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.SponsorsRelay - http://accountingpodcast.promo/relayKeeper - http://accountingpodcast.promo/keeperTaxBandits - http://accountingpodcast.promo/taxbanditsBasil - http://accountingpodcast.promo/basilChapters(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 NotesTikTok 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 Landscapehttps://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 seasonhttps://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 misbehaviorhttps://www.theregister.com/2025/01/20/sage_copilot_data_issue/ FDIC sues 17 former Silicon Valley Bank executives over collapesehttps://www.cnn.com/2025/01/16/business/fdic-sues-svb-executives-directors-intl-hnk/index.htmlFDIC sues former SVB execs over bank closurehttps://bankingjournal.aba.com/2025/01/fdic-sues-former-svb-execs-over-bank-closure/ SoftBank-Backed Fish Firm Allegedly Faked Most of Its Saleshttps://finance.yahoo.com/news/softbank-backed-fish-startup-allegedly-141253969.html American Express to pay $230 million to settle US charges over deceptive sales practiceshttps://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 Typhoonhttps://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 errorhttps://www.wistv.com/2025/01/23/sc-auditor-resigns-after-outside-audit-found-18-billion-surplus-was-actually-an-accounting-error/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://cloudacc...

Dive into the drama of Bench's bankruptcy, uncovering their surprising spending habits and the pitfalls of their business model. Explore the rising venture capital interest in accounting, fueled by AI's promises of efficiency. The conversation heats up with a lively debate on JP Morgan's return-to-office policy, revealing stark divides in workplace flexibility preferences. Discover the intertwining future of AI and accounting, where human connection remains essential despite technology's encroachment.

Blake and David tackle Ohio's groundbreaking move to end the 150-hour CPA rule, which could spark similar changes in other states. They dissect the implications of Blackstone's acquisition of Citrin Cooperman and how private equity is reshaping accounting firms. A lively debate unfolds around return-to-office policies, as data shows a trend towards mandatory in-office days. Finally, the hosts question the effectiveness of Net Promoter Scores in gauging client satisfaction, urging firms to rethink their feedback strategies.

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. SponsorsOnPay - http://accountingpodcast.promo/onpayBoomTax - http://accountingpodcast.promo/boomtaxTaxBandits - http://accountingpodcast.promo/taxbanditsBasil - http://accountingpodcast.promo/basilChapters(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 NotesRobert Sterling – Twitter - H-1B DATA MEGA-THREADhttps://x.com/RobertMSterling/status/1873174358535110953 Deloitte employees with H-1B visas were paid 10% less than US workers, report findshttps://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 downhttps://techcrunch.com/2024/12/30/bench-to-be-acquired-after-abruptly-shutting-down/ ‘Most important man in accounting’ warns against lowering standardshttps://www.ft.com/content/033792af-18e4-4d69-92f9-5b78b01f2012 Meet Willow, our state-of-the-art quantum chiphttps://blog.google/technology/research/google-willow-quantum-chip/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

The hosts dive into the significant shutdown of the bookkeeping startup Bench and the ongoing confusion around Beneficial Ownership Information reporting. They put IRS Commissioner nominee Billy Long under the microscope, questioning his credentials. The discussion shifts to alarming trends such as the declining number of CPA candidates and concerning audit quality. Wrapping up, they reflect on KPMG CEO's thoughts about the 'dying language of accounting' and explore the challenges technology, including AI, poses for the industry.

In this engaging discussion, Blake and David welcome ChatGpt, an advanced AI language model, to explore the current challenges in the accounting profession. They dive into how private equity impacts firm structures and partner compensation, linking it to rising accounting errors in companies. The conversation also touches on risks posed by talent shortages and the contentious debates surrounding new licensing proposals. Additionally, they ponder the economic implications of Daylight Savings Time, coupled with a dash of AI's influence on the industry.

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!SponsorsRoboDebit - http://accountingpodcast.promo/robodebitRelay - http://accountingpodcast.promo/relayCloud Accountant Staffing - http://accountingpodcast.promo/casTaxBandits - http://accountingpodcast.promo/taxbanditsChapters(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 NotesHe 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, 2024https://www.instagram.com/brainskyunleashed/reel/DDQS_GjRn4P/ Macy’s employee who hid $151 million in delivery expenses was trying to mask initial mistake, sources sayhttps://www.cnbc.com/2024/12/11/macys-m-earnings-q3-2024.html Macy’s Probe Found Employee Acted Alone in $151 Million Accounting Scandalhttps://www.wsj.com/business/retail/macys-m-q3-earnings-report-2024-c7363662 LinkedIn – Andy Schwartz – Profit Labs Update – December 6, 2024https://www.linkedin.com/posts/andy-schwartz-233b359_profit-labs-update-i-am-excited-to-share-activity-7269157016051298305-rYAW/ Amazon integrates QuickBooks for sellershttps://www.accountingtoday.com/news/amazon-integrates-intuit-quickbooks AICPA and CPA.com Benchmark Survey: CAS Practices Report 17% Growthhttps://insidepublicaccounting.com/2024/12/09/aicpa-and-cpa-com-benchmark-survey-cas-practices-report-17-growth/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/OvercastClassifiedsForwardly - https://www.forwardly.com/Client Hub - https://clienthub.app/Want 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

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. SponsorsOnPay - http://accountingpodcast.promo/onpayZoho - http://accountingpodcast.promo/zohoSmartVault - http://accountingpodcast.promo/smartvaultChapters(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 NotesAccounting 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 Deadlinehttps://natlawreview.com/article/texas-federal-court-blocks-corporate-transparency-act-halts-nationwide-enforcement Survey Says 57% of Firms Are Raising Prices Next Yearhttps://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 Programhttps://nasba.org/blog/2024/11/15/expanded-access-aicpa-nasba-ele-program/ Texas Judge Tosses Biden Overtime Expansion for Millionshttps://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 lawhttps://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 Trumphttps://www.ft.com/content/e9a7247f-84fd-4df7-8163-6518954470e9 Macy’s says employee hid up to $154 million in expenses, delaying Q3 earningshttps://apnews.com/article/macys-accounting-quarter-b1cb0927d9b6a58ee4396838df7973c9 KPMG Survey: AI Adoption Across US Finance Functions Reaches Highest Levels, with ROI Exceeding Expectationshttps://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-dextNeed 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/OvercastClassifieds Client Hub -

Delve into the mystery surrounding Macy's astonishing accounting scandal, where an employee allegedly hid up to $154 million through dubious entries. The discussion explores the implications of this fraud on the company's finances and stock, alongside the ethical responsibilities of auditors. The hosts also dissect Trump's proposed tariffs on imports, predicting significant economic impacts on consumers and businesses. With a blend of humor and insightful analysis, they reflect on the intersection of accounting, technology, and current events.

Blake and David dive into Trump's vision for a new Department of Government Efficiency and its implications for tax filing. They tackle the Pentagon's ongoing audit failures, shedding light on government accountability. The duo also discusses how AI, particularly ChatGPT-4, is surpassing human doctors in diagnostics, suggesting a shift in healthcare practices. Lastly, the conversation turns to Intuit's strategic embrace of AI for TurboTax and its ambitious plans for market expansion, revealing the evolving landscape of financial technology.