The Accounting Podcast

The ROI of IRS Audits | FedNow Payment Network Launching in July

Jun 21, 2023

01:09:00

In this episode, Blake and David talk about the lack of audits hurting the profession, alternatives to tracking hours, whether to pursue a CPA or EA, and salary advice for new accountants. Next, they tackle a ton of news including AI integration in Mailchimp, the launch of FedNow Payment Network, the ROI of IRS audits, and the UK's Making Tax Digital rollout. Remote work, the ESG startup Omnevue securing $3 million in funding, Xero's third price increase in two years and Intuit's response, and more round out the show!

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Chapters

(00:00) - PREVIEW: Lack of audits is hurting the accounting profession
(01:07) - Welcome to The Accounting Podcast
(02:39) - Listener mail: Audits are just checking a box
(06:56) - Listener mail: David asks for alternatives to tracking hours
(14:39) - Listener mail: Courtney asks if they should pursue a CPA or EA
(25:04) - Listener mail: William asks how new accountants should approach their starting salary at firms
(28:14) - Is QBO starting to integrate AI into Mailchimp?
(30:37) - FedNow is launching in July
(35:50) - The ROI of IRS audits
(46:41) - UK's Making Tax Digital rollout is struggling
(52:10) - Latest on remote work
(55:41) - ESG startup Omnevue secures $3 million in funding
(58:41) - Xero announces third price increase in two years and Intuit's response
(01:00:19) - Some final thoughts and where to reach David and Blake

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Show Notes

How much did Congress lose by defunding the IRS? Way more than we thought.

https://www.washingtonpost.com/opinions/interactive/2023/irs-enforcement-costs-congress-funding/

Elon Musk Calls Remote Work Morally Wrong 'Bullshit'

https://www.businessinsider.com/elon-musk-remote-work-morally-wrong-get-off-high-horse-2023-5

ESG accounting startup Omnevue secures $3.1 million in Seed funding

https://www.finextra.com/pressarticle/97225/esg-accounting-startup-omnevue-secures-31-million-in-seed-funding

Credit Unions Gear Up to Build Instant Payments Ecosystems as FedNow Looms

https://www.pymnts.com/credit-unions/2023/credit-unions-prepare-build-instant-payments-ecosystems-fednow-looms/

FedNow’s Rollout Will Spur ‘Major Shift’ for Businesses and Digital Wallets, Says Trustly

https://www.pymnts.com/news/faster-payments/2023/fednows-rollout-will-spur-major-shift-for-businesses-and-digital-wallets-says-trustly/

Fintech ForwardAI, An Aggregated Direct Data Access Provider To Accounting And ERP Platforms, Launches

https://www.crowdfundinsider.com/2023/06/208515-fintech-forwardai-an-aggregated-direct-data-access-provider-to-accounting-and-erp-platforms-launches-forwardly/

Rethinking the CPA 150-hour requirement: There must be a change

https://www.firmofthefuture.com/training-and-certification/rethinking-150-hour-requirement/

Government execution of MTD ‘out of control’ as costs spiral

https://www.accountancyage.com/2023/06/16/government-execution-of-mtd-out-of-control-as-costs-spiral/

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Thanks for listening and for the great reviews! We appreciate you! Follow and tweet @BlakeTOliver and @DavidLeary. Find us on Facebook and, if you like what you hear, please do us a favor and write a review on iTunes, or Podchaser. Interested in sponsoring the Cloud Accounting Podcast? For details, read the prospectus, and NOW, you can see our smiling faces on Instagram! You can now call us and leave a voicemail, maybe we'll play it on the show. DIAL (202) 695-1040

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