: 25% of CEOs Expect AI to Lead to Job Cuts in 2024

Expanding Copilot for Microsoft 365 to businesses of all sizes

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Pay Transparency Website Levels Playing Field for Accountants

Blake Oliver & David Leary — Tue, 23 Jan 2024 06:40:00 -0800

Dominic Piscopo is the founder of Big4Transparency.com, an accounting salary transparency website. Dominic was inspired to start the site based on his experience discovering the disparity in compensation between his accounting job and what other accountants were making in the same city. To date, Big4Transparency.com has collected over 13,000 salary data points. In the episode, we discuss the value of using the platform for salary negotiation. Dominic also highlights trends in accounting salaries, the impact of job hopping on earnings, and the relationship between work environment and job satisfaction.

Meet Our Guest, Dominic Piscopo

LinkedIn: https://www.linkedin.com/in/dopiscopo/

Learn more about Big4Transparency.com

Website: https://www.big4transparency.com/

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The full transcript for this episode is available by clicking on the Transcript tab at the top of this page

Survey Says 80% of CPAs Support Alternatives to 150 Hours

Blake Oliver & David Leary — Fri, 19 Jan 2024 10:00:00 -0800

Blake and David mull over the Arizona CPA Society's survey revealing that 80% of Arizona CPAs support 150-hour-rule alternatives. They also examine the UK Post Office scandal that led to hundreds of criminal convictions of postmasters, as well as Deloitte's recent massive audit failures, and the impacts of the talent shortage illustrated by delayed government audits in Wyoming. Wrapping things up, some reflections on the need for major reforms in auditing and regulation of the accounting profession. All this and more, right here, right now!

Sponsors
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Chapters

(00:29) - Blake goes over the Arizona Society of CPA's survey results
(05:11) - Do 150-hour employees do better work?
(08:40) - Are firms facing an accounting shortage?
(12:36) - Did you know Nikki Haley was an accountant?
(14:22) - Deloitte audit failure in Nigeria
(27:29) - Certified Pastry Aficionado
(29:31) - Tsunami miracle baby, now 19, pursuing an accounting degree
(31:15) - Fujitsu, Horizon, and the disgusting postal worker prosecution failure by the UK government
(45:26) - Blake checks in on the live chat
(48:55) - Going Concern: Wyoming firm faces staffing shortage in critical government audits
(52:25) - Download Earmark. Earn free CPE for listening

Show Notes

Arizona CPA Society releases 150-hour survey results

https://www.ascpa.com/news/ddf50a1e-70cc-4d5b-9e00-cc9c5f82c17e:az-cpa-januaryfebruary-2024

How Deloitte missed a massive Nigerian company fraud

https://www.forbes.com/sites/brandonkochkodin/2024/01/10/how-auditor-deloitte-missed-a-nigerian-companys-massive-fraud/?sh=49b6cce059f4

Tsunami miracle baby now majoring in accounting

https://www.nst.com.my/news/nation/2023/12/994163/tsunami-miracle-baby-now-19-pursues-accounting-degree-nsttv

Only two firms in Wyoming can do government audits, and one can’t do its job

https://www.goingconcern.com/there-are-only-two-firms-in-wyoming-that-can-do-government-audits-and-one-cant-do-its-job-because-of-staff-shortages/

There Are Only Two Firms in Wyoming That Can Do Government Audits and One Can’t Do Its Job Because of Staff Shortages

https://www.goingconcern.com/there-are-only-two-firms-in-wyoming-that-can-do-government-audits-and-one-cant-do-its-job-because-of-staff-shortages/

Revealed: The Fujitsu fat cats who pocketed huge salaries while its flawed Horizon accounting system ruined...

https://www.dailymail.co.uk/news/article-12948671/The-Fujitsu-fat-cats-pocketed-huge-salaries-flawed-Horizon-accounting-ruined-lives-thousands-postmasters-wrongly-accused-stealing-Post-Office-emerges-charge-government-contracts.html

What should accounting technology providers learn from the Post Office Horizon scandal?

https://www.accountancyage.com/2024/01/09/what-should-accounting-technology-providers-learn-from-the-post-office-horizon-scandal/

Plans to legislate for resolution of Post Office accounting scandal

https://www.accountancydaily.co/plans-legislate-resolution-post-office-accounting-scandal

Post Office under criminal investigation for potential fraud over Horizon scandal

https://www.theguardian.com/uk-news/2024/jan/05/post-office-criminal-investigation-potential-horizon-accounting-fraud

Some 86 people have seen their convictions for false accounting and theft overturned

https://curated.tncontentexchange.com/partners/afp/the-firm-created-faulty-accounting-software-that-saw-subpostmasters-wrongly-convicted-of-theft/image_383af729-fda2-517c-b5ff-85afffefb214.html

UK police launch fraud inquiry over post office IT scandal

https://www.themountaineer.com/news/national/uk-police-launch-fraud-inquiry-over-post-office-it-scandal/article_72e76f8b-7e6f-55ad-9605-93183aefb01e.html

How the Post Office’s Horizon system failed: a technical breakdown

https://www.theguardian.com/uk-news/2024/jan/09/how-the-post-offices-horizon-system-failed-a-technical-breakdown

Bad software sent postal workers to jail, because no one wanted to admit it could be wrong

https://www.theverge.com/2021/4/23/22399721/uk-post-office-software-bug-criminal-convictions-overturned

Post Office warned of software flaw in 2006, but failed to alert subpostmaster network

https://www.computerweekly.com/news/252514110/Post-Office-warned-of-software-flaw-in-2006-but-failed-to-alert-subpostmaster-network

Post Office spunks fresh £36m on Fujitsu after cloud fail

https://www.thestack.technology/post-office-fujitsu-extension/

When did the Post Office scandal start? Timeline of key events

https://www.thetimes.co.uk/article/when-post-office-scandal-start-happen-timeline-of-key-events-2q23bhm2c

Briefing presumption that comp...

AI for Accountants - Exploring Rightworks Spark

Blake Oliver & David Leary — Wed, 17 Jan 2024 14:45:00 -0800

Blake and David meet up with TJ Lewis and Aaron Van Ruler from Rightworks about their new AI tool called Spark, built specifically for accountants on top of ChatGPT. They discuss how Spark helps accounting professionals by providing industry-specific content, tools, and assistants to enhance efficiency and expertise. TJ and Aaron also share details on Spark's capabilities, roadmap, and potential integration with other Rightworks products.

Meet Our Guests
TJ Lewis, Innovation Strategist, Rightworks

LinkedIn: https://www.linkedin.com/in/tj-lewis/

Aaron Van Ruler, Innovation Strategist, Rightworks
LinkedIn: https://www.linkedin.com/in/avanruler/

Learn more about Rightworks

https://ai.rightworks.com/

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Transcripts

The full transcript for this episode is available by clicking on the Transcript tab at the top of this page

How Much Tax Preparers Charge

Blake Oliver & David Leary — Fri, 12 Jan 2024 13:30:00 -0800

Blake throws his hat into the ring for President and CEO of NASBA! Hear how he intends to shake things up should he be chosen! Next, Blake and David unpack a survey on the surprisingly low tax-preparer fees across the country, discuss the headaches still posed by interstate CPA licensing, and consider some solutions like modeling CPA reciprocity rules! Grab some snacks and enjoy!

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Chapters

(00:00) - How Much Tax Preparers Charge
(00:21) - Blake applied to be the new NASBA President and CEO
(07:59) - David's customer experience at a Publix's grocery store
(10:09) - National Association of Tax Professionals 2023 survey results
(16:57) - What type of returns are they doing?
(21:15) - How do tax preparers operate?
(22:31) - How do tax preparers price?
(25:37) - Now lets talk about business tax returns
(28:51) - When do tax preparers get paid?
(46:21) - What work went unbilled?
(50:22) - Type of services offered
(50:51) - Average wages for tax employees
(51:32) - Blake checks in with the live stream
(54:38) - Daryl asks for career advice
(01:00:20) - New TurboTax ad doesn't shy away from "free" claim
(01:01:34) - Listener email on reciprocity
(01:14:02) - Wrap up and where to reach us

Show Notes

Intuit TurboTax's 2024 "Make Your Moves Count" Campaign Highlights Its Tax Experts, AI Technology and Filing Solutions Ensuring the Best Tax Outcome for All Types of Filers

TurboTax Free Edition 2024 Commercial "Free Connoisseur" (Official TV Ad :30)

NATP 2023 Tax Professional Fee Study

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The full transcript for this episode is available by clicking on the Transcript tab at the top of this page

Turning Staff Into Workaholics Makes Them Way Less Productive

Blake Oliver & David Leary — Fri, 05 Jan 2024 06:00:00 -0800

In this 2023 wrap-up, Blake and David discuss an appeals court ruling that audit reports are so generic they are essentially useless to investors. They also explore the concept of "productivity theater" where employees pretend to be constantly working, even though it leads to disengagement and burnout. Continuing the theme, they contemplate why mandatory weekend work persists and share ideas on how firms can improve work-life balance. Rounding out the discussion, they offer up some career advice to accounting students on finding fulfilling roles and avoiding common traps such as extreme overwork.

Sponsors
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Chapters

(00:21) - David will get an Earmark tattoo at 100,000 subscribers
(03:16) - Slack survey reveals forced overtime reduces productivity
(06:40) - Remote workers' surveillance
(09:20) - Mandatory Saturdays going away
(15:15) - What is keeping firms up at night?
(19:37) - What percentage of firms are filing tax extensions for their clients
(21:45) - A junior accounting student asks for some advice
(27:47) - Appeals court rules audit report is immaterial
(32:57) - SPACs accounted for at least 21 bankruptcies and $46 billion lost in 2023
(36:38) - The importance of finding and making your own work/life balance
(45:30) - Back to advice for younger accountants entering the profession
(53:24) - An accountant has a breakdown at the airport
(55:26) - Thanks for listening and remember to subscribe

Show Notes
Turning staff into workaholics makes them way less productive | Fortune

Burned Investors Ask ‘Where Were the Auditors?’ A Court Says ‘Who Cares?’ - WSJ

Accounting in 2024: The year ahead in numbers

Full PDF of study is here: https://www.accountingtoday.com/research-report/optimism-abounds-but-people-problems-persist

SPAC companies accounted for at least 21 bankruptcies this year and a staggering $46 billion in lost investor value | Fortune

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Accounting Professor Bills Trump $900,000 for Expert Testimony

Blake Oliver & David Leary — Thu, 28 Dec 2023 06:00:00 -0800

Just in time for the holidays, Blake and David examine the accounting professor from NYU who charged Trump nearly $900,000 for expert testimony. They also tackle issues around accountant retention and turnover, tax updates, the financial operations of Hamas, as well as Hunter Biden's indictment on tax charges, and tips for using spreadsheets in filmmaking and other creative projects. All this and more to keep you entertained while you wrap those last-minute gifts!

Sponsors
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Chapters

(00:38) - Who knew being an expert witness paid so well
(05:46) - Former Wall Street accountant leaves profession to become an escort and exotic dancer
(08:40) - Illinois retention survey
(16:24) - Has AI job replacement theory reached mainstream?
(17:34) - Why employees resign
(18:54) - Accounting rules and the supply of accountants
(22:52) - FASB announces new rules for cryptocurrencies
(24:06) - IRS expanding their modernization efforts for technology
(25:47) - FinCEN updates a new service opportunity for accountants
(32:19) - Former Jaguars employee accused of stealing over $22 million
(36:16) - Nikola founder sentenced to prison for fraud
(40:03) - 64% of employees waste time due to lack of deadlines
(42:13) - EY laying off US partners
(43:50) - EY names Janet Truncale first female global CEO of big 4 firm
(44:42) - The IRS plans reorg at the highest leadership levels
(45:24) - Israel and the US knew of Hamas bank account
(49:22) - Hunter Biden's indictment
(53:44) - All Sorts director demonstrates how he uses spreadsheets
(57:29) - Wrap up and where to reach us

Show Notes

Trump PAC paid for expert witness testimony in NY civil fraud trial

https://www.nbcnews.com/politics/donald-trump/trump-pac-paid-expert-witness-testimony-ny-civil-fraud-trial-rcna128804

EY Is Laying Off U.S. Partners Amid Tough Economic Conditions – WSJ

https://www.wsj.com/articles/ey-is-laying-off-u-s-partners-amid-tough-economic-conditions-9efc4aa6

Accounting Rules and the Supply of Accountants by Anthony Le :: SSRN

https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4666335

Righting Retention - Insight Special Feature

https://www.icpas.org/information/professional-issues/talent-retention

Stripper and escort rakes in $34k per week catering to Wall Street

https://nypost.com/2023/12/18/business/stripper-and-escort-rakes-in-34k-per-week-catering-to-wall-street/

FinCEN ramps up guidance as beneficial ownership requirements looms | Accounting Today

https://www.accountingtoday.com/opinion/fincen-ramps-up-guidance-as-beneficial-ownership-requirements-fast-approach

Trevor Milton Gets Four Years in Prison for Deceptions on Zero-Emission Trucks

https://www.wsj.com/us-news/law/trevor-milton-lied-about-nikolas-zero-emission-trucks-is-that-worth-a-decade-in-prison-ae35ce40

64% of Employees Waste Hours Due to Lack of Deadlines | CFO

https://www.cfo.com/news/64-of-employees-waste-hours-due-to-lack-of-deadlines/702774/

IRS Expands Business Tax Account Tool To Include S Corps And Partnerships

https://www.forbes.com/sites/kellyphillipserb/2023/12/18/irs-expands-business-tax-account-tool-to-include-s-corps-and-partnerships/

Israel Found the Hamas Money Machine Years Ago. Nobody Turned It Off.

https://www.nytimes.com/2023/12/16/world/europe/israel-hamas-money-finance-turkey-intelligence-attacks.html?smid=nytcore-ios-share&referringSource=articleShare

Hunter Biden Charged With Evading Taxes on Millions From Foreign Firms

https://www.nytimes.com/2023/12/07/us/politics/hunter-biden-indictment.html

Former Jaguars employee accused of stealing over $22 million – ESPN

https://www.espn.com/nfl/story/_/id/39059710/former-jaguars-employee-accused-stealing-22-million

EY names Janet Truncale as first female global CEO of Big Four firm | Accounting Today

https://www.accountingtoday.com/articles/ey-names-janet-truncale-as-first-female-global-ceo-of-big-four-firm

NY AG disputes Trump expert’s GAAP analysis

https://www.cfodive.com/news/gaap-holds-spotlight-final-stretch-250m-trump-civil-fraud/702327/

Hunter Biden Indicted On Criminal Tax Charges In California

https://www.forbes.com/sites/kellyphillipserb/2023/12/08/hunter-biden-indicted-on-criminal-tax-charges-in-california/

Hunter Biden Charged with Tax Crimes in Los Angeles

https://www.cpapracticeadvisor.com/2023/12/11/hunter-biden-charged-with-tax-crimes-in-los-angeles/98977/

Trump's accounting expert trashes NY's 'absurd' fraud case

https://www.accountingtoday.com/articles/trumps-expert-accounting-witness-trashes-nys-absurd-fraud-case-in-court-clash

Donald Trump returns to court, lauds his defense expert who sees no evidence of accounting fraud

Building a Firm to the Right Size with Keila Hill-Trawick, CPA

Blake Oliver & David Leary — Fri, 22 Dec 2023 14:00:00 -0800

Keila Hill-Trawick joins Blake and David to discuss her philosophy on intentionally building a firm to the "right" size, rather than pursuing endless revenue growth. She also explains how her firm narrowed its service offerings to focus on core recurring services like tax planning and fractional CFO work. Blake and David examine research on how much money Americans think they need annually to be happy, with millennials citing much higher targets. They also talk about an accounting reference in the new Trolls movie and the need for more diverse and positive CPA portrayals in media.

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Chapters

(00:31) - Keila Hill-Trawick joins the show
(06:35) - How did you decide to cut back on services your firm offered?
(08:47) - What core services do you offer?
(11:07) - Do you help clients set up the services you don't offer?
(12:27) - What does your current team look like and how did you build it?
(16:07) - What are you charging clients?
(18:31) - How many clients does each employee handle and will that change with technology?
(21:17) - What's the ultimate goal?
(26:24) - Berkshire Hathaway lawsuit
(35:44) - SmileDirectClub declares bankruptcy
(42:30) - Thoughts on accountants doing IT audits
(46:25) - How much money do Americans need to be happy?
(59:46) - Accounting reference in the newest Trolls movie
(01:02:53) - Wrap up and how to reach Keila

Show Notes

What’s Behind Warren Buffett’s Fight With a Truck-Stop Mogul – WSJ

https://www.wsj.com/business/warren-buffett-berkshire-hathaway-jimmy-haslam-pilot-lawsuit-70ef0413

Trolls movie CPA

https://www.linkedin.com/posts/jacob-g-5819b780_went-to-see-the-new-trolls-movie-with-my-activity-7134882587042320384-RC32

Warren Buffett's Berkshire Hathaway sued by Haslam family over Pilot truckstop chain takeover

https://cdllife.com/2023/haslam-family-sues-pilot-majority-owner-berkshire-hathaway-over-accounting-practices/

Bankrupt SmileDirectClub shuts down, says its ‘Lifetime Smile Guarantee’ is canceled - but Smile Pay users are expected to keep paying https://fortune.com/2023/12/11/bankrupt-smiledirectclub-shutting-down/

Meet our Guest, Keila Hill-Trawick

Website: http://www.littlefishaccounting.com/
LinkedIn: https://www.linkedin.com/in/keilahilltrawick
Twitter: https://twitter.com/littlefishcpa
Instagram: https://www.instagram.com/littlefishaccounting/

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Solving the CPA Pipeline Problem: An Interview with AICPA's National Pipeline Advisory Group

Blake Oliver & David Leary — Thu, 21 Dec 2023 08:30:00 -0800

Lexy Kessler, National Pipeline Advisory Group (NPAG) chair and Sue Coffey, Chief Executive Officer – Public Accounting with AICPA join us for a special bonus episode to address the accounting talent crisis and talk about how we can improve the CPA pipeline. Along with these issues, they also emphasize the importance of working together as a profession, being data-driven in their approach, and looking at the broader ecosystem of accounting, with updates and more comprehensive strategies expected to be detailed in the NPAG draft national strategy plan in May 2024.

Meet Our Guests

Lexy Kessler, Chair - National Pipeline Advisory Group (NPAG)

Website: https://www.accountingpipeline.org/
LinkedIn: https://www.linkedin.com/in/lexykessleraprio/

Susan S. Coffey, CPA, CGMA - CEO – Public Accounting at the Association of International Certified Professional Accountants
Website: https://www.aicpa-cima.com/resources/article/susan-s-coffey-cpa-cgma

Learn more about the National Pipeline Advisory Group (NPAG)

https://www.accountingpipeline.org/

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QuickBooks Desktop Is Dead. Long Live Online!

Blake Oliver & David Leary — Wed, 13 Dec 2023 14:30:00 -0800

Blake and David discuss Intuit's announcement that QuickBooks Desktop will no longer be sold as new subscriptions after July 2024. They also talk about the need for changes in the accounting profession, such as simplifying financial reporting requirements and revising the 150-hour rule. In other news, they cover sanctions against China-based accounting firms, incorrect IRC claims by businesses, and the Adidas-Kanye West fallout. They also explore how AI can help explain complex concepts to clients clearly and accurately.

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Chapters

(01:13) - Accounting has been in the news a lot recently
(03:00) - QuickBooks Desktop is dead
(10:29) - Blake's thoughts from The Digital CPA Conference
(15:21) - CPA Journal - eliminate the 150-hour rule
(17:29) - The Accountant 2 film confirmed
(19:03) - Blake went to Kentucky
(20:38) - The PCAOB sanctioned 3 China-based firms
(23:32) - The IRS sends 20,000 letters regarding ERC claims
(28:01) - Kanye West and Adidas fallout
(35:23) - Earmark updates and the IRS releasing taxpayer business accounts
(37:30) - CFO.com: 61% of finance executives are not using AI
(40:05) - Can AI trim years off of the partner path?
(41:36) - The traditional CPA firm structure
(45:21) - Blake asks AI to explain basis to a non-accountant
(51:38) - AccountingWeb tricks to help detect AI-written articles
(54:20) - Wrap up and how to reach us

Show Notes

Twitter: Any good plain-English way to explain basis?

https://x.com/wtfoote/status/1725193933410668755?s=12

61% of Finance Execs Not Using AI Yet: Weekly Stat | CFO

https://www.cfo.com/news/artificial-intelligence-implementation-adoption-gartner-survey/699082/

The Yeezy standard for accounting | Financial Times

https://www.ft.com/content/8b094370-f7e7-492b-b56d-6c0096be7784

BST & Co. Got Sick of Hounding Rudy Giuliani to Pay His Bill So Now They’re Suing Him

https://www.goingconcern.com/bst-co-got-sick-of-hounding-rudy-giuliani-to-pay-his-bill-so-now-theyre-suing-him/

PCAOB sanctions three Chinese firms, including PwC affiliates

https://www.accountingtoday.com/news/pcaob-sanctions-three-chinese-firms-including-pwc-affiliates

The Accounting Profession Is in Crisis

https://www.cpajournal.com/2023/12/01/the-accounting-profession-is-in-crisis/

BREAKING NEWS: QuickBooks Desktop Product Changes

https://insightfulaccountant.com/accounting-tech/general-ledger/breaking-news-quickbooks-desktop-product-changes/

What Can the Profession Do?

https://www.cpajournal.com/2023/12/04/what-can-the-profession-do/

Supreme Court could make massive tax impact — or none at all

https://www.accountingtoday.com/news/supreme-court-to-hear-arguments-in-moore-v-u-s

Billionaire Tax Rests on a Disputed $14,729 Refund at the Supreme Court

https://www.cpapracticeadvisor.com/2023/12/04/billionaire-tax-rests-on-a-disputed-14729-refund-at-the-supreme-court/98782/

Some of the Big 4 consulting giants already think AI could trim years off the path to partner

https://fortune.com/2023/12/04/big-4-consulting-giants-pwc-kpmg-ai-trim-years-path-partner/

Opioid trust transparency questioned after accounting firm choice

https://www.thecentersquare.com/pennsylvania/article_c7977d42-9515-11ee-8bd6-3b90276d4b6b.html

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...

AICPA Blames Boring Accounting Professors for Pipeline Problem

Blake Oliver & David Leary — Wed, 06 Dec 2023 14:15:00 -0800

Blake and David discuss updates from the AICPA's Talent Pipeline Committee, including surprises about the high dropout rate of accounting majors in college. They also explore new custom AI capabilities in ChatGPT that allow users to create specialist bots and speculate on applications for accounting firms. They also cover lawsuits alleging Hollywood accounting tricks used by Disney to deprive financial partners of profits. Grab some snacks and enjoy!

Sponsors
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Chapters

(01:34) - NASBA is hiring a new COO
(04:30) - What we'll cover on this week's show
(06:16) - AICPA talks about the pipline issues on Accounting Today's podcast
(12:31) - Blake checks in on the live chat
(20:07) - Two vastly different articles on CPAjournal.com about how to solve the accountant shortage
(28:58) - Making the CPA more accessible
(38:58) - Blake demonstrates OpenAI's new custom GPT maker
(49:54) - Disney sued for "Hollywood Accounting" methods
(56:29) - Thanks for listening and how to reach us

Show Notes

NASBA Begins Search for New President and CEO | NASBA

https://nasba.org/blog/2023/11/28/nasba-begins-search-for-new-president-and-ceo/

Rethinking the 150-Hour Requirement for CPA Licensure - The CPA Journal

https://www.cpajournal.com/2023/11/27/rethinking-the-150-hour-requirement-for-cpa-licensure/

The Accounting Pipeline - The CPA Journal

https://www.cpajournal.com/2023/11/22/the-accounting-pipeline/

Disney sued over accounting by film financiers

https://www.cfobrew.com/stories/2023/08/29/disney-sued-by-film-financiers

A pipeline progress report

https://www.accountingtoday.com/podcast/a-progress-report-on-accountings-pipeline-problem

Rethinking the 150-Hour Requirement for CPA Licensure

https://www.cpajournal.com/2023/11/27/rethinking-the-150-hour-requirement-for-cpa-licensure/

Accounting Education Disrupted

https://www.cpajournal.com/2023/11/21/accounting-education-disrupted/

KPMG, Deloitte Ask Staff to Use Burner Phones for HK Visits: FT

https://news.bloombergtax.com/financial-accounting/kpmg-deloitte-ask-staff-to-use-burner-phones-for-hk-visits-ft

Deloitte and KPMG encourage use of burner phones in Hong Kong

https://uk.finance.yahoo.com/news/deloitte-kpmg-encourage-burner-phones-101802848.html

NASBA starts search for CEO successor

https://www.accountingtoday.com/news/nasba-starts-search-for-ceo-successor

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Listener Mail: Compilations, Talent Crisis, ESOPs, 120 v. 150, TurboTax

Blake Oliver & David Leary — Wed, 29 Nov 2023 07:00:00 -0800

Blake and David sort through the listener mailbag to find out what you think! Amongst the letters, we’ve got opinions on accounting without assurance and the industry talent crisis, as well as potential unethical practices by some tax experts, and the need for accrediting standards for accounting programs. Blake and David also address the complex nature of the taxation system and emphasize the need for industry-wide changes to address ethical dilemmas. Join us to hear all this and so much more!

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Chapters

(00:30) - Welcome to the show and what we'll cover
(06:17) - Trump's legal team again blaming accountants for faulty financial statements
(07:57) - Anthony writes in about compilations
(12:54) - Nathan writes in to suggest more people contract audit work
(15:06) - Chris asks some questions about the BDO ESOP episode
(18:32) - Cheryl writes in about the 150-hour requirement
(21:07) - Kurt asks about the disparity between accounting graduate programs
(26:20) - Ryan tells a story of a client getting awful advice from a TurboTax Live employee
(32:40) - Digitial Accountants asks why so many tax clients want to push the envelope too far with tax returns and the IRS
(35:22) - Listener gives some insights on why academia is filled with the professors it has
(50:54) - A UK accounting firm has client data leaked after being hacked
(56:13) - The University of Arionza is missing $240 million
(01:00:12) - QuickBooks ProAdvisor badges and changes
(01:07:19) - Wrap up and remember you can earn free CPE from listening to this podcast

Show Notes

A cyberattack on a U.K. accounting firm wound up leaking U.S. ...
https://www.databreaches.net/a-cyberattack-on-a-u-k-accounting-firm-wound-up-leaking-u-s-patient-data-now-what/

Reimagined ProAdvisor Program Goes Live Today
https://insightfulaccountant.com/accounting-tech/general-ledger/reimagined-proadvisor-program-goes-live-today/

Always Something University and UofA $240-million accounting mistake
https://sports360az.com/always-something-university-and-uofa-240-million-accounting-mistake/

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Sponsorships

Are you interested in sponsoring the Cloud Accounting Podcast? For details, read the prospectus.

Need Accounting Conference Info?

Check out our new website - accountingconferences.com

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TeePublic Store: http://cloudacctpod.link/merch

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What's New in QuickBooks from Connect | Firms Turning Away Work Due to Staffing Shortages

Blake Oliver & David Leary — Tue, 21 Nov 2023 16:05:00 -0800

We're back from QuickBooks Connect 2023 with announcements, updates, new features, and improvements in QuickBooks Online. Also, EY got fined $3 million for cheating on ethics exams, and 42 percent of firms are turning away work due to staff shortages. Finally, we discuss the disruption of Alphabet's main search business by Microsoft, Amazon, and Apple in the AI-powered assistant space.

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Chapters

(00:32) - Blake and David are back from QuickBooks Connect
(01:06) - 31 Wrap up and thanks for listening
(05:41) - New QuickBooks features announced at QuickBooks Connect
(06:28) - QuickBooks Ledger
(08:50) - Expanded roles and permissions in QBO
(09:19) - QuickBooks Payroll cost allocations
(10:26) - Chart of Accounts templates
(11:29) - Changes to ProAdvisor Program
(12:11) - Now you can copy QBO files to a sandbox
(15:23) - Blake's AI session at QuickBooks Connect
(22:46) - Blake will be giving a webinar on AI on Earmark's Webinars+
(25:32) - EY Texas gets a $3 million penalty for cheating on ethics exams
(31:19) - 46% of EY audits in 2022 had flaws
(34:31) - What numbers do investors care about?
(38:24) - PCAOB says they have doubled their fines in recent years
(40:19) - More cities are struggling with ERP rollouts
(41:41) - Zoho introduces practice management software for accountants
(43:29) - Tech Radar's top laptops for accountants
(44:48) - Intuit updates their tax software and shuts down Mint
(50:42) - 42% of accountants turn down work over staff shortages
(53:04) - ClientHub introduces AI-enabled email integration
(54:37) - 3 AI-based accounting companies raise a lot of money
(01:04:01) - Is Google/Alphabet in trouble?

Show Notes

Intuit rolls out bevy of new features for the next tax season | Accounting Today

https://www.accountingtoday.com/news/intuit-rolls-out-bevy-of-new-features-for-the-next-tax-year

New product innovations at announced at QuickBooks Connect help accountants drive small business growth

https://www.firmofthefuture.com/quickbooks-connect/new-product-innovations/

PCAOB fines doubled in recent years | Accounting Today

https://www.accountingtoday.com/news/pcaob-fines-doubled-in-recent-years

Accounting firms hit with record US fines over audit failures

https://www.ft.com/content/25a65a49-4b94-4a80-82d8-435616a78f27

SURVEY: 42% of Accountants Turn Away Work Over Staff Shortages - CPA Trendlines

https://cpatrendlines.com/2023/11/09/survey-48-of-accountants-turn-away-work-over-staff-shortages/

Black Ore Emerges from Stealth with $60 Million in Funding to Bring AI to Financial Services

https://www.blackore.ai/articles/black-ore-emerges-from-stealth-with-60-million-funding

Launching Zoho Practice: The Ultimate Practice Management Software

https://www.zoho.com/blog/general/launching-zoho-practice.html

Bill Holdings Is Said to Near $1.95 Billion Deal for Melio

https://www.bloomberg.com/news/articles/2023-11-08/bill-holdings-is-said-to-near-1-95-billion-deal-for-melio

Bill Holdings stock sinks amid report of $1.95B deal talks for Melio ...

https://seekingalpha.com/news/4033680-bill-holdings-sinks-amid-report-of-195b-deal-talks-for-melio-payments

Bill Holdings denies media report on Melio deal

https://www.reuters.com/markets/deals/bill-holdings-nears-195-billion-payments-deal-melio-bloomberg-news-2023-11-08/

Puzzle secures $30m for revolutionary AI-powered accounting ...

https://fintech.global/2023/11/15/puzzle-secures-30m-for-revolutionary-ai-powered-accounting-platform/

EY Gets $3 Million Penalty by Texas Board of Public Accountancy

https://www.cpapracticeadvisor.com/2023/11/13/ey-gets-3-million-penalty-by-texas-board-of-public-accountancy/97576/

Bill's stock bounces after denial of report it was pursuing a $2 billion ...

https://www.marketwatch.com/story/bills-stock-bounces-after-denial-of-report-it-was-pursuing-a-2-billion-cash-and-stock-buyout-of-melio-payments-7562580b

Black Ore Raises $60 Million and Debuts AI Tool for Accountants

https://www.pymnts.com/news/investment-tracker/2023/black-ore-raises-60-million-dollars-debuts-artificial-intelligence-tool-accountants/

New Products at QuickBooks Connect Help Accountants Drive Small ...

https://www.cpapracticeadvisor.com/2023/11/14/new-products-at-quickbooks-connect-help-accountants-drive-small-business-growth/97644/

St. Louis comptroller said prior mayor wanted new accounting ...

https://www.stltoday.com/news/local/government-politics/st-louis-comptroller-said-prior-mayor-wanted-new-accounting-system-but-she-voted-for-it/article_8afa54ca-8275-11ee-9673-efc459761629.html

Intuit QuickBooks Unveils New Product Innovations at QuickBooks Connect that Help Accountants Drive Small Business Growth

How to Survive Public Accounting and the CPA Exam

Blake Oliver & David Leary — Fri, 17 Nov 2023 21:00:00 -0800

CPA Exam prep rockstars Peter Olinto and Roger Philipp join Blake and David to discuss the evolution of the CPA Exam over time, the importance of making studying entertaining, and challenges facing the accounting profession like public accounting burnout. Both Olinto and Philipp believe competition between CPA review courses drives innovation and helps students pass the exam, and they aim to make studying engaging through humor, memory techniques, and technology.

Sponsors
LiveFlow - http://accountingpodcast.promo/liveflow

Chapters

(00:38) - Where did you learn to make CPA exam prep entertaining?
(04:15) - Do you have any nightmare CPA exam stories?
(09:42) - What does the current CPA exam look like and what's changing in 2024?
(13:30) - Do you think the CPA exam changes will help the pipeline?
(16:15) - Have CPA exam pass rates gone up with the 5th-year requirement?
(17:57) - How did you both get involved with UWorld?
(20:57) - Advice for accountants struggling to balance studying with their work and lives
(27:22) - How are you dealing with reduced attention spans
(34:29) - Do you tell students to diet and exercise as part of exam prep?
(39:02) - Peter's famous coffee offer
(39:58) - Why do you think young accountants are leaving the profession?
(47:03) - The problem with work-life balance versus billable hours
(54:59) - Wrap up and where to find out more about UWorld

Meet Our Guests:
Peter Olinto
LinkedIn
: https://www.linkedin.com/in/peter-olinto-5966586b/
Twitter: https://twitter.com/peterolinto?lang=en

Roger Philipp, CPA, CGMA
LinkedIn: https://www.linkedin.com/in/rogerphilipp/
Twitter: https://twitter.com/rogercpa?lang=en

Show Notes
https://newsroom.uworld.com/story/uworld-launches-all-new-cpa-exam-review-product-to-prepare-candidates-for-the-2024-cpa-evolution/

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Sponsorships

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Check out our new website - accountingconferences.com

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Transcripts

The full transcript for this episode is available by clicking on the Transcript tab at the top of this page

What is QuickBooks Ledger? (from the Unofficial QuickBooks Accountants Podcast)

Blake Oliver & David Leary — Fri, 10 Nov 2023 21:00:00 -0800

Listen to the full Unofficial QuickBooks Accountants Podcast here: https://share.transistor.fm/s/5586a16e

Earmark Media Presents a bonus episode of Unofficial QuickBooks Accountants Podcast.

Hector and Alicia dig into all the details and speculation around Intuit's newest cloud accounting product QuickBooks Ledger. Is it an affordable option for write-up clients or an over-hyped limited edition QBO?

Listen to the full Unofficial QuickBooks Accountants Podcast here: https://share.transistor.fm/s/5586a16e

Send your Questions/Comments (we could read/answer them on air) ask@uqapodcast.com

Links/Apps Mentioned in this episode:

Hector's App - RightTool www.righttool.app
Alicia's Training - RoyalWise http://royl.ws/uqapodcast
QuickBooks Connect Conference:www.quickbooksconnect.com
Firm of the Future: www.firmofthefuture.com

Can AI Become An Accounting Expert?

Blake Oliver & David Leary — Wed, 08 Nov 2023 18:24:11 -0800

Blake and David examine the downfall of FTX and founder Sam Bankman-Fried and look at some controversies around Deloitte auditors backdating audit paperwork in Canada, receiving only a minor fine. They also marvel at Donald Trump's attempt to blame accountants for alleged financial statement fraud in his organization. All this, and other news including NASBA's CEO's upcoming retirement, IRS budget cut updates, and generational differences around public accounting work environments.

Sponsors
LiveFlow - http://accountingpodcast.promo/liveflow
Relay - https://cloudaccountingpodcast.promo/relay
Keeper - https://cloudaccountingpodcast.promo/keeper

Chapters

(00:39) - Blake is back from Maryland where he gave a talk on AI and accounting
(03:02) - CPA Journal uses bad AI to draw conclusions on AI's future in accounting
(09:18) - Guinness Stout might not exist without taxes
(12:30) - Jeff Bezos is moving to Miami
(16:09) - Over 2/3 of Ohio CPAs are 50 or older
(20:37) - Sam Bankman-Fried found guilty
(22:09) - WeWork files for bankruptcy
(28:07) - Trump trial updates: Donald Trump takes the stand
(37:41) - CPA Ontario fines Deloitte
(43:56) - IRS budget cut again
(47:59) - NASBA CEO Ken Bishop plans to retire
(49:27) - BDO and other firms becoming ESOPs
(51:18) - Expensify closes their longue in SF
(55:20) - We're going to QuickBooks Connect
(56:08) - Blakes shares Instagram clip of street CPA interview
(58:02) - Wrap up and how to earn free CPE for listening to this podcast

Show Notes

House passes Israel aid tied to IRS cuts, triggering Biden clash | Accounting Today

https://www.accountingtoday.com/articles/house-passes-israel-aid-tied-to-irs-cuts-triggering-biden-clash

New York accounting firm Grassi announces ESOP | Accounting Today

https://www.accountingtoday.com/news/new-york-accounting-firm-grassi-announces-esop

Trump’s Sons Cast the Blame for Fraud on Their Company’s Accountants

https://www.nytimes.com/2023/11/02/nyregion/eric-trump-donald-jr-fraud-trial.html?smid=nytcore-ios-share&referringSource=articleShare

NASBA CEO Ken Bishop plans to retire | Accounting Today

https://www.accountingtoday.com/news/nasba-ceo-ken-bishop-plans-to-retire

IG reel: Good salary BUT don’t become a CPA

https://www.instagram.com/reel/CzCgptfpjmv/

Can Artificial Intelligence Become an Accounting Expert? - The CPA Journal

https://www.cpajournal.com/2023/10/24/can-artificial-intelligence-become-an-accounting-expert-2/

Deloitte Auditors Got Caught Changing Their Computer Clocks to Backdate Workpapers

https://www.goingconcern.com/deloitte-auditors-got-caught-changing-their-computer-clocks-to-backdate-workpapers/

Ohio floats plan to recruit more CPAs

https://www.accountingtoday.com/news/ohio-floats-plan-to-recruit-more-cpas

WeWork, once valued at $47 billion, files for bankruptcy

https://www.cnbc.com/2023/11/07/wework-files-for-bankruptcy.html

Here's how much WeWork co-founder Adam Neumann made before the company's bankruptcy

https://www.cnbc.com/2023/11/07/heres-how-much-wework-founder-adam-neumann-got-before-bankruptcy.html

Sam Bankman-Fried found guilty on all seven criminal fraud counts

https://www.cnbc.com/2023/11/02/sam-bankman-fried-found-guilty-on-all-seven-criminal-fraud-counts.html

Amazon founder Jeff Bezos is leaving Seattle for Miami

https://www.cnbc.com/2023/11/03/amazon-founder-jeff-bezos-is-leaving-seattle-for-miami.html

Ohio Society of CPAs Develops Action Plan Aimed at Talent Shortage

https://www.cpapracticeadvisor.com/2023/11/06/ohio-society-of-cpas-develops-action-plan-aimed-at-talent-shortage/97271/

Billions still lost through bad accounting, says auditor general

https://mg.co.za/business/2023-11-03-billions-still-lost-through-bad-accounting-says-auditor-general/

Eric Trump testified over and over again he had nothing to do with his dad’s accounting. Then he was shown his own emails

https://fortune.com/2023/11/03/eric-trump-testifies-fraud-trial-never-worked-donald-financial-statements-emails-testimony-involvement/

Former FTX CEO found guilty of fraud

https://www.bankingdive.com/news/former-ftx-ceo-sam-bankman-fried-found-guilty-7-counts-fraud-conspiracy/698555/

House Passes Israel Aid Bill Tied to IRS Cuts

https://www.cpapracticeadvisor.com/2023/11/02/house-passes-israel-aid-bill-tied-to-irs-cuts/97224/

Jeff Bezos: Leaving Seattle and Embracing Miami

https://www.smallbiztechnology.com/archive/2023/11/jeff-bezos-leaving-seattle-and-embracing-miami.html/

Billionaire Amazon founder Jeff Bezos moves to Florida, where his parents live-and capital gains are not taxed

https://finance.yahoo.com/news/billionaire-amazon-founder-jeff-bezos-12582885...

Headlines: Maryland Can't Account For $1.4 Billion of Covid Funds

Blake Oliver, CPA — Thu, 02 Nov 2023 10:00:00 -0700

An independent audit reveals over $1.4 billion in questionable spending and lack of financial oversight at Maryland's Health Department during the COVID pandemic. We break down the audit's alarming findings, and the response from state officials committed to improving financial practices.

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Check out our new website - accountingconferences.com

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Transcripts

The full transcript for this episode is available by clicking on the Transcript tab at the top of this page

Headlines: How a Vegas Hotel Manager Allegedly Stole $773K in Guest Refunds

Blake Oliver, CPA — Wed, 01 Nov 2023 10:00:00 -0700

A former Vegas hotel manager is accused of stealing over $773,000 in guest refunds and using the money to live lavishly. We unpack how he allegedly pulled off the massive refund scam and what could have been done to catch it sooner.

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Trump Trial Updates | Are You Coffee Badging? | Proof Americans Move for Lower Taxes

Blake Oliver & David Leary — Tue, 31 Oct 2023 10:10:00 -0700

An embezzlement scheme at Aria Hotel costs MGM $770,000, an accounting firm apologizes for paying a staffer below minimum wage, problems with Workday ERP implementations for state and local governments, a spike in accounting enrollment at Purdue University, and tax migration trends between high-tax and low-tax states.

Sponsors
OnPay - http://accountingpodcast.promo/onpay
Zoho - http://accountingpodcast.promo/zoho
Keeper - https://cloudaccountingpodcast.promo/keeper

Chapters

(00:59) - Clarence Thomas and a questionable RV loan
(06:44) - Trump trial updates
(10:16) - Allen Weisselberg accused of perjury by Forbes
(12:19) - Earmark presents a "Federal Tax Updates" webinar on the IRS withdrawal process for ERC claims
(13:49) - The complicated way the IRS wants you to complete this process
(15:50) - Do Millenials use voice assistants to pay bills?
(17:51) - We got a new 5-star review!
(19:57) - Roblox and forcing remote workers back to the office
(23:16) - Checking in on the live chat
(24:25) - Data shows people are relocating to states with lower taxes
(28:06) - Liberty Tax loses suit against Better Call Saul
(29:38) - All your bank feeds are about to break
(30:17) - $770,000 embezzlement at the Aria in Vegas
(33:29) - Maryland Department of Health lost track of over $1 billion in COVID funds
(34:49) - The City of Baltimore blames Worday for AR problem
(39:38) - Grant Thornton apologizes for paying trainee below minimum wage
(42:11) - Latest AICPA MAP survey shows no gain in starting accountants' salaries
(46:31) - Purdue University sees spike in accounting enrollment
(50:42) - Seton Hall launches new master's program in accounting and analytics
(52:53) - Thanks for listening!

Show Notes

Clarence Thomas Didn’t Fully Repay $267,230 Loan for Luxury Motor Home, Senate Report Says - WSJ

https://www.wsj.com/politics/policy/clarence-thomas-didnt-fully-repay-267-230-loan-for-luxury-motor-home-senate-report-says-4651d23f?st=3z9ga4dwlcgci2c

Accounting firm apologises for paying trainee below minimum wage

https://www.efinancialcareers.com/news/2023/10/pay-for-trainee-accountants

Audit of Maryland Health Department finds $1.4 billion accounting lapse - The Washington Post

https://www.washingtonpost.com/dc-md-va/2023/10/25/maryland-health-department-audit-accounting-lapse/

Justice Thomas’s R.V. Loan Was Forgiven, Senate Inquiry Finds - The New York Times

https://www.nytimes.com/2023/10/25/us/politics/clarence-thomas-rv-loan-senate-inquiry.html?smid=nytcore-ios-share&referringSource=articleShare

Michael Cohen Testifies Trump Ordered Him to Inflate Wealth - WSJ

https://www.wsj.com/politics/policy/michael-cohen-testifies-against-trump-in-civil-fraud-trial-f9bb52c1?st=ep1l5nyp84fsot2

Purdue University sees spike in accounting enrollment | Accounting Today

https://www.accountingtoday.com/news/purdue-university-sees-spike-in-accounting-enrollment

Trump’s Longtime CFO Lied, Under Oath, About Trump Tower Penthouse

https://www.forbes.com/sites/danalexander/2023/10/12/trumps-longtime-cfo-lied-under-oath-about-trump-tower-penthouse/

IRS announces withdrawal process for Employee Retention Credit claims

https://www.irs.gov/newsroom/irs-announces-withdrawal-process-for-employee-retention-credit-claims-special-initiative-aimed-at-helping-businesses-concerned-about-an-ineligible-claim-amid-aggressive-marketing-scams

Donald Trump Watches as Witness Dismantles His Net Worth Calculations

https://www.newsweek.com/donald-trump-watches-witness-dismantles-his-net-worth-calculations-1835556

How an IRS contractor leaked tax data on Donald Trump, Jeff Bezos and Elon Musk | Accounting Today

https://www.accountingtoday.com/articles/how-an-irs-contractor-leaked-tax-data-on-donald-trump-jeff-bezos-and-elon-musk

Profits and Pay Lag Behind Revenue Gains at CPA Firms - CPA Trendlines

https://cpatrendlines.com/2023/10/11/cpa-firm-profits-and-pay-lag-as-revenue-tops-1-million/

'Better Call Saul' creators beat Liberty Tax's defamation, trademark lawsuit | Reuters

https://www.reuters.com/legal/better-call-saul-creators-beat-liberty-taxs-defamation-trademark-lawsuit-2023-09-25/

Crazy Embezzlement Case At Aria Las Vegas: Hotel Manager Refunds $770,000+ To His Debit Card - LoyaltyLobby

https://loyaltylobby.com/2023/09/09/crazy-embezzlement-case-at-aria-las-vegas-hotel-manager-refunds-770000-to-his-debit-card/

IRS Announces Special Process For Withdrawing Inappropriate ERC Claims

https://www.forbes.com/sites/kellyphillipserb/2023/10/19/irs-announces-special-process-for-withdrawing-inappropriate-erc-claims/

Roblox tells employees they have to come to office three days a week or take severance package

https://www.cnbc.com/2023/10/17/roblox-tells-employees-they-have-to-come-to-office-three-days-a-week.html

What do young accountants want to do with their lives?

Joshua Lance, CPA: A Humble, Thoughtful Leader

Blake Oliver, CPA — Mon, 30 Oct 2023 12:28:55 -0700

Today, we are honoring the life of Joshua Lance, CPA, founder of Lance CPA Group, who passed away in October at the age of 40 after a battle with cancer. To commemorate Josh's life, we are playing a eulogy delivered by Kenji Kuramoto at Josh's memorial service this past weekend. Kenji represented the many voices in the accounting profession that Josh was a part of. Kenji shares stories about Josh's humility, thoughtfulness, and influence. Although Josh never sought the spotlight, he became well-known in the accounting world through his steady leadership and generosity of spirit. Josh's presence will be deeply missed in the accounting community.

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Need Accounting Conference Info?

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Headlines: Questions Surround Justice Thomas' RV Loan

Blake Oliver, CPA — Fri, 27 Oct 2023 14:12:28 -0700

A recent report alleges Supreme Court Justice Clarence Thomas failed to disclose that a $267,000 recreational vehicle loan from a friend was forgiven, raising questions about potential tax issues and scrutiny around the justice's financial practices.

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Sponsorships

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QuickBooks Launches Bill Pay | NetSuite Adds AI | How Financial Fraud Will Fill CPA Pipeline

Blake Oliver & David Leary — Wed, 25 Oct 2023 12:30:00 -0700

Blake and David discuss the factors that impact accountant salaries, including location, experience, and industry, and highlight the correlation between accounting salaries and overall economic conditions, noting that periods of economic growth can lead to higher salaries. They also take a look at the partnership between PwC and OpenAI and speculate on the potential impact of AI on accounting consulting and fraud detection. All this and more, right now!

Sponsors
LiveFlow - http://accountingpodcast.promo/liveflow
Zoho - http://accountingpodcast.promo/zoho
Aero Workflow - http://accountingpodcast.promo/aero

Chapters

(00:27) - Blake and David are back from SuiteWorld and talk about NetSuite's new AI features
(09:13) - Using AI to audit cattle
(12:04) - Former Trump CFO, Allen Weisselberg, describes GAAP
(13:45) - FTX trial update
(17:09) - The "proof of reserves" myth in crypto
(18:57) - Are financial statements and audits irrelevant in 2023
(25:20) - QuickBooks is launching bill pay
(30:21) - The 150-hour rule is a barrier, not a bar
(37:44) - Should CPAs have more specific designations and should bookkeeping require licensure?
(40:30) - 3 professors know how to solve the pipeline problem?
(42:29) - Some ChatGPT updates
(46:28) - PwC partners with OpenAI
(51:37) - Xero announces AI with searches
(53:22) - Wrap up and where to reach Blake and David

Show Notes

Bill to compete with Intuit after partnership ends

https://www.paymentsdive.com/news/bill-intuit-partnership-embedded-payments-smb-competition-b2b/691269/

BILL Introduces Integrated Financial Operations Platform for Small Businesses

https://www.pymnts.com/smbs/2023/bill-introduces-integrated-financial-operations-platform-for-small-businesses/

Intuit Introduces QuickBooks Bill Pay, Expanding Money Platform to Deliver Business-to-Business Payments with AP Automation

https://investors.intuit.com/news/news-details/2023/Intuit-Introduces-QuickBooks-Bill-Pay-Expanding-Money-Platform-to-Deliver-Business-to-Business-Payments-with-AP-Automation/default.aspx

Intuit Introduces QuickBooks Bill Pay

https://thepaypers.com/online-mobile-banking/intuit-introduces-quickbooks-bill-pay--1265038

Is FTX the biggest audit disaster ever?

https://www.accountingweb.co.uk/community/blogs/philip-fisher/is-ftx-the-biggest-audit-disaster-ever

The mystery of FTX's missing $9B is unraveled

https://www.accountingtoday.com/articles/the-mystery-of-ftxs-missing-9b-is-unraveled-at-sbf-trial

Bill Unveils Accountant Console for Accountant Partners

https://insightfulaccountant.com/accounting-tech/vendor-news/bill-unveils-accountant-console-for-accountant-partners/

Stick with high standards — and 150 hours

https://www.accountingtoday.com/opinion/stick-with-high-standards-and-the-150-credit-hour-requirements-for-cpas

With annual reports in the hundreds of pages, who has time to run a business?

https://www.cityam.com/with-annual-reports-in-the-hundreds-of-pages-who-has-time-to-run-a-business/

PwC partners with ChatGPT creator OpenAI

https://www.accountingtoday.com/articles/pwc-offers-advice-from-bots-in-deal-with-chatgpt-firm-openai

Avalara Expands Partnership with Oracle NetSuite to Deliver Integrated E-Invoicing Solution

https://www.cpapracticeadvisor.com/2023/10/17/avalara-expands-partnership-with-oracle-netsuite-to-deliver-integrated-e-invoicing-solution/96047/

New York AG accuses crypto firms of deceiving investors in $1 billion fraud

https://www.cnn.com/2023/10/19/tech/crypto-firms-fraud-charges-new-york/index.html

CPA Standoff: Why haven't the other provincial bodies joined the ...

https://www.canadian-accountant.com/content/profession/cpa-standoff-other-provincial-bodies

Accounting is facing a labor crisis. Could fraud be part of the solution?

https://phys.org/news/2023-10-accounting-labor-crisis-fraud-solution.html

FTX Used Billions in Customer Funds to Buy Back Binance Stake

https://www.coindesk.com/policy/2023/10/19/ftx-used-billions-in-customer-funds-to-buy-back-binance-stake/

Accounting is facing a labor crisis. Could fraud be part of the solution?

https://news.ufl.edu/2023/10/accounting-facing-labor-crisis/

Accountants battle software integration frustration

https://www.accountingweb.co.uk/tech/accounting-software/accountants-battle-software-integration-frustration

Oracle NetSuite Embeds Generative AI Throughout the Suite to Help Organizations Boost Productivity

Evan Goldberg on NetSuite Turning 25 and Pushing Boundaries with AI

Blake Oliver & David Leary — Thu, 19 Oct 2023 00:00:00 -0700

NetSuite founder Evan Goldberg discusses the company's 25th anniversary, new AI features like Text Enhance and Customer 360, and his long-term vision for intelligent assistants integrated with NetSuite.

Meet Our Guest, Evan Goldberg

LinkedIn: https://www.linkedin.com/in/evan-netsuite/

Learn more about NetSuite

Website: https://www.netsuite.com/portal/home.shtml

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Check out our new website - accountingconferences.com

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Becoming Employee-Owned: How BDO Broke Out of the Partner Model

Blake Oliver & David Leary — Wed, 18 Oct 2023 00:00:00 -0700

Wayne Berson, CEO of BDO USA, joins Blake and guest host, David Leary, on the Earmark Podcast to discuss BDO's recent transition to an employee stock ownership plan (ESOP), making it the first major accounting firm to implement an ESOP structure. They discuss how the ESOP aims to attract and retain talent in the accounting profession and provide employees at all levels with an ownership stake in the firm.

Meet Our Guest, Wayne Berson

LinkedIn: https://www.linkedin.com/in/wayneberson/

Learn more about BDO
Website: https://www.bdo.com/

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Israel War Impact on Fintech | FTX & Trump Trial Updates | Iowa Blames Workday

Blake Oliver & David Leary — Tue, 17 Oct 2023 00:00:00 -0700

There’s a lot to digest in this episode! Blake and David discuss Microsoft's $28.9 billion tax bill, and examine a tax-fraud scheme involving art donations. JPMorgan Chase CEO Jamie Dimon predicts that AI advancements will create a shorter workweek in the future. They also look at Xero’s newest features, including improved algorithms for recognizing new contacts and bank reconciliation statements, and talk about Grant Thornton's implementation of Git Assist, an AI tool for accessing internal knowledge resources. All this and so much more, right here, right now!

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Chapters

(00:35) - The war in Israel and its effect on tech startups
(04:16) - Heather Smith sends in an example of an AI language changer she used
(06:29) - Arthur Andersen's Chicago house for sale
(08:57) - Updates from the FTX, Sam Bankman-Fried trial
(15:24) - IRS contractor who leaked tax returns of famous agrees to plea deal
(17:28) - Trump trial updates
(21:14) - George Santos facing 23 new charges
(23:15) - Update on the Canada CPA standoff
(25:07) - Nationwide accounting shortage is threatening small towns
(26:24) - Number of accounting graduates drop largest percentage in single year since 1985
(29:28) - Workday and the problem with schools rolling out ERP's
(34:56) - What pricing lessons accounting firms can learn from ski resorts
(39:50) - CFO Brew's survey on remote work
(43:06) - IRS says Microsoft owes $28.9 billion in back taxes
(47:19) - IRS tax-gap predictions, and scams to watch for in 2022
(50:38) - Jamie Dimon predicts AI will reduce workweeks to 3.5 days
(51:35) - Xero announces new AI features
(52:28) - Grant Thornton rolls out GT Assist
(54:52) - Earn free CPE for listening to this episode and remember to subscribe

Show Notes

Pool of accounting graduates shrinks, AICPA report finds

https://www.journalofaccountancy.com/news/2023/oct/pool-of-accounting-graduates-shrinks-aicpa-report-finds.html

Report: Iowa can pay the bills but lacks transparency in its accounting

https://blackchronicle.com/midwest/iowa/report-iowa-can-pay-the-bills-but-lacks-transparency-in-its-accounting/

New accounting system causes bill backlog at U of Washington

https://www.insidehighered.com/news/quick-takes/2023/10/12/new-accounting-system-causes-bill-backlog-u-washington

Grant Thornton launches internal generative AI tool

https://www.accountancydaily.co/grant-thornton-launches-internal-generative-ai-tool

Art of Accounting: Leaving your job to start your own practice

https://www.accountingtoday.com/opinion/art-of-accounting-leaving-your-job-to-start-your-own-practice

Arthur Andersen's Winnetka home for sale

https://www.chicagobusiness.com/residential-real-estate/arthur-andersens-winnetka-home-sale

The SBF Trial is Embarrassing For Crypto Industry

https://www.smallbiztechnology.com/archive/2023/10/the-sbf-trial-is-embarrassing-for-crypto-industry.html/

Returning to the office is costing you $51 per day, study finds

https://finance.yahoo.com/news/returning-office-costing-51-per-172630839.html

Microsoft May Owe $28.9 Billion in Back Taxes to the IRS

https://gizmodo.com/microsoft-may-owe-28-9-billion-in-back-taxes-to-the-ir-1850921247

IRS Says Tax Gap For 2021 Expected To Be $688 Billion

https://www.forbes.com/sites/kellyphillipserb/2023/10/12/irs-says-tax-gap-for-2021-expected-to-be-688-billion/

How Israel's tech community is responding to the Israel-Hamas war

https://www.cnbc.com/2023/10/13/israels-tech-community-responds-to-israel-hamas-war.html

Iowa's annual financial report late again; agencies mum on why

https://www.bleedingheartland.com/2022/02/02/iowas-annual-financial-report-late-again-agencies-mum-on-why/

Iowa auditor slams governor, state for delays threatening universities

https://www.thegazette.com/higher-education/iowa-auditor-slams-governor-state-for-delays-threatening-universities/

UW’s Financial Accounting System

https://www.washington.edu/opb/uws-financial-accounting-system/

WSU recognized externally for Workday expertise

https://news.wsu.edu/news/2023/07/27/wsu-recognized-externally-for-workday-expertise/

Ohio State drops effort to update student information system

https://www.insidehighered.com/news/2022/01/11/ohio-state-drops-effort-update-student-information-system

LMU announces Workday Forward; staff reflect on the “abysmal fiasco” of original Workday launch

https://www.laloyolan.com/news/lmu-announces-workday-forward-staff-reflect-on-the-abysmal-fiasco-of-original-workday-launch/article_13a1bb8f-fae6-5958-abe4-c090a...

Headlines: Microsoft's Puerto Rico Tax Odyssey

Blake Oliver — Sun, 15 Oct 2023 00:00:00 -0700

After a decade-long audit, Microsoft is facing a whopping $29 billion tax bill from the IRS for what the agency claims was an "illusory scheme" to channel profits through Puerto Rico—but with years of appeals ahead, will the tech giant ultimately pay the total amount?

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Don Jr. Explains GAAP & Why No One's Going Into Accounting

Blake Oliver & David Leary — Wed, 11 Oct 2023 06:00:00 -0700

Blake and David dig into the use of AI agents in solving problems, emphasizing the effectiveness of assigning different roles to the agents and having them interact with each other to reach satisfactory results. They also discuss the latest accounting news, including the recent arrest of an IRS contractor, the IRS slashing the PTIN fee, ongoing trials, and cyber-attacks.

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Chapters

(00:47) - Don Jr. explains GAAP
(03:05) - Stories we'll cover this week
(05:11) - WSJ article on why no one is going into accounting
(09:28) - New Illinois CPA Society survey
(11:40) - The IRS is watching people who resold Taylor Swift tickets
(13:09) - Chick-fil-A is testing out robot servers and what accountants can learn in what customers want & expect in restaurants
(17:37) - Zoom adds AI companion features
(21:39) - FedNow hits milestone
(23:48) - Listener mail
(30:25) - QuickBooks offers a $50/month assisted bookkeeping service
(36:43) - Listener mail: Should I change majors from accounting?
(39:27) - FEMA and WGU are alternative ways to earn 150 credits
(42:43) - Microsoft using AI to help AI
(46:00) - Former IRS contractor charged with leaking billionaire tax filings
(50:03) - Trump blaming his former Mazars accountant in fraud trial
(54:36) - CPA Canada vs CPA Quebec and CPA Montreal updates
(56:53) - MGM cyber attack follow up
(59:16) - WSJ reports Binance is in trouble
(01:03:25) - Wrap up and how to reach us

Show Notes

Chick-fil-A Reportedly Tests Robot Servers Amid Diner Concerns Around Automation

https://www.pymnts.com/restaurant-technology/2023/chick-fil-a-tests-robot-servers-amid-diner-concerns-around-automation/

AICPA Endorses Key Legislation Recognizing the Link Between ...

https://www.prnewswire.com/news-releases/aicpa-endorses-key-legislation-recognizing-the-link-between-accounting-and-stem-301941029.html

Why No One's Going Into Accounting - WSJ

https://www.wsj.com/lifestyle/careers/accounting-salary-cpa-shortage-dec2caa2

IRS slashes PTIN fees

https://www.accountingtoday.com/news/irs-slashes-ptin-fees

New National Research on CPA Pipeline Challenges Underway

https://www.cpapracticeadvisor.com/2023/10/05/new-national-research-on-cpa-pipeline-challenges-underway/95453/

IRS contractor charged in leak of billionaire taxpayer info

https://www.accountingtoday.com/news/irs-contractor-charged-in-leak-of-billionaire-taxpayer-info-to-news-outlets

CPA Standoff: Financial transparency a key issue in national ...

https://www.canadian-accountant.com/content/profession/cpa-standoff-financial-transparency-dispute

Anthony's Coal Fired Pizza and Wings removes AI ordering platform

https://www.pizzamarketplace.com/articles/anthonys-coal-fired-pizza-and-wings-removes-ai-ordering-platform/

FedNow Service Surpasses 100 Participants Since July Launch

https://www.pymnts.com/news/faster-payments/2023/fednow-service-surpasses-100-participants-since-july-launch/

2024 Public Accounting Starting Salary Numbers Are In

https://www.goingconcern.com/2024-public-accounting-starting-salary-numbers-are-in/

Clorox Experiences Significant Financial Loss Stemming From Recent Cyber Attack

https://blog.knowbe4.com/clorox-cyber-attack-financial-loss

CPA Pipeline Research Survey

https://intraprise.qualtrics.com/jfe/form/SV_cUSqP1Kalfh58ZE?Source=PRMK

2024 Salary Guide | Robert Half

https://www.roberthalf.com/us/en/insights/salary-guide

CPA Standoff: Unique regulatory status of CPA Quebec complicates accounting rift

https://www.canadian-accountant.com/content/profession/cpa-standoff-ontario-governance-dispute

CPA standoff: Ontario government sticks to sidelines in governance dispute

https://www.canadian-accountant.com/content/profession/cpa-standoff-ontario-governance-dispute

Message from Jerilyn Dressler re: accounting profs lacking real world experience

https://mail.google.com/mail/u/0/#inbox/FMfcgzGtxTBWVtqNtvTshjnDnxjTvHJM

Trump business fraud trial continues with accountant testimony on 4th day | PBS NewsHour

https://www.pbs.org/newshour/amp/politics/trump-business-fraud-trial-continues-with-accountant-testimony-on-4th-day

MGM Resorts Refused to Pay Ransom in Cyberattack on Casinos - WSJ

https://www.wsj.com/tech/cybersecurity/mgm-resorts-refused-to-pay-ransom-in-cyberattack-on-casinos-3a53fa6d?st=36ug7ecd0g4b0...

Headlines: The Top 10 Cities for U.S. Accountants

Blake Oliver, CPA — Sat, 07 Oct 2023 11:07:56 -0700

Looking for the best cities to launch your accounting career? This top 10 countdown will highlight the metro areas with the highest demand, abundant jobs, and the most competitive salaries for accountants.

Forbes Advisor compiled this list. See the full list here: https://www.forbes.com/advisor/education/top-cities-for-accountants/

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Get in Touch

Thanks for listening and the great reviews! We appreciate you! Follow and tweet @BlakeTOliver and @DavidLeary. Find us on Facebook and, if you like what you hear, please do us a favor and write a review on Apple Podcasts, or Podchaser. Interested in sponsoring the Cloud Accounting Podcast? For details, read the prospectus, and NOW, you can see our smiling faces on Instagram! You can now call us and leave a voicemail; we'll play it on the show. DIAL (202) 695-1040

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Straight Talk on Accounting's Big Issues with Dr. Sharon Lassar

Blake Oliver & David Leary — Wed, 04 Oct 2023 17:00:00 -0700

Sharon Lassar, Ph.D., CPA, and Director of the School of Accountancy at the University of Denver, shares concerns and perspectives on CPA licensure, including the resistance to changing the 150-hour requirement, the challenges of online learning and potential cheating, the impact on the value of the CPA designation, and the need for leadership and action from organizations like the AICPA and NASBA to address these issues and improve the profession.

Meet Our Guest:

Sharon Lassar, Ph.D., CPA
LinkedIn: https://www.linkedin.com/in/sharon-lassar/
Website: https://daniels.du.edu/directory/sharon-lassar/

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Thanks for listening and for the great reviews! We appreciate you! Follow and tweet @BlakeTOliver and @DavidLeary. Find us on Facebook and, if you like what you hear, please do us a favor and write a review on iTunes, or Podchaser. Interested in sponsoring the Cloud Accounting Podcast? For details, read the prospectus, and NOW, you can see our smiling faces on Instagram! You can now call us and leave a voicemail, maybe we'll play it on the show. DIAL (202) 695-1040

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The full transcript for this episode is available by clicking on the Transcript tab at the top of this page

How Trump Defrauded Banks & Top Cities To Be An Accountant

Blake Oliver & David Leary — Tue, 03 Oct 2023 05:00:00 -0700

Blake and David cover a plethora of topics including positive customer experiences, legal rulings, top cities for accountants, and the pressure on Intuit from major banks. They also dig into the discovery of a large sum of cash at a senator's home, how Trump defrauded the banks, another potential government shutdown, and the accounting talent crisis. All this, and more, right here, right now!

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Chapters

(00:58) - Blake shares a good customer experience at a parking garage
(04:14) - CPACharge adds invoice payment directly through app
(06:58) - Donald Trump defrauded banks and insurers
(13:32) - Intuit pressured by credit card companies and banks to not support gun stores
(17:41) - Throwback to Burger King first accepting credit card payments
(21:41) - Top cities to be an accountant
(26:51) - Bob Menendez and how much cash an average person should keep at home
(31:46) - Government shutdown update and predictions
(35:51) - Kelly Richmond Pope on the accountant talent crisis
(42:44) - The IRS revolving door
(47:14) - PCAOB announces new audit rule
(50:41) - What accountants can learn from Smucker's hybrid work model
(53:51) - Amazon invests $4 billion in Anthropic's Claude
(55:46) - The Pentagon is using AI to navigate its own bloated policies
(57:46) - Deloitte CEO says he doesn't deserve his pay
(59:45) - We need more practical application in accounting classes
(01:02:56) - Wrap up and where to reach us

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Show Notes

Now the Profession Is Losing Experienced Accountants Too

https://www.goingconcern.com/accountants-leaving-the-profession/

Nearly 1,000 millionaires haven't filed tax returns

https://www.accountingtoday.com/news/nearly-1-000-millionaires-havent-filed-tax-returns

Jayapal, Warren Call on IRS to Address Revolving Door Between ...

https://jayapal.house.gov/2023/09/28/jayapal-warren-call-on-irs-to-address-revolving-door-between-irs-and-giant-accounting-firms-after-troubling-inspector-general-findings/

What CPAs can learn from Smucker's

https://www.accountingtoday.com/opinion/smuckers-sweet-recipe-for-rto-a-blend-of-flexibility-and-focus

The top cities in the U.S. to be an accountant

https://www.accountingtoday.com/list/the-top-cities-in-the-u-s-to-be-an-accountant

Intuit Reverses Ban On Gun-Related Businesses

https://www.zerohedge.com/political/intuit-reverses-ban-gun-related-businesses

JPMorgan Chase Caught Trying to Block Gun Purchases

https://catholicvote.org/jpmorgan-caught-trying-block-gun-purchases/

CPACharge Announces Automated Invoicing, Streamlining Customer Billing Cycle For Accounting Professionals

https://finance.yahoo.com/news/cpacharge-announces-automated-invoicing-streamlining-150000639.html

As Government Shutdown Appears More Likely, Treasury Releases IRS Contingency Plan

https://www.forbes.com/sites/kellyphillipserb/2023/09/28/as-government-shutdown-appears-more-likely-treasury-releases-irs-contingency-plan/

The last government shutdown was the longest in more than 40 years

https://www.cnn.com/2023/09/29/politics/last-federal-government-shutdown-longest-dg/index.html

Audit Firms Face Stiffer Mandate to Verify Client Details Under New Rule

https://www.wsj.com/articles/audit-firms-face-stiffer-mandate-to-verify-client-details-under-new-rule-679e30cd

The top cities in the U.S. to be an accountant | Accounting Today

https://www.accountingtoday.com/list/the-top-cities-in-the-u-s-to-be-an-accountant

The Right Amount of Cash to Keep at Home for Emergencies. Hint: Not $480,000. – WSJ

https://www.wsj.com/personal-finance/emergency-fund-cash-on-hand-b04136d1

Judge rules Donald Trump defrauded banks and insurers while building real estate empire | AP News

https://apnews.com/article/donald-trump-letitia-james-fraud-lawsuit-1569245a9284427117b8d3ba5da74249

Pentagon’s Budget Is So Bloated That It Needs an AI Program to Navigate It

https://theintercept.com/2023/09/20/pentagon-ai-budget-gamechanger/

Amazon bets $4 billion on Anthropic’s Claude, the chatbot platform rivaling ChatGPT and Google's Bard | VentureBeat

https://venturebeat.com/ai/amazon-bets-4-billion-on-anthropics-claude-the-chatbot-that-rivals-chatgpt-and-googles-bard/

Deloitte CEO Says He Doesn't Deserve His Pay - Going Concern

https://www.goingconcern.com/monday-morning-accounting-news-brief-deloitte-ceo-says-he-doesnt-deserve-his-pay-the-accountant-shuffle-7-17-23/

What’s New at Xero in the United States

Blake Oliver & David Leary — Fri, 29 Sep 2023 17:00:00 -0700

Ben Richmond, Xero's Country Manager for the United States, joins us to discuss new Xero product features like improved inventory management and AI integration, plans for the upcoming XeroCon 2024 conference, the future of the accounting profession, and Xero's sponsorship of the FIFA Women's World Cup. Ben provides an insider's look into Xero's roadmap and vision for transforming accounting with technology.

(00:00) - Intro and XeroCon Conference Plans
(02:15) - New Xero Product Features
(07:15) - AI in Accounting Software
(14:30) - Rebranding the Accounting Profession
(21:45) - Advice for Accounting Firms
(25:30) - Activating Brand Sponsorships
(30:15) - Xero's Small Business Fund
(37:00) - Diversity and Inclusion in Accounting

Meet Our Guest, Ben Richmond

LinkedIn: https://www.linkedin.com/in/ben-richmond-ca-b8794220/
Twitter: https://twitter.com/BenRichmond1

Learn more about Xero
https://www.xero.com/us/

Show Notes:

Xero Beautiful Business Fund (applications close Oct. 6)
AI guide
Xero's 2023 Money Matters Report
Future Focus: Xero’s AI Guide for Accountants and Bookkeepers

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The ERC Moratorium: What Accountants and Tax Pros Need to Know

Blake Oliver & David Leary — Thu, 28 Sep 2023 10:00:00 -0700

The recent moratorium on Employee Retention Credit (ERC) claims has big implications for accounting and tax professionals. In this episode, we break down what the ERC moratorium means and the key things you need to know as an accountant or tax preparer. We discuss how it will impact tax preparation and the diligence required to avoid invalid/fraudulent ERC claims, the bookkeeping and accounting changes to accommodate the moratorium, and the effects on audits. Tune in to understand what the ERC moratorium means for you and your work.

Meet Our Guest:

Reynaldo E. Arellano, CPA PFS CGMA
LinkedIn: https://www.linkedin.com/in/reynaldoarellano/

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Could AI replace CEOs of CPA firms?

Blake Oliver & David Leary — Wed, 27 Sep 2023 07:00:00 -0700

Blake and David discuss the potential for AI to replace CEOs of CPA firms. They also dive into the increasing trend of remote work in accounting firms, contrasting the reservations expressed by some CEOs with the benefits of remote work for employees and the environment. Then, on to cryptocurrency scams and criticisms of the 150-hour rule for becoming a CPA, with listener emails sharing personal experiences and concerns about the rule.

Sponsors
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Chapters

(00:34) - Blake is back from San Diego
(03:00) - Accountant rejects partnership offer to open daycare franchise
(04:39) - ChatGPT makes a YouTube video
(09:40) - IRS walks back promise to stay open during government shutdown
(14:01) - AICPA says IRS source thinks 95% of new ERC claims are ineligible
(15:26) - AICPA Town Hall spends 4x on M&A vs pipeline issues
(19:28) - IRS posts 3,700 new jobs
(21:03) - Check out the Unofficial QuickBooks Accountants Podcast
(22:22) - Will AI replace managing partners?
(25:48) - The real reason Jamie Dimon is so against remote work
(31:42) - Deloitte study demonstrates the benefits of remote work for employees
(35:14) - Study reveals remote workers cut greenhouse gas emissions by 54%
(37:11) - Mark Cuban lost $870k in a crypto scam
(40:30) - Tether is once again lending out their stablecoins - reversing earlier promise not to
(44:19) - The wild courses CPAs take to get their 150 hours
(47:23) - The accounting backgrounds of Republican presidential candidates
(49:57) - The IRS plans to use AI to audit large partnerships
(55:01) - Paulita is inspired by the podcast to get back into accounting
(58:57) - Final listener email and wrap-up

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Show Notes

People who work from home all the time ‘cut emissions by 54%’ against those in office | Greenhouse gas emissions

https://www.theguardian.com/environment/2023/sep/18/people-who-work-from-home-all-the-time-cut-emissions-by-54-against-those-in-office

IRS to hire 3,700 agents to pursue wealthy tax dodgers

https://www.accountingtoday.com/articles/irs-seeks-to-hire-3-700-agents-to-pursue-wealthy-tax-dodgers

California Companies Defer Billions in Taxes, Interest-Free, as Borrowing Costs Rise

https://www.wsj.com/articles/california-companies-defer-billions-in-taxes-interest-free-as-borrowing-costs-rise-8aea409f

Experienced Accountants Sought by IRS for New Large Corp ...

https://tax.thomsonreuters.com/news/experienced-accountants-sought-by-irs-for-new-large-corp-partnership-auditor-positions/

US government shutdown: What is it and who would be affected?

https://www.reuters.com/world/us/us-government-shutdown-what-closes-what-stays-open-2023-09-21/

IRS to remain ‘fully operational’ if Congress triggers government shutdown

https://federalnewsnetwork.com/government-shutdown/2023/09/irs-to-remain-fully-operational-if-congress-triggers-government-shutdown/

IRS to ‘partially close’ if government shutdown happens, reversing earlier plans, union says

https://federalnewsnetwork.com/government-shutdown/2023/09/irs-to-partially-close-if-government-shutdown-happens-reversing-earlier-plans-union-says/

IRS Activities Following the Shutdown

https://www.irs.gov/newsroom/irs-activities-following-the-shutdown

America's tax collectors may escape a possible government shutdown

https://finance.yahoo.com/news/americas-tax-collectors-may-escape-a-possible-government-shutdown-111211477.html

Representative Introduced Bill Halting Legislator Pay During Shutdown

https://www.businessinsider.com/bill-for-halting-legislator-pay-mccarthy-shutdown-act-2023-9

JPMorgan's Jamie Dimon delivers a stern warning to remote workers - TheStreet

https://www.thestreet.com/personal-finance/jpmorgans-jamie-dimon-delivers-a-stern-warning-to-remote-workers

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Headlines: Job Security Isn’t Enough to Keep Many Accountants From Quitting

Blake Oliver, CPA — Mon, 25 Sep 2023 12:48:40 -0700

Accounting has long been viewed as a stable career, but in recent years, droves of accountants have been leaving the profession. Blake Oliver dives into a recent Wall Street Journal article highlighting the factors driving experienced accountants away, from burnout and boredom to the threat of automation.

Show Notes
Job Security Isn’t Enough to Keep Many Accountants From Quitting

https://www.wsj.com/articles/accounting-quit-job-security-675fc28f

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Get in Touch

Thanks for listening and the great reviews! We appreciate you! Follow and tweet @BlakeTOliver and @DavidLeary. Find us on Facebook and if you like what you hear, please do us a favor and write a review on iTunes, or Podchaser. Interested in sponsoring the Cloud Accounting Podcast? For details, read the prospectus, and NOW, you can see our smiling faces on Instagram! You can now call us and leave a voicemail; maybe we'll play it on the show. DIAL (202) 695-1040

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Headlines: IRS Walks Back Promise to Stay Open During Shutdown

Blake Oliver, CPA — Sat, 23 Sep 2023 12:19:26 -0700

The government shutdown threat looms as Congress scrambles to pass funding bills. The IRS previously said it could stay open during a shutdown by relying on Inflation Reduction Act funds. But now the agency says those funds can't sustain operations. According to its union, the IRS is preparing for furloughs and partial closures if a shutdown hits. This reversal surprised IRS employees and could spell delays for taxpayers and CPAs.

Show Notes
IRS plans possible furloughs in case of shutdown
https://www.accountingtoday.com/news/irs-plans-possible-furloughs-in-case-of-a-government-shutdown

IRS to ‘partially close’ if government shutdown happens, reversing earlier plans, union says
https://federalnewsnetwork.com/government-shutdown/2023/09/irs-to-partially-close-if-government-shutdown-happens-reversing-earlier-plans-union-says/

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Get in Touch

Thanks for listening and the great reviews! We appreciate you! Follow and tweet @BlakeTOliver and @DavidLeary. Find us on Facebook, and if you like what you hear, please do us a favor and write a review on iTunes or Podchaser. Interested in sponsoring the Cloud Accounting Podcast? For details, read the prospectus, and NOW, you can see our smiling faces on Instagram! You can now call us and leave a voicemail, maybe we'll play it on the show. DIAL (202) 695-1040

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The ERC Jumps The Shark with Snoop Dogg Deepfake

Blake Oliver & David Leary — Thu, 21 Sep 2023 07:17:08 -0700

Buckle up for a wild ride covering everything from brazen ERC scams to cutting-edge AI. Join Blake and David as they expose the rampant fraud sucking billions from the federal coffers. You'll hear an unbelievable voicemail scam promising gangbusters refunds—could it really be Snoop Dogg or is your mind playing tricks?

Fast forward to the bleeding edge of technology with jaw-dropping examples of AI voice and face swapping. Think real-time translation opening global markets. But not so fast—can emerging tech replace human accountants offshore? We tackle the automation debate head-on.

Strap on your justice caps as the crew champions entrepreneurial accountants breaking free from the shackles of the timesheet. But will AI be the death knell of the billable hour? Tune in to find out!

Sponsors
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Chapters

(00:45) - David got a voicemail from Snoop Dogg!
(07:43) - Mark Cuban and Warren Buffett talk about why accounting is important
(11:51) - Couple gets married in the accounting classroom where they met
(13:52) - Purdue accounting professors invite accounting students and alumni to tailgate together at football games
(14:52) - AICPA drops the ball on member survey
(18:12) - Vegas gets hit by cyber attacks
(21:24) - Square outage causes problems for small businesses
(23:26) - The Doberman dog breed is named after a German tax collector
(24:27) - JP Morgan partners with Gusto to offer online payroll
(26:30) - American Express & Walmart expand small business offerings
(29:41) - AI real-time language translation for video and audio is not far away
(35:49) - The future of voice assists and integration with LLM's
(40:46) - 29-year-old accountant quits firm to open her own
(44:45) - Offshoring vs. automation
(50:37) - Blake's new lawyer charges by the hour...sometimes
(52:50) - Thanks for listening and how to earn free CPE

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Show Notes

JPMorgan to offer online payroll services

https://www-cnbc-com.cdn.ampproject.org/c/s/www.cnbc.com/amp/2023/09/14/jpmorgan-to-offer-online-payroll-services.html

I.R.S. Freezes Pandemic-Era Tax Credit Amid Fraud Fears

https://www.nytimes.com/2023/09/14/us/politics/irs-pandemic-employee-credit-fraud.html

The Cyberattack That Sent Las Vegas Back in Time

https://www.wsj.com/lifestyle/travel/las-vegas-mgm-cyberattack-casinos-6ca43dcf

Caesars Paid Ransom After Suffering Cyberattack – WSJ

https://www.wsj.com/business/hospitality/caesars-paid-ransom-after-suffering-cyberattack-7792c7f0

Meet a 29-year-old accountant whose ‘resentment’ only climbed after her firm raised her salary from $60k to $90k as she made millions for them. She has her own firm now

https://finance.yahoo.com/news/meet-29-old-accountant-whose-110000532.html

Mark Cuban on Accounting via Hector Garcia

https://youtube.com/watch?v=VT_SCYbkmd8&si=3fLUqsQbqIlCzkgA

Meet a 29-year-old accountant whose ‘resentment’ only climbed after her firm raised her salary from $60k to $90k as she made millions for them. She has her own firm now

https://finance.yahoo.com/news/meet-29-old-accountant-whose-110000532.html

How Amex is building a B2B ecosystem for SMBs

https://tearsheet.co/smb-finance/how-amex-is-building-a-b2b-ecosystem-for-smbs/

IRS halts new ERC processing after flood of bogus claims

https://www.accountingtoday.com/news/irs-halts-new-employee-retention-credit-processing-after-flood-of-bogus-claims

Don't offshore. Automate instead

https://www.accountingtoday.com/opinion/dont-offshore-automate-instead

MGM hack has Vegas hotels resorting to cash bars, paper vouchers

https://bankautomationnews.com/allposts/risk-security/mgm-hack-has-vegas-hotels-resorting-to-cash-bars-paper-vouchers/

They found love in their accounting classroom. Ten years later, they ...

https://www.wenatcheeworld.com/lifestyles/they-found-love-in-their-accounting-classroom-ten-years-later-they-got-married-there/article_c0ee232e-5334-11ee-a4ac-e359a3362f03.html

Walmart Business Has a Plan to Boost SMB Cash Flow

https://www.pymnts.com/commercial-payments/2023/walmart-business-has-a-plan-to-boost-smb-cash-flow/

Square and Cash App outage creates trouble for small businesses

https://www.asbn.com/articles/square-and-cash-app-outage-creates-trouble-for-small-businesses/

MGM Resorts Hack Becomes Hassle for Vacationers Who Must Use Cash

https://www.pymnts.com/cybersecurity/2023/mgm-resorts-hack-becomes-hassle-vacationers-must-use-cash/

Cash App And Square Face System Outage, Keeping Users From Their Coins

Headlines: IRS Freezes ERC

Blake Oliver & David Leary — Sun, 17 Sep 2023 05:29:56 -0700

The IRS has announced an immediate moratorium on new Employee Retention Tax Credit claims through the end of the year amidst a surge of questionable submissions. Tune in for details on the ERC crackdown, including new criminal probes, longer processing times, and options for withdrawing improper claims.

Show Notes
Employee Retention Credit Eligibility Checklist: Help understanding this complex credit
https://www.irs.gov/newsroom/employee-retention-credit-eligibility-checklist-help-understanding-this-complex-credit

Red flags for Employee Retention Credit claims; IRS reminds businesses to watch out for warning signs of aggressive promotion that can mislead people into making improper ERC claims
https://www.irs.gov/newsroom/red-flags-for-employee-retention-credit-claims-irs-reminds-businesses-to-watch-out-for-warning-signs-of-aggressive-promotion-that-can-mislead-people-into-making-improper-erc-claims

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How Smart Is Intuit's New AI "Intuit Assist" (with Jack Castonguay)

Blake Oliver & David Leary — Wed, 13 Sep 2023 16:00:00 -0700

This week we dive into the pipeline shortage and the need for more accounting candidates, and discuss Intuit's groundbreaking use of AI in TurboTax and its potential impact on accounting professionals. Guest Jack Castonguay sheds light on FASB's recent announcement on accounting standards for digital assets and how it affects companies holding crypto assets. We also explore positive aspects of the accounting profession and address the need for critical changes like higher salaries and re-evaluating the audit process.

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Chapters

(00:47) - Welcome Jack Castonguay to the show
(01:42) - Jack is quoted: "Shrinking CPA Pipeline Fuels Calls to Relay Education Mandate"
(04:00) - Intuit introduces 'Intuit Assist' an AI chatbot for tax
(13:02) - The new AI in QuickBooks is ... less impressive
(15:03) - 6 in 10 Americans live paycheck to paycheck
(15:33) - FASB announcement on accounting standards for digital assets
(17:54) - Listener voicemail: Accounting teaches you to be a BS detector
(20:44) - Listener voicemail: Does the accounting profession cover too much?
(27:57) - Why more people should become accountants
(30:40) - The problem with ELE programs to reach 150
(35:44) - ADP study shows why and when people change jobs
(38:27) - How can starting salaries increase in accounting?
(42:35) - Why accounting students should double major
(49:03) - Checking back in on the live chat with questions
(54:50) - We get a one-star review!

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Show Notes

Intuit reveals new A.I. assistant after major investment

https://fortune.com/2023/09/06/intuit-ai-virtual-assistant-major-investment-ceo-sasan-goodarzi/

Intuit Assist - Your AI Accounting Assistant

https://quickbooks.intuit.com/ai-accounting/

Intuit Mailchimp Launches New Global Campaign to Help Marketers Untangle Their Clustomer Problem

https://investors.intuit.com/news/news-details/2023/Intuit-Mailchimp-Launches-New-Global-Campaign-to-Help-Marketers-Untangle-Their-Clustomer-Problem/default.aspx

Introducing Intuit Assist: The Generative AI-Powered Financial Assistant for Small Businesses and Consumers

https://investors.intuit.com/news/news-details/2023/Introducing-Intuit-Assist-The-Generative-AI-Powered-Financial-Assistant-for-Small-Businesses-and-Consumers/default.aspx

Promoting an employee may lead them to leave

https://www.accountingtoday.com/news/adp-examines-impact-of-promotions-on-employee-motivation-and-retention

Transformative Tax Preparation: Gen-AI Powered Intuit Apollo

https://blog.turbotax.intuit.com/breaking-news/tax-preparation-powered-by-gen-ai-59318/

Intuit Assist Poised To Boost Competitive Moat, Gets A Price Target Boost From Analysts

https://www.benzinga.com/analyst-ratings/analyst-color/23/09/34327992/intuit-assist-poised-to-boost-competitive-moat-gets-a-price-target-boost-from-analy

Intuit cut hundreds of jobs and spent at least $20 billion in a massive bet on AI. Today the company is revealing its new virtual assistant

https://finance.yahoo.com/news/intuit-cut-hundreds-jobs-spent-120000980.html

Google to charge big businesses $30 per user per month for AI in Gmail and work apps

https://www.cnbc.com/2023/08/29/google-will-charge-enterprises-30-a-month-for-duet-ai-in-workspace.html

Meet our guest, Jack Castonguay
Website: https://scholar.google.com/citations?user=Pg5p99EAAAAJ&hl=en&oi=sra
LinkedIn: https://www.linkedin.com/in/jack-castonguay-phd-cpa/
Twitter: https://twitter.com/profjackc?lang=en
Instagram: https://www.instagram.com/profjackscout/

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Audits Under Fire: Ex-Big Four Partner Responds to Criticisms

Blake Oliver & David Leary — Thu, 07 Sep 2023 12:00:00 -0700

Join us for an in-depth conversation with Jerry Maginnis, a retired Big Four audit partner, about the value and criticisms of financial statement audits.

Jerry draws on his decades of experience auditing public companies to respond to issues around audit quality, staff work conditions, complexity in accounting standards, and whether audits truly protect investors. He provides perspective on PCAOB inspections, the pass/fail system, and deficient audits.

Blake and David ask tough questions about audit fees increasing while staff salaries stagnate, whether accounting and auditing standards should be simplified, and whether audits provide usefulness to average investors.

Jerry argues audits still provide an invaluable service in capital markets despite imperfections but also sees opportunities for improvement through leveraging technology. He gives advice on maintaining a value-creation mindset and shares his motivation behind writing a book for young accountants.

Meet Our Guest:

Jerry Maginnis
LinkedIn: https://www.linkedin.com/in/jerry-maginnis-18a47813/

Read Jerry's book, Advice for a Successful Career in the Accounting Profession: How to Make Your Assets Greatly Exceed Your Liabilities: https://a.co/d/6SWvDwm

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The full transcript for this episode is available by clicking on the Transcript tab at the top of this page

Improving The Image of Accounting

Blake Oliver & David Leary — Wed, 06 Sep 2023 08:00:00 -0700

We’ve got an AI-packed episode this week! Ryan Lazanis demonstrates how AI and voice cloning technology can be utilized to streamline the analysis of financial statements. Blake and David examine various applications of AI in accounting, including tools for extracting key information from emails and documents, an AI-powered tax analysis tool, and the potential for AI to enhance advisory services. They also dig into some issues related to spam and scams in QuickBooks support, emphasizing the need for more granular requirements for accounting services and specialized education in areas like tax and much much more!

Sponsors
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Zoho - http://accountingpodcast.promo/zoho
Forwardly - http://accountingpodcast.promo/forwardly

Chapters

(00:00) - TAP 348
(00:04) - Preview: Why we need more CPAs
(00:47) - David finally gets with the TSA Pre program
(02:22) - Using ChatGPT to write a Medicare appeal letter
(03:43) - Chad took Beginning Walk/Jog to finish out his 150 hours
(09:05) - Reflecting on the Unique CPA Bridging The Gap 2023 Conference
(12:00) - Blake renewed his CPA license with 3 minutes to spare!
(17:51) - Professor pumps accounting on Wheel of Fortune
(22:09) - Accounting can make for a flexible lifestyle
(23:02) - ABC News investigates the Big Four in Australia
(31:01) - Is there a revolving door between Intuit employees and the IRS?
(35:34) - Using AI to automate a P&L walkthrough video
(45:21) - Doing tax research with AI
(48:00) - Annoucing the "Unofficial QuickBooks Accountants Podcast"
(49:34) - QuickBooks support scammer caught and punished
(52:54) - Sean asks: "Is it a CPA shortage, or a resource allocation problem?"
(58:20) - The CPAs education requirement for taxes is too low
(01:02:18) - Wrap up and remember to subscribe so you don't miss an episode

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Show Notes

“Tax prep giants are terrified. Their lobbyists are working overtime to try to keep the federal government from finally providing an easy, free way to file taxes. But we’re at a historic moment where we can get this done—so let’s keep pushing.” Elizabeth Warren (@ewarren) August 17, 2023

https://twitter.com/ewarren/status/1692232917806698820

Democrats are increasingly optimistic about the IRS' plan to offer free tax prep software and break TurboTax and H&R Block's stranglehold

https://www.businessinsider.com/democrats-optimistic-about-irs-plans-to-offer-free-tax-filing-services-2023-8

Democrats accuse tax prep firms of undermining new IRS effort on electronic free file tax returns

https://apnews.com/article/irs-free-file-tax-returns-391ded1dbd73444bada5e946e962d70c

Danielle Booker, Ph.D., CPA on LinkedIn: #accountants #accounting #cpa #patsajak #vannawhite #wheeloffortune…

https://www.linkedin.com/posts/danielle-booker-ph-d-cpa-05142238_accountants-accounting-cpa-activity-7097604071477362688--U2u

‘The World’s Fastest Accountant’ Is Running Away From the ‘Boring Stiff Squares’ Stereotype

https://www.goingconcern.com/the-worlds-fastest-accountant-is-running-away-from-the-boring-stiff-squares-stereotype/

The 'revolving door' between accounting and the IRS

https://www.accountingtoday.com/news/hundreds-of-irs-employees-worked-for-accounting-firms

IRS agents are getting paid by private accounting firms: watchdog

https://thehill.com/business/4176786-irs-agents-are-getting-paid-by-private-accounting-firms-watchdog/

No Cubicles Here! The Shockingly Sun-Kissed Life of Digital Nomad Accountants

https://hbculifestyle.com/digital-nomad-accountants/

MACPA Chair Christine Aspell looks to combat accounting ...

https://www.bizjournals.com/bizwomen/news/profiles-strategies/2023/08/accounting-misconceptions.html?page=all

Passaic County Man Charged in $13 Million Technology Support ...

https://www.justice.gov/usao-nj/pr/passaic-county-man-charged-13-million-technology-support-scam-targeting-over-seven

Hundreds of IRS employees worked for accounting firms

https://www.accountingtoday.com/news/hundreds-of-irs-employees-worked-for-accounting-firms

I took "Intro to Philosophy" to finish out my 150 credits. I thought that was ridiculous. But this guy has me beat!

https://www.linkedin.com/posts/blaketoliver_cpa-activity-7103070376422735872-JZkC

'The World's Fastest Accountant' Is Running Away From the 'Boring Stiff Squares' Stereotype

https://www.goingconcern.com/the-worlds-fastest-accountant-is-running-away-from-the-boring-stiff-squares-stereotype/

Jennifer Wilson on LinkedIn: Love this. Accounting is a cool, tech-forward, difference-making…

https://www.linkedin.com/posts/jenniferwilsonprofile_accountants-accounting-cpa-activity-7098413369098919936-vRqf

Tax Genii 1 4 Demo

https://www.youtube.com/watch?v=x-SXc1V58gQ

How a sleeper issue inside the big four accounting giants could topple the economy

https://www.abc.net...

Accounting Teacher Tells Students Accountants Hate Their Lives

Blake Oliver & David Leary — Wed, 30 Aug 2023 12:30:00 -0700

Blake and David discuss issues relating to the accounting profession's talent pipeline, including a high school student's negative experience in her first accounting class and efforts by state CPA societies to reduce licensing barriers. They move on to tech topics, like the slow adoption of AI tools such as ChatGPT among accountants and new product features announced by Intuit and Xero. Wrapping things up, they share listener feedback on finding resources to learn new accounting software and workflows and provide commentary on app subscription price increases and the need for accountants to price their services properly.

Sponsors
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CCH Access - https://cloudaccountingpodcast.promo/axcess
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Chapters

(00:00) - Preview: Accountants need to charge more
(00:43) - Welcome to The Accounting Podcast : Blake talks to high school senior in an accounting class
(10:22) - The South Carolina Accociation of CPAs introduces new changes to 150 rule
(19:43) - Air traffic controllers are understaffed and narrowly avoiding disaster
(22:09) - The number of EA's in The NAEA is down 23% over the last 5 years
(24:28) - Comparing air traffic controller shortage to accounting shortage
(29:44) - Attestation reports are not audits
(32:27) - Listener mail from a bookkeeper asking for recommendations on how to learn QuickBooks better
(37:20) - What should firms do when accounting software raise their prices?
(43:10) - LegalZoom launches LegalZoom Books
(44:15) - How many Ohio CPAs have tried ChatGPT at all?
(47:10) - Intuit released their year end earnings
(50:20) - Some new Xero AI news & Xerocon is back in the US for 2024
(54:28) - Relay ups FDIC insurance to $2.5 million and Stripe offers sales tax calculations
(56:38) - Wrap up and where to reach us

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Show Notes

Product wrap from Xerocon Sydney 2023 | Xero Blog

https://www.xero.com/blog/2023/08/product-wrap-from-xerocon-sydney-2023/

150 Hours is a Barrier – Really! - Going Concern

https://www.goingconcern.com/150-hours-is-a-barrier-really/

Jacob Schroeder: 86% of OSCPA Town Hall attendees have not used ChatGPT at all

https://x.com/jacobbschroeder/status/1694748226904060157?s=12

SCACPA Proposing Legislation to Address Pipeline Challenges – SCACPA

https://www.scacpa.org/scacpa-proposing-legislation-to-address-pipeline-challenges/

Airline Close Calls Happen Far More Often Than Previously Known

https://www.nytimes.com/interactive/2023/08/21/business/airline-safety-close-calls.html

Please join the Arizona State Society of Enrolled Agents “Town Hall”

https://aztaxpros.org/images/meeting/082323/Town_Hall/azsea_invite_to_town_hall_on_aug_23__2023.pdf

Question from a bookkeeper

https://www.linkedin.com/feed/update/urn:li:activity:7094151084134338560/

Upcoming changes to QuickBooks Desktop pricing + FAQs

https://www.firmofthefuture.com/product-update/quickbooks-desktop-pricing-changes/

Dext pricing change from today

https://www.accountingweb.co.uk/any-answers/dext-pricing-change-from-today

Introducing Ramp Plus

https://ramp.com/blog/introducing-ramp-plus

Fintech Ramp is Raising Capital at $5.5 Billion Valuation, Down 30%

https://www.theinformation.com/articles/fintech-ramp-is-raising-capital-at-5-5-billion-valuation-down-30

Accountants face up to the cost of cloud app stacks

https://www.accountingweb.co.uk/tech/tech-pulse/accountants-face-up-to-the-cost-of-cloud-app-stacks

Stripe Unveils “Tax for Platforms” to Streamline Tax Compliance for Small Businesses

https://smallbiztrends.com/2023/08/stripe-unveils-tax-for-platforms-to-streamline-tax-compliance-for-small-businesses.html

Intuit (INTU) Q4 2023 Earnings Call Transcript

https://www.fool.com/earnings/call-transcripts/2023/08/24/intuit-intu-q4-2023-earnings-call-transcript/

Why Students Opt for Accounting (or Don’t)

https://cpatrendlines.com/2023/08/20/why-students-opt-for-accounting-or-dont/

CPA Exam Changes and Pipeline Woes Are a Perfect Storm of Problems For the Profession

https://www.goingconcern.com/cpa-exam-changes-and-pipeline-woes-are-a-perfect-storm-of-problems-for-the-profession/

Stop calling them audits

https://blockworks.co/news/blockchain-audits-ey

FTX Bankruptcy Burning Through $1.5M in Legal Costs Every Day

https://www.coindesk.com/policy/2023/08/23/ftx-bankruptcy-burning-through-15m-in-legal-costs-every-day/

150 Hours is a Barrier - Really!

https://www.go...

Mythbusting Substantial Equivalency and Mobility for CPAs with SCACPA

Blake Oliver & David Leary — Fri, 25 Aug 2023 14:30:00 -0700

The requirements to become a licensed CPA differ across states, yet CPAs maintain mobility to practice in multiple jurisdictions. How does this work? David Knoble, Chair of the South Carolina Association of CPAs (SCACPA), joins the show to bust myths around substantial equivalency and mobility rules for CPAs and discuss the SCACPA's proposed changes to licensure requirements in the state to encourage more accountants to become CPAs.

Knoble clarifies how states have flexibility in setting licensing requirements under existing standards while still enabling cross-border practice privileges. With an in-depth look at the Uniform Accountancy Act, including real examples of alternative pathways, we shed light on this complex topic to provide an accurate understanding of what substantial equivalency and mobility mean for you as an accounting professional.

Tune in as we separate fact from fiction around these critical concepts impacting the CPA profession.

Meet Our Guest, David Knoble

LinkedIn: https://www.linkedin.com/in/davidmknoble/
Twitter: https://twitter.com/knoblecpa

Learn more about Knoble Ingle CPAs
https://www.knobleingle.com/

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The Future of UX Is... Spreadsheets! & QuickBooks Leader Is New CEO of PayPal

Blake Oliver & David Leary — Wed, 23 Aug 2023 18:30:00 -0700

In this episode, Blake and David talk app integration frustrations, Gusto's new payroll feature, increased fees for tax professionals, a tragic accident involving an IRS agent, low job fulfillment among accountants, and an employee stock ownership plan at BDO. They also dive into Amazon's new product review feature and the appointment of a former Intuit executive as the new CEO of PayPal. Rounding things out, they speculate on Alex Chriss' move to PayPal and the potential benefits for accountants and bookkeepers.

Sponsors
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Aero Workflow - http://accountingpodcast.promo/aero
Keeper - https://cloudaccountingpodcast.promo/keeper

Chapters

(00:04) - Preview: BDO's new equity model
(00:38) - Welcome to The Accounting Podcast
(02:18) - Every app for accountants should have a spreadsheet view
(05:42) - We have reached peak user interface: How AI will simplify app design
(07:05) - Why Bob from accounting could soon be a bot
(12:13) - NATP study shows tax pros raised prices by over 20% in 2023
(19:33) - IRS agent accidentally killed by fellow agent at gun range
(21:11) - Sam Bankman Fried sent to jail
(22:18) - 60% of accountants rate their job fulfillment at C or lower
(24:19) - BDO USA borrows $1.3 billion to create an employee stock ownership plan
(29:04) - How to solve the accounting talent crisis
(32:49) - Amazon using AI to summarize customer reviews
(34:24) - PayPal's names new CEO: How Intuit, PayPal, and X are all connected
(42:52) - Wrap up, where to reach us, and checking in on the live chat

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Show Notes

PayPal Names Alex Chriss as Next President and CEO

https://newsroom.paypal-corp.com/2023-08-14-PayPal-Names-Alex-Chriss-as-Next-President-and-CEO

Alex Chriss Succeeds Dan Schulman as the new CEO of PayPal

https://ceoworld.biz/2023/08/17/alex-chriss-succeeds-dan-schulman-as-the-new-ceo-of-paypal/

IRS agent accidentally shot, killed by fellow agent during training at Phoenix gun range

https://www.azfamily.com/2023/08/17/irs-agent-accidentally-shot-killed-by-fellow-agent-during-training-phoenix-gun-range/

AICPA, NASBA Team to Help Ease Path to CPA Licensure

https://www.intuitiveaccountant.com/in-the-news/people-and-business/aicpa-nasba-team-to-help-ease-path-to-cpa-licensure/

Withum and Seton Hall launch CPA apprenticeship

https://www.accountingtoday.com/news/withum-and-seton-hall-launch-cpa-apprenticeship

Large firm shakes up business model with employee stock ownership plan

https://www.journalofaccountancy.com/news/2023/aug/large-firm-shakes-up-business-model-employee-stock-ownership-plan.html

Intuit Names Marianna Tessel General Manager of Small Business and Self-Employed Group

https://www.businesswire.com/news/home/20230814601878/en/Intuit-Names-Marianna-Tessel-General-Manager-of-Small-Business-and-Self-Employed-Group/

Can PayPal’s incoming CEO jump-start profitable growth?

https://www.paymentsdive.com/news/paypal-ceo-checkout-venmo-smb-payments/690928/

BDO to create ESOP with $1.3B credit deal

https://www.accountingtoday.com/news/bdo-to-create-esop-with-1-3b-credit-deal

Former eBay CEO Still Wields Influence over PayPal as It Names New CEO

https://www.ecommercebytes.com/2023/08/14/former-ebay-ceo-still-wields-influence-over-paypal-as-it-names-new-ceo/

Elon Musk's 25-year obsession with 'X' explains what he did to Twitter

https://mashable.com/article/musk-x-twitter-paypal

With plans to hire 200, a former PayPal CEO launches new digital bank in Miami

https://www.miamiherald.com/news/business/article251326533.html

Outspoken: Bill Harris, Founder and Chairman of Personal Capital and former CEO of Intuit and Paypal

https://www.jsbarefoot.com/podcasts/2017/5/21/outspoken-bill-harris-ceo-of-personal-capital-and-former-ceo-of-intuit-and-paypal

5 things to know about Intuit’s small business guru Alex Chriss—PayPal’s incoming CEO
https://www.fastcompany.com/90938418/paypal-ceo-alex-chriss-dan-schulman-what-to-know

X.com names former Intuit brass its CEO

https://www.cnet.com/tech/tech-industry/x-com-names-former-intuit-brass-its-ceo/

5 ways the IRS funding boost is paying offhttps://www.washingtonpost.com/opinions/2023/08/17/irs-funding-tax-season-wait-times/

How Amazon continues to improve the customer reviews experience with generative AI

https://www.aboutamazon.com/news/amazon-ai/amazon-improves-customer-reviews-with-generative-ai

BDO partners in line for windfall after $1.3bn debt deal with Apollo Global Management | Financial Times

https://www.ft.com/content/78f60830-57a2...

Soft Landing or Hard Fall? Assessing Recession Risks with Liz Wilke, Chief Economist @ Gusto

Blake Oliver & David Leary — Mon, 21 Aug 2023 17:00:00 -0700

We discuss whether the economy is headed for a soft landing or hard fall with Gusto's Chief Economist Liz Wilke.
Topics include:

Recession outlook and key indicators like interest rates and inflation
Labor shortage impacts on the economy
Commercial real estate risks for banks
Impacts of bank mergers on small business lending

Liz evaluates recession odds, labor trends, and lending risks - offering nuanced outlooks on potential impacts for businesses, workers, banks, and more. It's a timely discussion providing an expert economic perspective on uncertainties ahead.

Meet Our Guest, Liz Wilke, PhD
LinkedIn: https://www.linkedin.com/in/lizwilke/

Learn more about Gusto
Website: https://gusto.com/

Show Notes

Listen to the Gustonomics podcast: https://podcasts.apple.com/ca/podcast/the-gustonomics-podcast/id1700748603

The Economy Explained - August edition: https://gusto.com/partner-resources/the-economy-explained-august2023

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Exploring Solutions to the Accounting Talent Shortage with Jen Cryder, CEO at PICPA

Blake Oliver & David Leary — Wed, 16 Aug 2023 12:30:00 -0700

Jen Cryder, CEO of the Pennsylvania Institute of Certified Public Accountants, joins Blake and David to discuss the accounting profession's pipeline problems, including the decline in accounting majors and the difficulties of replacing retiring CPAs. Join the discussion on solutions like work-and-learn models and redefining education requirements. Discover strategies to attract and retain talent, prioritizing the preferences of younger generations and aligning company culture with marketing efforts. Tune in to learn how accounting firms can refresh their image and flourish.

Sponsors
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Forwardly - http://accountingpodcast.promo/forwardly
South Carolina Association of CPAs (SCACPA) - http://accountingpodcast.promo/SCACPA

Chapters

(00:00) - Preview: Not getting a Big 4 offer was the best thing to ever happen to me
(00:31) - Welcome Jen Cryder to the show and her overall thoughts on the accounting talent shortage and pipeline problem
(06:02) - What are your thoughts on Tulane's new professional advancement program?
(13:11) - Are substantial equivalency and mobility really a roadblock?
(17:21) - Smaller firms are the ones really impacted by this talent shortage
(18:40) - PCAOB says 40 percent of 2022 audits are deficient
(23:11) - What are the things younger accountants are really complaining about?
(28:04) - CPA firms hike starting salaries 14%
(30:02) - How do we encourage young people to go into the accounting profession?
(35:10) - Does accounting have more of a retention problem than a pipeline problem?
(43:27) - Accounting firms need to think of more creative ways to recruit
(46:38) - Remember to subscribe to The Accounting Podcast and where to reach Jen

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Show Notes

Unveiling CalCPA’s New Brand

https://www.youtube.com/watch?v=diGVHSgDpU0

Tax and Accounting Pay Advancing at 5.9% Pace

https://cpatrendlines.com/2023/08/08/tax-and-accounting-pay-advancing-at-5-9-pace/

AICPA, NASBA team with Tulane to ease CPA licensing | Accounting Today

https://www.accountingtoday.com/news/aicpa-nasba-team-with-tulane-to-ease-cpa-licensing

CPA firms facing talent shortage hike starting salaries 14% | CFO Dive

https://www.cfodive.com/news/cpa-firms-facing-talent-shortage-hike-starting-salaries-accounting-accountants/689913/

Pennsylvania CPAs try out work-and-learn model for young accountants | Accounting Today

https://www.accountingtoday.com/news/pennsylvania-cpas-try-out-work-and-learn-model-for-young-accountants

Connect with Our Guest, Jen Cryder
LinkedIn: https://www.linkedin.com/in/jencryder/

Get in Touch

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The full transcript for this episode is available by clicking on the Transcript tab at the top of this page

Meet the Fraudster: Nathan Mueller (from the Oh My Fraud podcast)

Blake Oliver & David Leary — Mon, 14 Aug 2023 14:30:00 -0700

Today, we have a special bonus episode from our sister podcast, Oh My Fraud. Hosts Caleb Newquist and Greg Kyte speak with Nathan Mueller. As a young person, Nathan was hyper-focused on wanting to make money, which led him to perpetuate an $8-million embezzlement scheme in the mid-2000s. Nathan tells his story and answers questions about the fraud, his time in prison, and his new job as ... an accountant!

Want to hear more Oh My Fraud episodes? Listen and subscribe at ohmyfraud.com

Follow Oh My Fraud on Social Media:
twitter.com/ohmyfraud
facebook.com/OhMyFraud
linkedin.com/oh-my-fraud

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Is Working From Home Less Productive? & IRS Is (Finally) Going Paperless

Blake Oliver & David Leary — Wed, 09 Aug 2023 19:30:00 -0700

Blake and David delve into the use of AI in detecting plagiarism in students' papers and its implications for the ongoing debate on AI's impact on employment. They also shed light on the increasing cost of audits and the alarming decline in audit quality. Shifting the focus to remote work, they analyze a study's findings on productivity and emphasize the importance of considering the nature of the work. The conversation takes a concerning turn as they address the shortage of accounting staff and the urgent need to address overwork and its detrimental effects. The episode wraps up with an intriguing discussion on the IRS's transition to paperless operations and recent incidents involving lost tax information. As a bonus, they share amusing anecdotes of fraudsters and a heartwarming story of an accountant being inducted into a water ski hall of fame.

Sponsors
LiveFlow - http://accountingpodcast.promo/liveflow
Zoho - http://accountingpodcast.promo/zoho
South Carolina Association of CPAs (SCACPA) - http://accountingpodcast.promo/SCACPA

Chapters

(00:04) - Preview: Where did Hunter Biden's income come from?
(00:42) - Welcome to the show and a few quick AI stories
(04:32) - Leaders split on whether AI will reduce or expand headcount
(06:27) - The price of audits has doubled over the last 20 years
(12:37) - Remote workers are less productive?
(20:45) - The cost of forcing employees back to the office
(27:43) - Less than 1% of accounting firms can find enough staff
(32:19) - EY Oceania survey shows problems with work hours and culture at firm
(37:33) - The IRS is going paperless?
(41:44) - The IRS is losing track of tax info during shipments
(43:12) - Some new details on the Hunter Biden story
(45:05) - Tax preparer arrested after seeking over $124 million in phony tax credits
(48:03) - A Chinese accountant stole the equivalent of $677,000 USD in an attempt to keep her boyfriend
(50:37) - Blake reads some listener mail on ways to get the extra 30 hours required for a CPA license, and if getting a CPA license is the right choice
(56:21) - How to reach David and Blake and subscribe to us on YouTube

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Show Notes

IRS loses track of tax info during shipments between processing centers | Accounting Today

https://www.accountingtoday.com/news/irs-loses-track-of-tax-info-during-shipments-between-processing-centers

Leaders split on whether AI will reduce or expand headcount | Accounting Today

https://www.accountingtoday.com/news/leaders-split-on-whether-ai-will-reduce-or-expand-headcount

Hunter Biden plea deal outlines tax and accounting problems | Accounting Today

https://www.accountingtoday.com/articles/hunter-biden-plea-deal-outlines-tax-and-accounting-problems

Less than 1% of accounting firms can find enough staff | Accounting Today

https://www.accountingtoday.com/news/less-than-1-of-accounting-firms-can-find-enough-staff

IRS will finally let most Americans file taxes online next year

https://www.theverge.com/2023/8/3/23818531/irs-paperless-tax-filings-2024

Audit fees triple in 20 years | Accounting Today

https://www.accountingtoday.com/news/audit-fees-triple-in-20-years

We're now finding out the damaging results of the mandated return to the office–and it's worse than we thought

https://fortune.com/2023/08/01/research-damaging-results-mandated-return-to-office-worse-than-we-thought-rto-remote-work-careers-leadership-gleb-tsipursky/

Students can use AI on applications, Arizona State law school says | Reuters

https://www.reuters.com/legal/transactional/students-can-use-ai-applications-arizona-state-law-school-says-2023-07-28/

EY Finally Admits It Has Some Serious Culture and Overwork Problems After Someone Died at the Office

https://www.goingconcern.com/ey-finally-admits-it-has-some-serious-culture-and-overwork-problems-after-someone-died-at-the-office/

JPMorgan CEO Jamie Dimon chides managers who work from home: ‘I don’t know how you can be a leader and not be completely accessible to your people’

https://finance.yahoo.com/news/jpmorgan-ceo-jamie-dimon-chides-184750015.html

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Cooking the Books with Barbie: The Downfall of Mattel's Co-Founder & Barbie Inventor

Blake Oliver & David Leary — Wed, 02 Aug 2023 12:00:00 -0700

In this episode, Blake and David cover the downfall of Mattel's co-founder and Barbie inventor, Intuit's new ad network that allows businesses to target specific audiences using data from QuickBooks Online, and the increasing rate of deficiencies in public company audits. They also discuss the detrimental effect of the 150-hour rule on students pursuing careers in accounting, the availability of a malicious code-writing tool called Fraud GPT on the dark web, and the use of AI in customer support and sales calls.

Sponsors
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Chapters

(00:04) - Be prepared for higher prices because of AI
(00:46) - What does Barbie have to do with accounting?
(04:44) - Intuit is launching an ad network
(11:39) - As much as 40% of audits in 2022 could be deficient
(20:29) - Why are students switching majors away from accounting?
(24:15) - IRS will no longer do any unannounced visits
(25:32) - Hunter Biden saga update
(27:12) - Sage announces latest earnings
(28:52) - FraudGPT - dark web service
(30:26) - Real-life example of AI use case for a company
(33:55) - New conversational AI Air demo sales call
(38:42) - ChatGPT introduces custom instructions
(39:28) - Plaid announces deal with Cross River Banks
(40:14) - Blake reads some Youtube comments on the TurboTax video
(44:51) - A few quick final stories
(48:48) - Wrap up and where to reach us

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Show Notes

22 years after the $63 billion Enron collapse, a key audit review board finds the industry in a 'completely unacceptable' state

https://fortune.com/2023/07/26/pcaob-audit-completely-unnacceptable-error-rate-enron-big-4-consulting/

150-hour requirement seen as a significant barrier to accounting by young people

https://www.accountingtoday.com/news/150-hour-requirement-seen-as-a-significant-barrier-to-accounting-by-young-people

The Sage Group plc (SGGEF) Q3 2023 Earnings Call Transcript

https://seekingalpha.com/article/4620753-sage-group-plc-sggef-q3-2023-earnings-call-transcript

Plaid Taps Cross River to Offer Real-Time Payments

https://www.pymnts.com/real-time-payments/2023/cross-river-teams-with-plaid-to-offer-real-time-payments/

Sage sees solid growth in Q3

https://www.enterprisetimes.co.uk/2023/07/28/sage-sees-solid-growth-in-q3/

Intuit Launches B2B Ad Network Targeting Small Business Owners

https://www.mediapost.com/publications/article/387583/intuit-launches-b2b-ad-network-targeting-small-bus.html

Unannounced IRS revenue officer visits discontinued

https://proconnect.intuit.com/taxprocenter/tax-law-and-news/unannounced-irs-revenue-officer-visits-discontinued/

U.S. Accounting Watchdog Flags 'Unacceptable' Increase in Audit ...

https://money.usnews.com/investing/news/articles/2023-07-25/u-s-accounting-watchdog-flags-unacceptable-increase-in-audit-deficiencies

IRS good at addressing cyberthreats, but not documenting them

https://www.accountingtoday.com/news/report-says-irs-good-at-addressing-cyberthreats-but-not-at-documenting-them-later

Exclusive: Mailchimp Owner Intuit Launches Media Network for Small Businesses

https://www.adweek.com/programmatic/exclusive-mailchimp-owner-intuit-launches-media-network-for-small-businesses/

New AI Tool 'FraudGPT' Emerges, Tailored for Sophisticated Attacks

https://thehackernews.com/2023/07/new-ai-tool-fraudgpt-emerges-tailored.html

Accounting Watchdog Expects Deficiencies in 40% of Public-Company Audits in 2022 - WSJ

https://www.wsj.com/articles/accounting-watchdog-expects-deficiencies-in-40-of-public-company-audits-in-2022-badfcda

All About Barbie Inventor Ruth Handler: Where She Is Today

https://www.womenshealthmag.com/life/a44610455/ruth-handler-barbie/

How Vector Media transformed its customer support with AI | Zapier

https://zapier.com/blog/nations-largest-ad-transit-company-transformed-customer-support-with-ai/

theCAQ.org | Significant Barriers Deter Students from Pursuing a Degree in Accounting, According to CAQ Report

https://www.thecaq.org/pipelineresearch2023

IRS whistleblowers accuse Hunter Biden during congressional hearing | Accounting Today

https://www.accountingtoday.com/news/irs-whistleblowers-accuse-hunter-biden-during-congressional-hearing

Want to Search PCAOB Inspection Reports By How Many Screw-Ups an Audit Firm Made? You Can Now Do That - CPA Practice Advisor

https://www.cpapracticeadvisor.com/2023/07/20/new-online-tools-pcaob-inspection-reports/82128/...

The Big Money In AI & The Impact of the Ripple Crypto Decision

Blake Oliver & David Leary — Wed, 26 Jul 2023 12:15:00 -0700

In this episode of The Accounting Podcast, Blake and David discuss the economic impact of Taylor Swift's "The Eras Tour," Microsoft's CoPilot price with AI, the SEC vs Ripple case decision, the launch of FedNow, and a bill proposed by two senators to ban lawmakers from owning stocks. They also dig into stories about Apple's work on AppleGPT, software spending rising 25% over the last 12 months, the 150-hour rule, and the lack of black accountants in the profession. They dive into a case study for good marketing in accounting, ClientEarth warning Big 6 audit firms to protect the planet, a WSJ editorial board blaming accounting shortage on Biden, and close with a few fast QuickBooks stories, and much more!

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Chapters

(00:04) - Preview: Taylor Swift's "The Eras Tour" economic impact
(00:36) - Welcome to The Accounting Podcast and a quick overview of topics for this episode
(02:59) - Microsoft announces CoPilot price with AI
(10:07) - SEC vs Ripple case decision
(18:51) - FedNow finally launched
(23:35) - Two senators are proposing bill on ban of lawmakers owning stocks
(26:09) - Blake checks in on the live chat
(26:49) - Apple working on AppleGPT
(29:05) - Software spending rose 25% over the last 12 months
(30:23) - Article on the 150-hour rule and lack of black accountants in the profession
(33:05) - Blake and David look at a case study for good marketing in accounting
(36:22) - Taylor Swift's billion-dollar impact on the economy
(39:26) - ClientEarth warning Big 6 audit firms to protect the planet
(41:42) - WSJ editorial board blames accounting shortage on Biden
(46:45) - Bench Accounting
(47:22) - 3 fast QuickBooks stories
(49:42) - Accounting startup Dougs raises $27 million
(50:47) - Shopify builds in a Zoom cost calculator
(52:40) - Shopify releases AI update
(56:30) - Blake reads some listener mail
(59:42) - Wrap up and where to reach David and Blake

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Show Notes

Sens. Kirsten Gillibrand and Josh Hawley to unveil a bill to bar executive-branch members and lawmakers from owning stock in individual companies

https://www.wsj.com/articles/senators-to-propose-ban-on-u-s-lawmakers-executive-branch-members-owning-stock-6db6411

New comment on "339. 15-Year-Old Passes CPA Exam; NY Requires Independent Audits of AI Hiring Processes"

https://mail.google.com/mail/u/0/#inbox/FMfcgzGtwCxwDBHndZBtfKHkBgCgXhpr

Taylor Swift's Economic Impact Has Caught the Eye of the Fed

https://markets.businessinsider.com/news/stocks/taylor-swifts-economic-impact-catches-attention-federal-reserve-hotel-revenue-2023-7

After bootstrapping for 8 years, accounting startup Dougs raises $27 million | TechCrunch

https://techcrunch.com/2023/07/04/after-bootstrapping-for-8-years-accounting-startup-dougs-raises-27-million/

Shopify's crusade against Zoom meetings now includes a cost calculator: 'Most of the modern work environment is broken'

https://fortune.com/2023/07/12/remote-work-zoom-meeting-shopify-cost-calculator-modern-work-broken/

Shopify Sidekick video

https://twitter.com/tobi/status/1679114154756669441?s=20

Bridging the Gap: Between the Generations

https://www.intuitiveaccountant.com/education-hub/training-center/bridging-the-gap-between-the-generations/

☕️ NOW, FED ☙ Friday, July 21, 2023 ☙ C&C NEWS 🦠

https://www.coffeeandcovid.com/p/now-fed-friday-july-21-2023-c-and

KPMG Rolls Out Generative AI to Tax Pros, Launches Audit Pilot

https://news.bloombergtax.com/financial-accounting/kpmg-rolls-out-generative-ai-to-tax-pros-launches-audit-pilot

QuickBooks Checking Simplifies Bank Feeds Matching

https://www.intuitiveaccountant.com/accounting-tech/general-ledger/quickbooks-checking-simplifies-bank-feeds-matching/

Big Six senior leadership missing in action on climate reporting and ...

https://www.clientearth.org/latest/press-office/press/big-six-senior-leadership-missing-in-action-on-climate-reporting-and-audit/

FedNow launch: Fed's new instant payment system, goes live July 20

https://www.usatoday.com/story/money/2023/07/20/fednow-launch-fed-instant-pay-service/70434964007/

Accounting firms accused of missing climate risks in company audits

https://www.ft.com/content/befa329f-43bb-42fb-baeb-e0ae22d68acf

The Biden Accounting Jobs Boom - WSJ

https://www.wsj.com/articles/tax-accounting-jobs-boom-biden-economy-taxes-internal-revenue-service-8db189ae

QuickBooks Time Now QuickBooks Workforce

https://www.intuitiveaccountant.com/accounting-tech/general-ledger/quickbooks-time-now-quickbooks-workforce/

Why the CPA qualification’s 150-hour college credit rule is outdated–and inequitable

How To Know If An App Will Survive & Big Tax Prep Sent Taxpayer Data to Facebook

Blake Oliver & David Leary — Thu, 20 Jul 2023 07:00:00 -0700

This week, Blake and David talk app survival signs, Big Tax Prep sending taxpayer data to Facebook, and the dearth of accountants visible in financials. They cover news from the accounting world, including Jirav's $20 million raise in its series B round, and Pilot's 13% workforce layoff, Collective's $50 million raise, and the story about the IRS website sending data to Google Analytics. They also discuss the Accountests ChatGPT challenge and Claude.AI as a ChatGPT alternative.

Sponsors
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Chapters

(00:00) - Preview: Owning your own accounting firm is a path to the upper middle class
(00:59) - Welcome to The Accounting Podcast
(03:04) - Jirav raises $20 million in series B round
(04:09) - How likely a startup is to fail based on their funding round
(09:45) - Is this the end of Evernote?
(12:00) - Codat removing desktop API support from some plans
(15:14) - Pilot lays off 13% of its workforce
(18:10) - Collective raises $50 million
(19:49) - Are tax prep companies giving customers' personal information to social media giants?
(29:38) - Even the IRS website sends your data to Google Analytics!
(35:06) - WSJ article on the accounting shortage
(39:32) - Blake checks in on the live chat
(49:15) - Accountests ChatGPT challenge
(53:29) - Claude.AI as a ChatGPT alternative
(56:49) - Wrap up and please check out our TurboTax Live Business Tax Return experience video on our YouTube channel

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Show Notes

Jirav raises $20M in Series B | Accounting Today

https://www.accountingtoday.com/news/jirav-raises-20m-in-series-b

3 tax prep firms shared 'extraordinarily sensitive' data about taxpayers with Meta, lawmakers say

https://apnews.com/article/irs-taxpayer-tax-preparation-meta-congress-9315cfca7a0942ab89f765d183fbf822

Tax prep companies shared private taxpayer data with Google and Meta for years, congressional probe finds | CNN Business

https://www.cnn.com/2023/07/12/tech/tax-prep-companies-taxpayer-data-google-meta/index.html

The dearth of accountants has now become visible in several financial reports, with companies pleading difficulty in finding and retaining skilled people.

https://www.wsj.com/articles/the-accountant-shortage-is-showing-up-in-financial-statements-b14a6b94

ChatGPT Does Accountests Debits & Credits Test

https://www.accountests.com/blogs/news/chatgpt-does-accountests-debits-credits-test

Pilot lays off 13% of workforce – 45 Employees - LayoffsTracker

https://layoffstracker.com/pilot-lays-off-13-of-workforce-45-employees/?expand_article

ChatGPT scores 90% on debits & credits test

https://www.blakeoliver.com/blog/chatgpt-scores-90-on-debits-amp-credits-test

Some Chicago Restaurants Are Still Adding Surcharges Of Up to 20% to Checks. Should They?

https://www.nbcchicago.com/news/local/some-chicago-restaurants-are-still-adding-surcharges-of-up-to-20-to-your-bill-should-they/3055697/

2023-10-10: Change in pricing for some accounting integrations

https://docs.codat.io/updates/231010-deprecation-onprem-erp-premium

Tax prep companies shared private taxpayer data with Google and Meta for years, congressional probe finds

https://www.cnn.com/2023/07/12/tech/tax-prep-companies-taxpayer-data-google-meta/index.html

Attacks%20on%20Tax%20Privacy_Final.pdf

https://www.warren.senate.gov/imo/media/doc/Attacks%20on%20Tax%20Privacy_Final.pdf

Jirav Announces $20M Series B Round Led By Cota Capital

https://www.intuitiveaccountant.com/in-the-news/people-and-business/jirav-announces-20m-series-b-round-led-by-cota-capital/

The U.S. Tax Code Is Too Complex for Direct eFile to Work

https://taxfoundation.org/irs-efile-prefilled-tax-returns/

IRS renews cybersecurity push for tax pros

https://www.accountingtoday.com/news/irs-renews-cybersecurity-push-for-tax-pros

The Accountant Shortage Is Showing Up in Financial Statements

https://www.wsj.com/articles/the-accountant-shortage-is-showing-up-in-financial-statements-b14a6b94

Collective, a financial management platform for freelancers, raises $50M

https://techcrunch.com/2023/07/11/collective-a-financial-management-platform-for-freelancers-raises-50m/

Bay Area tech firm relocating to Europe, lays off most staff https://www.sfgate.com/tech/article/evernote-layoffs-moving-to-europe-18190083.php

Get in Touch

Thanks for listening and for the great reviews! We appreciate you! Follow and tweet

Review of TurboTax LIVE Full Service Business 2023 for Tax Professionals

Blake Oliver & David Leary — Tue, 18 Jul 2023 13:00:00 -0700

Join Blake Oliver, CPA, and David Leary as they review using TurboTax Live Full Service for their business taxes. See their candid reactions and feedback as they go through the process of filing their 2022 taxes with TurboTax for the first time.

Blake and David walk through the steps of getting matched with a tax expert, gathering documents, communicating with their preparer, and finally filing their partnership return. You'll look at the portal used for document exchange, see the questions asked during onboarding, and find out what last-minute items held up their return filing.

See if the "tax expert" delivers and how the return process compares to working directly with a CPA or EA. If you're on the fence about trying TurboTax Live Full Service for your business taxes, this candid review will showcase the pros and cons to help you decide.

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Get in Touch

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Check out our new website - accountingconferences.com

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The full transcript for this episode is available by clicking on the Transcript tab at the top of this page

Building a Remote eCommerce Firm with Meryl Johnston of Bean Ninjas

Blake Oliver & David Leary — Fri, 14 Jul 2023 12:00:00 -0700

Learn how Meryl built a 30-headcount bookkeeping firm in eight years that can operate without her. We also get Meryl's take on the PwC scandal in Australia. Earn free NASBA-approved CPE credits for listening with the Earmark app. Learn more at earmarkcpe.com.

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Chapters

(00:04) - Preview: Why can't the US tax deadlines be as relaxed as Australia's
(00:29) - Welcome Meryl Johnston to the show and some background on Bean Ninjas
(05:28) - Tell us a little about the growth of Bean Ninjas, remote work, and taking a step back from day-to-day operations
(10:05) - How does Meryl track employees' work when they're remote?
(11:52) - Can you tell us about Bean Ninja's journey of niching?
(22:25) - How do you deal with communication challenges with remote work and different schedules
(26:53) - What is the current size of your firm, and what type of work do you now do?
(33:38) - What do you tell accountants who are afraid to niche?
(36:32) - Is the accounting talent crisis also happening in Australia?
(38:31) - Meryl gives her take on the PwC scandal in Australia
(44:50) - Are 2 new Australian tech companies coming for Xero's throne?
(51:40) - Is software plus a service the future of accounting tech?
(55:17) - Wrap up and how people can listen to Meryl's podcasts

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Show Notes

Fuel Up the Bus, PwC Australia Has Named and Shamed Eight Partners Tied to the Tax Leak Scandal

https://www.goingconcern.com/fuel-up-the-bus-pwc-australia-has-named-and-shamed-eight-partners-tied-to-the-tax-leak-scandal/

PwC Sold Off Its Scandal-Plagued Government Consulting Business For 67 Cents - Going Concern

https://www.goingconcern.com/pwc-sold-off-its-scandal-plagued-government-consulting-business-for-67-cents/

PwC Sold a Part of Its Australian Business for $1 Because of Tax Leak Scandal - CPA Practice Advisor

https://www.cpapracticeadvisor.com/2023/06/29/pwc-sold-a-part-of-its-australian-business-for-67-cents-because-of-tax-leak-scandal/81609/

A new threat to Xero? The rise of Hnry: a one-stop shop for sole traders, ft. Karan Anand

https://www.raskmedia.com.au/2023/06/27/xero-risk-hnry-accounting-karan-anand/

Exclusive: PwC Australia ties Google to tax leak scandal – sources

https://www.reuters.com/technology/pwc-australia-ties-google-tax-leak-scandal-sources-2023-07-05/

Thriday swings at big accounting platforms with AI expense tool

https://www.smartcompany.com.au/finance/tax/thriday-business-expense-bank-ai-artificial-intelligence/

Meet Our Guest, Meryl Johnston
LinkedIn: https://www.linkedin.com/in/meryl-johnston-3a483728/
Website: https://beanninjas.com/

Get in Touch

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The full transcript for this episode is available by clicking on the Transcript tab at the top of this page

15-Year-Old Passes CPA Exam & NY Requires Independent Audits of AI Hiring Processes

Blake Oliver & David Leary — Tue, 11 Jul 2023 12:00:00 -0700

In this episode, Blake and David examine the story of the 15-year-old who recently passed the CPA exam, as well as recent news involving accounting firms transitioning to corporations, AI investments, and new laws concerning AI hiring. They also cover several tech stories related to accounting, problems with client portals, and much more!

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Chapters

(00:04) - Preview: Accounting firms will transition to corporations
(00:41) - Blake and David are back from their trips
(04:44) - A 15-year-old in Mississippi has passed the CPA exam
(06:41) - Jennifer asks about TAP's TurboTax Live Business experience
(09:46) - Mackenzie's voicemail re: accounting shortage
(18:18) - BDO USA is shifting from a partnership to a corporation
(20:36) - EY officially announces it has called off "Project Everest" but is still the number one US audit firm for public companies
(22:43) - M365 Co-Pilot updates
(28:08) - Thomson Reuters announces $100 million per year AI investment
(29:06) - Avalara launches a sales tax calculator in ChatGPT
(33:19) - Gusto hires former head of data science and analytics from Google
(34:11) - Taxfyle releases AI tax-prep bot
(36:06) - New York announces new AI law for hiring
(40:10) - A few more quick tech stories and the problems with client portals
(43:01) - Wrapbook wrap-up
(47:40) - Where to reach David and Blake

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Show Notes

Tech News: TaxFyle releases AI tax prep bot

https://www.accountingtoday.com/list/tech-news-taxfyle-releases-generative-ai-tax-prep-bot

Why everyone is mad about New York’s AI hiring law

https://www.technologyreview.com/2023/07/10/1076013/new-york-ai-hiring-law/

Mississippi youth passes CPA Exam – at Age 15

https://www.journalofaccountancy.com/news/2023/jun/mississippi-youth-passes-cpa-exam-at-age-15.html

BDO USA is Shifting From a Partnership to a Corporation - CPA Practice Advisor

https://www.cpapracticeadvisor.com/2023/06/26/bdo-usa-is-shifting-from-a-partnership-to-a-corporation/81445/

Gusto hires former Google exec to add AI to products | Accounting Today

https://www.accountingtoday.com/news/gusto-hires-former-google-exec-to-add-ai-to-products

KPMG cuts 5% of U.S. workforce | Accounting Today

https://www.accountingtoday.com/news/kpmg-cuts-5-of-u-s-workforce

KPMG’s Big Four Dominance on Bank Audits Shaken by Failures

https://news.bloombergtax.com/financial-accounting/kpmgs-big-four-dominance-on-bank-audits-shaken-by-failures

Thomson Reuters adding AI to tax software | Accounting Today

https://www.accountingtoday.com/news/thomson-reuters-adding-ai-to-tax-software

EY Tops Rival Audit Firms in Public Company Clients - CPA Practice Advisor

https://www.cpapracticeadvisor.com/2023/06/20/ey-tops-rivals-in-public-company-audit-clients/81193/

Shopify vows to fight CRA request to hand over records from more than 121,000 Canadian businesses

https://www.ctvnews.ca/business/shopify-vows-to-fight-cra-request-to-hand-over-records-from-more-than-121-000-canadian-businesses-1.6454822

Accounting firm EY calls off ‘Project Everest’ to break up firm ...

https://www.dailymirror.lk/business/Accounting-firm-EY-calls-off-Project-Everest-to-break-up-firm/215-261867

Finance Automation Platform Ramp Acquires AI Startup Cohere.io

https://www.pymnts.com/artificial-intelligence-2/2023/finance-automation-platform-ramp-acquires-ai-startup-cohere-io/

BDO USA is Shifting From a Partnership to a Corporation

https://www.cpapracticeadvisor.com/2023/06/26/bdo-usa-is-shifting-from-a-partnership-to-a-corporation/81445/

M365 Copilot, Microsoft’s generative AI tool, explained

https://www.computerworld.com/article/3700709/m365-copilot-microsofts-generative-ai-tool-explained.html

Intuit Supercharges Intuit GenOS with OpenAI’s Large Language Models to Bring GenAI Experiences to Customers

https://investors.intuit.com/news/news-details/2023/Intuit-Supercharges-Intuit-GenOS-with-OpenAIs-Large-Language-Models-to-Bring-GenAI-Experiences-to-Customers/default.aspx

Wrapbook Expands its Payroll Platform to Enable Seamless ...

https://www.businesswire.com/news/home/20230629819270/en/Wrapbook-Expands-its-Payroll-Platform-to-Enable-Seamless-Collaboration-Across-Production-and-Accounting-Teams

Kraken ordered to turn over its users' information to the IRS

https://www.accountingtoday.com/articles/kraken-ordered-to-turn-over-its-users-information-to-the-irs

How Much Should A CPA Charge For A Business Tax Return? (with Roger Knecht)

Blake Oliver & David Leary — Wed, 28 Jun 2023 09:15:00 -0700

In this episode of the Accounting Podcast, Blake and David talk to CPA Roger Knecht about how much CPAs should charge for business tax returns. They also touch on the latest news, including Hunter Biden's plea deal for tax charges, the Pentagon overestimating supplies sent to Ukraine by $6.2 billion, and the SEC charging Marcum with quality control failures. They also dig into sports gamblers losing more money as parlays gain popularity, Roger's five pricing strategies, and AI in accounting.

Sponsors
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Chapters

(00:23) - Preview: CPAs are pricing themselves too low
(00:54) - Welcome Roger to the show and a little background on what he does
(03:01) - What topics we'll cover in this episode
(04:06) - Hunter Biden takes plea deal in tax charges
(09:01) - Pentagon overestimates supplies sent to Ukraine by $6.2 billion
(12:08) - Who will win: Elon Musk vs Mark Zuckerberg
(15:48) - CPA Ontario and CPA Quebec sever ties with CPA Canada
(19:14) - The SEC charges Marcum with quality control failures
(28:54) - Yahoo Finance article on how much people should expect to pay for a CPA
(35:35) - Sports bettors losing more money as parlays gain popularity
(41:01) - Roger's 5 pricing strategies
(44:42) - Some updates on AI in accounting
(53:07) - Wrap up and where to reach Roger

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Meet Our Guest, Roger Knecht:
Website: https://universalaccounting.com/
LinkedIn: https://www.linkedin.com/in/rogerknecht/
Twitter: https://twitter.com/universalacct
Facebook: https://www.facebook.com/universalaccountingschool
Instagram: https://www.instagram.com/rogerknecht/

Show Notes

Even by the standards of billionaire-versus-billionaire tiffs, the proposed cage fight between Elon Musk and Mark Zuckerberg stands out

https://www.wsj.com/articles/elon-musk-mark-zuckerberg-cage-fight-b71fa4ff

Marcum, the SEC said, audited nearly half of the roughly 860 SPAC IPOs in 2020 and 2021. The firm agreed to pay the SEC $10 million in fines for widespread failures in its audits.

https://www.wsj.com/articles/marcum-to-settle-sec-pcaob-claims-over-widespread-failures-in-spac-audits-bb8f3d48

Accounting Mistake Caused Pentagon to Overestimate Cost of Weapons Sent to Ukraine by $6.2B - CPA Practice Advisor

https://www.cpapracticeadvisor.com/2023/06/21/accounting-error-caused-pentagon-to-overestimate-cost-of-weapons-sent-to-ukraine-by-6-2b/81322/

I'm a Small Business Owner. How Much Will a CPA Cost Me?

https://finance.yahoo.com/news/im-small-business-owner-much-130149992.html

4 in 5 Australians want PwC banned from new government work | Accountants Daily

https://www.accountantsdaily.com.au/regulation/18685-four-in-five-australians-want-pwc-banned-from-new-government-work

CPA Quebec, Ontario bodies sever ties with national organization

https://financialpost.com/fp-finance/cpa-quebec-ontario-sever-ties-national-organization

Hunter Biden expected to plead guilty to tax-related misdemeanor crimes as part of a plea agreement

https://www.nbcnews.com/news/amp/rcna90144

How much did Congress lose by defunding the IRS

https://www.washingtonpost.com/opinions/interactive/2023/irs-enforcement-costs-congress-funding/

Parlay bets are becoming a bigger part of online sports betting—which is good news for the house

https://www.wsj.com/articles/sports-better-win-lose-ddcaae24

BDO to Convert to a Corporation, Replacing US Partnership (2)

https://news.bloombergtax.com/financial-accounting/bdo-to-convert-to-a-corporation-replacing-its-us-partnership

New bookkeeping platform Thriday says AI is on its way to save you from taxes and accountants

https://stockhead.com.au/tech/new-bookkeeping-platform-thriday-says-ai-is-on-its-way-to-save-you-from-taxes-and-accountants/

CLA launches high school summer intern program

https://www.accountingtoday.com/news/cla-launches-high-school-summer-intern-program

Jeff Seibert, CEO and Co-Founder of Digits – Interview Series

https://www.unite.ai/jeff-seibert-ceo-and-co-founder-of-digits-interview-series/

KPMG's Banking Troubles Give Accounting a Black Eye (Podcast)

https://news.bloombergtax.com/daily-tax-report/kpmgs-banking-troubles-give-accounting-a-black-eye-podcast

Digits AI Debuts as World's First Secure, Accurate, Business Finance AI

https://www.prnewswire.com/news-releases/digits-ai-debuts-as-worlds-first-secure-accurate-business-finance-ai-301857407.html

Pentagon's Ukraine ac...

The ROI of IRS Audits | FedNow Payment Network Launching in July

Blake Oliver & David Leary — Tue, 20 Jun 2023 17:00:00 -0700

In this episode, Blake and David talk about the lack of audits hurting the profession, alternatives to tracking hours, whether to pursue a CPA or EA, and salary advice for new accountants. Next, they tackle a ton of news including AI integration in Mailchimp, the launch of FedNow Payment Network, the ROI of IRS audits, and the UK's Making Tax Digital rollout. Remote work, the ESG startup Omnevue securing $3 million in funding, Xero's third price increase in two years and Intuit's response, and more round out the show!

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Chapters

(00:00) - PREVIEW: Lack of audits is hurting the accounting profession
(00:50) - Welcome to The Accounting Podcast
(02:22) - Listener mail: Audits are just checking a box
(06:39) - Listener mail: David asks for alternatives to tracking hours
(12:58) - Listener mail: Courtney asks if they should pursue a CPA or EA
(23:23) - Listener mail: William asks how new accountants should approach their starting salary at firms
(26:33) - Is QBO starting to integrate AI into Mailchimp?
(27:46) - FedNow is launching in July
(32:59) - The ROI of IRS audits
(42:32) - UK's Making Tax Digital rollout is struggling
(48:01) - Latest on remote work
(51:32) - ESG startup Omnevue secures $3 million in funding
(54:32) - Xero announces third price increase in two years and Intuit's response
(56:10) - Some final thoughts and where to reach David and Blake

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Show Notes

How much did Congress lose by defunding the IRS? Way more than we thought.

https://www.washingtonpost.com/opinions/interactive/2023/irs-enforcement-costs-congress-funding/

Elon Musk Calls Remote Work Morally Wrong 'Bullshit'

https://www.businessinsider.com/elon-musk-remote-work-morally-wrong-get-off-high-horse-2023-5

ESG accounting startup Omnevue secures $3.1 million in Seed funding

https://www.finextra.com/pressarticle/97225/esg-accounting-startup-omnevue-secures-31-million-in-seed-funding

Credit Unions Gear Up to Build Instant Payments Ecosystems as FedNow Looms

https://www.pymnts.com/credit-unions/2023/credit-unions-prepare-build-instant-payments-ecosystems-fednow-looms/

FedNow’s Rollout Will Spur ‘Major Shift’ for Businesses and Digital Wallets, Says Trustly

https://www.pymnts.com/news/faster-payments/2023/fednows-rollout-will-spur-major-shift-for-businesses-and-digital-wallets-says-trustly/

Fintech ForwardAI, An Aggregated Direct Data Access Provider To Accounting And ERP Platforms, Launches

https://www.crowdfundinsider.com/2023/06/208515-fintech-forwardai-an-aggregated-direct-data-access-provider-to-accounting-and-erp-platforms-launches-forwardly/

Rethinking the CPA 150-hour requirement: There must be a change

https://www.firmofthefuture.com/training-and-certification/rethinking-150-hour-requirement/

Government execution of MTD ‘out of control’ as costs spiral

https://www.accountancyage.com/2023/06/16/government-execution-of-mtd-out-of-control-as-costs-spiral/

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Introducing "The Accounting Podcast" (why we changed our name)

Blake Oliver & David Leary — Thu, 15 Jun 2023 14:51:52 -0700

Welcome to the new era of "The Accounting Podcast," formerly known as "The Cloud Accounting Podcast." Why the name change? This show was born out of a passion for technology's role in accounting, and over the last five years, as cloud-based tools became the norm, we broadened our scope to cover a wide range of topics. We're now delving into everything from PPP and the talent crisis to artificial intelligence, fraud, the business models of accounting firms, the IRS, politics, and much more. Our aim is to provide the best audio-based news and analysis in the accounting profession.

Celebrating an incredible milestone of 1 million downloads, we extend our heartfelt thanks to all our listeners and guests who have supported us over the years. As we step into this exciting new phase, we encourage you to engage with us - whether you're a longtime listener or just tuning in. Please send us your feedback, story ideas, or even a voicemail that we might play on the air at cloudaccountingpodcast@earmarkcpe.com.

Remember, you can earn free CPE for listening with the Earmark app. Visit earmarkcpe.com for more information. We're thrilled to have you on this journey with us, and we look forward to bringing you quality content for many more years to come! Enjoy the show.

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The full transcript for this episode is available by clicking on the Transcript tab at the top of this page

AICPA Engage Recap | Intuit launches GenOS | PwC scandal in Australia

Blake Oliver & David Leary — Wed, 14 Jun 2023 07:30:00 -0700

We're back from the AICPA Engage conference sharing takeaways. Also, we're talking about all the latest generative AI developments in accounting, plus the recent PwC scandal in Australia.

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Chapters

(00:00) - PREVIEW: The PwC scandal
(00:29) - Blake and David are back from AICPA Engage
(01:51) - Blake shares his mom's tax return horror story
(09:56) - Thoughts on the AICPA's 100th Town Hall podcast episode
(15:53) - How can AICPA grow Engage to be an even bigger event
(19:44) - It was great to see everyone at AICPA Engage
(25:52) - Advanced Auto Parts misses 10-Q deadline because they couldn't staff position
(29:18) - Accounting firms are getting sued for improper ERC returns
(33:05) - Checking in on the live chat
(35:05) - Intuit's AI announcement
(41:07) - CPA.com announces their own generative AI initiative
(42:24) - Spreadsheet company Equals launches AI Assist
(43:03) - ChatGPT makes up court cases in federal briefing
(44:20) - Ikea buys warehouse management SaaS company
(45:19) - Google DeepMind can create its own algorithms
(47:44) - Crypto scams are 5x more costly than other cyber crimes
(48:30) - Let's talk about PwC Australia
(57:46) - Wrap up and where to reach Blake and David

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Show Notes

Google DeepMind’s game-playing AI just found another way to make code faster | MIT Technology Review

https://www.technologyreview.com/2023/06/07/1074184/google-deepmind-game-ai-alphadev-algorithm-code-faster/

Crypto scams five times as costly as other cybercrimes says study | Accounting Today

https://www.accountingtoday.com/news/crypto-scams-five-times-as-costly-as-other-cybercrimes-says-study

A Man Sued Avianca Airline. His Lawyer Used ChatGPT. - The New York Times

https://www.nytimes.com/2023/05/27/nyregion/avianca-airline-lawsuit-chatgpt.html?smid=nytcore-ios-share&referringSource=articleShare

Equals Launches the First Native AI Assistant for Spreadsheets

https://www.newswire.com/news/equals-launches-the-first-native-ai-assistant-for-spreadsheets-22045667

Intuit introduces proprietary large language models for fintech with GenOS

https://cointelegraph.com/news/intuit-introduces-proprietary-large-language-models-for-fintech-with-genos

Intuit (INTU) Introduces Generative AI Operating System

https://www.zacks.com/stock/news/2105195/intuit-intu-introduces-generative-ai-operating-system?cid=CS-ZC-FT-analyst_blog|company_news_tech_sector-2105195

Intuit Unveils Generative AI Operating System and Finance LLMs for TurboTax, Credit Karma, QuickBooks, and Mailchimp Developers

https://voicebot.ai/2023/06/07/intuit-unveils-generative-ai-operating-system-and-finance-llms-for-turbotax-credit-karma-quickbooks-and-mailchimp-developers/

Intuit Introduces Generative AI Operating System with Custom Trained Financial Large Language Models

https://financialpost.com/pmn/business-wire-news-releases-pmn/intuit-introduces-generative-ai-operating-system-with-custom-trained-financial-large-language-models

Intuit Launches GenOS: AI Operating System for Financial Data

https://medium.com/@cryptomarket06/intuit-launches-genos-ai-operating-system-for-financial-data-6bf8f161ef3a

IKEA Parent Ingka Acquires Supply Chain Software Solutions Provider Made4net

https://www.pymnts.com/news/retail/2023/ikea-parent-ingka-acquires-supply-chain-software-solutions-provider-made4net/

Landscaping Business Sues Accounting Firm Over Alleged COVID ...

https://www.law.com/dailyreportonline/2023/05/30/landscaping-business-sues-accounting-firm-over-alleged-covid-19-scheme/

Intuit Expert BrandVoice: How Intuit Is Leveraging AI To Catapult The Role Of Tax And Bookkeeping Experts To Deliver Confidence Inspiring Customer Experiences

https://www.forbes.com/sites/intuit-expert/2023/05/23/how-intuit-is-leveraging-ai-to-catapult-the-role-of-tax-and-bookkeeping-experts-to-deliver-confidence-inspiring-customer-experiences/

Get in Touch

Building the Next Superapp with David Barrett, CEO of Expensify

Blake Oliver & David Leary — Fri, 09 Jun 2023 13:10:00 -0700

David is a lifelong programmer who founded Expensify in 2008 and built it into the most popular "pre-accounting" platform on the planet. Hear David's vision for the New Expensify, in which every payment is a conversation.

Meet Our Guest:

David Barrett, CEO of Expensify
https://www.linkedin.com/in/davidmbarrett/

Learn more about Expensify

http://expensify.com

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The full transcript for this episode is available by clicking on the Transcript tab at the top of this page

IRS Loses $10 Billion In Debt Ceiling Deal & Proof ChatGPT Massively Increases Productivity

Blake Oliver & David Leary — Thu, 01 Jun 2023 16:20:00 -0700

Why AICPA's 12-point plan won't solve the CPA crisis; Earnings reports from Intuit, Sage, and Xero; Ramp adds AI features to spend management platform; why grads are ditching jobs at the Big Four; 70% of Gen Z employees would switch jobs for better tech, and more!

Sponsors
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Chapters

(00:00) - IRS Loses $10 Billion In Debt Ceiling Deal & Proof ChatGPT Massively Increases Productivity
(00:35) - Welcome to the show
(04:35) - Potential debt-ceiling deal cuts IRS funding by $10 billion
(07:21) - Chat GPT made workers 37% faster at completing tasks
(11:27) - Accounting Today has ChatGPT retake the CPA exam
(16:19) - Number of people taking accountancy exams drops to lowest level in 17 years
(18:04) - WSJ article on the accounting industry’s low starting pay problem
(22:16) - The AICPA's 12-point plan to solve the accountant shortage
(32:31) - Thetab.com article on why grads are ditching jobs at Big Four firms
(35:31) - Update on the IRS's Free File tax system
(38:36) - Let's talk about the Intuit earnings call
(42:39) - Sage had their earnings call
(44:44) - Ramp announces "Ramp Intelligence"
(49:32) - Employee satisfaction reached an all-time high last year
(51:34) - Gen Z employees would change jobs for better tech
(57:35) - Wrap up and where to reach us. See you at AICPA Engage!

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Show Notes

New MIT Research Shows Spectacular Increase In White Collar Productivity From ChatGPT – JOSH BERSIN

https://joshbersin.com/2023/03/new-mit-research-shows-spectacular-increase-in-white-collar-productivity-from-chatgpt/

ChatGPT retakes CPA Exam as v4.0, passes | Accounting Today

https://www.accountingtoday.com/news/chatgpt-retakes-cpa-exam-as-v4-0-passes

AICPA Council approves CPA pipeline plan | Accounting Today

https://www.accountingtoday.com/news/aicpa-council-approves-cpa-pipeline-plan

70% of Gen Z Employees Say They Would Switch Jobs for Better Tech: Weekly Stat

https://www.cfo.com/human-capital/workforce-management/2023/05/gen-z-gen-x-baby-boomer-millennials-technology-work-environments-productivity-work-life-balance/

AICPA details plans to boost CPA pipeline | Accounting Today

https://www.accountingtoday.com/news/aicpa-details-plans-to-boost-cpa-pipeline

Overworked and underpaid: Why grads are ditching jobs at the Big Four

https://thetab.com/uk/2023/05/10/big-four-grad-scheme-whats-it-like-306634

The Future of AI in Finance is Here | Ramp Intelligence

https://ramp.com/intelligence

Numbers taking US accountancy exams drop to lowest level in 17 years | Financial Times

https://www.ft.com/content/e8dc2264-6b8d-4ed5-8bbd-e4a67e7d1e46

Avii Announces Significant Uplifts to Financial Modules In Avii ...

https://www.businesswire.com/news/home/20230508005420/en/Avii-Announces-Significant-Uplifts-to-Financial-Modules-In-Avii-WorkspaceTM-Platform-for-Accounting-Firms

Overworked and underpaid: Why grads are ditching jobs at the Big Four

https://thetab.com/uk/2023/05/10/big-four-grad-scheme-whats-it-like-306634

Sage Intact Launches Native AP Bill Automation to Cut Down on ...

https://www.digitaljournal.com/pr/news/pr-zen/sage-intact-launches-native-ap-bill-automation-to-cut-down-on-invoice-processing-time

Intuit Inc. (INTU) Q3 2023 Earnings Call Transcript

https://seekingalpha.com/article/4606883-intuit-inc-intu-q3-2023-earnings-call-transcript

Intuit (INTU) Reports Q3 Earnings: What Key Metrics Have to Say

https://www.zacks.com/stock/news/2098768/intuit-intu-reports-q3-earnings-what-key-metrics-have-to-say

ChatGPT retakes CPA Exam as v4.0, passes

https://www.accountingtoday.com/news/chatgpt-retakes-cpa-exam-as-v4-0-passes

Xero reports 28% year-over-year growth https://www.accountingtoday.com/news/xero-reports-28-year-over-year-growth

Pentagon Says Accounting Mistake Leaves U.S. With $3 Billion ...

https://www.wsj.com/articles/accounting-error-leaves-pentagon-with-3-billion-more-in-arms-for-ukraine-u-s-says-6d6f4576

AICPA details plans to boost the CPA pipeline

https://www.accountingtoday.com/news/aicpa-details-plans-to-boost-cpa-pipeline

AICPA releases expanded plan for addressing CPA pipeline ...

https://www.journalofaccountancy.com/news/2023/may/aicpa-releases-expanded-plan-addressing-cpa-pipeline-challenges.html

IRS to pilot free tax prep system in January

The AI Coming to Microsoft Products for Accountants with Ashley Francis, CPA

Blake Oliver & David Leary — Tue, 30 May 2023 16:10:00 -0700

We're joined by Ashley the CPA (@seattle_tax) to talk about artificial intelligence coming soon to Microsoft products plus all the news you can use at the intersection of accounting and technology.

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Chapters

(00:00) - ChatGPT is only the beginning
(00:58) - Introduction and welcome Ashley to the show
(02:47) - Microsoft Copilot updates
(08:43) - A new Microsoft Teams is coming
(10:46) - Report from Microsoft says meetings are the #1 productivity killer
(14:48) - A very small percentage of accountants are using these tools
(19:19) - How is consistency with AI?
(21:31) - Personalized training for these AI's
(30:55) - ChatGPT ads plugins
(34:27) - TurboTax is adding AI
(39:25) - Why should you learn AI now?
(44:09) - Tell us about your newsletter Ashley
(54:04) - Blake asks ChatGPT to book him a flight
(57:38) - Wrap up and where to reach us

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Show Notes

Microsoft Crunches Some Data to Find Out Teams is the Biggest Productivity Killer at Work

https://www.goingconcern.com/microsoft-crunches-some-data-to-find-out-teams-is-the-biggest-productivity-killer-at-work/

The No. 1 workplace distraction that kills productivity, according to Microsoft

https://www.cnbc.com/2023/05/09/the-no-1-workplace-distraction-that-kills-productivity-according-to-microsoft.html

Meet our Guest, Ashley Francis, CPA
LinkedIn: https://www.linkedin.com/in/ashley-francis-0115073/
Website: https://kitchentableautomations.substack.com/

Get in Touch

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The full transcript for this episode is available by clicking on the Transcript tab at the top of this page

Every Payment Is A Conversation #ExpensiCon

Blake Oliver & David Leary — Thu, 25 May 2023 15:45:45 -0700

We're back from ExpensiCon in Italy with thoughts on Expensify's future and the future of spend management; a report from Kristen Keats at Accounting Today's Firm Growth Forum conference; ChatGPT coming soon to a Wendy's drive-thru near you!

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Chapters

(00:25) - Every Payment Is A Conversation
(00:50) - Blake and David are back from Italy
(04:40) - Let’s talk about ExpensiCon
(09:48) - The original Expensify and ExpensiCon
(12:15) - The new Expensify they're building
(17:51) - Expensify is adding great tech support
(23:18) - The future of Expensify
(28:17) - How much do we think this event cost and playing the long game
(37:48) - Some general observations on Italy
(44:10) - Kristen Keats checks in from Accounting Today's conference
(51:40) - Let's hear some listener reviews of CAP
(52:22) - Is AI encouraging or discouraging for accountants and jobs?
(56:51) - Wendy's Fresh AI
(59:19) - ChatGPT 4 passes CPA exam
(01:00:42) - Wrap up and where to reach us

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Show Notes

Expensify Launches Transactional Chat for Accountants - Business Wire

https://stocks.apple.com/ATL9AZYOSSKO_4jLMtB30pA

Wendy’s to Launch AI-Powered Drive-Thru Service

https://smallbiztrends.com/2023/05/ai-drive-thru-wendys-google-cloud.html

What if AI could rebuild the middle class? : Planet Money : NPR

https://www.npr.org/sections/money/2023/05/09/1174933574/what-if-ai-could-rebuild-the-middle-class

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The full transcript for this episode is available by clicking on the Transcript tab at the top of this page

ChatGPT Was Set Up To Fail The CPA Exam

Blake Oliver & David Leary — Tue, 16 May 2023 12:40:08 -0700

Accounting Today said ChatGPT failed the CPA Exam — here's why that's misleading; a WSJ reporter clones herself with AI and tricks her bank and family; TurboTax tops the TV ads for tax year 2022; Audit firms remove partners who fault clients' internal controls; 80 percent of BDO Alliance partners vote to eliminate or modify the 150-hour rule

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Chapters

(00:00) - ChatGPT Was Set Up To Fail The CPA Exam
(00:05) - Does the accounting profession give your life meaning?
(00:35) - Welcome to the show, David is on the road this week
(04:24) - Accounting Today says ChatGPT completely failed CPA exam
(07:23) - Blake ran some of his own tests with GPT-4 and takeaways people should get from this article
(12:58) - WSJ article on the potential of AI and fraud
(14:44) - Blake plays clips of Joanna's voice cloned compared to her actual voice
(18:03) - TechCrunch article on Intuit's AI journey
(23:10) - Accounting Today article on firms removing audit partners from engagements where they found internal control problems
(27:03) - Accounting Today: PCAOB turns up the heat on auditing firms
(30:42) - Three failed banks all had KPMG in common
(36:48) - Which brands spent the most money on ads around tax day 2023?
(38:17) - TurboTax starts sending out checks as part of "free free free" settlement
(39:45) - Listener email about the 150 hour rule and underpaid CPAs
(43:44) - BDO Alliance poll results on the 150 hour requirement
(47:16) - Blake buys MedEvac insurance for the first time
(48:16) - Some quick app news roundup
(53:40) - Wrap up and where to reach us

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Show Notes

KPMG pens deal with MindBridge to apply AI to digital audits | Accounting Today

https://www.accountingtoday.com/news/kpmg-pens-deal-with-mindbridge-to-apply-ai-to-digital-audits

We ran the CPA exam through ChatGPT and it failed miserably | Accounting Today

https://www.accountingtoday.com/news/we-ran-the-cpa-exam-through-chatgpt-and-it-failed-miserably

I Cloned Myself With AI. She Fooled My Bank and My Family.

https://www.wsj.com/articles/i-cloned-myself-with-ai-she-fooled-my-bank-and-my-family-356bd1a3

Audit firms remove partners who fault clients' internal controls | Accounting Today

https://www.accountingtoday.com/news/audit-firms-remove-partners-who-fault-clients-internal-controls

BDO Alliance poll of managing partners on 150-hour rule

https://twitter.com/BlakeTOliver/status/1654553693830914048

TurboTax customers to receive checks for $141M settlement

https://apnews.com/article/turbotax-inuit-settlement-checks-mail-0c01cf25aa34693163886d135f7a6560

Accounting automation developer Gappify scores $10m

https://fintech.global/2023/05/02/accounting-automation-developer-gappify-scores-10m/

Intuit’s shift

https://techcrunch.com/2023/04/27/intuit-ai-shift/

Hundreds Of Tax Prep Services Hit The Airwaves Before April https://www.insideradio.com/free/hundreds-of-tax-prep-services-hit-the-airwaves-before-april-18/article_b59beb46-e5a2-11ed-a08f-d7b730e240b8.html

We had ChatGPT take the CPA exam — and it failed

https://www.accountingtoday.com/news/we-ran-the-cpa-exam-through-chatgpt-and-it-failed-miserably

ChatGPT Just Failed This Accounting Exam

https://www.digitalinformationworld.com/2023/04/chatgpt-just-failed-this-accounting-exam.html

Accounting clerk created original art on billing statements to help a patient heal

https://www.cbsnews.com/video/accounting-clerk-created-original-art-on-billing-statements-to-help-a-patient-heal/

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AI You Can Use Today In Accounting with Giles Pearson

Blake Oliver & David Leary — Tue, 09 May 2023 16:31:04 -0700

Matt Rissell of TSheets dead in apparent murder-suicide; a review of the AI features you can use right now in Client Hub, Canopy, Karbon, Financial Cents and... Sturppy?; This week's guest: Giles Pearson, CEO of Accountests

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Chapters

(00:00) - Have your AI contact my AI
(00:02) - Introduction and thoughts on the horrible news of Matt Rissell 
(00:11) - Wrap up and where to reach everyone 
(00:31) - David has used ChatGPT to create and organize his calendar appointments 
(05:59) - Some of the history of TSheets 
(12:17) - Practical application of Chat GPT and AI 
(18:28) - Giles was a partner at PwC 
(24:04) - Blake check on the live chat discussion
(29:01) - Let's look at Client Hub using their AI integration to help create tasks 
(32:11) - Lets see how Canopy can help you draft emails 
(34:53) - What Karbon has done with email 
(41:50) - Is Giles using AI for anything? 
(42:44) - Financial Sense integrates with ChatGPT 
(43:31) - Expensify's genius AI blog post 
(45:19) - Sturppy's AI virtual CFO
(52:46) - Congressional letter written about AI to create tax scams 
(54:35) - Where to learn more about Accountest and follow Giles

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Show Notes

Karbon AI | Karbon

https://karbonhq.com/feature/ai/

Founder of TSheets Dies in Self-Inflicted Shooting

https://www.cpapracticeadvisor.com/2023/05/04/founder-of-tsheets-dies-in-self-inflicted-shooting/79360/

Senators want IRS to stop AI-generated tax scams

https://www.accountingtoday.com/news/senators-want-irs-to-stop-chatgpt-generated-ai-tax-scams

“What is the Best Expense Management App?” according to ChatGPT?

https://blog.expensify.com/2023/05/02/what-is-the-best-expense-management-app-according-to-chatgpt/

TSheets founder Rissell dead after what police call attempted murder/suicide in Eagle home

https://boisedev.com/news/2023/05/04/matt-rissell-dead/

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The full transcript for this episode is available by clicking on the Transcript tab at the top of this page

Creating Compliant Accounting Records From Complex Crypto Transactions (from the Crypto With Accountants podcast)

Blake Oliver & David Leary — Fri, 05 May 2023 11:00:00 -0700

In this episode, Pat White and Rafael Casas interview Mackenzie Patel, CEO of Hash Basis, a crypto-native accounting firm based in San Francisco. Mackenzie shares her accounting background and how she got into crypto accounting. They also discuss the challenges of revenue accounting in crypto and the emerging trend of specialized crypto accounting.

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Chapters

(00:00) - Preview: What does Hash Basis do?
(00:50) - Introduction and welcome Mackenzie to the show
(02:04) - A little bit of Mackenzie's background
(04:24) - Did you instantly love accounting?
(10:39) - What did you do after college?
(11:47) - What does revenue accounting look like in crypto?
(13:58) - Are you seeing more accountants who specialize in crypto accounting?
(18:32) - How did you get into crypto specifically?
(20:40) - Can you walk us through some fundamentals of crypto accounting?
(28:31) - What is streaming payroll and payments?
(31:53) - What resources do you do to stay up to date on crypto and crypto accounting?
(34:51) - FASB guidance has come out
(35:31) - What do you think about wrapped tokens now being counted as impaired?
(42:08) - Tell us about your new company, Hash Basis
(44:14) - Mackenzie will be speaking at EDAS
(46:13) - Thanks for listening and please subscribe for new episodes

Connect with our guest, Mackenzie Patel
linkedin.com/in/mackenziepatel/
twitter.com/maccbasis
Connect with Pat
linkedin.com/in/patwhite
twitter.com/patwhite

Connect with Rafael
linkedin.com/in/rafaelcasas
twitter.com/RafaelCasasBW

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This podcast is a production of the Earmark Media

Accountant Shortage Causing Negative City Credit Scores (live from Padgett REtreat)

Blake Oliver & David Leary — Tue, 02 May 2023 23:59:00 -0700

Raising prices is a priority; NASBA extends time to complete CPA exam; Canopy now writes emails with AI; PwC to invest $1 billion in AI; staff not allowed to go to conferences

Sponsors
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Chapters

(00:05) - Preview: Accounting is in a bad place
(02:58) - We launched the Federal Tax Updates Podcast with Padgett and welcome to our guests
(07:27) - Amanda, why was this tax season harder than last?
(09:13) - Tell us more about the Padgett REtreat
(10:41) - What are some ways to think about raising your prices?
(13:44) - The accounting shortage is affecting cities getting credit scores
(22:36) - NASBA extends the time to take the CPA exam to 30 months
(24:48) - AI and its future in accounting
(27:09) - Canopy integrates ChatGPT into their suite
(29:09) - PWC to invest $1 billion over the next 3 years in AI
(33:10) - How long do you think until smaller and midsize firms will be using AI
(35:14) - Lili Bank promises one-button accounting
(46:17) - Listener mail about staff not being given chances to go to conferences
(49:02) - Are accounting students set up only for the benefit of the Big 4 firms?
(53:16) - Wrap up and thanks for listening

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Show Notes

ChatGPT Fails When It Comes to Accounting, Finds Major Study

https://www.latestly.com/technology/chatgpt-fails-when-it-comes-to-accounting-finds-major-study-5078092.html

KPMG Joins MindBridge in Global Launch of AI-Assisted Audit Tech
https://news.bloombergtax.com/financial-accounting/kpmg-joins-mindbridge-in-global-launch-of-ai-assisted-audit-tech

What Microsoft’s Dynamics GP Announcement Means for the User Community

https://dynamicscommunities.com/ug/dynamics-gp-ug/what-microsofts-dynamics-gp-announcement-means-for-the-user-community/

ChatGPT is still no match for humans when it comes to accounting

https://phys.org/news/2023-04-chatgpt-humans-accounting.html

Lili Claims Super App Status With New Accounting Platform

https://www.pymnts.com/smbs/2023/lili-claims-super-app-status-with-new-accounting-platform/

Leading Financial Platform, Lili, Launches 'Lili Smart' to Integrate ...

https://www.businesswire.com/news/home/20230418005500/en/Leading-Financial-Platform-Lili-Launches-%E2%80%98Lili-Smart%E2%80%99-to-Integrate-and-Consolidate-Accounting-Services-into-Small-Business-Banking

KPMG signs AI deal to improve audit transparency

https://www.accountancydaily.co/kpmg-signs-ai-deal-improve-audit-transparency

NASBA extends time to complete the CPA exam to 30 months

https://www.accountingtoday.com/news/nasba-extends-time-to-complete-the-cpa-exam-to-30-months

Accounting Bachelors Degree Requirements: What You Need to Know

https://seaver.pepperdine.edu/blog/posts/accounting-bachelors-degree-requirements-what-you-need-to-know.htm

ChatGPT: How AI will change law, finance, accounting and property ...

https://www.afr.com/work-and-careers/workplace/how-chatgpt-will-change-these-four-industries-20230328-p5cvzx

Canopy Launches ChatGPT AI in Accounting Practice Management Software

https://www.einnews.com/pr_news/629260399/canopy-launches-chatgpt-ai-in-accounting-practice-management-software

Accountant shortage hurts city credit scores

https://fortune.com/2023/04/21/accountant-shortage-affecting-city-credit-scores/

Technology News | ⚡Study Finds ChatGPT No Match for Human When It Comes to Accounting

https://www.latestly.com/quickly/technology/study-finds-chatgpt-no-match-for-human-when-it-comes-to-accounting-5078092.html

PwC Stakes $1 Billion on AI Investments in Tax, Consulting Work

https://news.bloombergtax.com/financial-accounting/pwc-us-partners-with-microsoft-in-1-billion-ai-investment

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...

What AI Will Automate In Accounting with Erica Goode, CPA

Blake Oliver & David Leary — Wed, 26 Apr 2023 18:34:07 -0700

FTX had 80,000 transactions in Ask My Accountant; the crazy cost accounting behind EY's failed breakup; using ChatGPT for financial statement analysis; what the tech world thinks AI will automate in accounting and more!

Sponsors
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Chapters

(00:00) - CAP 329
(00:21) - PREVIEW: How ChatGPT saved Erica
(00:51) - Introduction
(07:30) - FTX had 80,000 transactions in Ask My Accountant
(11:46) - Blake plays a clip from the All-In podcast on AI accounting
(17:07) - ChatGPT vs real accountants and students on tests
(25:30) - Hector Garcia's example of using ChatGPT for analysing financial statements
(31:06) - Is Erica using ChatGPT at all in her firm?
(36:00) - EY breakup news
(41:55) - Donna's voicemail on her sons college tour and accounting majors
(48:00) - Deloitte kicks off program for high school students to earn accounting credits
(49:11) - Can AI help save education?
(52:30) - The IRS shows customer service improvements in 2023
(54:04) - Are accountants actually experiencing a better tax season?
(01:01:31) - Crazy MYOB commercial
(01:03:23) - Wrap up and where to reach everyone

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Show Notes

Blake Oliver on Twitter: "My speaking session was selected for #Expensicon”

https://twitter.com/BlakeTOliver/status/1649440639355097088

SURVEY: Busy Season Looking Good - CPA Trendlines

https://cpatrendlines.com/2023/04/10/survey-busy-season-looking-good/

EY Confronts Slowing Growth After Breakup Deal Fails - WSJ

https://www.wsj.com/articles/ey-confronts-slowing-growth-after-breakup-deal-fails-9442c85d

Magic Workflow: AI-Powered Workflow and Process Generator

https://clienthub.app/blog/new-feature-magic-workflowai-powered-workflow-and-process-generator/

Ernst & Young has axed its plan for a split of its auditing and consulting arms, marking a dramatic and costly retreat

https://www.wsj.com/articles/ernst-young-halts-breakup-plan-bd2e2fa0

Is that the IRS with your refund? No, it's a ChatGPT scam

https://www.politico.com/newsletters/weekly-tax/2023/04/17/is-that-the-irs-with-your-refund-no-its-a-chatgpt-scam-00092169

Taylor Swift avoided $100 million FTX deal with securities question: lawyer https://www.businessinsider.com/taylor-swift-avoided-100-million-ftx-deal-with-securities-question-2023-4

ChatGPT less than 50% accurate in accounting exams, study finds https://www.accountancyage.com/2023/04/21/chatgpt-less-than-50-accurate-in-accounting-exams-study-finds/

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The full transcript for this episode is available by clicking on the Transcript tab at the top of this page

Accounting Fraud Indicator Signals Economic Trouble

Blake Oliver & David Leary — Wed, 19 Apr 2023 06:40:09 -0700

The M-Score is warning that the chance of fraud is the highest in over 40 years; Did KPMG fail to issue a critical audit matter for Silicon Valley Bank?; The spreadsheet apocalypse, revisited; Former startup founder charged by prosecutors for defrauding JPMorgan Chase; EY split fails; watch out for AI voice cloning scams; and more!

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Chapters

(00:00) - Preview: Incentives to allow fraudulent users
(00:52) - Introduction and welcome to the show
(03:51) - WSJ reports fraud indicator "M" score is up
(08:52) - Should KPMG have issued a critical audit matter for SVB?
(16:13) - EY no longer to split off auditing
(18:36) - JPMorgan defrauded for $175 million by startup founder
(22:05) - CPA in Bakersfield stole $355,000 from investors
(23:15) - Block accused of allowing fake accounts to boost their user growth numbers
(26:32) - Square is changing their refund policy to not refund processing fees
(27:47) - A few new Intuit announcements
(30:50) - Security risks with AI and voice cloning is happening in real life
(34:37) - Microsoft Loop
(39:18) - Nicholas asks for recs for CPAs who want to start their own small firm
(44:33) - Michael's email about barriers to CPA
(46:05) - Corey from Minnesota CPA Society shares message and website with resources
(47:10) - Will AI attract or detract more people to the accounting profession?
(55:33) - Blake co-wrote an article for CPA Practice Advisor
(01:00:14) - Wrap up and where to reach us

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Show Notes

Intuit QuickBooks Launches Rest-of-World App Store - CPA Practice Advisor

https://www.cpapracticeadvisor.com/2023/04/11/intuit-quickbooks-launches-rest-of-world-app-store/78582/

EY’s leaders missed a brewing revolt at the firm’s biggest operation. Soon, their deal was scuttled

https://www.wsj.com/articles/ey-breakup-plan-doomed-by-miscalculations-and-powerful-opponents-61b7e02d

‘I’ve got your daughter’: Scottsdale mom warns of close call with AI voice cloning scam

https://www.azfamily.com/2023/04/10/ive-got-your-daughter-scottsdale-mom-warns-close-encounter-with-ai-voice-cloning-scam/

Bond losses such as those at Silicon Valley Bank could have been raised as “critical audit matters”—a measure designed to help investors decode risks and uncertainties buried in financial statements

https://www.wsj.com/articles/auditors-didnt-flag-risks-building-up-in-banks-6506585c

Former Start-Up Founder Charged by Prosecutors for Defrauding JPMorgan Chase

https://www.nytimes.com/2023/04/04/business/charlie-javice-jpmorgan-fraud.html

The Spreadsheet Apocalypse, Revisited [Chart]

https://twitter.com/johnnosta/status/1641586085640695810?s=12

The M-Score is warning that the chance of fraud at major companies is the highest in over 40 years, writes Numbers columnist @JoshZumbrun

https://www.wsj.com/articles/accounting-fraud-indicator-signals-coming-economic-trouble-506568a0

New Microsoft Loop app is built for co-creation | Microsoft 365 Blog

https://www.microsoft.com/en-us/microsoft-365/blog/2023/03/22/new-microsoft-loop-app-is-built-for-modern-co-creation/

Shares of the payments company formerly known as Square fell more than 20% in early trading Thursday after a short seller questioned the company’s user numbers and accused it of predatory tactics

https://www.wsj.com/articles/short-seller-hindenburg-says-jack-dorseys-payments-company-inflates-user-numbers-f3216466

Startup CEO charged in $175 million fraud case

https://abcnews.go.com/Business/startup-ceo-charged-175-million-fraud-case/story?id=98363900

Our Obsession with Hours Is Destroying the Accounting Profession

https://www.cpapracticeadvisor.com/2023/04/12/our-obsession-with-hours-is-destroying-the-accounting-profession/78643/

Accounting firm EY calls off 'Project Everest' to break up firm

https://www.bbc.com/news/65247525

Intuit QuickBooks Launches Rest-of-World App Store

https://www.cpapracticeadvisor.com/2023/04/11/intuit-quickbooks-launches-rest-of-world-app-store/78582/

Intuit Mailchimp Launches Email Content Generator

https://www.destinationcrm.com/Articles/ReadArticle.aspx?ArticleID=158086

Mailchimp’s new GPT-powered AI tool can write marketing emails

https://www.fastcompany.com/90877547/mailchimp-gpt-powered-tool-can-write-marketing-emails

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Top Five TikTok Tax Myths (Guest: Heidi Henderson)

Blake Oliver & David Leary — Wed, 12 Apr 2023 08:19:14 -0700

We’re joined by Heidi Henderson, EVP at Engineered Tax Services, for our weekly roundup of news at the intersection of accounting and technology. Topics include: How the IRS plans to spend $80 billion over the next 10 years; the top five TikTok tax myths; security issues with AI chatbots; CLA voices support for MNCPA’s 150-hour alternative; why revenue is up 20% in the top 100 firms, and more!

Sponsors
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Chapters

(00:00) - CAP 327
(00:04) - PREVIEW: Breast implants are a tax write off?
(00:48) - Welcome Heidi Henderson to the show and some background
(06:16) - How did you get into tax credits?
(08:12) - Heidi's take on ERC mills
(11:36) - How will the IRS spend their $80 billion?
(13:39) - Breakdown on how the IRS plans to spend that money
(22:33) - Tax advice from TikTok
(31:50) - What is the accounting pro's role in advising a client on taxes
(34:58) - Accounting Today's April Fools Day post
(36:51) - Minnestoa CPA Society gets a big supporter in CLA on the 150 rule
(41:32) - Should we move the tax deadlines?
(45:49) - SBF student fund for improving humanity has run dry
(46:59) - Revenue for the top 100 firms was up almost 20%
(50:47) - What impact will AI make on accounting?
(57:04) - What are the potential risks of AI for accountants
(01:01:31) - Wrap up and where to reach everyone

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Show Notes

The accounting pipeline: 'Above all, try something'

https://www.accountingtoday.com/opinion/the-accounting-pipeline-above-all-try-something

ChatGPT Took Our CPA Public Accounting Test – Accountests Australia

https://www.au.accountests.com/blogs/news/chatgpt-took-our-cpa-public-accounting-test

The IRS reveals how it will spend its $80B

https://www.accountingtoday.com/news/the-irs-reveals-how-it-will-spend-its-80b

GPT Predicts Which Jobs the AI will replace

https://www.reddit.com/r/Futurology/comments/128xl05/gpt_predicts_which_jobs_the_ai_will_replace/

CLA backs changes in 150-hour CPA requirement

https://www.accountingtoday.com/news/cla-backs-changes-in-150-hour-cpa-requirement

File your taxes in 10 minutes? TurboTax says it’s possible with AI-powered ‘express lanes’

https://www.fastcompany.com/90875480/turbotax-irs-ai-file-taxes-phone-fast-lane

Collapse of FTX deprives academics of grants, stokes fears of forced repayment

https://www.reuters.com/technology/collapse-ftx-deprives-academics-grants-stokes-fears-forced-repayment-2023-04-06/

The Problem With the IRS Vow to Avoid Stepping Up Audits of Earners Under $400,000

https://www.wsj.com/articles/the-problem-with-the-irs-vow-to-avoid-stepping-up-audits-of-earners-under-400-000-6ffa5185

Healthy Wealthy & Wise Accountants https://healthywealthywise.show/5

Three ways AI chatbots are a security disaster | MIT Technology Review

https://www.technologyreview.com/2023/04/03/1070893/three-ways-ai-chatbots-are-a-security-disaster/

Accounting firm sets retirement age at 85 to avert staffing crisis | Accounting Today

https://www.accountingtoday.com/opinion/accounting-firm-sets-retirement-age-at-85-to-avert-staffing-crisis

CLA backs changes in 150-hour CPA requirement | Accounting Today

https://www.accountingtoday.com/news/cla-backs-changes-in-150-hour-cpa-requirement

The IRS reveals how it will spend its $80B | Accounting Today

https://www.accountingtoday.com/news/the-irs-reveals-how-it-will-spend-its-80b

ChatGPT Took Our CPA Public Accounting Test – Accountests Australia

https://www.au.accountests.com/blogs/news/chatgpt-took-our-cpa-public-accounting-test

Connect with Heidi Henderson
Website: http://engineeredtaxservices.com
LinkedIn: https://www.linkedin.com/in/heidihendersonets/

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Accounting Salaries on the Rise with Adrienne Gonzalez of Going Concern

Blake Oliver & David Leary — Wed, 05 Apr 2023 01:30:30 -0700

Using ChatGPT to audit; accounting salaries on the rise; misclassification of expenses at heart of Trump indictment; church sued for forcing employees to tithe; here's what you can do to help the accountant shortage; a dating sim that does your taxes; half of U.S. workers earn money from a side gig; CEOs quietly backtracking on remote work; where all the SVB depositor money went

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Chapters

(00:00) - CAP 326
(00:04) - Preview: Where does hush money go on the GL?
(00:38) - Welcome Adrienne to the show
(02:55) - What impact will ChatGPT have on accounting?
(08:20) - Accountant salaries are rising
(09:35) - Blake checks in on the live stream chat
(12:24) - CFO Dive study with Open AI on productivity boost and some of tech concerns with AI in general
(16:12) - WSJ article on jobs most exposed to ChatGPT
(19:19) - Adrienne saved 150 hours automating a task for Going Concern
(22:23) - Intuit survey of accountants
(26:06) - The Trump indictment
(30:20) - Kirkland Chruch forced employees to donate 10% of salary to chruch
(33:12) - Back to AGI talk and will it take our jobs?
(44:12) - Going Concern article on dating sim game for taxes
(49:15) - Automating your job and having a side gig
(50:53) - CEO's are starting to backtrack on remote work
(54:39) - Follow up with Silicon Valley Bank
(58:25) - Relay is now the official banking partner of Profit First
(01:00:13) - Wrap up and where to reach everyone

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Show Notes

A dating sim that does your taxes: https://taxheaven3000.com/

The Accountant Shortage is So Bad Anime Waifu Girlfriends Are Taking Up Tax Prep Now - Going Concern

https://www.goingconcern.com/anime-dating-sim-tax-prep-game/

Accountants are using technology to level up their businesses

https://quickbooks.intuit.com/r/small-business-data/accountant-tech-survey-2023/

Where Did Startups Put Their SVB Cash? At JP Morgan Chase

https://www.saastr.com/where-did-startups-put-their-svb-cash-at/

Want to Do Your Part to Help the Accountant Shortage? Here’s What You Can Do Right Now

https://www.goingconcern.com/want-to-do-your-part-to-help-the-accountant-shortage-heres-what-you-can-do-right-now/

Meta, Microsoft, and Disney are reversing their bets on the metaverse

https://finance.yahoo.com/news/meta-microsoft-disney-reversing-bets-123000778.html

Math Teachers Stage a Calculated Protest

https://www.washingtonpost.com/archive/local/1986/04/04/math-teachers-stage-a-calculated-protest/c003ddaf-b86f-4f2b-92ca-08533f3a5896/

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Form 4868: Extension of Time To File U.S. Individual Income Tax Return (from the Federal Tax Updates podcast)

Blake Oliver & David Leary — Thu, 30 Mar 2023 09:00:00 -0700

The Federal Tax Updates podcast is a recent addition to the Earmark Media network of accounting-focused podcasts. In this episode, Roger and Annie discuss the most recent IRS updates and recommendations for tax preparers dealing with the surge of inaccurate ERC claims. They also provide some detailed insights into filing extensions for clients.

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SC Comptroller Steps Down After $3.5 Billion Error (Guest: Terrell Turner)

Blake Oliver & David Leary — Tue, 28 Mar 2023 09:45:18 -0700

This Week's Guest: Terrell Turner, CPA; 85% of MNCPA members working in public accounting support an alternative to 150 hours; The Silicon Valley Bank Balance Sheet Time Bomb "Sitting In Plain Sight"; Senator Warren complains to PCAOB about sham crypto "audits"; JPMorgan Chase’s nickel bags turn out to be full of stones; PwC introduces AI chatbot for 4,000 lawyers to speed up work; Xero kills WorkflowMax

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Chapters

(00:00) - Cloud Accounting Podcast Episode 325
(00:04) - Preview: Accountants aren't eating their own dog food
(00:48) - Introduction and welcome Terrell Turner to the show
(03:09) - What does Terrell's practice do and who do they serve?
(04:49) - South Carolina's comptroller resigns due to $3.5 billion error
(09:35) - Blake and David talked to Linda about alternative CPA pathway
(13:42) - Blog Post on NASBA website on CPA pipeline problem
(17:16) - Are salaries the bigger issue?
(19:29) - Clip from the Financial Executive podcast
(25:20) - A little bit about Sillicon Valley Bank
(39:42) - The issue with non-profits finding auditors and throwing accountants under the bus
(43:05) - Elizabeth Warren writes letter to PCAOB about scam crypto "audits"
(44:35) - JPMorgan Chase's nickel bags turn out to be full of stones
(46:36) - OpenAI is connecting ChatGPT to the internet
(57:14) - Xero kills WorkflowMax
(58:57) - PwC introduces AI chatbot for 4,000 lawyers to speed up work
(01:05:26) - Wrap up and where to reach Terrell, Blake, & David

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Transcript
The transcript of this episode is available by clicking on the Transcript tab at the top of this page.

Show Notes
Texas Close to Allowing CPA Candidates to Test with 120 Credits

https://www.cpapracticeadvisor.com/2023/03/22/texas-close-to-allowing-cpa-candidates-to-test-with-120-credits/78123/

South Carolina's Top Accountant to Step Down After $3.5 Billion Error

https://www.cpapracticeadvisor.com/2023/03/23/south-carolinas-top-accountant-to-resign-after-3-5-billion-error/78209/

MNCPA to Educators: "We Do Not Need New CPAs Who Have Additional College Credits; We Need More CPAs, Period."

https://www.goingconcern.com/mncpa-to-educators-we-do-not-need-new-cpas-who-have-additional-college-credits-we-need-more-cpas-period/

Banks and investors are reviving a push for changes to securities accounting after the SVB collapse

https://www.wsj.com/articles/banks-investors-revive-push-for-changes-to-securities-accounting-after-svb-collapse-99caa9ce

PwC introduces AI chatbot for 4,000 lawyers to speed up work
https://gulfbusiness.com/pwc-introduces-ai-chatbot-for-4000-lawyers/

The More Things Change, the More They Stay the Same: Addressing the CPA Pipeline Crisis | NASBA

https://nasba.org/blog/2023/03/14/addressing-the-cpa-pipeline-crisis/

QuickBooks leans into AI in 2023 | Accounting Today

https://www.accountingtoday.com/news/quickbooks-plans-to-go-all-in-on-ai-in-2023

SVB's balance-sheet time bomb was 'sitting in plain sight'

https://www.accountingtoday.com/articles/svbs-balance-sheet-time-bomb-was-sitting-in-plain-sight-short-seller-says

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Broadening Pathways to CPA with MNCPA President Linda Wedul

Blake Oliver & David Leary — Mon, 27 Mar 2023 08:31:05 -0700

Join us for an exclusive interview with Linda Wedul from the MNCPA! We'll dive deep into the pressing issues surrounding the 150-hour rule, the talent shortage facing CPA firms in Minnesota, and how MNCPA is exploring alternative pathways to licensure. Tune in as we explore innovative solutions for keeping the CPA career path competitive and bridging the gap for aspiring professionals.

Broadening Pathways to the CPA Credential: https://www.mncpa.org/involvement/legislative/broadening-pathways-to-cpa/

Meet Our Guest, Linda Wedul
LinkedIn: https://www.linkedin.com/in/lindawedul/

Learn more about the Minnesota Society of CPAs
http://mncpa.org

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Heat Is On SVB Auditors & Hot Takes From A Tax Lawyer (Guest: Matt Foreman)

Blake Oliver & David Leary — Wed, 22 Mar 2023 08:52:18 -0700

Matt Foreman explains what tax lawyers do; KPMG in the spotlight for signing off on SVB's books; digital bank apps benefit from SVB collapse; CLA launches paid high school accounting internships; Zoho's 10 most-installed CRM extensions of 2022; accounting talent shortage may cause city credit ratings to drop

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(00:00) - CAP 324
(00:04) - Preview: The job of a lawyer in setting up businesses
(00:36) - Introduction and welcome Matt to the show
(04:05) - What does a tax lawyer do?
(08:55) - What do you do for me as a client?
(12:00) - What is the biggest mistake you see businesses make?
(16:49) - The IRS is underfunded
(21:42) - How often and when are clients meeting with Matt?
(24:02) - How will the IRS ever agree how to spend their $80 billion
(28:32) - Digital bank apps have benefited from SVB collapse
(32:59) - Auditors under scrutiny for SVB collapse
(36:29) - Blake's take on why auditors aren't the ones to blame
(42:24) - Ron Baker's audit insurance idea
(46:01) - CLA launches paid high school accounting internships
(47:16) - Zoho lists their 10 most installed CRM extensions of 2022
(49:40) - Accounting talent shortage can cause city credit ratings to drop
(55:59) - Wrap up and how to reach everyone

Show Notes

10 most-installed Zoho CRM extensions of 2022

https://www.zoho.com/blog/marketplace/10-most-installed-Zoho-CRM-extensions-of-2022.html

SVB and Signature Bank Passed KPMG Audits Days Before Collapses
https://www.pymnts.com/digital-first-banking/2023/svb-and-signature-bank-passed-kpmg-audits-days-before-collapses/

CLA Launches Paid High School Accounting Internships in 15 ...

https://www.cpapracticeadvisor.com/2023/03/14/cla-launches-paid-high-school-accounting-internships-in-15-locations/77932/

For Banks, Guaranteeing 100% of Everyone’s Money Threatens Moral Hazard

https://www.pymnts.com/news/regulation/2023/for-banks-guaranteeing-100percent-of-everyones-money-threatens-moral-hazard/

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Two Big AI Developments for Accountants

Blake Oliver & David Leary — Sat, 18 Mar 2023 08:51:58 -0700

We're talking about the release of GPT-4 and Microsoft's Copilot built into Office 365. Both will have a huge impact on accountants in the near future. Tune in to learn how!

Show Notes:

Introducing Microsoft 365 Copilot | Microsoft 365 Blog
https://www.microsoft.com/en-us/microsoft-365/blog/2023/03/16/introducing-microsoft-365-copilot-a-whole-new-way-to-work/

GPT-4 Developer Livestream - YouTube
https://www.youtube.com/watch?v=outcGtbnMuQ

OpenAI releases GPT-4, artificial intelligence that can 'see' and do taxes
https://www.nbcnews.com/tech/tech-news/openai-gpt-4-rcna74916

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CPA Crisis: NASBA CEO Ken Bishop On The 150-Hour Rule & Accounting Talent Crisis

Blake Oliver & David Leary — Wed, 15 Mar 2023 11:26:23 -0700

Join us for a conversation with Ken Bishop, President and CEO of NASBA, as he shares his insights into the shrinking CPA pipeline. We'll be discussing the controversial 150-hour rule and possible solutions to the growing accounting talent shortage.

Meet Ken Bishop
LinkedIn: https://www.linkedin.com/in/ken-l-bishop-5a142414/

Learn more about NASBA
Website: http://nasba.org

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Silicon Valley Bank FAIL With Paul Barnhurst, The FP&A Guy

Blake Oliver & David Leary — Tue, 14 Mar 2023 13:05:57 -0700

Guest: Paul Barnhurst, The FP&A Guy; Corporate frauds go undetected; Xero lays off 800; IRS process had a 20X improvement, and more!

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(00:00) - E323
(00:04) - State regulators shut down Silicon Valley Bank
(00:33) - Introduction and some thoughts on their Ken Bishop interview
(04:14) - Some background on Paul
(09:10) - Silicon Valley Bank is in trouble
(12:03) - How banks work and make money
(15:08) - Blake shares a tweet from a listener
(16:22) - Almost all corporate fraud goes undetected
(21:39) - News breaks that SVB has been shut down
(26:01) - Fireball sued for whiskey fraud
(27:53) - Ramp raises $5 million to build expense tracking
(34:12) - ChatGPT used to recover over $100k in unpaid invoices
(38:55) - FinTech failures and Xero's layoffs
(43:13) - Startup CFO used Chat GPT to create FP&A tool
(48:25) - Which GL will embed AI first?
(51:08) - Randomly assigning auditors to companies improves their quality
(53:42) - The IRS has already scanned 20 times more documents than all of 2022
(54:59) - New commissioner of IRS approved
(55:30) - Wrap up and where to reach everyone

Show Notes

Xero to lay off up to 800 staff as tech downturn spreads to accounting

https://www.accountingweb.co.uk/tech/accounting-software/xero-to-lay-off-up-to-800-staff-as-tech-downturn-spreads-to-accounting

IRS expands digital processing

https://www.accountingtoday.com/news/irs-expands-digital-processing

Senate approves Werfel as IRS chief

https://www.accountingtoday.com/news/senate-approves-werfel-as-irs-chief

Reshaping Xero to enable disciplined growth and focus

https://www.xero.com/blog/2023/03/reshaping-xero-to-enable-growth/

Bill.com Holdings: QuickBooks Flips From Asset To Serious Threat ...

https://seekingalpha.com/article/4585422-billcom-holdings-quickbooks-flips-from-asset-to-serious-threat

Ramp Raises $5 Million for User and Revenue Forecasting Platform

https://www.pymnts.com/news/investment-tracker/2023/ramp-raises-5-million-for-user-and-revenue-forecasting-platform/

The Week That Broke the Bank for Crypto

https://www.pymnts.com/cryptocurrency/2023/the-week-that-broke-the-bank-for-crypto/

FinTech Cash Burn Totaled $12 Billion in 2022

https://www.pymnts.com/news/fintech-investments/2023/fintech-cash-burn-totaled-12-billion-in-2022/

What’s going on at Silicon Valley Bank?!

https://newsletter.dtrh.co/p/whats-going-on-at-silicon-valley

Silicon Valley Bank shoots self in foot

https://techcrunch.com/2023/03/09/silicon-valley-bank-shoots-self-in-foot/

Most corporate fraud goes undetected

https://www.cfobrew.com/stories/2023/01/26/most-corporate-fraud-undetected-new-study

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Silicon Valley Bank Collapse: Understanding The Impact On Your Firm & Clients

Blake Oliver & David Leary — Mon, 13 Mar 2023 14:50:14 -0700

Bank Collapse App Information:
https://bankcollapseapp.info/

Meet Our Guests:

Matthew May
LinkedIn: https://www.linkedin.com/in/thetechcpa/
Twitter: @TheTechCpa
Website: Acuity.co

Mike Moïse
LinkedIn: https://www.linkedin.com/in/mikemoise/
Twitter: @mavidormike
Website: https://www.leadwithvalue.team/

Rey Arellano, CPA PFS CGMA
LinkedIn: https://www.linkedin.com/in/reynaldoarellano/

Akshay Shrimanker
LinkedIn: https://www.linkedin.com/in/shaycpa/
Twitter: @ShayCPA
Website: Shaycpa.com

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Catching Up On AccounTech News

Blake Oliver & David Leary — Fri, 10 Mar 2023 06:45:03 -0800

Majority of CAS practices support 3+ general ledgers; KPMG may have turned a blind eye to deforestation; Intuit to replace QuickBooks Desktop POS with Shopify; Startup accelerators from Intuit and AICPA

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(00:00) - Catching Up On AccounTech News
(00:31) - Introduction and why we are doing this extra episode
(01:26) - Voice authentication in the banking industry
(04:29) - ESG update from David
(13:46) - Deloitte's Australia becomes a victim of fraud
(16:29) - Armanino crypto team has now started a new firm
(17:33) - CAAS by the numbers
(26:24) - Why switching from QuickBooks to Xero or vice versa is so difficult
(30:22) - Accounting conferences entry fees excludes average CPA from going
(36:28) - Listener mail on pricing
(41:23) - QuickBooks POS system is partnering with Shopify
(45:14) - AICPA and CPA.com new startup accelerator cohort
(48:54) - Intuit cohort of startups
(51:26) - Revolut struggles
(57:54) - How to contact Blake or David

Show Notes

Revolut auditor concerned over £477m in late accounts

https://www.accountancydaily.co/revolut-auditor-questions-ps477m-late-accounts

Intuit Announces 2023 Cohort of Toronto Startup Accelerator Program

http://www.businesswire.com/news/home/20230302005347/en/Intuit-Announces-2023-Cohort-of-Toronto-Startup-Accelerator-Program/?feedref=JjAwJuNHiystnCoBq_hl-SP7CEH_PxTjduXJ0SDrbU6qcp-o_pnudlUwsb5apQ1S4gUE65BTfjH3-pSuqdv0gW3cb3F4oTIgUqCPafFkgu67Ap_pA_yJ1XPgPy1DuJnY

The Dishonest Accounting of Net-Zero Emissions

https://capitalandmain.com/the-dishonest-accounting-of-net-zero-emissions

AICPA and CPA.com Announce 2023 Startup Accelerator Cohort

https://www.cpapracticeadvisor.com/2023/02/28/aicpa-and-cpa-com-announce-2023-startup-accelerator-cohort/77261/

Say Goodbye to QuickBooks Desktop Point-of-Sale

https://www.intuitiveaccountant.com/accounting-tech/general-ledger/say-goodbye-to-quickbooks-desktop-point-of-sale/

AICPA & CIMA Sponsor Inaugural 'IFRS Sustainability Symposium'

https://www.intuitiveaccountant.com/in-the-news/people-and-business/aicpa-cima-sponsor-inaugural-ifrs-sustainability-symposium/

Professional accountants fall out of favour on ESG assurance

https://www.responsible-investor.com/professional-accountants-fall-out-of-favour-on-esg-assurance/

ESG Reporting Now Common at Large Companies, But Report ...

https://www.cpapracticeadvisor.com/2023/02/28/esg-reporting-now-common-at-large-companies-but/77221/

Voice Cloning: A Blessing or a Curse for the Voice Banking Industry?

https://www.finextra.com/blogposting/23813/voice-cloning-a-blessing-or-a-curse-for-the-voice-banking-industry

Revolut User Base Grows Alongside Auditor Warnings

https://www.pymnts.com/news/digital-banking/2023/revolut-user-base-grows-alongside-auditor-warnings/

How auditing giant KPMG became a global sustainability leader while serving companies accused of forest destruction - ICIJ

https://www.icij.org/investigations/deforestation-inc/audit-firms-kpmg-environmental-sustainability-logging/

AICPA and CPA.com announce new startup accelerator cohort for 2023 | Accounting Today

https://www.accountingtoday.com/news/aicpa-and-cima-announce-new-startup-accelerator-cohort-for-2023

Xero Announces New Chief Product Officer - CPA Practice Advisor

https://www.cpapracticeadvisor.com/2023/02/28/xero-announces-new-chief-product-officer/77265/

IRS Processing Returns as Fast as It Gets Them - CPA Trendlines

https://cpatrendlines.com/2023/02/27/irs-processing-returns-as-fast-as-it-gets-them/

Tweet from Ryan Elblein re: cost of ENGAGE

https://twitter.com/relblein/status/1631125387005640704?s=12&t=bI7JWUng6zVr0Ei5O2Qv3g

[CAP] Accounting / Finance as a percentage of Revenue

https://mail.google.com/mail/u/0/?tab=cm#inbox/FMfcgzGrcjRMDlRGJhxfWPBrwJQzLxWQ

CAS by the numbers | Accounting Today

https://www.accountingtoday.com/list/cas-by-the-numbers

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Bridging the Skills Gap for New Accounting Graduates

Blake Oliver & David Leary — Wed, 08 Mar 2023 08:04:15 -0800

Guest: Dr. Josh McGowan, CPA from Troy University; Blake calculates the cost of the 150-hour rule; Minnesota says AICPA & NASBA are not the regulators; Accounting department budgets at risk

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(00:00) - Preview: The struggle is finding students who want to be an accounting major
(00:49) - Josh McGowan joins the show
(02:08) - Why should a student choose to be an accounting major
(09:16) - How is accounting enrollment trending at your University?
(12:06) - David asks Josh survey questions from a CPA Journal article
(23:20) - How do we fix the work/life balance image of bigger firms
(25:52) - Josh tell us your personal accounting journey
(34:24) - Blake shares some listener mail
(39:05) - Are students with accounting exposure in high school better prepared for college accounting classes?
(40:23) - Lets talk about the 150 hour rule with Josh
(54:16) - Is the branding of the accounting profession the bigger problem?
(01:05:04) - What if we change the 150 requirement and still have a pipeline issue?
(01:09:21) - Should accountants even need a bachelor's degree?
(01:18:36) - Wrap up and where to find Josh online

Show Notes

The Beef Between the AICPA and Minnesota Over the 150 Hour Rule Heats Up

https://www.goingconcern.com/the-beef-between-the-aicpa-and-minnesota-over-the-150-hour-rule-heats-up/

An Update on the Future of Accounting Education

https://www.cpajournal.com/2022/11/14/an-update-on-the-future-of-accounting-education/

The cost of the 150-hour rule: $2 billion

https://www.accountingtoday.com/opinion/the-cost-of-the-150-hour-rule-2-billion

Former Accounting Team of FTX US Auditor Armanino Sets Up Shop as The Network Firm

https://www.coindesk.com/tech/2023/03/01/former-accounting-team-of-ftx-us-auditor-armanino-sets-up-shop-as-the-network-firm/

Entigrity Honored with 'Dream Companies to Work For' and 'Best ...

https://www.prnewswire.com/in/news-releases/entigrity-honored-with-dream-companies-to-work-for-and-best-employer-brand-award-by-world-hrd-congress-301751496.html

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China Tells State Firms To Drop Big Four Auditors

Blake Oliver & David Leary — Wed, 01 Mar 2023 15:44:18 -0800

IRS stuck on 1970's technology; Twitter poll says change back to 120 hours; Photos prove accounting thought leaders met; Intuit's 2023 Q2 Results

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(00:00) - China Tells State Firms to Drop Big Four
(00:04) - Preview: "The IRS is broken"
(00:48) - Blake and David recap the CPA Educators Conference
(08:06) - Some quick listener feedback and Blake interviewed a guest earlier in the week
(10:23) - China is telling firms to drop their Big 4 auditors
(14:09) - Some updates from Intuit's latest earnings report
(19:06) - Blake gives live Chat GPT demo on email responses
(22:41) - Vanderbilt University is getting criticized for using Chat GPT to write sympathy email to Michigan State
(24:04) - The IRS is using 60 year old technology and won't upgrade it
(29:04) - Open Secrets article on Intuit's lobbying money
(31:21) - Blake checks in on some live viewer chat
(33:07) - The Big 4 and their purpose statements
(36:03) - Interview with Jimmy Corley and the 150 hour rule
(50:52) - Blake shares a poll from Twitter on 150 hour requirement
(52:35) - Criticism on CPA Practice Advisors photo op and article on future of profession
(54:56) - Join us next week and where to reach Blake and David

Show Notes

Opinion | Badly outdated technology plagues the IRS - The Washington Post

https://www.washingtonpost.com/opinions/2023/02/22/outdated-technology-irs/

China urges state firms to drop Big Four auditors on data risk | Accounting Today

https://www.accountingtoday.com/articles/china-urges-state-firms-to-drop-big-four-auditors-on-data-risk

Twitter Poll: Should 150 college credits be required or 120 to be a CPA?

https://twitter.com/mikesyl36625988/status/1626946277127729155?s=12&t=ETTs0WOvobuoMmjCN8GztQ

What You Should Know About Changing the 150 Hour Rule Before You Debate For or Against It

https://www.goingconcern.com/150-hour-rule-changes-issues/

Accounting Thought Leaders Discuss Future of the Profession, Advisory Services, and Tax

https://www.cpapracticeadvisor.com/2023/02/21/accounting-thought-leaders-discuss-future-of-advisory-and-tax/76941/

Opinion | The IRS should not be running on 60-year-old technology

https://www.washingtonpost.com/opinions/2023/02/22/outdated-technology-irs/

Intuit's (INTU) Q2 Earnings and Revenues Beat Estimates

https://www.zacks.com/stock/news/2058809/intuit-s-intu-q2-earnings-and-revenues-beat-estimates?cid=CS-ZC-FT-analyst_blog|earnings_article-2058809

China to shift away from Big Four accounting firms

https://asiatimes.com/2023/02/china-to-shift-away-from-big-four-accounting-firms/

Intuit Inc. (INTU) Q2 2023 Earnings Call Transcript

https://seekingalpha.com/article/4581444-intuit-inc-intu-q2-2023-earnings-call-transcript

Intuit Reports Strong Second Quarter Results and Reiterates Full Year Guidance

http://www.businesswire.com/news/home/20230223005037/en/Intuit-Reports-Strong-Second-Quarter-Results-and-Reiterates-Full-Year-Guidance

How CPA Firms Are Engaging the Next Tax and Accounting Pros

https://news.bloombergtax.com/tax-insights-and-commentary/how-cpa-firms-are-engaging-the-next-tax-and-accounting-pros

TurboTax parent company Intuit is pouring more money than ever into lobbying amid push for free government-run tax filing

https://www.opensecrets.org/news/2023/02/turbotax-parent-company-intuit-is-pouring-more-money-than-ever-into-lobbying-amid-push-for-free-government-run-tax-filing/

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NASBA Says No Way To Lower 150-Hour Rule

Blake Oliver & David Leary — Wed, 22 Feb 2023 16:20:52 -0800

Guest Randy Crabtree of The Unique CPA podcast; the UK has an accountant turnover crisis, too; should accountants unionize? Field service app Jobber raises $100 million and more!

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(00:00) - Thank you to our sponsor, SuiteFiles
(00:26) - Preview: Why Saas businesses look horrible on paper
(01:08) - Introduction and welcome Randy Crabtree to the show
(03:04) - Some background on Randy and his firm
(05:14) - NASBA votes on keeping the 150 hour requirement
(08:56) - Will CPAs and audits even be necessary in the future?
(11:48) - Did Randy have to get 150 hours?
(15:54) - Accounting as an AP class and how to reach more high school students
(21:59) - Thank you to our sponsor, SuiteFiles
(23:25) - Checking in on the live chat
(27:10) - Losing accountants isn't just a United States problem
(29:47) - The University of Arizona partners with Deloitte for an accounting scholarship program
(30:35) - Blakes plays a clip from Planet Money
(35:08) - Thank you to our sponsor, LiveFlow
(36:25) - Jobber raises $100 million and the SaaS business model
(42:03) - Client Hub launches a free recategorized plan
(43:35) - Google Calendar now fights calendar spam
(45:23) - Thank you to our sponsor, Anchor
(47:02) - CFO's vow to boost their tech influence in 2023
(47:48) - New Zealand company Hnry, raises $35 million in series B
(49:03) - Chat CPA website
(53:16) - Zapier blog post on best AI productivity tools
(56:27) - Randy has to run, and another check on the chat
(01:00:02) - Hinge Research put out a high growth study for 2023
(01:01:26) - Would accountants support a type of "union" for better working conditions?
(01:06:49) - A few listener emails
(01:11:58) - Wrap up and where to reach Blake and David
(01:13:36) - Client Hub
(01:14:12) - RightTool
(01:14:35) - Future Firm Accelerate
(01:15:22) - How to advertise in these classifieds

Show Notes

The best AI productivity tools in 2023 | Zapier

https://zapier.com/blog/best-ai-productivity-tools/

The Accountant Shortage Isn't Bad Enough For NASBA to Entertain Dropping the 150 Hour Requirement - Going Concern

https://www.goingconcern.com/nasba-150-hour-rule-accountant-shortage/

HF 1749 as introduced - 93rd Legislature (2023 - 2024)

https://www.revisor.mn.gov/bills/text.php?number=HF1749&session=ls93&version=list&session_number=0&session_year=2023&keyword_type=all&keyword=Accountancy

ChatCPA - Chat with an A.I. trained by a CPA

https://www.chatcpa.io/

Google adds a new way to block calendar spam. Here’s how to use ithttps://www.cnbc.com/2022/07/20/how-to-block-google-calendar-spam-with-a-new-feature-that-stops-it.html

Client Hub Launches a Free Recategorize Plan - CPA Practice Advisor

https://www.cpapracticeadvisor.com/2023/02/13/client-hub-launches-a-free-recategorize-plan/76782/

NASBA upholds 150-hour education requirement for CPA licensure - Journal of Accountancy

https://www.journalofaccountancy.com/news/2023/feb/nasba-upholds-150-hour-education-requirement-for-cpa-licensure.html

CFOs Vow to Boost Tech Influence in 2023

https://www.cfo.com/technology/2023/02/tech-spending-2023-finance-team/

LinkedIn poll: Should accountants unionize?

https://www.linkedin.com/posts/blaketoliver_accountants-activity-7016853793652838402-2_cC?utm_source=share&utm_medium=member_ios

Self-employed bookkeeping platform Hnry books $35 million Series B

https://www.startupdaily.net/topic/funding/self-employed-bookkeeping-platform-hnry-books-35-million-series-b/

Jobber fixes on $100M as its platform for home services pros hits ...

https://techcrunch.com/2023/02/07/jobber-fixes-on-100m-as-its-platform-for-home-services-pros-hits-200k-users/

Eller College scholarship aims to promote diversity in accounting

https://azbigmedia.com/business/eller-college-scholarship-aims-to-promote-diversity-in-accounting/

KPMG becomes first Big Four accounting firm to cut staff in US: Report

https://www.indiatoday.in/business/story/kpmg-becomes-first-big-four-accounting-firm-to-cut-staff-in-us-2335430-2023-02-16

The Impact of AI on the Accounting Profession

https://www.cpapracticeadvisor.com/2023/02/13/the-impact-of-ai-on-the-accounting-profession/76772/

Accounting: uncovering the hidden gem of the math department

https://www.inklingsnews.com/opinions/2023/02/10/accounting-uncovering-the-hidden-gem-of-the-math-department/

Third of accountants consider changing jobs

https://www.accountancydaily.co/third-accountants-consider-changing-jobs

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Thanks for listening and for ...

AICPA's 8-Point Plan To Fix The Accounting Pipeline Problem

Blake Oliver & David Leary — Tue, 14 Feb 2023 21:33:28 -0800

We dissect the AICPA's plan; Short seller Hindenburg Research reports that Adani Group had 23 and 24 year-old auditors sign off on financials. WSJ asks: "How can we make accounting cool?"; Biden vows to veto GOP plan to abolish the IRS; CPA exam takers down 25% since 2018; IRS too busy to replace old computers, suspends project

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(00:00) - Thank you to our sponsor, OnPay
(00:19) - Preview:
(01:01) - Introduction and some of what we'll cover this episode
(03:13) - NPR Marketplace interview with Adrienne Gonzalez and the struggle to find accountants
(10:30) - AICPA's town hall
(16:43) - Thank you to our sponsor, OnPay
(18:01) - Checking in on our live chat
(21:12) - Matt asks for ideas on how he should obtain his 150 hours
(27:47) - Thank you to our sponsor, Relay
(29:55) - Accounting Today article on CPA exam pass rates falling in 2022
(35:59) - GAO says IRS gave up on computer systems upgrade
(39:49) - Thank you to our sponsor, First Republic Bank
(40:35) - Republican bill to abolish the IRS
(43:15) - Lets talk about Adani Group's auditors
(46:20) - Tether releases latest attestation report
(48:51) - Nikole's voicemail and the Accounting High bracket
(51:32) - Company holds "funeral" for QuickBooks
(53:35) - Blake reads some listeners comments and feeback
(58:05) - Wrap up and the CAP is going ti Expensicon!
(59:46) - Classifieds
(59:48) - Client Hub
(01:00:24) - RightTool
(01:00:46) - Federal Tax Updates Podcast
(01:01:59) - How to advertise in these classifieds