The Accounting Podcast

A former Vegas hotel manager allegedly stole over $773K in guest refunds, living lavishly; discussion on the steps that could have been taken to detect and prevent such fraud.

An embezzlement scheme at Aria Hotel, Trump trial updates, Clarence Thomas' controversial RV loan, inefficiency in tax procedures, consumer preferences in the voice economy, state tax rates and migration, internal control failures in Baltimore, violation of minimum wage laws, billing practices in accounting firms, and Seton Hall's flexible learning options are discussed in this entertaining podcast.

Kenji Kuramoto delivers a heartfelt eulogy honoring Joshua Lance, CPA, founder of Lance CPA Group, highlighting his humility, thoughtfulness, and influence in the accounting community. The podcast discusses how Joshua defied expectations and became well-known, sharing personal anecdotes. Listeners reflect on their memorable encounters with Josh, expressing sadness at his passing but gratitude for the impact he had on their lives.

A recent report alleges Justice Clarence Thomas failed to disclose a forgiven loan for a recreational vehicle, raising questions about tax issues and scrutiny around his financial practices.

Blake and David discuss the factors that impact accountant salaries, including location, experience, and industry, and highlight the correlation between accounting salaries and overall economic conditions, noting that periods of economic growth can lead to higher salaries. They also take a look at the partnership between PwC and OpenAI and speculate on the potential impact of AI on accounting consulting and fraud detection. All this and more, right now! SponsorsLiveFlow - http://accountingpodcast.promo/liveflowZoho - http://accountingpodcast.promo/zoho Aero Workflow - http://accountingpodcast.promo/aeroChapters(00:27) - Blake and David are back from SuiteWorld and talk about NetSuite's new AI features (09:31) - Using AI to audit cattle (12:22) - Former Trump CFO, Allen Weisselberg, describes GAAP (14:03) - FTX trial update (17:27) - The "proof of reserves" myth in crypto (20:22) - Are financial statements and audits irrelevant in 2023 (26:45) - QuickBooks is launching bill pay (33:01) - The 150-hour rule is a barrier, not a bar (40:24) - Should CPAs have more specific designations and should bookkeeping require licensure? (43:10) - 3 professors know how to solve the pipeline problem? (46:45) - Some ChatGPT updates (50:44) - PwC partners with OpenAI (55:53) - Xero announces AI with searches (57:38) - Wrap up and where to reach Blake and David  Show NotesBill to compete with Intuit after partnership ends               https://www.paymentsdive.com/news/bill-intuit-partnership-embedded-payments-smb-competition-b2b/691269/ BILL Introduces Integrated Financial Operations Platform for Small Businesseshttps://www.pymnts.com/smbs/2023/bill-introduces-integrated-financial-operations-platform-for-small-businesses/ Intuit Introduces QuickBooks Bill Pay, Expanding Money Platform to Deliver Business-to-Business Payments with AP Automation        https://investors.intuit.com/news/news-details/2023/Intuit-Introduces-QuickBooks-Bill-Pay-Expanding-Money-Platform-to-Deliver-Business-to-Business-Payments-with-AP-Automation/default.aspx Intuit Introduces QuickBooks Bill Pay       https://thepaypers.com/online-mobile-banking/intuit-introduces-quickbooks-bill-pay--1265038 Is FTX the biggest audit disaster ever?     https://www.accountingweb.co.uk/community/blogs/philip-fisher/is-ftx-the-biggest-audit-disaster-ever The mystery of FTX's missing $9B is unraveled     https://www.accountingtoday.com/articles/the-mystery-of-ftxs-missing-9b-is-unraveled-at-sbf-trial Bill Unveils Accountant Console for Accountant Partners https://insightfulaccountant.com/accounting-tech/vendor-news/bill-unveils-accountant-console-for-accountant-partners/ Stick with high standards — and 150 hours           https://www.accountingtoday.com/opinion/stick-with-high-standards-and-the-150-credit-hour-requirements-for-cpas With annual reports in the hundreds of pages, who has time to run a business?   https://www.cityam.com/with-annual-reports-in-the-hundreds-of-pages-who-has-time-to-run-a-business/ PwC partners with ChatGPT creator OpenAI         https://www.accountingtoday.com/articles/pwc-offers-advice-from-bots-in-deal-with-chatgpt-firm-openai Avalara Expands Partnership with Oracle NetSuite to Deliver Integrated E-Invoicing Solutionhttps://www.cpapracticeadvisor.com/2023/10/17/avalara-expands-partnership-with-oracle-netsuite-to-deliver-integrated-e-invoicing-solution/96047/ New York AG accuses crypto firms of deceiving investors in $1 billion fraudhttps://www.cnn.com/2023/10/19/tech/crypto-firms-fraud-charges-new-york/index.html CPA Standoff: Why haven't the other provincial bodies joined the ...          https://www.canadian-accountant.com/content/profession/cpa-standoff-other-provincial-bodies Accounting is facing a labor crisis. Could fraud be part of the solution?     https://phys.org/news/2023-10-accounting-labor-crisis-fraud-solution.html FTX Used Billions in Customer Funds to Buy Back Binance Stake   https://www.coindesk.com/policy/2023/10/19/ftx-used-billions-in-customer-funds-to-buy-back-binance-stake/ Accounting is facing a labor crisis. Could fraud be part of the solution?     https://news.ufl.edu/2023/10/accounting-facing-labor-crisis/ Accountants battle software integration frustration          https://www.accountingweb.co.uk/tech/accounting-software/accountants-battle-software-integration-frustration Oracle NetSuite Embeds Generative AI Throughout the Suite to Help Organizations Boost Productivity       

NetSuite founder Evan Goldberg discusses the company's 25th anniversary, new AI features like Text Enhance and Customer 360, and his long-term vision for intelligent assistants integrated with NetSuite.Meet Our Guest, Evan GoldbergLinkedIn: https://www.linkedin.com/in/evan-netsuite/Learn more about NetSuiteWebsite: https://www.netsuite.com/portal/home.shtmlNeed CPE?Get CPE for listening to podcasts with Earmark: https://earmarkcpe.comSubscribe to the Earmark Podcast: https://podcast.earmarkcpe.comGet in TouchThanks 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.SponsorshipsAre you interested in sponsoring the Cloud Accounting Podcast? For details, read the prospectus.Need Accounting Conference Info? Check out our new website - accountingconferences.comLimited edition shirts, stickers, and other necessitiesTeePublic Store: http://cloudacctpod.link/merchSubscribeApple 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/OvercastClassifiedsWant to get the word out about your newsletter, webinar, party, Facebook group, podcast, e-book, job posting, or that fancy Excel macro you just created? Let the listeners of The Accounting Podcast know by running a classified ad. Go here to create your classified ad: https://cloudacctpod.link/RunClassifiedAdTranscriptsThe full transcript for this episode is available by clicking on the Transcript tab at the top of this page

Wayne Berson, CEO of BDO USA, joins Blake and guest host, David Leary, on the Earmark Podcast to discuss BDO's recent transition to an employee stock ownership plan (ESOP), making it the first major accounting firm to implement an ESOP structure. They discuss how the ESOP aims to attract and retain talent in the accounting profession and provide employees at all levels with an ownership stake in the firm.Meet Our Guest, Wayne BersonLinkedIn: https://www.linkedin.com/in/wayneberson/Learn more about BDOWebsite: https://www.bdo.com/Need CPE?Get CPE for listening to podcasts with Earmark: https://earmarkcpe.comSubscribe to the Earmark Podcast: https://podcast.earmarkcpe.comGet in TouchThanks 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.SponsorshipsAre you interested in sponsoring the Cloud Accounting Podcast? For details, read the prospectus.Need Accounting Conference Info? Check out our new website - accountingconferences.comLimited edition shirts, stickers, and other necessitiesTeePublic Store: http://cloudacctpod.link/merchSubscribeApple 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/OvercastClassifiedsWant to get the word out about your newsletter, webinar, party, Facebook group, podcast, e-book, job posting, or that fancy Excel macro you just created? Let the listeners of The Accounting Podcast know by running a classified ad. Go here to create your classified ad: https://cloudacctpod.link/RunClassifiedAdTranscriptsThe full transcript for this episode is available by clicking on the Transcript tab at the top of this page

There’s a lot to digest in this episode! Blake and David discuss Microsoft's $28.9 billion tax bill, and examine a tax-fraud scheme involving art donations. JPMorgan Chase CEO Jamie Dimon predicts that AI advancements will create a shorter workweek in the future. They also look at Xero’s newest features, including improved algorithms for recognizing new contacts and bank reconciliation statements, and talk about Grant Thornton's implementation of Git Assist, an AI tool for accessing internal knowledge resources. All this and so much more, right here, right now! SponsorsZoho - http://accountingpodcast.promo/zohoKeeper - https://cloudaccountingpodcast.promo/keeperSouth Carolina Association of CPAs (SCACPA) - http://accountingpodcast.promo/scacpaChapters(00:35) - The war in Israel and its effect on tech startups (04:36) - Heather Smith sends in an example of an AI language changer she used (06:49) - Arthur Andersen's Chicago house for sale (09:17) - Updates from the FTX, Sam Bankman-Fried trial (15:44) - IRS contractor who leaked tax returns of famous agrees to plea deal (19:03) - Trump trial updates (22:49) - George Santos facing 23 new charges (24:50) - Update on the Canada CPA standoff (26:42) - Nationwide accounting shortage is threatening small towns (27:59) - Number of accounting graduates drop largest percentage in single year since 1985 (31:03) - Workday and the problem with schools rolling out ERP's (38:02) - What pricing lessons accounting firms can learn from ski resorts (42:56) - CFO Brew's survey on remote work (47:27) - IRS says Microsoft owes $28.9 billion in back taxes (51:40) - IRS tax-gap predictions, and scams to watch for in 2022 (54:59) - Jamie Dimon predicts AI will reduce workweeks to 3.5 days (55:56) - Xero announces new AI features (56:49) - Grant Thornton rolls out GT Assist (59:13) - Earn free CPE for listening to this episode and remember to subscribe  Show NotesPool of accounting graduates shrinks, AICPA report findshttps://www.journalofaccountancy.com/news/2023/oct/pool-of-accounting-graduates-shrinks-aicpa-report-finds.html Report: Iowa can pay the bills but lacks transparency in its accountinghttps://blackchronicle.com/midwest/iowa/report-iowa-can-pay-the-bills-but-lacks-transparency-in-its-accounting/ New accounting system causes bill backlog at U of Washingtonhttps://www.insidehighered.com/news/quick-takes/2023/10/12/new-accounting-system-causes-bill-backlog-u-washington Grant Thornton launches internal generative AI tool          https://www.accountancydaily.co/grant-thornton-launches-internal-generative-ai-tool Art of Accounting: Leaving your job to start your own practicehttps://www.accountingtoday.com/opinion/art-of-accounting-leaving-your-job-to-start-your-own-practice Arthur Andersen's Winnetka home for salehttps://www.chicagobusiness.com/residential-real-estate/arthur-andersens-winnetka-home-sale The SBF Trial is Embarrassing For Crypto Industry               https://www.smallbiztechnology.com/archive/2023/10/the-sbf-trial-is-embarrassing-for-crypto-industry.html/ Returning to the office is costing you $51 per day, study finds       https://finance.yahoo.com/news/returning-office-costing-51-per-172630839.html Microsoft May Owe $28.9 Billion in Back Taxes to the IRShttps://gizmodo.com/microsoft-may-owe-28-9-billion-in-back-taxes-to-the-ir-1850921247 IRS Says Tax Gap For 2021 Expected To Be $688 Billion     https://www.forbes.com/sites/kellyphillipserb/2023/10/12/irs-says-tax-gap-for-2021-expected-to-be-688-billion/ How Israel's tech community is responding to the Israel-Hamas war           https://www.cnbc.com/2023/10/13/israels-tech-community-responds-to-israel-hamas-war.html Iowa's annual financial report late again; agencies mum on whyhttps://www.bleedingheartland.com/2022/02/02/iowas-annual-financial-report-late-again-agencies-mum-on-why/ Iowa auditor slams governor, state for delays threatening universitieshttps://www.thegazette.com/higher-education/iowa-auditor-slams-governor-state-for-delays-threatening-universities/ UW’s Financial Accounting System            https://www.washington.edu/opb/uws-financial-accounting-system/ WSU recognized externally for Workday expertise              https://news.wsu.edu/news/2023/07/27/wsu-recognized-externally-for-workday-expertise/ Ohio State drops effort to update student information systemhttps://www.insidehighered.com/news/2022/01/11/ohio-state-drops-effort-update-student-information-system LMU announces Workday Forward; staff reflect on the “abysmal fiasco” of original Workday launchhttps://www.laloyolan.com/news/lmu-announces-workday-forward-staff-reflect-on-the-abysmal-fiasco-of-original-workday-launch/article_13a1bb8f-fae6-5958-abe4-c090a...

After a decade-long audit, Microsoft is facing a whopping $29 billion tax bill from the IRS for what the agency claims was an "illusory scheme" to channel profits through Puerto Rico—but with years of appeals ahead, will the tech giant ultimately pay the total amount?Need CPE?Get CPE for listening to podcasts with Earmark: https://earmarkcpe.comSubscribe to the Earmark Podcast: https://podcast.earmarkcpe.comGet in TouchThanks 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.SponsorshipsAre you interested in sponsoring the Cloud Accounting Podcast? For details, read the prospectus.Need Accounting Conference Info? Check out our new website - accountingconferences.comLimited edition shirts, stickers, and other necessitiesTeePublic Store: http://cloudacctpod.link/merchSubscribeApple 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/OvercastClassifiedsWant to get the word out about your newsletter, webinar, party, Facebook group, podcast, e-book, job posting, or that fancy Excel macro you just created? Let the listeners of The Accounting Podcast know by running a classified ad. Go here to create your classified ad: https://cloudacctpod.link/RunClassifiedAdTranscriptsThe full transcript for this episode is available by clicking on the Transcript tab at the top of this page

Blake and David dig into the use of AI agents in solving problems, emphasizing the effectiveness of assigning different roles to the agents and having them interact with each other to reach satisfactory results. They also discuss the latest accounting news, including the recent arrest of an IRS contractor, the IRS slashing the PTIN fee, ongoing trials, and cyber-attacks.SponsorsRelay - https://cloudaccountingpodcast.promo/relayKeeper - https://cloudaccountingpodcast.promo/keeperAccountests - https://cloudaccountingpodcast.promo/accountestsChapters(00:47) - Don Jr. explains GAAP (04:07) - Stories we'll cover this week (06:13) - WSJ article on why no one is going into accounting (10:30) - New Illinois CPA Society survey (12:42) - The IRS is watching people who resold Taylor Swift tickets (14:11) - Chick-fil-A is testing out robot servers and what accountants can learn in what customers want & expect in restaurants (18:39) - Zoom adds AI companion features (23:58) - FedNow hits milestone (26:07) - Listener mail (34:15) - QuickBooks offers a $50/month assisted bookkeeping service (40:33) - Listener mail: Should I change majors from accounting? (43:17) - FEMA and WGU are alternative ways to earn 150 credits (46:33) - Microsoft using AI to help AI (51:00) - Former IRS contractor charged with leaking billionaire tax filings (55:03) - Trump blaming his former Mazars accountant in fraud trial (59:36) - CPA Canada vs CPA Quebec and CPA Montreal updates (01:01:53) - MGM cyber attack follow up (01:04:16) - WSJ reports Binance is in trouble (01:08:25) - Wrap up and how to reach us  Show NotesChick-fil-A Reportedly Tests Robot Servers Amid Diner Concerns Around Automationhttps://www.pymnts.com/restaurant-technology/2023/chick-fil-a-tests-robot-servers-amid-diner-concerns-around-automation/ AICPA Endorses Key Legislation Recognizing the Link Between ...  https://www.prnewswire.com/news-releases/aicpa-endorses-key-legislation-recognizing-the-link-between-accounting-and-stem-301941029.html Why No One's Going Into Accounting - WSJ           https://www.wsj.com/lifestyle/careers/accounting-salary-cpa-shortage-dec2caa2 IRS slashes PTIN fees       https://www.accountingtoday.com/news/irs-slashes-ptin-fees New National Research on CPA Pipeline Challenges Underway      https://www.cpapracticeadvisor.com/2023/10/05/new-national-research-on-cpa-pipeline-challenges-underway/95453/ IRS contractor charged in leak of billionaire taxpayer infohttps://www.accountingtoday.com/news/irs-contractor-charged-in-leak-of-billionaire-taxpayer-info-to-news-outlets CPA Standoff: Financial transparency a key issue in national ...      https://www.canadian-accountant.com/content/profession/cpa-standoff-financial-transparency-dispute Anthony's Coal Fired Pizza and Wings removes AI ordering platform           https://www.pizzamarketplace.com/articles/anthonys-coal-fired-pizza-and-wings-removes-ai-ordering-platform/ FedNow Service Surpasses 100 Participants Since July Launch       https://www.pymnts.com/news/faster-payments/2023/fednow-service-surpasses-100-participants-since-july-launch/ 2024 Public Accounting Starting Salary Numbers Are In   https://www.goingconcern.com/2024-public-accounting-starting-salary-numbers-are-in/ Clorox Experiences Significant Financial Loss Stemming From Recent Cyber Attack               https://blog.knowbe4.com/clorox-cyber-attack-financial-loss CPA Pipeline Research Survey      https://intraprise.qualtrics.com/jfe/form/SV_cUSqP1Kalfh58ZE?Source=PRMK 2024 Salary Guide | Robert Half https://www.roberthalf.com/us/en/insights/salary-guide CPA Standoff: Unique regulatory status of CPA Quebec complicates accounting rift              https://www.canadian-accountant.com/content/profession/cpa-standoff-ontario-governance-dispute CPA standoff: Ontario government sticks to sidelines in governance dispute           https://www.canadian-accountant.com/content/profession/cpa-standoff-ontario-governance-dispute Message from Jerilyn Dressler re: accounting profs lacking real world experience  https://mail.google.com/mail/u/0/#inbox/FMfcgzGtxTBWVtqNtvTshjnDnxjTvHJM Trump business fraud trial continues with accountant testimony on 4th day | PBS NewsHour         https://www.pbs.org/newshour/amp/politics/trump-business-fraud-trial-continues-with-accountant-testimony-on-4th-day MGM Resorts Refused to Pay Ransom in Cyberattack on Casinos - WSJ     https://www.wsj.com/tech/cybersecurity/mgm-resorts-refused-to-pay-ransom-in-cyberattack-on-casinos-3a53fa6d?st=36ug7ec...