BOI On Again Off Again, Bench Shuts Down, Dying Language of Accounting
The Accounting Podcast
Intro
This chapter covers key developments in accounting, including the fluctuating status of Beneficial Ownership Information reporting, Bench's unexpected closure, and Lyft's lawsuit against San Francisco over taxes. The speakers also share personal updates, particularly relating to a recent injury, while examining these events' implications for the profession.
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
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
Most Americans say a salary of $270K deems financial success
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
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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