The Accounting Podcast Why Trump's Plan To Raise Tariffs Will Backfire
Blake and David Leary dive into several hot topics in the accounting world including the IRS's renewed focus on enforcement, targeting high-income individuals and non-filers, as well as the push to regulate non-credentialed tax preparers. They also explore the ongoing US CPA shortage and discuss potential solutions, including changes to education and recruitment strategies. Moving on, there's talk about emerging threats to traditional accounting software from industry-specific solutions like Clio's new accounting package for law firms. All this and more, right here, right now!
Sponsors
Relay - http://accountingpodcast.promo/relay
Zoho - http://accountingpodcast.promo/zoho
Makers Hub - http://accountingpodcast.promo/makershub
Lendflow - http://accountingpodcast.promo/lendflow
Chapters
- (01:00) - Global IT Outage Chaos
- (02:48) - Guess the Company Game
- (05:04) - Accounting Salaries and Compensation
- (14:47) - PwC Cutting Chinese Partners Pay by 50%
- (16:24) - Relay: The Ultimate Banking Solution
- (18:50) - Payday Advance Apps Under Scrutiny
- (21:40) - Trump's Tax Plan and Tariffs
- (29:03) - Community Engagement and Election 2024
- (29:48) - Zoho Practice Management Overview
- (31:34) - IRS Enforcement and Tax Resolution Opportunities
- (39:40) - Regulating Non-Credentialed Tax Preparers
- (43:09) - Corporate Tax Rates and Economic Impact
- (48:49) - Thank you to MakersHub
- (50:45) - Clio Accounting and Legal Software Innovations
- (53:41) - Addressing the Accountant Shortage
- (01:02:31) - Thanks for Listening and Remember to Earn Your Free CPE
Show Notes
July 19, 2024, global tech outage news
https://www.cnn.com/business/live-news/global-outage-intl-hnk/index.html
AICPA & CIMA Achieves Global Recognition as a Great Place To Work
Just How Much Have Accounting Salaries Increased in the Last Five Years?
You Need to Make Six Figures to Buy a Home in Almost Half of the U.S.
Number of the Day: $5.7 Billion - CPA Practice Advisor
https://www.cpapracticeadvisor.com/2024/06/24/number-of-the-day-5-7-billion/107099/
I.R.S. Crackdown on Delinquent Millionaires Yields $1 Billion - The New York Times
https://www.nytimes.com/2024/07/11/business/irs-crackdown-wealthy-taxpayers.html
The IRS Tidal Wave Is Here - CPA Trendlines
https://cpatrendlines.com/2024/07/07/the-irs-tidal-wave-is-here/
Tax pros: IRS improving, but getting the right answer takes too long
IRS advisory committee recommends regulating tax preparers | Accounting Today
https://www.accountingtoday.com/news/irs-advisory-committee-recommends-regulating-tax-preparers
Corporate Tax Rate Spurs Political Fight With More Than $1 Trillion at Stake - WSJ
https://www.wsj.com/politics/policy/corporate-tax-rate-election-53de5180?st=o43aay9xscjk9wt
Ohio's shortage of certified accountants is part of a national trend
Accountants sound the alarm over high-income residents leaving Massachusetts – New Bedford Guide
Trump floats tariff hikes to offset income tax cuts
https://www.accountingtoday.com/articles/trump-floats-tariff-hikes-to-offset-income-tax-cuts
The Accountant Shortage Highlights How Critical Accounting Is to Capital Markets | Smith School
#stitch with @Shanna Morris | accounting major | TikTok
https://www.tiktok.com/@nycoleemccrary/video/7361440633531174186?_r=1&_t=8m1nZEORWQh
Best Song Ever???
https://www.tiktok.com/@thesavbananas/video/7366410624856837422?lang=en
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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 Podchas...