The Accounting Podcast

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
OnPay - http://accountingpodcast.promo/onpay
Relay - http://accountingpodcast.promo/relay
RightWorks- http://accountingpodcast.promo/rightnow2025 (use code TAP15 for 15% OFF)

• (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
• (01:02:01) - IRS Drama: Chief Counsel Clash
• (01:03:11) - 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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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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Transcripts

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

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
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)

• (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
• (01:00:11) - Expense Card Industry Updates
• (01:05:34) - 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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Get in Touch

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.

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

• Apple Podcasts: http://cloudacctpod.link/ApplePodcasts
• YouTube: https://www.youtube.com/@TheAccountingPodcast
• Spotify: http://cloudacctpod.link/Spotify
• Podchaser: http://cloudacctpod.link/podch...

What happens when political changes collide with tax enforcement? In this revealing conversation, former IRS revenue agent Jeff Johnson shares his firsthand account of being caught in the recent mass layoffs at the IRS. Having just completed seven months of intensive training, Jeff was among 7,000 probationary employees suddenly terminated as part of a broader federal workforce reduction initiative.

Jeff pulls back the curtain on the agency's antiquated systems—including 1960s COBOL programming and cryptic green screens that revenue agents must master—and explains why these cuts could mean fewer audits of non-compliant taxpayers. You'll hear how experienced professionals who left established careers to serve at the IRS were dismissed with minimal notice and why this might be just the beginning of a much more significant reduction targeting up to half of the agency's 90,000 workforce.

Meet Our Guest, Jeff Johnston

LinkedIn: http://www.linkedin.com/in/jon-jeffery-johnston-6812875

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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 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.

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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• YouTube: https://www.youtube.com/@TheAccountingPodcast
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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 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

• (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
• (31:53) - Consulting Firms and Government Contracts
• (37:38) - Government Spending and Nonprofits
• (38:57) - Consulting Costs and Middlemen
• (41:26) - The Penny Debate
• (43:01) - Federal Employee Accountability
• (59:54) - Elon Musk's OpenAI Offer
• (01:04:58) - Citigroup's $81 Trillion Error
• (01:08:44) - Self-Driving Cars and AI
• (01:11:19) - 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...

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

Get in Touch

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.

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

• Apple Podcasts: http://cloudacctpod.link/ApplePodcasts
• YouTube: https://www.youtube.com/@TheAccountingPodcast
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• Stitcher: http://cloudacctpod.link/Stitcher
• Overcast: http://cloudacctpod.link/Overcast

Classifieds

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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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Get in Touch

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.

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

• Apple Podcasts: http://cloudacctpod.link/ApplePodcasts
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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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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.

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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Transcripts

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

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
CPA.com - http://accountingpodcast.promo/cpa
Bluevine - http://accountingpodcast.promo/bluevine (Bluevine is a financial technology company, not a bank. Banking Services provided by Coastal Community Bank, Member FDIC.)

• (02:16) - Apologies and Clarifications
• (04:37) - IRS Layoffs and Government Spending
• (05:32) - Live Stream Interactions and Sponsorships
• (06:47) - Federal Debt and Fiscal Health
• (16:58) - BOI Reporting Deadline Extension
• (19:05) - Deloitte's DEI Changes
• (23:26) - CPA Licensure Pathways
• (28:37) - DOGE Dividend Proposal
• (33:14) - Social Security and Medicare Funding Challenges
• (35:40) - Impact of IRS Layoffs
• (38:13) - Audit Rates and Tax Compliance
• (42:16) - Regulatory Burdens and Economic Growth
• (51:50) - PCAOB and Audit Quality
• (59:54) - AI in Tax Research
• (01:05:38) - 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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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 ...

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!

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• (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
• (40:38) - Adobe's Tax Tips: Helpful or Harmful?
• (43:54) - 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

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.

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• (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
• (47:03) - BDO Lawsuit: Inflated Revenues and ESOP
• (50:57) - 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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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.

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• (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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Transcripts

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

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.

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• (00:48) - Trump's TikTok Saga
• (03:35) - Live Stream and CPE Credits
• (04:48) - Trump's Cryptocurrency Launch
• (06:54) - Sage AI Data Leak Incident
• (12:27) - Relay Sponsorship and Banking Solutions
• (14:13) - Trump's Cryptocurrency Impact
• (28:06) - Direct File and IRS Developments
• (32:45) - KPMG Enters Legal Services
• (38:51) - Tax Bandits: Streamlining Your Tax Season
• (39:50) - Legal Document Automation with AI
• (41:04) - South Carolina's $1.8 Billion Accounting Error
• (45:56) - Trump's External Revenue Service Proposal
• (49:54) - Chinese Hackers Breach U.S. Treasury
• (56:51) - FDIC Sues Silicon Valley Bank Executives
• (01:04:39) - American Express Settles for $230 Million Over Bad Tax Advice
• (01:08:28) - Testing Google's Gemini Advanced for Tax Research
• (01:12:17) - Earn Free CPE Credits with Earmark
• (01:14:22) - 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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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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• (01:23) - Bench Accounting Bankruptcy Deep Dive
• (02:17) - Venture Capital's Interest in Accounting
• (02:42) - JP Morgan's Return to Office Policy
• (04:04) - Continuing Professional Education Credits
• (05:05) - Bench Bankruptcy Filing Details
• (05:50) - Bench's Financial Breakdown
• (07:42) - Bench's Customer Acquisition Strategy
• (10:55) - Bench's Development and Management Costs
• (13:17) - Operations and Outsourcing at Bench
• (16:07) - Service Delivery and Refunds
• (19:47) - Venture Capital and AI in Accounting
• (29:16) - Relay: The Small Business Bank
• (35:28) - AI-Powered Bookkeeping: A New Frontier
• (36:44) - Debating the Future of Software Costs
• (41:14) - AI's Impact on Job Markets
• (45:15) - Challenges in Replacing Human Jobs with AI
• (50:57) - The Remote Work Debate
• (01:02:05) - Corporate Accountability and Legal Issues
• (01:12:03) - 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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Sponsorships

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

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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

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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• (01:03) - Private Equity in Accounting Firms
• (03:14) - Personal Update: Blake's Hand Injury
• (05:18) - California's Insurance Crisis
• (13:57) - Ohio Ends the 150-Hour Rule
• (22:02) - App News: OnPay, SafeSend, and More
• (30:16) - Carvana's Questionable Accounting Practices
• (36:36) - Return to Office Policies
• (40:01) - RTO Policies and Office Leases
• (41:15) - Client Satisfaction and Net Promoter Score
• (42:53) - Debate on the Effectiveness of NPS
• (44:20) - Implementing NPS in Accounting Firms
• (52:03) - PCAOB Fines and Audit Quality
• (01:03:15) - Bitcoin and Government Policies
• (01:06:54) - Private Equity in Accounting Firms
• (01:15:07) - 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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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.

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• (05:01) - Sponsors and H1B Visa Discussion
• (11:14) - H1B Visa Impact on Accounting
• (26:53) - Bench Accounting Shutdown
• (45:17) - VCs and the Tough Decisions
• (47:42) - Challenges in Automating Bank Transactions
• (48:58) - H1B Visa Workers and Financial Misconduct
• (52:19) - Predictions for 2025 and Beyond
• (58:12) - Private Equity's Impact on Accounting Firms
• (01:08:15) - Barry Melanson's Legacy and the Future of CPA
• (01:15:23) - Conclusion and CPE Credits
• (01:16:45) - 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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Transcripts

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

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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• (01:36) - Beneficial Ownership Information Reporting (BOI)
• (03:39) - Bench Accounting Shutdown
• (12:35) - Automated Bookkeeping Challenges
• (18:35) - Tax Fraud Case: The Magician
• (28:20) - IRS Commissioner Nominee Controversy
• (33:55) - Tax Refunds and Lifetime Advisors
• (36:16) - The Dying Language of Accounting
• (37:44) - CPA Licensure Reform
• (39:05) - Working Conditions in Accounting
• (42:28) - Reflecting on 2024: Key Themes and Events
• (55:34) - AI and the Future of Accounting
• (01:00:59) - San Francisco's Tax Controversies
• (01:04:03) - IRS Special Payments and Predictions for 2025
• (01:06:25) - Bitcoin and Quantum Computing Risks
• (01:09:13) - 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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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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• (00:59) - Introducing ChatGPT as Co-Host
• (01:58) - Hot Topics in Accounting News
• (04:05) - Private Equity in Accounting Firms
• (07:35) - Debating the Impact of Private Equity
• (22:40) - DirectFile Controversy
• (28:02) - App News and Updates
• (34:23) - Enron's Return?
• (38:28) - Fraudsters and Presidential Pardons
• (42:00) - Accounting Errors on the Rise
• (44:52) - The Daylight Savings Debate
• (50:04) - AI Tools: The Good, The Bad, and The Ugly
• (58:26) - 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...

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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• (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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Transcripts

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

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.

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Zoho - http://accountingpodcast.promo/zoho
SmartVault - http://accountingpodcast.promo/smartvault

• (00:31) - Celebrating Achievements and Social Media Impact
• (03:16) - Key News Stories: Price Increases and Regulatory Changes
• (04:17) - BOI Reporting Requirement Blocked
• (14:21) - Raising Prices in Accounting Firms
• (17:39) - Experience, Learn, and Earn Program
• (22:26) - AICPA and Overtime Pay Ruling
• (30:12) - PCAOB's New Reporting Requirements
• (34:48) - Debating the Future of Auditing
• (35:50) - Impact of AI on Auditing
• (37:21) - Evaluating PCAOB's Effectiveness
• (38:32) - PCAOB Sanctions and Penalties
• (45:00) - Macy's Financial Controversy
• (48:31) - EY's AI Interview Bot
• (53:29) - AI's Impact on Productivity
• (58:14) - Dext Acquisition by Iris
• (01:01:58) - 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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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.
 

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• (00:46) - Macy's Accounting Error: Breaking News
• (01:40) - Understanding the Impact of Macy's Error
• (02:46) - The Mystery Behind Macy's Accounting Error
• (02:53) - Join the Live Discussion
• (03:42) - Upcoming Topics and Teasers
• (05:15) - Thanking Our Sponsors
• (06:42) - Diving Deeper into Macy's Accounting Mystery
• (19:29) - Exploring the Fraud Triangle
• (27:54) - Auditors and Materiality Standards
• (32:04) - Auditors' Role in Detecting Fraud
• (33:25) - Impact of Fraud on Macy's Stock
• (33:47) - Challenges in Auditing Practices
• (34:08) - Internal Controls and Their Limitations
• (38:53) - Expense Fraud: A Growing Concern
• (44:01) - AI in Auditing: The Future of Fraud Detection
• (52:28) - Trump Tariffs and Their Economic Impact
• (01:03:13) - 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

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

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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• (00:00) - Welcome to the Accounting Podcast
• (01:52) - DOGE's Impact on H&R Block and TurboTax Stocks
• (02:57) - IRS Free File Program
• (04:49) - Intuit's Response to DOGE Initiative
• (10:43) - Remote Work for Federal Employees
• (16:25) - Pentagon's Audit Failures
• (22:36) - AI Outperforms Doctors in Diagnosing Illnesses
• (32:12) - Boosting Productivity with ChatGPT
• (36:09) - Salesforce's AI Irony
• (38:15) - Anthropic's AI in Action
• (45:34) - Intuit's AI Strategy and TurboTax
• (48:36) - Intuit Enterprise Suite and Market Expansion
• (55:27) - Closing Remarks and Future Topics

Show Notes

Coming soon!

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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

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.

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• (00:00) - Welcome to The Accounting Podcast
• (03:05) - Avalara Crush Conference Insights
• (07:48) - AI and the Future of Tax Compliance
• (13:21) - Trump's Economic Impact
• (17:26) - Tariffs and Global Trade
• (25:40) - Tax Proposals and Implications
• (36:53) - Bitcoin's Meteoric Rise and Market Speculations
• (47:43) - AI Adoption in the Workforce
• (49:53) - IRS PPS Fraud: A Deep Dive
• (01:00:49) - PCAOB Drama and Audit Deficiencies
• (01:06:49) - BOI Reporting and AICPA's Response
• (01:10:33) - 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

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

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.

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• (00:41) - Intuit Connect Recap
• (01:37) - Intuit CEO's Apology
• (09:32) - Intuit's Market Strategy
• (15:45) - Intuit Enterprise Suite Demo
• (30:00) - QuickBooks New Features
• (36:32) - Upcoming AI Webinar Announcement
• (37:06) - Feedback on AI Presentation
• (37:47) - The Future of Tax Preparation with AI
• (39:34) - AI in Action: Cloud Computer Use Demo
• (49:46) - Fraud in Political Campaigns
• (52:53) - Opportunities in Small Town Tax and Bookkeeping
• (57:08) - EY Resigns as Super Micro Auditor
• (01:07:39) - Conclusion and Upcoming Events
• (01:07:56) - 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

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

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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• (02:30) - Blake's Session on Automation Toolkit
• (05:11) - Sponsor Acknowledgements
• (05:34) - Discussion on AICPA and NASBA Competency Pathway
• (06:35) - Amber Setter's Insights on the Proposed Pathway
• (10:47) - Concerns and Practical Challenges
• (16:21) - Potential Impact on CPA Candidates
• (30:29) - Live Stream Viewer Comments and Questions
• (36:02) - Debating CPA Education Requirements
• (36:29) - Personal Journey to Becoming a CPA
• (37:18) - State Differences in CPA Experience Requirements
• (39:34) - NASBA's Influence on State Boards
• (41:47) - Challenges in CPA Firm Hiring Practices
• (42:38) - Value of Prior Work Experience
• (42:55) - Different CPA Licenses Across States
• (45:06) - Master's Degree in Accounting: Is It Worth It?
• (47:41) - Experience vs. Education in CPA Training
• (52:35) - The Appeal of Starting Your Own Firm
• (01:00:15) - EY's Controversial CPE Policy
• (01:03:09) - Innovative CPE Solutions with Earmark
• (01:03:55) - Future of CPE and Mental Health Initiatives
• (01:09:42) - 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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Transcripts

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

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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• (00:33) - Introduction and Grand Canyon Adventure
• (02:29) - Padgett Business Model and Amanda's Role
• (04:19) - Sponsors and Election Involvement
• (06:00) - Why Trump Will Win: Analyzing the Numbers
• (06:29) - AICPA Leadership and Industry News
• (10:29) - Earmark's Growth and Future Plans
• (24:11) - Immigration Debate and Economic Impact
• (43:30) - Economic Factors in Trump's Election Loss
• (44:21) - Ad Break: Zoho Practice Management
• (46:07) - Impact of Abortion and Immigration on Elections
• (47:42) - Offshoring and Wage Suppression in Accounting
• (49:49) - AICPA's Role in Offshoring and Technology
• (54:05) - Introducing Mark Koziel: New AICPA President
• (57:48) - Ad Break: Practice Protect Cybersecurity
• (01:00:04) - Debate on Abortion and Political Affiliations
• (01:04:50) - Banking Crisis and Economic Policies
• (01:07:02) - Intuit's Controversial Ad Campaign
• (01:15:19) - Warren Buffett's Stance on Bank of America
• (01:25:00) - 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

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

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.

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• (01:16) - Controversial Intuit Ad Campaign
• (03:29) - Blake's Grand Canyon Adventure
• (04:49) - Intuit's Industry Fallout
• (09:58) - Tax Preparation Fee Calculator
• (14:34) - NATP's AI Transition
• (22:01) - Trump Jr. vs. Deloitte
• (24:17) - Trump's Tax Policy for Expats
• (28:08) - Popular Tax Proposals
• (34:42) - App News: Numeric's Big Funding Round
• (35:46) - Understanding Flux Analysis
• (37:11) - AI in Accounting: Real-World Applications
• (40:38) - Tax Season Tips and Client Management
• (43:27) - CPA Licensure and Industry Challenges
• (53:33) - Auditor Misconduct and SEC Rulings
• (57:54) - Celebrity Financial Scandals: Fat Joe's Case
• (01:13:59) - 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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Transcripts

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

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.

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• (02:15) - OpenAI's Nonprofit to For-Profit Dilemma
• (05:44) - Understanding OpenAI's Complex Structure
• (13:28) - The Financial Implications of OpenAI's Transition
• (27:34) - Vuori's CEO: From Accounting to Fashion
• (34:44) - The Power of Pricing: Vuori's Success Story
• (35:09) - The Importance of Accounting in Entrepreneurship
• (36:48) - FreshBooks' Struggles and Market Position
• (39:42) - The Future of FreshBooks and Industry Trends
• (46:02) - Listener Mail: CPA Value and Audit Challenges
• (53:34) - Exploring Advisory Services and Technology Solutions
• (59:22) - 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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Transcripts

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

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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• (01:32) - Intuit's Controversial NFL Commercial
• (03:52) - TurboTax's Pricing Strategy
• (06:32) - Intuit's Market Strategy and Tax Pro Reactions
• (12:55) - IRS Audit Rates and Challenges
• (20:25) - EY India Tragedy and Work Culture
• (27:18) - AI in Accounting: Adoption and Applications
• (34:02) - Introduction to Perplexity
• (37:09) - Empowering Your Team with AI
• (39:11) - Challenges in CPA Firms
• (42:30) - WorkflowCon 2024 Announcement
• (44:15) - Changes to CPA Licensure
• (49:06) - Critique of NASBA and AICPA
• (57:02) - The Future of CPA Mobility
• (01:10:44) - 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

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

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

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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• (00:49) - Blake's Fitness Journey with Apple Watch
• (03:16) - Impact of Remote Work on Health and Productivity
• (06:25) - Amazon's Return to Office Policy
• (11:36) - CEO Perspectives on Remote Work
• (24:14) - Commercial Real Estate Crisis
• (28:07) - Accounting Standards and Bank Balance Sheets
• (31:25) - Listener Questions and Comments
• (45:06) - The Sunk Cost Fallacy in Real Estate
• (45:41) - The Looming Commercial Real Estate Bust
• (47:51) - The Role of Intangible Assets in Modern Accounting
• (51:24) - The CPA Journey: Is It Worth It?
• (52:09) - The Kenneth CPA Hack
• (01:01:54) - 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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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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• (01:32) - Intuit's New ERP System
• (03:43) - Target Market and Pricing Concerns
• (06:11) - Comparing to Competitors
• (18:18) - PwC's Massive Fine in China
• (19:04) - Evergrande's Financial Collapse
• (26:59) - The Bigger Picture of Audit Quality
• (30:08) - Australian Accountants and the PwC Debacle
• (31:05) - Tragic Death of EY Employee in India
• (33:16) - The Hypocrisy of Overwork in the Big Four
• (40:42) - OpenAI's New Model: A Game Changer
• (49:43) - Driverless Cars: The Future of Transportation
• (53:15) - NASBA's New Competency-Based CPA Pathway
• (01:01:23) - 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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Transcripts

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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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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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• (00:46) - Recap of Oracle SuiteWorld Conference
• (02:26) - NetSuite's Growth and Market Position
• (12:48) - Product Announcements and AI Integration
• (18:56) - Listener Questions and Career Advice
• (26:03) - Bookkeeping Startup Raises $200 Million
• (29:13) - Exploring All-in-One Bookkeeping Services
• (30:03) - The Future of Accounting Software Market
• (31:31) - Mercury Bank Acquires Teal
• (32:12) - Challenges in Automated Bookkeeping
• (35:39) - Consolidation in the Financial Services Industry
• (38:44) - Viral TikTok ATM Glitch Exploits
• (42:18) - PwC Layoffs and Office Policies
• (50:09) - Deloitte's Olympic Gold Medalist
• (54:58) - 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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Transcripts

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

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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• (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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Transcripts

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

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.

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• (01:50) - Intuit's Strategic Shift to Enterprise
• (04:42) - Intuit's Pricing and Market Position
• (13:11) - Economic Outlook and Accountants' Perspectives
• (21:45) - China's Debt and Bankruptcy System
• (28:52) - Listener Mail and Industry Insights
• (35:56) - A Compromise Between Hourly Billing and Subscription Pricing
• (45:33) - AI as a Personal Tutor
• (46:34) - Understanding SAFE Notes
• (54:24) - AI in Retail and Business
• (01:01:47) - Audit Deficiencies and Industry Issues
• (01:25:34) - 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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Get in Touch

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.

Sponsorships

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

Need Accounting Conference Info?