Avsnitt
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This week on the pod: Judge orders 6 agencies (including IRS?) to rehire fired probationary workers, we dig into the tax trick Dr. Oz used to pay no Medicare taxes, AICPA in pointless talks with the IRS, Digits takes on QuickBooks with AI-powered GL, remote accounting jobs in retreat, and more!
Sponsors
OnPay - http://accountingpodcast.promo/onpay
Relay - http://accountingpodcast.promo/relay
Chapters
(01:29) - Listener Feedback and Criticism(02:37) - Political Discussions and Their Impact on Accounting(12:34) - IRS Workforce Cuts and Technology Issues(20:44) - Dr. Oz and the Limited Partner Tax Strategy(33:15) - Viewer Comments and AI Discussion(33:56) - Digits and AI (52:29) - Remote Accounting Jobs: Trends and Insights(58:32) - Deloitte's Audit Integrity(01:00:53) - IRS Drama: Chief Counsel Clash(01:02:03) - Podcast Wrap-Up and Listener EngagementShow Notes
Dr. Mehmet Oz may have underpaid Medicare and Social Security taxes, Senate Democratic memo finds
https://www.nbcnews.com/politics/congress/dr-mehmet-oz-medicare-social-security-taxes-democrats-memo-rcna196237
DOGE proposes cutting IRS workforce by a total of nearly 20%
https://www.cnn.com/2025/03/13/politics/doge-irs-workforce-cuts-downsizing/index.html
Judge orders Trump administration to reinstate thousands of fired employees at VA, Defense Department and other agencies
https://www.cnn.com/2025/03/13/politics/judge-opm-probationary-employees-fired-hearing/index.html
AICPA CEO Releases Statement on IRS Services for this Tax Season
https://www.aicpa-cima.com/news/article/aicpa-ceo-releases-statement-on-irs-services-for-this-tax-season
Introducing Autonomous General Ledger
https://digits.com/blog/agl-announcement/
Building AI that Actually Works: 10 Key Lessons from Calendly’s CPO and Head of UX
https://www.saastr.com/10-key-lessons-from-calendlys-cpo-and-head-of-ux-on-building-ai-that-actually-works/
Only 9% of SMB finance teams are still working fully remote
https://www.cfo.com/news/only-9-of-small-medium-SMB-cfos-are-still-working-fully-remote-return-to-office-strategies/740312/
Opportunity to Attract and Retain Highly Motivated Working Parents via Enhanced Flexibility, Stronger Support Systems
https://kpmg.com/us/en/media/news/kpmg-working-parents-survey-2025.html
Steak n Shake's parent company gets an adverse opinion from auditor
https://www.expressnews.com/business/article/steaknshake-biglari-auditor-adverse-opinion-20204740.php
The IRS just demoted its chief counsel who clashed with Elon Musk’s DOGE
https://fortune.com/2025/03/13/irs-chief-counsel-doge-elon-musk/
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Subscribe to the Earmark Podcast: https://podcast.earmarkcpe.comGet 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 Podchaser. Call us and leave a voicemail; maybe we'll play it on the show. DIAL (202) 695-1040.
Sponsorships
Are you interested in sponsoring the Cloud Accounting Podcast? For details, read the prospectus.
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Check out our new website - accountingconferences.com
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Transcripts
The full transcript for this episode is available by clicking on the Transcript tab at the top of this page
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How does a profession revitalize itself when salaries haven't budged since 2007? In this episode, Blake and David examine the shocking reality that Big Four audit associates in Chicago earn the same salary range today as they did nearly two decades ago. They also explore why accounting's value proposition has stagnated in a world where financial statements fail to capture what truly matters to modern investors, and you'll hear their take on the IRS's plan to cut 50% of its workforce, Social Security's future, and the economic impact of tariffs—including a surprising clip from Ronald Reagan himself. Plus, learn how over 30 states are now advancing legislation to eliminate the 150-hour rule that has long been blamed for declining CPA candidates.
Sponsors
OnPay - http://accountingpodcast.promo/onpay
Bluevine - http://accountingpodcast.promo/bluevine (Bluevine is a financial technology company, not a bank. Banking Services provided by Coastal Community Bank, Member FDIC.)
Chapters
(00:49) - BOI Reporting Requirements Halted(02:00) - Impact of BOI Reporting Suspension(05:12) - IRS Layoffs and Their Implications(11:56) - Reagan's Take on Tariffs(15:58) - Trump's Tariffs and Fentanyl Production(19:59) - OnPay Updates(24:50) - Economic Optimism Among CPAs(27:10) - Strategic Crypto Reserve(30:30) - Elon Musk on Social Security(37:49) - Earmark Webinar Highlights on CPA Licensure Changes(40:17) - Audit Associate Salary Stagnation(43:32) - CPA Supervision and Work Experience Challenges(44:48) - Audit Quality and Firm Economics(47:46) - Intangible Assets and Financial Reporting(59:03) - Expense Card Industry Updates(01:04:26) - US Debt and Economic PowerShow Notes
The IRS Is Reportedly Planning to Cut Up to 45,000 Workers — Half of Its Workforce
https://www.entrepreneur.com/business-news/irs-planning-mass-layoffs-cutting-half-of-workforce-report/487974
President Reagan's Radio Address on Free and Fair Trade on April 25, 1987
https://www.youtube.com/watch?v=5t5QK03KXPc
Trump’s Tariffs Set Off Day of Anger, Retaliation and Market Unease
https://www.nytimes.com/live/2025/03/04/us/tariffs-us-canada-mexico-china
Domestic economic sentiment declines 20 percentage points among CPA execs
https://www.journalofaccountancy.com/news/2025/mar/domestic-economic-sentiment-declines-20-percentage-points-among-cpa-execs.html
Trump signs order to establish strategic bitcoin reserve
https://www.reuters.com/technology/trump-signs-order-establish-strategic-bitcoin-reserve-white-house-crypto-czar-2025-03-07/
Fact Sheet: President Donald J. Trump Establishes the Strategic Bitcoin Reserve and U.S. Digital Asset Stockpile
https://www.whitehouse.gov/fact-sheets/2025/03/fact-sheet-president-donald-j-trump-establishes-the-strategic-bitcoin-reserve-and-u-s-digital-asset-stockpile/
Elon Musk's Social Security Comments Called Out by Former Administrator
https://www.newsweek.com/elon-musk-social-security-comments-ponzi-scheme-martin-omalley-2042006
85% of Americans Willing to Raise Taxes to Save Social Security, Survey Shows
https://finance.yahoo.com/news/85-americans-willing-raise-taxes-133018876.html
Erica Goode’s LinkedIn Post on Salary Declines
https://www.linkedin.com/posts/erica-goode-cpa-00205616_thisindustry-icanteven-activity-7300526290778869762-hqph/
Will Debt Sink the American Empire?
https://www.wsj.com/politics/policy/will-debt-sink-the-american-empire-8459096b
FASB Requests Feedback Related to Intangible Assets
https://dart.deloitte.com/USDART/home/news/all-news/2024/dec/fasb-invitation-to-comment-intangible-assets
Need CPE?
Get CPE for listening to podcasts with Earmark: https://earmarkcpe.com
Subscribe to the Earmark Podcast: https://podcast.earmarkcpe.comGet 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 Podchaser. Call us and leave a voicemail; maybe we'll play it on the show. DIAL (202) 695-1040.
Sponsorships
Are you interested in sponsoring the Cloud Accounting Podcast? For details, read the prospectus.
Need Accounting Conference Info?
Check out our new website - accountingconferences.com
Limited edition shirts, stickers, and other necessities
TeePublic Store: http://cloudacctpod.link/merch
Subscribe
Apple Podcasts: http://cloudacctpod.link/ApplePodcastsYouTube: https://www.youtube.com/@TheAccountingPodcastSpotify: http://cloudacctpod.link/SpotifyPodchaser: http://cloudacctpod.link/podchaserStitcher: http://cloudacctpod.link/StitcherOvercast: -
Saknas det avsnitt?
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What happens when political changes collide with tax enforcement? In this revealing conversation, former IRS revenue agent Jeff Johnson shares his firsthand account of being caught in the recent mass layoffs at the IRS. Having just completed seven months of intensive training, Jeff was among 7,000 probationary employees suddenly terminated as part of a broader federal workforce reduction initiative.
Jeff pulls back the curtain on the agency's antiquated systems—including 1960s COBOL programming and cryptic green screens that revenue agents must master—and explains why these cuts could mean fewer audits of non-compliant taxpayers. You'll hear how experienced professionals who left established careers to serve at the IRS were dismissed with minimal notice and why this might be just the beginning of a much more significant reduction targeting up to half of the agency's 90,000 workforce.
Meet Our Guest, Jeff Johnston
LinkedIn: http://www.linkedin.com/in/jon-jeffery-johnston-6812875
Need CPE?
Get CPE for listening to podcasts with Earmark: https://earmarkcpe.com
Subscribe to the Earmark Podcast: https://podcast.earmarkcpe.comGet 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 Podchaser. Call us and leave a voicemail; maybe we'll play it on the show. DIAL (202) 695-1040.
Sponsorships
Are you interested in sponsoring the Cloud Accounting Podcast? For details, read the prospectus.
Need Accounting Conference Info?
Check out our new website - accountingconferences.com
Limited edition shirts, stickers, and other necessities
TeePublic Store: http://cloudacctpod.link/merch
Subscribe
Apple 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
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Transcripts
The full transcript for this episode is available by clicking on the Transcript tab at the top of this page
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What happens when the US government considers creating a cryptocurrency reserve? In this episode, Blake and David dive into Trump's surprising announcement about establishing a crypto strategic reserve and the immediate market reaction. They explore this proposal's potential consequences and skepticism, from security vulnerabilities to valuation challenges.
You'll also hear about PwC Israel's $2.8 million fine for exam cheating, Connecticut's push to create alternative CPA licensure pathways, and how accounting firms are expanding into legal services. They also dissect the outcry over federal employees being asked to submit weekly accomplishment reports and break down Citigroup's jaw-dropping $81 trillion transfer error caused by poor software design.
Whether you're tracking regulatory changes, interested in the evolution of professional services firms, or simply fascinated by the intersection of finance and technology, this episode delivers insights into the forces reshaping the accounting profession today.
Sponsors
Bluevine - http://accountingpodcast.promo/bluevine (Bluevine is a financial technology company, not a bank. Banking Services provided by Coastal Community Bank, Member FDIC.)
CPA.com - http://accountingpodcast.promo/cpa
Chapters
(00:00) - Introduction and Welcome(00:29) - Crypto's Legitimacy and Trump's Announcement(01:44) - Crypto Market Reactions and Speculations(04:07) - Personal Updates and Hiking Adventure(05:36) - Crypto Reserve Concerns and Security Issues(08:00) - PWC Fined for Cheating Scandal(11:42) - Top Collegiate Accounting Programs(16:52) - FinCEN and Beneficial Ownership Reporting(17:59) - Fyre Festival 2 Announcement(20:46) - CPA Licensure Pathways and Reforms(25:33) - Accounting Firms Expanding into Legal Services(30:45) - Consulting Firms and Government Contracts(36:30) - Government Spending and Nonprofits(37:49) - Consulting Costs and Middlemen(40:18) - The Penny Debate(41:53) - Federal Employee Accountability(58:46) - Elon Musk's OpenAI Offer(01:03:50) - Citigroup's $81 Trillion Error(01:07:36) - Self-Driving Cars and AI(01:10:11) - Conclusion and CPE MessageShow Notes
Trump names cryptocurrencies in strategic reserve, sending prices up
https://www.reuters.com/world/us/trump-says-cryptocurrency-strategic-reserve-includes-xrp-sol-ada-2025-03-02/
Crypto's biggest hacks and heists after $1.5 billion theft from Bybit
https://www.reuters.com/technology/cybersecurity/cryptos-biggest-hacks-heists-after-15-billion-theft-bybit-2025-02-24/
PCAOB Sanctions PwC Israel for Quality Control Violations Related to Widespread Improper Answer Sharing
https://pcaobus.org/news-events/news-releases/news-release-detail/pcaob-sanctions-pwc-israel-for-quality-control-violations-related-to-widespread-improper-answer-sharing
CPA Success Index: Ranking the top collegiate accounting programs
https://www.accountingtoday.com/opinion/cpa-success-index-ranks-top-collegiate-accounting-programs
FinCEN Not Issuing Fines or Penalties in Connection with Beneficial Ownership Information Reporting Deadlines
https://www.fincen.gov/news/news-releases/fincen-not-issuing-fines-or-penalties-connection-beneficial-ownership
Fyre Festival 2 tickets are on sale for up to $1.1 million after founder served prison time for defrauding investors of the first event
https://fortune.com/2025/02/26/fyre-festival-2-tickets-billy-mcfarland-prometheus-pass-music-lineup/
Progress: Tracking the conversation in all licensing jurisdictions
https://www.mncpa.org/involvement/legislative/broadening-pathways-to-cpa/national/
Aprio Aims to Enter Legal Industry by Combining with Law Firm in Arizona
https://www.cpapracticeadvisor.com/2025/02/13/aprio-aims-to-enter-legal-industry-by-combining-with-law-firm-in-arizona/156043/
McKinsey Estimates Advisor Shortage of 100,000 by 2034
https://www.wealthmanagement.com/wealth-management-industry-trends/mckinsey-estimates-advisor-shortage-of-100-000-by-2034
Saudi Wealth Fund Blocks PwC from Advisory Work for One Year
https://www.bloomberg.com/news/articles/2025-02-28/saudi-wealth-fund-blocks-pwc-from-advisory-work-for-one-year
A message from SecVA Doug Collins
https://www.youtube.com/watch?v=r8Z_RkqSAzo
Everyone Hates Pennies, Except This Guy
https://www.wsj.com/business/mark-weller-penny-defender-trump-d543a9de?mod=business_lead_pos1
Federal workers get a new email demanding their accomplishments
https://www.npr.org/2025/03/01/g-s1-51490/federal-workers-new-email-accomplishments
Fact Sheet: President Donald J. Trump Proceeds with Tariffs on Imports from Canada and Mexico
https://www.whitehouse.gov/fact-sheets/2025/03/fact-sheet-president-donald-j-trump-proceeds-with-tariffs-on-imports-from-canada-and-mexico/
Sam Altman Rejects Elon Musk’s Offer To Buy OpenAI Control—And Mocks X
https://www.forbes.com/sites/mollybohannon/2025/02/10/sam-altman-rejects-elon-musks-offer-to-buy-openai-control-and-mocks-x/
Former U.S. Senator Robert Menendez Sentenced To 11 Years In Prison For Bribery, Foreign Agent, And Obstruction Offenses
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Billions in federal funds for nonprofits were abruptly frozen by the Trump administration, leaving organizations scrambling to stay afloat. Blake speaks with Jerilyn Dressler and Harriet "Hatsy" Cutshall from YPTC about how these freezes disrupted essential services, the complex flow of federal grants, and the rigorous compliance requirements nonprofits must meet. With a judge ordering the funds to be reinstated, they discuss what’s next for nonprofits and the ongoing challenges of government funding oversight.
Meet Our Guests:
Jerilyn Dressler, CPA : https://www.linkedin.com/in/jerilynkeitdresslercpacfe
Harriet "Hatsy" Cutshall, CPA : https://www.linkedin.com/in/hatsycutshallcpa-yptcGet 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 Podchaser. Call us and leave a voicemail; maybe we'll play it on the show. DIAL (202) 695-1040.
Sponsorships
Are you interested in sponsoring the Cloud Accounting Podcast? For details, read the prospectus.
Need Accounting Conference Info?
Check out our new website - accountingconferences.com
Limited edition shirts, stickers, and other necessities
TeePublic Store: http://cloudacctpod.link/merch
Subscribe
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Dr. Jack Castonguay, CPA and Hofstra University professor, provides a critical analysis of proposed legislation to create a Strategic Bitcoin Reserve. He challenges the notion that the government should invest taxpayer money in a highly volatile, speculative asset that lacks the practical applications of traditional reserves like oil or foreign currencies. The discussion explores concerns about buying at record-high prices, the unknown identities of Bitcoin holders, and the potential risks of states allocating public funds to cryptocurrency investments.
Meet Our Guest, Jack Castonguay
https://www.linkedin.com/in/jack-castonguay-phd-cpa
https://www.hofstra.edu/faculty-staff/faculty-profile.html?id=6751Need CPE?
Get CPE for listening to podcasts with Earmark: https://earmarkcpe.com
Subscribe to the Earmark Podcast: https://podcast.earmarkcpe.comGet 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 Podchaser. Call us and leave a voicemail; maybe we'll play it on the show. DIAL (202) 695-1040.
Sponsorships
Are you interested in sponsoring the Cloud Accounting Podcast? For details, read the prospectus.
Need Accounting Conference Info?
Check out our new website - accountingconferences.com
Limited edition shirts, stickers, and other necessities
TeePublic Store: http://cloudacctpod.link/merch
Subscribe
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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/RunClassifiedAd
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This episode originally appeared on the Earmark Podcast. Listen and subscribe at https://podcast.earmarkcpe.com.
Erica Goode, CPA, reveals how she built a thriving $200K accounting firm working just 15 hours a week. Discover the power of niching, efficient processes, and work-life balance in this candid discussion. Erica will share her journey from corporate burnout to entrepreneurial success, offering practical insights on pricing strategies, time management, and building authority in your niche. Whether you're considering starting your own firm or optimizing your existing practice, this webinar will inspire and equip you to reimagine what's possible in your accounting career.
Get CPE for this episode here: https://www.earmark.app/c/1802Show Notes
The 15-Hour Accounting eBook:
https://mailchi.mp/ericagoode/15-hr-accountant-ebookMeet Our Guest, Erica Goode
LinkedIn: https://www.linkedin.com/in/erica-goode-cpa-00205616/Need CPE?
Get CPE for listening to podcasts with Earmark: https://earmarkcpe.com
Subscribe to the Earmark Podcast: https://podcast.earmarkcpe.comGet 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 Podchaser. Call us and leave a voicemail; maybe we'll play it on the show. DIAL (202) 695-1040.
Sponsorships
Are you interested in sponsoring the Cloud Accounting Podcast? For details, read the prospectus.
Need Accounting Conference Info?
Check out our new website - accountingconferences.com
Limited edition shirts, stickers, and other necessities
TeePublic Store: http://cloudacctpod.link/merch
Subscribe
Apple 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
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/RunClassifiedAd
Transcripts
The full transcript for this episode is available by clicking on the Transcript tab at the top of this page
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Is the U.S. heading toward a financial cliff? In this eye-opening episode, Blake and David unpack the Government Accountability Office's sobering projection that federal debt will double the size of the economy by 2047. While exploring recent DOGE initiatives and IRS layoffs, they examine whether drastic government spending cuts are inevitable—and necessary.
Meanwhile, Virginia and Tennessee join the growing movement to reform CPA licensure requirements by offering pathways that don't require 150 credit hours. Could these changes be the key to increasing diversity more effectively than corporate DEI programs?
You'll also discover why the $400 million PCAOB budget might be on the chopping block, how AI research tools like Perplexity Deep Research are revolutionizing tax research, and get the latest update on the ever-shifting BOI reporting deadlines. Whether you lean left, right, or stay strictly in the debits and credits, this episode offers practical insights for navigating the changing professional landscape.
Sponsors
OnPay - http://accountingpodcast.promo/onpay
CPA.com - http://accountingpodcast.promo/cpa
Bluevine - http://accountingpodcast.promo/bluevine (Bluevine is a financial technology company, not a bank. Banking Services provided by Coastal Community Bank, Member FDIC.)
Chapters
(02:16) - Apologies and Clarifications(04:37) - IRS Layoffs and Government Spending(05:32) - Live Stream Interactions and Sponsorships(06:47) - Federal Debt and Fiscal Health(16:58) - BOI Reporting Deadline Extension(19:05) - Deloitte's DEI Changes(23:26) - CPA Licensure Pathways(28:37) - DOGE Dividend Proposal(33:14) - Social Security and Medicare Funding Challenges(35:40) - Impact of IRS Layoffs(38:13) - Audit Rates and Tax Compliance(42:16) - Regulatory Burdens and Economic Growth(51:50) - PCAOB and Audit Quality(59:54) - AI in Tax Research(01:05:38) - Listener Engagement and Final ThoughtsShow Notes
GAO-24-106987, The Nation's Fiscal Health
https://www.gao.gov/assets/d24106987.pdf
Corporate Transparency Act Enforcement Injunction Stayed, FinCEN Extends the Beneficial Ownership Information Reporting Deadline to March 21, 2025, and Announces Intention to Revise the Reporting Rule
https://www.sidley.com/en/insights/newsupdates/2025/02/corporate-transparency-act-enforcement-injunction-stayed
Trump Demands Apple Ditch DEI After It Rejects Proposal: Here Are All The Companies Cutting Diversity Programs
https://www.forbes.com/sites/conormurray/2025/02/26/trump-demands-apple-ditch-dei-after-it-rejects-proposal-here-are-all-the-companies-cutting-diversity-programs/
Breaking down Virginia's new CPA requirements: What you need to know
https://www.blakeoliver.com/blog/breaking-down-virginias-new-cpa-requirements-what-you-need-to-know
Virginia General Assembly passes legislation widening pathways to CPA licensure effective Jan. 1, 2026
https://boa.virginia.gov/2025/02/virginia-general-assembly-passes-legislation-widening-pathways-to-cpa-licensure-effective-jan-1-2026/
Bridging the Gap: New CPA Licensure Legislation To Address the CPA Shortage
https://www.tscpa.com/news/1490-bridging-the-gap-new-cpa-licensure-legislation-to-address-the-cpa-shortage
$5,000 DOGE check? Trump backs idea to send some savings to Americans
https://www.fox9.com/news/5000-doge-dividend-check-trump-backs-savings-americans
IRS plans to lay off 7,000 probationary workers beginning Thursday, AP source says
https://apnews.com/article/irs-layoffs-trump-elon-musk-doge-df2b3c8d53ff9f2d276c8b29f8004dde
AICPA CEO Mark Koziel on the Future of Accounting Under the Trump Administration
https://www.nysscpa.org/news/publications/the-trusted-professional/article/aicpa-ceo-mark-koziel-on-the-future-of-accounting-under-the-trump-administration-021225
Perplexity Unveils Deep Research: AI-Powered Tool for Advanced Analysis
https://www.infoq.com/news/2025/02/perplexity-deep-research/
TaxGPT Raises $4.6M to Build the First AI Tax Co-Pilot for Accounting and Tax Firms
https://www.taxgpt.com/blog/taxgpt-raises-4-6m-to-build-the-first-ai-tax-co-pilot-for-accounting-and-tax-firms
DeepSeek on par with GPT, Claude, Llama for accounting
https://www.accountingtoday.com/news/deepseek-on-par-with-gpt-claude-llama-for-accounting
Secure your Intuit Account and prevent lockout with extra verification methods
https://quickbooks.intuit.com/learn-support/en-us/help-article/security-risk/verify-account-multi-factor-authentication/L2Xp0GNiT_US_en_US
Need CPE?Get CPE for listening to podcasts with Earmark: https://earmarkcpe.com
Subscribe to the Earmark Podcast: https://podcast.earmarkcpe.comGet 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 Podchaser. Call us and ...
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Today, Blake and David dive into the controversy surrounding DOGE's withholding federal funds and gaining access to Treasury payment systems. They also examine AICPA's move away from the 150-hour requirement and Adobe's misguided tax document advice. All this and much more, right now!
Sponsors
CPA.com - http://accountingpodcast.promo/cpa
Relay - http://accountingpodcast.promo/relay
Cloud Accountant Staffing - http://accountingpodcast.promo/cas
Rho - http://accountingpodcast.promo/rho
Chapters
(00:00) - Welcome to The Accounting Podcast (00:54) - Chaos Created by Doge(01:32) - Top Stories of the Week(02:17) - Listener Mail and Additional Topics(05:09) - Live Stream Interaction(06:42) - DOJ and Treasury Payment Freeze(17:40) - Young Engineers at DOJ(24:15) - Automation Features for Seamless Transactions(24:44) - Addressing Viewer Questions on Treasury Policies(25:34) - Debate on Federal Fund Vetting and Spending(27:57) - Government Bureaucracy and Political Battles(33:31) - The Role of Young Auditors in Government Agencies(40:38) - Adobe's Tax Tips: Helpful or Harmful?(43:54) - Final Thoughts on Government Efficiency and PartisanshipShow Notes
NASBA and the AICPA Propose an Alternative Path to CPA
https://www.cpajournal.com/2025/01/24/nasba-and-the-aicpa-propose-an-alternative-path-to-cpa/#google_vignette
“DOGE” Access to Treasury Payment Systems Raises Serious Risks
https://www.cbpp.org/research/federal-budget/doge-access-to-treasury-payment-systems-raises-serious-risks
Governor Shapiro Files Lawsuit Challenging Trump Administration’s Unconstitutional Federal Funding Freeze in Order to Protect Pennsylvania Interests
https://www.pa.gov/governor/newsroom/2025-press-releases/gov-shapiro-files-lawsuit-trump-admin-unconstitutional-federal-f.html
Craig Hausz Tweet on a client’s tax return delay
https://x.com/CPATaxTeam/status/1890096888549912704
Federal judge partially blocks DOGE’s access to Treasury financial systems
https://fedscoop.com/judge-blocks-treasury-payments-systems-from-doge/
Taxing times: New Adobe Acrobat survey reveals taxpayer stressors and solutions for making filing easier
https://blog.adobe.com/en/publish/2025/02/20/taxing-times-new-adobe-acrobat-survey-reveals-taxpayer-stressors-solutions-for-making-filing-easier
Are Deloitte UK & Deloitte US Doing DEI Differently?
https://sustainabilitymag.com/articles/are-deloitte-uk-and-us-doing-dei-differently
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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 Podchaser. Call us and leave a voicemail; maybe we'll play it on the show. DIAL (202) 695-1040.
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Transcripts
The full transcript for this episode is available by clicking on the Transcript tab at the top of this page
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Blake and David tackle several key accounting industry developments, including a surprising 12% increase in undergraduate accounting enrollment and ongoing debates about IRS staffing and operations. They explore the potential impact of changes to Illinois's 150-hour CPA licensing rule, examine Elon Musk's controversial claims about government spending, and share insights about AI advancements in accounting firms.
Sponsors
OnPay - http://accountingpodcast.promo/onpay
Keeper - http://accountingpodcast.promo/keeper
Cloud Accountant Staffing - http://accountingpodcast.promo/cas
Rho - http://accountingpodcast.promo/rho
Chapters
(00:00) - Welcome to The Accounting Podcast (03:37) - Government Employee Buyout Offer Update(09:24) - Undergraduate Accounting Enrollment Surge(12:38) - Illinois Proposes New CPA Pathways(14:25) - Elon Musk and IRS Direct File Controversy(18:16) - Doge's Access to Treasury Systems(26:53) - Tax Exemption on Tips: A Double-Edged Sword(30:19) - The Hidden Costs of Automation(38:03) - AI in Accounting: Current Innovations(47:03) - BDO Lawsuit: Inflated Revenues and ESOP(50:57) - Closing Remarks and AnnouncementsShow Notes
IRS Confirms Filing Season, Taxpayer Advocate Staff Exempted From Buyout
https://tax.thomsonreuters.com/news/irs-confirms-filing-season-taxpayer-advocate-staff-exempted-from-buyout/
Undergraduate Accounting Enrollment Rose 12% in Fall 2024
https://www.aicpa-cima.com/news/article/undergraduate-accounting-enrollment-rose-12-in-fall-2024
Bipartisan State House Bill Would Create Additional Pathways to CPA Licensure in Illinois
https://www.cpapracticeadvisor.com/2025/02/04/bipartisan-state-house-bill-would-create-additional-pathways-to-cpa-licensure-in-illinois/155537/
Elon Musk creates confusion about IRS’ Direct File — but the free tax program is still available
https://apnews.com/article/irs-direct-file-musk-18f-6a4dc35a92f9f29c310721af53f58b16
About 18F
https://18f.gsa.gov/about/#:~:text=18F%20is%20a%20team%20of,improve%20public%20service%20through%20technology
Elon Musk’s Team Now Has Access to Treasury’s Payments System
https://www.nytimes.com/2025/02/01/us/politics/elon-musk-doge-federal-payments-system.html
Trump Tax Proposals: Details & Analysis
https://taxfoundation.org/research/federal-tax/trump-administration-tax-proposals/
Agentic AI: Small steps, big aspirations at accounting firms
https://www.accountingtoday.com/news/agentic-ai-small-steps-big-aspirations-at-accounting-firms
WiseLayer Raises $7.2 Million for AI Agents for Accounting Teams
https://www.pymnts.com/artificial-intelligence-2/2025/wiselayer-raises-7-2-million-for-ai-agents-for-accounting-teams/
BDO Gets Accused of Inflating Revenue Ahead of the ESOP Again, This Time in a Class Action Lawsuit
https://www.goingconcern.com/bdo-gets-accused-of-inflating-revenue-ahead-of-the-esop-again-this-time-in-a-class-action-lawsuit/
Taxing times: New Adobe Acrobat survey reveals taxpayer stressors and solutions for making filing easier
https://blog.adobe.com/en/publish/2025/02/20/taxing-times-new-adobe-acrobat-survey-reveals-taxpayer-stressors-solutions-for-making-filing-easier
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Subscribe to the Earmark Podcast: https://podcast.earmarkcpe.comGet 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 Podchaser. Call us and leave a voicemail; maybe we'll play it on the show. DIAL (202) 695-1040.
Sponsorships
Are you interested in sponsoring the Cloud Accounting Podcast? For details, read the prospectus.
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Check out our new website - accountingconferences.com
Limited edition shirts, stickers, and other necessities
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-
Blake and David examine several significant developments, including TaxDome's data security incident, and the implications of China's DeepSeek AI model that caused Nvidia's stock to drop. They also dig into the White House's federal employee buyout offer that could impact IRS staffing levels and break down key findings from Accounting Today's 2025 Year Ahead survey about trends in remote work, tech spend, and AI adoption in accounting firms.
Sponsors
Keeper - http://accountingpodcast.promo/keeper
Cloud Accountant Staffing - http://accountingpodcast.promo/cas
Basil - http://accountingpodcast.promo/basil
Chapters
(00:24) - Introduction and Episode Overview(01:41) - Listener Shoutouts and Engagement(02:31) - Sports Banter and Mood Check(03:22) - Live Stream Interaction(05:11) - TaxDome Data Incident Discussion(22:24) - White House Buyout Offer for Federal Employees(31:26) - DeepSeek AI Model and Market Impact(36:24) - Exploring Perplexity's New DeepSeek R1 Model(36:58) - Comparing Reasoning Capabilities: R1 vs. ChatGPT(38:10) - The Google Search Analogy(39:16) - Concerns Over Unverified Financial Information(40:32) - Running AI Models on Personal Hardware(41:00) - Cost Implications for Businesses Using AI(42:59) - Innovation in Large vs. Small Firms(45:33) - Reforming the IRS: A New Approach(48:36) - Addressing the Accountant Labor Shortage(49:32) - Accounting Trends for 2025(57:00) - The Role of AI in Accounting Tools(59:56) - Frustrations with Current Accounting Software(01:05:33) - Final ThoughtsShow Notes
Deepseek R1 Explained by a Retired Microsoft Engineer
https://www.youtube.com/watch?v=r3TpcHebtxM
China’s DeepSeek AI dethrones ChatGPT on App Store: Here’s what you should know
https://www.cnbc.com/2025/01/27/chinas-deepseek-ai-tops-chatgpt-app-store-what-you-should-know.html
TaxDome reports security incident, says no sensitive data exposed
https://www.accountingtoday.com/news/taxdome-reports-data-breach
Reporting system error official post-mortem
https://community.taxdome.com/c/resources/reporting-system-incident-official-post-mortem-794aebba-618b-4857-8aab-debca4e644ee
TaxDome Post from Caleb Jenkins’ LinkedIn
https://www.linkedin.com/posts/calebjenkins1994_so-taxdome-can-you-tell-us-more-about-activity-7288762022882594816-X9eS?utm_source=share&utm_medium=member_desktop
Trump administration offers roughly 2 million federal workers a buyout to resign
https://www.nbcnews.com/politics/white-house/trump-administration-offer-federal-workers-buyouts-resign-rcna189661
Trump suggests sending IRS agents to the border
https://www.yahoo.com/news/trump-suggests-sending-irs-agents-233900348.html
Accounting in 2025: The year ahead in numbers
https://www.accountingtoday.com/list/accounting-in-2025-the-year-ahead-in-numbers
Top 10 AI accounting tools every business needs in 2025
https://www.accountancyage.com/2025/01/24/top-10-ai-accounting-tools-every-business-needs-in-2025/
Xero's new tagline: 'Your business supercharged'
https://www.accountingtoday.com/news/xero-announces-new-tagline-your-business-supercharged
Need CPE?Get CPE for listening to podcasts with Earmark: https://earmarkcpe.com
Subscribe to the Earmark Podcast: https://podcast.earmarkcpe.comGet 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 Podchaser. Call us and leave a voicemail; maybe we'll play it on the show. DIAL (202) 695-1040.
Sponsorships
Are you interested in sponsoring the Cloud Accounting Podcast? For details, read the prospectus.
Need Accounting Conference Info?
Check out our new website - accountingconferences.com
Limited edition shirts, stickers, and other necessities
TeePublic Store: http://cloudacctpod.link/merch
Subscribe
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Transcripts
The full transcript for this episode is available by clicking on the Transcript tab at the top of this page
-
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.
Sponsors
Relay - http://accountingpodcast.promo/relay
Keeper - http://accountingpodcast.promo/keeper
TaxBandits - http://accountingpodcast.promo/taxbandits
Basil - http://accountingpodcast.promo/basil
Chapters
(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 AnnouncementShow Notes
TikTok 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 Landscape
https://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 season
https://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 misbehavior
https://www.theregister.com/2025/01/20/sage_copilot_data_issue/
FDIC sues 17 former Silicon Valley Bank executives over collapese
https://www.cnn.com/2025/01/16/business/fdic-sues-svb-executives-directors-intl-hnk/index.htmlFDIC sues former SVB execs over bank closure
https://bankingjournal.aba.com/2025/01/fdic-sues-former-svb-execs-over-bank-closure/
SoftBank-Backed Fish Firm Allegedly Faked Most of Its Sales
https://finance.yahoo.com/news/softbank-backed-fish-startup-allegedly-141253969.html
American Express to pay $230 million to settle US charges over deceptive sales practices
https://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 Typhoon
https://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 error
https://www.wistv.com/2025/01/23/sc-auditor-resigns-after-outside-audit-found-18-billion-surplus-was-actually-an-accounting-error/
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Subscribe to the Earmark Podcast: https://podcast.earmarkcpe.comGet 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 Podchaser. Call us and leave a voicemail; maybe we'll play it on the show. DIAL (202) 695-1040.
Sponsorships
Are you interested in sponsoring the Cloud Accounting Podcast? For details, read the prospectus.
Need Accounting Conference Info?
Check out our new website - accountingconferences.com
Limited edition shirts, stickers, and other necessities
TeePublic Store: http://cloudacctpod.link/merch
Subscribe
Apple Podcasts: http://cloudacctpod.link/ApplePodcastsYouTube: https://www.youtube.com/@TheAccountingPodcastSpotify: http://cloudacctpod.link/SpotifyPodchaser: http://cloudacctpod.link/podchaserStitcher: http://cloudacctpod.link/StitcherOvercast: http://cloudacc... -
Blake and David examine Bench's bankruptcy filing, revealing fascinating details about their spending patterns and challenges with the business model. They also explore venture capital's growing interest in accounting firms, particularly focusing on AI automation claims and their potential impact on the profession, and there's a lively discussion about JP Morgan's controversial return-to-office mandate and its implications for workplace flexibility, sparked by Blake's viral tweet that garnered nearly 5 million views.
Sponsors
TaxBandits - http://accountingpodcast.promo/taxbandits
Relay - http://accountingpodcast.promo/relay
BoomTax - http://accountingpodcast.promo/boomtax
Basil - http://accountingpodcast.promo/basil
Chapters
(01:23) - Bench Accounting Bankruptcy Deep Dive(02:17) - Venture Capital's Interest in Accounting(02:42) - JP Morgan's Return to Office Policy(04:04) - Continuing Professional Education Credits(05:05) - Bench Bankruptcy Filing Details(05:50) - Bench's Financial Breakdown(07:42) - Bench's Customer Acquisition Strategy(10:55) - Bench's Development and Management Costs(13:17) - Operations and Outsourcing at Bench(16:07) - Service Delivery and Refunds(19:47) - Venture Capital and AI in Accounting(29:16) - Relay: The Small Business Bank(35:28) - AI-Powered Bookkeeping: A New Frontier(36:44) - Debating the Future of Software Costs(41:14) - AI's Impact on Job Markets(45:15) - Challenges in Replacing Human Jobs with AI(50:57) - The Remote Work Debate(01:02:05) - Corporate Accountability and Legal Issues(01:12:03) - Closing Remarks and Future TopicsShow Notes
AI Has Venture Investors Excited About (Yes) Accounting Firms
https://www.wsj.com/articles/ai-has-venture-investors-excited-about-yes-accounting-firms-3b9b3226
Bench Accounting, Inc. and 10Sheet Services, Inc.
https://www.ksvadvisory.com/experience/case/benchJPMorgan tells all its employees they must return to office full-time
https://finance.yahoo.com/news/jpmorgan-tells-employees-must-return-140000800.html
Work From Home Policies and Practices
https://pearlmeyer.com/insights-and-research/research-report/work-from-home-policies-and-practices
Workplace Policies and Pay Transparency
https://pearlmeyer.com/insights-and-research/research-report/workplace-policies-and-pay-transparency
H&R Block Agrees to $7M FTC Settlement and Will Make Downgrading Tax Tiers Easier
https://www.cnet.com/personal-finance/taxes/h-r-block-agrees-to-7m-ftc-settlement-and-will-make-downgrading-tax-tiers-easier/
Capital One sued by CFPB over alleged deception on savings account interest rates
https://www.msn.com/en-us/money/personalfinance/capital-one-sued-by-cfpb-over-alleged-deception-on-savings-account-interest-rates/ar-BB1rr4nY
Imposing a $500,000 Fine, PCAOB Sanctions Baker Tilly US, LLP for Quality Control Violations
https://pcaobus.org/news-events/news-releases/news-release-detail/imposing-a--500-000-fine--pcaob-sanctions-baker-tilly-us--llp-for-quality-control-violations
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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 Podchaser. Call us and leave a voicemail; maybe we'll play it on the show. DIAL (202) 695-1040.
Sponsorships
Are you interested in sponsoring the Cloud Accounting Podcast? For details, read the prospectus.
Need Accounting Conference Info?
Check out our new website - accountingconferences.com
Limited edition shirts, stickers, and other necessities
TeePublic Store: http://cloudacctpod.link/merch
Subscribe
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Transcripts
The full transcript for this episode is available by clicking on the Transcript tab at the top of this page
-
Blake and David dive into major industry news, including Ohio ending the 150-hour CPA rule, setting a potential precedent for other states. They also discuss the Blackston acquisition of Citrin Cooperman and explore the implications of private equity involvement in accounting firms. Moving on, they examine workplace trends, including new data revealing that 61% of medium and large employers now require minimum in-office days, and debate the effectiveness of Net Promoter Scores (NPS) in accounting firms.
Sponsors
OnPay - http://accountingpodcast.promo/onpay
BoomTax - http://accountingpodcast.promo/boomtax
TaxBandits - http://accountingpodcast.promo/taxbandits
Basil - http://accountingpodcast.promo/basil
Chapters
(01:03) - Private Equity in Accounting Firms(03:14) - Personal Update: Blake's Hand Injury(05:18) - California's Insurance Crisis(13:57) - Ohio Ends the 150-Hour Rule(22:02) - App News: OnPay, SafeSend, and More(30:16) - Carvana's Questionable Accounting Practices(36:36) - Return to Office Policies(40:01) - RTO Policies and Office Leases(41:15) - Client Satisfaction and Net Promoter Score(42:53) - Debate on the Effectiveness of NPS(44:20) - Implementing NPS in Accounting Firms(52:03) - PCAOB Fines and Audit Quality(01:03:15) - Bitcoin and Government Policies(01:06:54) - Private Equity in Accounting Firms(01:15:07) - Earmark App and CPE CreditsShow Notes
Return-to-office policies gain steam
https://www.cfo.com/news/return-to-office-policies-gain-steam-remote-work-hybrid-wtw-resume-org/735710
Citrin Cooperman, a Leading Professional Services Firm, to Receive Significant Investment as Blackstone Acquires Stake from New Mountain Capital
https://www.blackstone.com/news/press/citrin-cooperman-a-leading-professional-services-firm-to-receive-significant-investment-as-blackstone-acquires-stake-from-new-mountain-capital/
Ohio is the first state to end the 150-hour rule for CPA licensure
https://www.blakeoliver.com/blog/ohio-first-state-to-end-the-150-hour-rule-for-cpa-licensure
Ohio gov signs alternative CPA licensure pathway bill into law
https://www.cfodive.com/news/ohio-gov-signs-alternative-cpa-licensure-pathway-bill-law-accounting-aicpa/736942/
Thomson Reuters Acquires SafeSend, Expanding Tax Automation Capabilities
https://www.thomsonreuters.com/en/press-releases/2025/january/thomson-reuters-acquires-safesend-expanding-tax-automation-capabilities.html
Xero Partners with Gusto to Offer Integrated Payroll Solution
https://www.wellesleyhillsfinancial.com/2025/01/05/xero-partners-with-gusto-to-offer-integrated-payroll-solution/
Sync your transactions to QuickBooks Desktop with Ramp's direct integrationhttps://ramp.com/integrations/quickbooks-desktop
Hindenburg Research short on used-car retailer Carvana
https://www.reuters.com/business/autos-transportation/hindenburg-research-short-used-car-retailer-carvana-2025-01-02/
Enforcement Activity Involving Auditors – 2024 Mid-Year Update
https://www.brattle.com/wp-content/uploads/2024/08/Enforcement-Activity-Involving-Auditors-2024-Mid-Year-Update.pdf
Amid Barely ‘Average’ Client Satisfaction, Why Aren’t More Firms Using NPS to Improve?
https://insidepublicaccounting.com/2024/07/16/amid-barely-average-client-satisfaction-why-arent-more-firms-using-nps-to-improve/
The federal government just got the greenlight to sell $6.5 billion in Bitcoin seized from Silk Road
https://fortune.com/crypto/2025/01/09/federal-government-allowed-sell-bitcoin-silk-road-courts/
Need CPE?
Get CPE for listening to podcasts with Earmark: https://earmarkcpe.com
Subscribe to the Earmark Podcast: https://podcast.earmarkcpe.comGet 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 Podchaser. Call us and leave a voicemail; maybe we'll play it on the show. DIAL (202) 695-1040.
Sponsorships
Are you interested in sponsoring the Cloud Accounting Podcast? For details, read the prospectus.
Need Accounting Conference Info?
Check out our new website - accountingconferences.com
Limited edition shirts, stickers, and other necessities
TeePublic Store: http://cloudacctpod.link/merch
Subscribe
Apple Podcasts: http://cloudacctpod.link/ApplePodcastsYouTube: -
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.
Sponsors
OnPay - http://accountingpodcast.promo/onpay
BoomTax - http://accountingpodcast.promo/boomtax
TaxBandits - http://accountingpodcast.promo/taxbandits
Basil - http://accountingpodcast.promo/basil
Chapters
(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 ComputingShow Notes
Robert Sterling – Twitter - H-1B DATA MEGA-THREAD
https://x.com/RobertMSterling/status/1873174358535110953
Deloitte employees with H-1B visas were paid 10% less than US workers, report finds
https://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 down
https://techcrunch.com/2024/12/30/bench-to-be-acquired-after-abruptly-shutting-down/
‘Most important man in accounting’ warns against lowering standards
https://www.ft.com/content/033792af-18e4-4d69-92f9-5b78b01f2012
Meet Willow, our state-of-the-art quantum chip
https://blog.google/technology/research/google-willow-quantum-chip/
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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 Podchaser. Call us and leave a voicemail; maybe we'll play it on the show. DIAL (202) 695-1040.
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Transcripts
The full transcript for this episode is available by clicking on the Transcript tab at the top of this page
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Rounding out 2024, Blake and David tackle tons of accounting news, including bookkeeping startup Bench's shutdown and the ongoing BOI reporting requirements saga. They also examine concerns about IRS Commissioner nominee Billy Long's credentials, including his "Certified Tax and Business Advisor" designation from a three-day seminar. Wrapping up, they review some of 2024's hottest stories, including declining CPA candidates, audit quality issues, and KPMG CEO Paul Knopp's Wall Street Journal op-ed about the "dying language of accounting."
Sponsors
LiveFlow - http://accountingpodcast.promo/liveflow
Suralink - http://accountingpodcast.promo/suralink
Cloud Accountant Staffing - http://accountingpodcast.promo/cas
TaxBandits - http://accountingpodcast.promo/taxbandits
Chapters
(01:36) - Beneficial Ownership Information Reporting (BOI)(03:39) - Bench Accounting Shutdown(12:35) - Automated Bookkeeping Challenges(18:35) - Tax Fraud Case: The Magician(28:20) - IRS Commissioner Nominee Controversy(33:55) - Tax Refunds and Lifetime Advisors(36:16) - The Dying Language of Accounting(37:44) - CPA Licensure Reform(39:05) - Working Conditions in Accounting(42:28) - Reflecting on 2024: Key Themes and Events(55:34) - AI and the Future of Accounting(01:00:59) - San Francisco's Tax Controversies(01:04:03) - IRS Special Payments and Predictions for 2025(01:06:25) - Bitcoin and Quantum Computing Risks(01:09:13) - Closing Remarks and CPE InformationShow Notes
Bench shuts down, leaving thousands of businesses without access to accounting and tax docs
https://techcrunch.com/2024/12/27/bench-shuts-down-leaving-thousands-of-businesses-without-access-to-accounting-and-tax-docs/
New York tax preparer called ‘the Magician’ charged for tax fraud of $145m
https://www.theguardian.com/us-news/2024/dec/17/new-york-magician-tax-fraud
Billy Long, Trump’s Nominee to Lead the IRS, Touts a Credential That Tax Experts Say Is Dubious
https://www.propublica.org/article/billy-long-irs-trump-certified-tax-business-advisor-missouri
How a Consulting Firm and Trump’s I.R.S. Pick Pushed a Problematic Tax Credit
https://www.nytimes.com/2024/12/24/business/billy-long-irs-tax-credit.html
The Dying Language of Accounting
https://www.wsj.com/opinion/the-dying-language-of-accounting-cpa-licensing-fede2e74
CPAs Deliberate on the Decline of Accounting
https://www.wsj.com/opinion/cpas-deliberate-on-the-demise-of-accounting-kpmg-business-language-c0be3e68
Most Americans say a salary of $270K deems financial success
https://www.cfo.com/news/most-americans-say-salary-of-270k-deems-financial-success-gen-z-boomers-inflation/734019/
CFPB Sues Walmart and Branch Messenger for Illegally Opening Deposit Accounts for More Than One Million Delivery Drivers
https://www.consumerfinance.gov/about-us/newsroom/cfpb-sues-walmart-and-branch-messenger-for-illegally-opening-deposit-accounts-for-more-than-one-million-delivery-drivers/
Lyft Accuses San Francisco of $100 Million Tax Overcharge
https://www.bloomberg.com/news/articles/2024-12-24/lyft-accuses-san-francisco-of-overcharging-100-million-in-taxes
IRS announces special payments going this month to 1 million taxpayers who did not claim 2021 Recovery Rebate Credit; encourages non-filers about approaching deadline to claim credits
https://www.irs.gov/newsroom/irs-announces-special-payments-going-this-month-to-1-million-taxpayers-who-did-not-claim-2021-recovery-rebate-credit-encourages-non-filers-about-approaching-deadline-to-claim-credits
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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 Podchaser. Call us and leave a voicemail; maybe we'll play it on the show. DIAL (202) 695-1040.
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Blake, David, and special guest ChatGPT examine the impact of private equity on accounting firms, looking at how PE ownership affects compensation and firm structures. They dig into recent data showing record numbers of accounting errors in public companies, linking these issues to the broader talent shortage crisis. They explore CalCPA's pushback against proposed licensing changes, the surprising economic costs of Daylight Savings Time, and more.
Sponsors
LiveFlow - http://accountingpodcast.promo/liveflow
Suralink - http://accountingpodcast.promo/suralink
SmartVault - http://accountingpodcast.promo/smartvault
TaxBandits - http://accountingpodcast.promo/taxbandits
Chapters
(00:59) - Introducing ChatGPT as Co-Host(01:58) - Hot Topics in Accounting News(04:05) - Private Equity in Accounting Firms(07:35) - Debating the Impact of Private Equity(22:40) - DirectFile Controversy(28:02) - App News and Updates(34:23) - Enron's Return?(38:28) - Fraudsters and Presidential Pardons(42:00) - Accounting Errors on the Rise(44:52) - The Daylight Savings Debate(50:04) - AI Tools: The Good, The Bad, and The Ugly(58:26) - Final Thoughts and AnnouncementsShow Notes
Accounting errors force US companies to pull statements in record numbers
https://www.ft.com/content/716c4ad5-e8fa-4a34-afba-9fb2d1db019d
Republican lawmakers ask Trump to kill IRS Direct File
https://www.nextgov.com/digital-government/2024/12/republican-lawmakers-ask-trump-kill-irs-direct-file/401595/
IRIS to buy Dext in £500m deal
https://www.accountingweb.co.uk/tech/accounting-software/iris-to-buy-dext-in-ps500m-deal
How Private Funds Could Hurt Americans Under Trump
https://www.nytimes.com/2024/12/03/opinion/trump-presidency-billionaires.html
LegalZoom and 1-800Accountant Join Forces to Deliver Full-Service Tax and Bookkeeping Solutions for Small Business Owners
https://investors.legalzoom.com/news-releases/news-release-details/legalzoom-and-1-800accountant-join-forces-deliver-full-service
Zoho Releases New Payroll Solution in the U.S.
https://www.cpapracticeadvisor.com/2024/12/13/zoho-releases-new-payroll-solution-in-the-u-s/152935/
BILL Unveils 1099 Form Filing Solution for SMBs
https://investor.bill.com/news/news-details/2024/BILL-Unveils-1099-Form-Filing-Solution-for-SMBs/default.aspx
Is Enron back? Here’s what we know …
https://www.houstonchronicle.com/news/houston-texas/trending/article/is-enron-back-houston-19953844.php
CalCPA Submits Comments on Exposure Draft on CPA Licensure
https://www.calcpa.org/whats-happening/articles/calcpa-submits-comments-on-exposure-draft-on-cpa
CEOs Want Trump to Change Course on Tariffs. He Isn’t Budging.
https://www.wsj.com/economy/trade/trump-tariff-plan-business-lobbying-8f02ccea
Donald Trump vows to end daylight saving time
https://www.youtube.com/watch?v=EDR1IURzO1Q
More Than a Lost Hour of Sleep: The True Cost of Daylight Saving Time
https://www.chmura.com/blog/dst#:~:text=our%20methodology%20below.-,Results,was%20approximately%20%24672.02%20million%20annually
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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 Podchaser. Call us and leave a voicemail; maybe we'll play it on the show. DIAL (202) 695-1040.
Sponsorships
Are you interested in sponsoring the Cloud Accounting Podcast? For details, read the prospectus.
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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 fanc...
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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!
Sponsors
RoboDebit - http://accountingpodcast.promo/robodebit
Relay - http://accountingpodcast.promo/relay
Cloud Accountant Staffing - http://accountingpodcast.promo/cas
TaxBandits - http://accountingpodcast.promo/taxbandits
Chapters
(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 InsightsShow Notes
He 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, 2024
https://www.instagram.com/brainskyunleashed/reel/DDQS_GjRn4P/
Macy’s employee who hid $151 million in delivery expenses was trying to mask initial mistake, sources say
https://www.cnbc.com/2024/12/11/macys-m-earnings-q3-2024.html
Macy’s Probe Found Employee Acted Alone in $151 Million Accounting Scandal
https://www.wsj.com/business/retail/macys-m-q3-earnings-report-2024-c7363662
LinkedIn – Andy Schwartz – Profit Labs Update – December 6, 2024
https://www.linkedin.com/posts/andy-schwartz-233b359_profit-labs-update-i-am-excited-to-share-activity-7269157016051298305-rYAW/
Amazon integrates QuickBooks for sellers
https://www.accountingtoday.com/news/amazon-integrates-intuit-quickbooks
AICPA and CPA.com Benchmark Survey: CAS Practices Report 17% Growth
https://insidepublicaccounting.com/2024/12/09/aicpa-and-cpa-com-benchmark-survey-cas-practices-report-17-growth/
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Subscribe to the Earmark Podcast: https://podcast.earmarkcpe.comGet 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 Podchaser. Call us and leave a voicemail; maybe we'll play it on the show. DIAL (202) 695-1040.
Sponsorships
Are you interested in sponsoring the Cloud Accounting Podcast? For details, read the prospectus.
Need Accounting Conference Info?
Check out our new website - accountingconferences.com
Limited edition shirts, stickers, and other necessities
TeePublic Store: http://cloudacctpod.link/merch
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Transcripts
The 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.
Sponsors
OnPay - http://accountingpodcast.promo/onpay
Zoho - http://accountingpodcast.promo/zoho
SmartVault - http://accountingpodcast.promo/smartvault
Chapters
(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 TopicsShow Notes
Accounting 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 Deadline
https://natlawreview.com/article/texas-federal-court-blocks-corporate-transparency-act-halts-nationwide-enforcement
Survey Says 57% of Firms Are Raising Prices Next Year
https://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 Program
https://nasba.org/blog/2024/11/15/expanded-access-aicpa-nasba-ele-program/
Texas Judge Tosses Biden Overtime Expansion for Millions
https://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 law
https://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 Trump
https://www.ft.com/content/e9a7247f-84fd-4df7-8163-6518954470e9
Macy’s says employee hid up to $154 million in expenses, delaying Q3 earnings
https://apnews.com/article/macys-accounting-quarter-b1cb0927d9b6a58ee4396838df7973c9
KPMG Survey: AI Adoption Across US Finance Functions Reaches Highest Levels, with ROI Exceeding Expectations
https://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-dext
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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 Podchaser. Call us and leave a voicemail; maybe we'll play it on the show. DIAL (202) 695-1040.
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Client Hub - -
Blake and David examine the mysteries and motives surrounding the recent Macy's accounting scandal, where a single employee allegedly concealed $132-154 million through improper accrual entries. They also examine Trump's proposed 25% tariff plan on imports from Mexico and Canada (plus an additional 10% on China), discussing its potential impact on American businesses and consumers.
Sponsors
Zoho - http://accountingpodcast.promo/zoho
Suralink - http://accountingpodcast.promo/suralink
Cloud Accountant Staffing - http://accountingpodcast.promo/cas
Chapters
(00:46) - Macy's Accounting Error: Breaking News(01:40) - Understanding the Impact of Macy's Error(02:46) - The Mystery Behind Macy's Accounting Error(02:53) - Join the Live Discussion(03:42) - Upcoming Topics and Teasers(05:15) - Thanking Our Sponsors(06:42) - Diving Deeper into Macy's Accounting Mystery(19:29) - Exploring the Fraud Triangle(27:54) - Auditors and Materiality Standards(32:04) - Auditors' Role in Detecting Fraud(33:25) - Impact of Fraud on Macy's Stock(33:47) - Challenges in Auditing Practices(34:08) - Internal Controls and Their Limitations(38:53) - Expense Fraud: A Growing Concern(44:01) - AI in Auditing: The Future of Fraud Detection(52:28) - Trump Tariffs and Their Economic Impact(01:03:13) - Thanksgiving Reflections and Closing RemarksShow Notes
Macy’s says employee hid up to $154 million in expenses, delaying Q3 earnings
https://apnews.com/article/macys-accounting-quarter-b1cb0927d9b6a58ee4396838df7973c9
Macy’s says accountant hid as much as $154M in expenses
https://www.cfodive.com/news/macys-says-accountant-hid-as-much-as-154m-in-expenses-retail-retailing-consumers/733960/
UPS to Pay $45 Million SEC Penalty Over Improper Valuation
https://finance.yahoo.com/news/ups-hit-45-million-penalty-144424675.html
Strippers, Christmas gifts and an RV: Workers push it with company cards
https://abcdpf.livemint.com/industry/strippers-christmas-gifts-and-an-rv-workers-push-it-with-company-cards-11732157906943.html
Ex-Jaguars employee who stole $22 million from team files lawsuit against FanDuel
https://www.nytimes.com/athletic/5809925/2024/10/01/jaguars-lawsuit-fanduel-amit-patel/
Trump's Truth Social tariffs pledge is a teachable moment for America
https://www.msnbc.com/opinion/msnbc-opinion/trump-truth-social-tariffs-deportation-thanksgiving-rcna182079
What does Trump’s latest tariff plan mean for the U.S.?
https://www.pbs.org/newshour/politics/what-does-trumps-latest-tariff-plan-mean-for-the-u-s
Walmart CFO Says They Don't Want To Raise Prices, But 'Prices Will Go Up For Consumers' Due To Upcoming Tariffs
https://finance.yahoo.com/news/walmart-cfo-says-dont-want-161640110.html
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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 Podchaser. Call us and leave a voicemail; maybe we'll play it on the show. DIAL (202) 695-1040.
Sponsorships
Are you interested in sponsoring the Cloud Accounting Podcast? For details, read the prospectus.
Need Accounting Conference Info?
Check out our new website - accountingconferences.com
Limited edition shirts, stickers, and other necessities
TeePublic Store: http://cloudacctpod.link/merch
Subscribe
Apple 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
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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/RunClassifiedAd
Transcripts
The full transcript for this episode is available by clicking on the Transcript tab at the top of this page
- Visa fler
