Afleveringen

  • TikTok & IRS Direct File Saved; Trump Issues Own Currency

    TikTok & IRS Direct File Saved; Trump Issues Own Currency

    · The Accounting Podcast

    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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    Chapters
    (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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    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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  • JPMorgan's RTO Drama, VC Love for Accounting and the Fall of Bench

    JPMorgan's RTO Drama, VC Love for Accounting and the Fall of Bench

    · The Accounting Podcast

    Blake and David examine Bench's bankruptcy filing, revealing fascinating details about their spending patterns and challenges with the business model. They also explore venture capital's growing interest in accounting firms, particularly focusing on AI automation claims and their potential impact on the profession, and there's a lively discussion about JP Morgan's controversial return-to-office mandate and its implications for workplace flexibility, sparked by Blake's viral tweet that garnered nearly 5 million views.

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    Chapters
    (01:23) - Bench Accounting Bankruptcy Deep Dive(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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    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

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  • Ohio Killed The 150-Hour Rule - Who's Next?

    Ohio Killed The 150-Hour Rule - Who's Next?

    · The Accounting Podcast

    Blake and David dive into major industry news, including Ohio ending the 150-hour CPA rule, setting a potential precedent for other states. They also discuss the Blackston acquisition of Citrin Cooperman and explore the implications of private equity involvement in accounting firms. Moving on, they examine workplace trends, including new data revealing that 61% of medium and large employers now require minimum in-office days, and debate the effectiveness of Net Promoter Scores (NPS) in accounting firms.

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    Chapters
    (01:03) - Private Equity in Accounting Firms(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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  • How H1-B Visas Suppress Accounting Salaries

    How H1-B Visas Suppress Accounting Salaries

    · The Accounting Podcast

    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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    Chapters
    (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

  • BOI On Again Off Again, Bench Shuts Down, Dying Language of Accounting

    BOI On Again Off Again, Bench Shuts Down, Dying Language of Accounting

    · The Accounting Podcast

    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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    Chapters
    (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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  • How Private Equity Could Hurt the Accounting Profession

    How Private Equity Could Hurt the Accounting Profession

    · The Accounting Podcast

    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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    Chapters
    (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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  • New IRS Commissioner Was An ERTC Peddler

    New IRS Commissioner Was An ERTC Peddler

    · The Accounting Podcast

    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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    Chapters
    (00:28) - Welcome to The Accounting Podcast(00:40) - Digital CPA Conference Highlights(01:17) - CAS Practices on the Rise(02:22) - IRS Commissioner Nominee: Billy Long(03:42) - Employee Retention Tax Credit Controversy(14:45) - Macy's Financial Misstatements(28:30) - Intuit Assist: A Closer Look(29:48) - The Evolution of Bill Scanning with AI(31:25) - AI's Impact on Accounting Tools(33:06) - AI and Tax Returns: The Future of Automation(34:54) - Relay: The Ultimate Small Business Bank(36:19) - Supermicro's Accounting Scandal(40:48) - Square's Move into Accounting Solutions(57:21) - The Rise of Client Advisory Services(01:00:55) - Closing Remarks and Future Insights

    Show Notes

    He Promised Huge Tax Refunds. Now Trump Wants Him to Lead the I.R.S.

    https://www.nytimes.com/2024/12/06/us/politics/billy-long-trump-irs-tax-credit.html

    Brainsky Unleashed (Instagram) – Billy Long – December 6, 2024

    https://www.instagram.com/brainskyunleashed/reel/DDQS_GjRn4P/

    Macy’s employee who hid $151 million in delivery expenses was trying to mask initial mistake, sources say

    https://www.cnbc.com/2024/12/11/macys-m-earnings-q3-2024.html

    Macy’s Probe Found Employee Acted Alone in $151 Million Accounting Scandal

    https://www.wsj.com/business/retail/macys-m-q3-earnings-report-2024-c7363662

    LinkedIn – Andy Schwartz – Profit Labs Update – December 6, 2024

    https://www.linkedin.com/posts/andy-schwartz-233b359_profit-labs-update-i-am-excited-to-share-activity-7269157016051298305-rYAW/

    Amazon integrates QuickBooks for sellers

    https://www.accountingtoday.com/news/amazon-integrates-intuit-quickbooks

    AICPA and CPA.com Benchmark Survey: CAS Practices Report 17% Growth

    https://insidepublicaccounting.com/2024/12/09/aicpa-and-cpa-com-benchmark-survey-cas-practices-report-17-growth/


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    Transcripts

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

  • BOI Blocked | 57% of Firms Raising Prices | Creepy EY Bot

    BOI Blocked | 57% of Firms Raising Prices | Creepy EY Bot

    · The Accounting Podcast

    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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    Chapters
    (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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  • Macy's Thanksgiving Accounting Mystery

    Macy's Thanksgiving Accounting Mystery

    · The Accounting Podcast

    Blake and David examine the mysteries and motives surrounding the recent Macy's accounting scandal, where a single employee allegedly concealed $132-154 million through improper accrual entries. They also examine Trump's proposed 25% tariff plan on imports from Mexico and Canada (plus an additional 10% on China), discussing its potential impact on American businesses and consumers.

    Sponsors
    Zoho - http://accountingpodcast.promo/zoho
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    Chapters
    (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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  • DOGE Goes After TurboTax & Remote Work

    DOGE Goes After TurboTax & Remote Work

    · The Accounting Podcast

    Blake and David discuss Trump's proposed Department of Government Efficiency (DOGE) and its potential impact on tax filing and federal remote work policies. They analyze the Pentagon's seventh consecutive failed audit and examine Intuit's ambitious plans to expand its enterprise offerings. The duo also explores a groundbreaking study showing ChatGPT-4 outperforming human doctors in medical diagnoses, highlighting AI's growing capabilities in professional decision-making.

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    Chapters
    (00:00) - Welcome to the Accounting Podcast (01:52) - 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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  • Trump's Tax Plans, IRS PPS Fraud, & PCAOB Drama

    Trump's Tax Plans, IRS PPS Fraud, & PCAOB Drama

    · The Accounting Podcast

    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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    Chapters
    (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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  • Sasan Apologizes to Accountants at Intuit Connect

    Sasan Apologizes to Accountants at Intuit Connect

    · The Accounting Podcast

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

  • What Will Replace 150-Hour Rule? | EY CPAs Fired For Taking Too Much CPE

    What Will Replace 150-Hour Rule? | EY CPAs Fired For Taking Too Much CPE

    · The Accounting Podcast

    In this episode, Amber Setter returns to discuss the AICPA and NASBA's newly proposed competency-based pathway to CPA licensure, offering a 150-hour-rule alternative. They argue that the complexity of the plan might create more bureaucratic barriers rather than simplifying the process. There's also talk on the challenges facing the profession, including stagnant salaries and declining CPA numbers. Rounding out the show, they examine a recent story about EY firing employees for attending multiple online CPE courses at once.

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    Chapters
    (02:30) - Blake's Session on Automation Toolkit(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

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  • Why Trump Will Win & AICPA Has a New President

    Why Trump Will Win & AICPA Has a New President

    · The Accounting Podcast

    Blake and David examine why Trump may win in 2024, discussing immigration's economic impact on working-class wages and how this could affect voting patterns, particularly in border states like Arizona. They also look at the AICPA's selection of Mark Koziel as its new president, questioning whether the organization truly advocates for average CPAs. Moving on, they discuss Intuit's controversial TurboTax marketing campaign and consider why Berkshire Hathaway is reducing its BOA stake due to concerns about unrealized losses in the bank's bond portfolio.

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    Chapters
    (00:33) - Introduction and Grand Canyon Adventure(02:29) - 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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    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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  • NATP Breaks Up with Intuit & Fat Joe vs. BDO

    NATP Breaks Up with Intuit & Fat Joe vs. BDO

    · The Accounting Podcast

    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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    Chapters
    (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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  • OpenAI's Insane Entity Structure

    OpenAI's Insane Entity Structure

    · The Accounting Podcast

    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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    Chapters
    (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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  • Intuit Attacks Tax Pros & IRS Can't Measure Audit Rate

    Intuit Attacks Tax Pros & IRS Can't Measure Audit Rate

    · The Accounting Podcast

    Blake and David discuss a controversial TurboTax ad campaign encouraging people to "break up" with their tax professionals, analyze survey data on AI adoption in accounting firms, and critically examine proposed changes to CPA licensure requirements. They also explore NASBA's influence on the profession end debate the merits of automatic mobility for CPAs across states.

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    Chapters
    (01:32) - Intuit's Controversial NFL Commercial(03:52) - 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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  • TikTok Tactics and Four-Day Workweeks

    TikTok Tactics and Four-Day Workweeks

    · The Accounting Podcast

    Blake and David meet with Natalie Lennon, the Australian accountant known as the "Queen of TikTok" in accounting circles. Natalie shares her experiences at Xerocon Nashville, discusses the differences between Australian and American accounting practices, and explains how she leveraged TikTok to grow her accounting business. She also outlines implementing a four-day workweek, embracing fixed-fee pricing, and her upcoming projects, including a TikTok course for accountants.

    Meet Our Guest, Natalie Lennon

    LinkedIn: https://www.linkedin.com/in/natalielennon/
    TikTok: https://www.tiktok.com/@natlenno

    Learn more about Two Sides Accounting

    Website: https://www.twosides.com.au/

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  • Remote Work Going Away or Here to Stay?

    Remote Work Going Away or Here to Stay?

    · The Accounting Podcast

    Blake and David examine the evolving landscape of remote work, discussing recent trends and their impact on productivity and employee well-being. They also explore the commercial real estate market's challenges due to the shift towards remote work and its potential implications for the banking sector. Moving on, they take a look at recent audit failures, particularly the FTX case and discuss the controversial Beneficial Ownership Information reporting requirements and some potential issues for small businesses.

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    Chapters
    (00:49) - Blake's Fitness Journey with Apple Watch(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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  • Intuit Launches ERP, China Fines PwC, OpenAI's New Model

    Intuit Launches ERP, China Fines PwC, OpenAI's New Model

    · The Accounting Podcast

    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.

    Sponsors
    LiveFlow - http://accountingpodcast.promo/liveflow
    The Small Business Research Institute - http://accountingpodcast.promo/ceanow
    SafeSend - http://accountingpodcast.promo/safesend


    Chapters
    (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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    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/ApplePodcastsYouTube: https://www.youtube.com/@TheAccountingPodcastSpotify: http://cloudacctpod.link/SpotifyPodchaser: http://cloudacctpod.link/podchaserStitcher: http://cloudacctpod.link/StitcherOvercast: http://cloudacctpod.link/Overcast

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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

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