The Accounting Podcast

The hosts tackle the economic implications of Trump's election, discussing proposed tariffs that could reshape business landscapes and inflation. They dive into potential tax reforms, including corporate rate cuts and SALT cap changes. An alarming $47 million IRS fraud scheme targeting tax practitioners is revealed, raising concerns about security. The conversation also touches on the meteoric rise of Bitcoin, speculating about its future viability as a national currency amid increased market interest.

Sasan Goodarzi, CEO of Intuit, is known for spearheading the company's AI projects and addressing the TurboTax controversy. In this conversation, he apologizes for a poor reception of a recent ad campaign while revealing competitive strategies for Intuit’s new Enterprise Suite. Topics include advanced features for multi-entity accounting and the impact of AI on tax preparation. The discussion also touches on EY's resignation as an auditor and how AI reshapes the landscape for searches, creating exciting challenges for accountants.

In this episode, Amber Setter returns to discuss the AICPA and NASBA's newly proposed competency-based pathway to CPA licensure, offering a 150-hour-rule alternative. They argue that the complexity of the plan might create more bureaucratic barriers rather than simplifying the process. There's also talk on the challenges facing the profession, including stagnant salaries and declining CPA numbers. Rounding out the show, they examine a recent story about EY firing employees for attending multiple online CPE courses at once.SponsorsLiveFlow - http://accountingpodcast.promo/liveflowZoho - http://accountingpodcast.promo/zohoCloud Accountant Staffing - http://accountingpodcast.promo/casTabs - http://accountingpodcast.promo/tabsChapters(02:30) - Blake's Session on Automation Toolkit (05:11) - Sponsor Acknowledgements (05:34) - Discussion on AICPA and NASBA Competency Pathway (06:35) - Amber Setter's Insights on the Proposed Pathway (10:47) - Concerns and Practical Challenges (16:21) - Potential Impact on CPA Candidates (30:29) - Live Stream Viewer Comments and Questions (36:02) - Debating CPA Education Requirements (36:29) - Personal Journey to Becoming a CPA (37:18) - State Differences in CPA Experience Requirements (39:34) - NASBA's Influence on State Boards (41:47) - Challenges in CPA Firm Hiring Practices (42:38) - Value of Prior Work Experience (42:55) - Different CPA Licenses Across States (45:06) - Master's Degree in Accounting: Is It Worth It? (47:41) - Experience vs. Education in CPA Training (52:35) - The Appeal of Starting Your Own Firm (01:00:15) - EY's Controversial CPE Policy (01:03:09) - Innovative CPE Solutions with Earmark (01:03:55) - Future of CPE and Mental Health Initiatives (01:09:42) - Conclusion and Final Thoughts  Show NotesExposure draft: Proposed “CPA Competency-Based Experience Pathway”https://www.aicpa-cima.com/certifications/download/exposure-draft-proposed-cpa-competency-based-experience-pathway Educational Requirements for CPA Licensurehttps://www.dca.ca.gov/cba/applicants/ed-requirements.shtml EY Got Rid of Staff Who Took Multiple CPE Courses at the Same Timehttps://www.cpapracticeadvisor.com/2024/10/23/ey-got-rid-of-staff-who-took-multiple-web-training-course-at-once/112128/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/OvercastClassifiedsCoefficient - http://accountingpodcast.promo/coefficientexpoForwardly - 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

Blake and David examine why Trump may win in 2024, discussing immigration's economic impact on working-class wages and how this could affect voting patterns, particularly in border states like Arizona. They also look at the AICPA's selection of Mark Koziel as its new president, questioning whether the organization truly advocates for average CPAs. Moving on, they discuss Intuit's controversial TurboTax marketing campaign and consider why Berkshire Hathaway is reducing its BOA stake due to concerns about unrealized losses in the bank's bond portfolio.SponsorsLiveFlow - http://accountingpodcast.promo/liveflowZoho - http://accountingpodcast.promo/zoho Practice Protect - http://accountingpodcast.promo/protectChapters(00:33) - Introduction and Grand Canyon Adventure (02:29) - Padgett Business Model and Amanda's Role (04:19) - Sponsors and Election Involvement (06:00) - Why Trump Will Win: Analyzing the Numbers (06:29) - AICPA Leadership and Industry News (10:29) - Earmark's Growth and Future Plans (24:11) - Immigration Debate and Economic Impact (43:30) - Economic Factors in Trump's Election Loss (44:21) - Ad Break: Zoho Practice Management (46:07) - Impact of Abortion and Immigration on Elections (47:42) - Offshoring and Wage Suppression in Accounting (49:49) - AICPA's Role in Offshoring and Technology (54:05) - Introducing Mark Koziel: New AICPA President (57:48) - Ad Break: Practice Protect Cybersecurity (01:00:04) - Debate on Abortion and Political Affiliations (01:04:50) - Banking Crisis and Economic Policies (01:07:02) - Intuit's Controversial Ad Campaign (01:15:19) - Warren Buffett's Stance on Bank of America (01:25:00) - Conclusion and Upcoming Events  Show NotesDo immigrants really take jobs and lower wages?https://www.npr.org/2024/06/28/1197959366/immigration-economics-mariel-boatliftEscalating Cyber Threats Demand Stronger Global Defense and Cooperationhttps://blogs.microsoft.com/on-the-issues/2024/10/15/escalating-cyber-threats-demand-stronger-global-defense-and-cooperation/American productivity still leads the worldhttps://www.economist.com/special-report/2024/10/14/american-productivity-still-leads-the-worldPublic sector talent shortage: Unique challenges require unique solutionshttps://www.journalofaccountancy.com/news/2024/oct/public-sector-accounting-challenges.htmlIntuit asked us to delete part of this Decoder episodehttps://www.theverge.com/2024/10/21/24273820/intuit-ceo-sasan-goodarzi-turbotax-irs-quickbooks-ai-software-decoder-interviewBuffett's Berkshire Trims BofA Stake Closer to 10%https://www.wsj.com/livecoverage/stock-market-today-dow-sp500-nasdaq-live-10-08-2024/card/buffett-s-berkshire-trims-bofa-stake-closer-to-10--EQHbm5iLN4LTvbgNW29WNeed 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 - https://clienthub.app/Forwardly - https://www.forwardly.com/Coefficient - http://accountingpodcast.promo/coefficientexpoWant 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

This discussion features Fat Joe, a rapper and businessman who has encountered the pitfalls of accounting fraud. He shares his recent experiences with BDO and highlights the significant risks involved in the accounting profession. The conversation dives into the fallout from Intuit's controversial TurboTax ad and the National Association of Tax Preparers' split with the company. It also touches on Trump's threats against Deloitte and KPMG's push for alternative CPA pathways, shedding light on the evolving landscape in the accounting world.

Blake and David look into OpenAI's complex entity structure and potential conversion from nonprofit to for-profit, highlighting the significant financial implications. They also discuss the challenges facing FreshBooks amid recent layoffs and shifting market dynamics and then explore the journey of Vuori's CEO Joe Kudla, emphasizing how his accounting background contributed to the company's success. Wrapping things up, we’ve got listener questions about the value of CPA licenses and growing advisory services in accounting firms.Sponsors Relay - http://accountingpodcast.promo/relayIgnition - http://accountingpodcast.promo/ignitionMercury - http://accountingpodcast.promo/mercuryChapters(02:15) - OpenAI's Nonprofit to For-Profit Dilemma (05:44) - Understanding OpenAI's Complex Structure (13:28) - The Financial Implications of OpenAI's Transition (27:34) - Vuori's CEO: From Accounting to Fashion (34:44) - The Power of Pricing: Vuori's Success Story (35:09) - The Importance of Accounting in Entrepreneurship (36:48) - FreshBooks' Struggles and Market Position (39:42) - The Future of FreshBooks and Industry Trends (46:02) - Listener Mail: CPA Value and Audit Challenges (53:34) - Exploring Advisory Services and Technology Solutions (59:22) - Closing Thoughts and Community Engagement  Show NotesOpenAI closes $6.6 billion funding haul with investment from Microsoft and Nvidiahttps://www.reuters.com/technology/artificial-intelligence/openai-closes-66-billion-funding-haul-valuation-157-billion-with-investment-2024-10-02/How Vuori’s Joe Kudla went from accountant to fashion industry successhttps://www.goldmansachs.com/insights/goldman-sachs-talks/joe-kudlaFreshBooks lays off 140https://www.accountingtoday.com/news/freshbooks-lays-off-140-staff-cites-challenging-18-monthsSEC Charges Olayinka Oyebola and His Accounting Firm With Aiding and Abetting Massive Fraudhttps://www.sec.gov/newsroom/press-releases/2024-157Need 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/Coefficient - http://accountingpodcast.promo/coefficientexpo 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

This discussion tackles TurboTax's controversial ad campaign encouraging clients to ditch tax pros. It critically examines Intuit's pricing strategy and implications for CPA firms. Survey data on AI adoption in accounting reveals potential benefits and lagging training. The speakers explore issues surrounding IRS audit rates and the tragic consequences of work culture in accounting. Additionally, they delve into proposed changes to CPA licensure, raising concerns about NASBA's influence and advocating for greater state autonomy.

Blake and David meet with Natalie Lennon, the Australian accountant known as the "Queen of TikTok" in accounting circles. Natalie shares her experiences at Xerocon Nashville, discusses the differences between Australian and American accounting practices, and explains how she leveraged TikTok to grow her accounting business. She also outlines implementing a four-day workweek, embracing fixed-fee pricing, and her upcoming projects, including a TikTok course for accountants.Meet Our Guest, Natalie LennonLinkedIn: https://www.linkedin.com/in/natalielennon/TikTok: https://www.tiktok.com/@natlennoLearn more about Two Sides AccountingWebsite: https://www.twosides.com.au/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 examine the evolving landscape of remote work, discussing recent trends and their impact on productivity and employee well-being. They also explore the commercial real estate market's challenges due to the shift towards remote work and its potential implications for the banking sector. Moving on, they take a look at recent audit failures, particularly the FTX case and discuss the controversial Beneficial Ownership Information reporting requirements and some potential issues for small businesses.SponsorsZoho - http://accountingpodcast.promo/zohoRelay - http://accountingpodcast.promo/relaySafeSend - http://accountingpodcast.promo/safesendinterVal - http://accountingpodcast.promo/intervalChapters(00:49) - Blake's Fitness Journey with Apple Watch (03:16) - Impact of Remote Work on Health and Productivity (06:25) - Amazon's Return to Office Policy (11:36) - CEO Perspectives on Remote Work (24:14) - Commercial Real Estate Crisis (28:07) - Accounting Standards and Bank Balance Sheets (31:25) - Listener Questions and Comments (45:06) - The Sunk Cost Fallacy in Real Estate (45:41) - The Looming Commercial Real Estate Bust (47:51) - The Role of Intangible Assets in Modern Accounting (51:24) - The CPA Journey: Is It Worth It? (52:09) - The Kenneth CPA Hack (01:01:54) - The BOI Reporting Controversy  Show NotesHow Remote Work Is Impacting Accounting Firmshttps://cpatrendlines.com/2024/09/22/how-remote-work-is-impacting-accounting-firms/ 2024 KPMG U.S. CEO Outlook Pulse Surveyhttps://kpmg.com/us/en/articles/2024/kpmg-2024-ceo-outlook-pulse-survey.html Amazon tells employees to return to office five days a weekhttps://www.cnbc.com/2024/09/16/amazon-jassy-tells-employees-to-return-to-office-five-days-a-week.html Wells Fargo employee found dead at her desk days after she last clocked into work, authorities sayhttps://www.cnn.com/2024/08/31/us/wells-fargo-employee-desk-arizona/index.html Eric Schmidt Calls Remote Work a Mistake for Google in Disappearing Videohttps://nationalcioreview.com/articles-insights/news/eric-schmidt-calls-remote-work-a-mistake-for-google-in-disappearing-video/ Audit Firm Prager Metis Settles SEC Charges for Negligence in FTX Audits and for Violating Auditor Independence Requirementshttps://www.sec.gov/newsroom/press-releases/2024-133 Beneficial Ownership Reporting Outreach and Education Toolkithttps://www.fincen.gov/boi/toolkit BOI requirements roll along despite concerns about too little outreachhttps://www.journalofaccountancy.com/news/2024/aug/boi-reporting-requirements.html Property Fraud Allegations Snowball as Commercial Real Estate Values Fallhttps://www.wsj.com/real-estate/property-fraud-allegations-snowball-as-commercial-real-estate-values-fall-492d964c Nearly a Quarter of Office Space in the U.S. Will Be Empty by 2026https://www.cpapracticeadvisor.com/2024/07/01/nearly-a-quarter-of-office-space-in-the-u-s-will-be-empty-by-2026/107376/ Big Banks are Taking Hits from Commercial Real Estatehttps://www.wsj.com/finance/banking/commercial-property-loans-real-estate-banks-249a43b9Need 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 Forwardly - 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 cr...

Discover the launch of Intuit's new Enterprise Suite, designed to transform mid-market operations and stack up against competitors like NetSuite. Dive into the shocking audit failure of PwC in China, linked to the Evergrande scandal, raising ethical questions in the industry. Delve into the unfortunate realities of overwork in accounting, highlighted by a tragic case in India. Finally, explore how OpenAI's latest model is changing the game, outperforming humans in IQ tests and hinting at a future where AI and accounting professions intersect.