Join us for an exclusive interview with Linda Wedul from the MNCPA! We'll dive deep into the pressing issues surrounding the 150-hour rule, the talent shortage facing CPA firms in Minnesota, and how MNCPA is exploring alternative pathways to licensure. Tune in as we explore innovative solutions for keeping the CPA career path competitive and bridging the gap for aspiring professionals. Broadening Pathways to the CPA Credential: https://www.mncpa.org/involvement/legislative/broadening-pathways-to-cpa/ Meet Our Guest, Linda Wedul
LinkedIn: https://www.linkedin.com/in/lindawedul/ Learn more about the Minnesota Society of CPAs
http://mncpa.org Need CPE? 

 Subscribe to the Earmark Accounting Podcast: https://podcast.earmarkcpe.com
Get CPE for listening to podcasts with Earmark CPE: https://earmarkcpe 
 Get in Touch

 Thanks for listening and for the great reviews! We appreciate you! Follow and tweet @BlakeTOliver and @DavidLeary. Find us on Facebook and, if you like what you hear, please do us a favor and write a review on iTunes, or Podchaser. Interested in sponsoring the Cloud Accounting Podcast? For details, read the prospectus, and NOW, you can see our smiling faces on Instagram! You can now call us and leave a voicemail, maybe we'll play it on the show. DIAL (202) 695-1040 Need Accounting Conference Info?  Check out our new website - accountingconferences.com 
 Limited edition shirts, stickers, and other necessities TeePublic Store: http://cloudacctpod.link/merch SubscribeApple Podcasts: http://cloudacctpod.link/ApplePodcastsPodchaser: http://cloudacctpod.link/podchaserSpotify: http://cloudacctpod.link/SpotifyStitcher: http://cloudacctpod.link/StitcherOvercast: http://cloudacctpod.link/OvercastYouTube: https://www.youtube.com/c/CloudAccountingPodcastWant 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? Why not let the listeners of The Cloud Accounting Podcast know by running a classified ad? Hit the link below to get more info. Go here to create your classified ad: https://cloudacctpod.link/RunClassifiedAd  The full transcript for this episode is available by clicking on the Transcript tab at the top of this page

Broadening Pathways to CPA with MNCPA President Linda Wedul

The Accounting Podcast (formerly the Cloud Accounting Podcast) is the world's #1 accounting, bookkeeping, and tax podcast! Join us weekly for a roundup of accounting news, analysis, and interviews. Plus, earn free NASBA-approved CPE credits for listening with the Earmark app. Learn more at https://earmarkcpe.com.

Business News

Business

News

News Commentary

This week, Blake and David are puzzled by the results of a survey that shows 40% of tax professionals believe generative AI will allow them to charge clients higher rates. They also cover the sham audit firm BF Borgers and question why the firm's CPA is still licensed despite SEC charges. Blake demonstrates how he uses Zapier Central to build an AI agent that can automatically respond to client emails about the status of their tax returns. Wrapping up, they examine Digits' $35 million raise and pivot to bill pay, and Xero's new filtering functionality for bank reconciliations.
 
 Sponsors
LiveFlow - http://accountingpodcast.promo/liveflow
 Cloud Accountant Staffing - http://accountingpodcast.promo/cas
Keeper - http://accountingpodcast.promo/keeper
Blue Onion - http://accountingpodcast.promo/blueonion
Chapters
(00:53) - Generative AI's Impact on Pricing

(05:39) - The Curious Case of BF Borgers and Sham Audits

(08:19) - The Slow Response of Regulatory Bodies to Fraud

(18:07) - NASBA Hires New President

(19:24) - NASBA and the CPA Exam: A Call for Modernization

(28:16) - The Trump Stormy Daniels NY Trial

(35:19) - Rudy Giuliani's Financial Woes: A Deep Dive

(38:18) - Building AI Agents with Zapier Central: A How-To Guide

(39:38) - AI Tools for Productivity: Insights from ClickUp

(40:41) - The Power of AI in Automating Client Communication

(48:04) - The Big Money in AI-Powered Practice Management

(53:54) - Bill Pay Innovations and Market Dynamics

(55:12) - Xero's New Features and Bank Feed Improvements

(58:58) - The Real Value of Dashboards in Business Management

(01:04:10) - Closing Remarks and Future Events
 
 Show Notes Rudy Giuliani Forced to Learn Accounting After Bankruptcy Beancounter Bails https://www.thedailybeast.com/rudy-giuliani-forced-to-learn-accounting-after-bankruptcy-beancounter-bails   Stormy Daniels payment puts focus on Trump and check-writing as trial testimony resumes https://www.nbcnews.com/politics/donald-trump/former-white-house-executive-assistant-stand-trump-trial-dramatic-stor-rcna151578   Trump Accountant on His Stormy Daniels Coverup Notes: ‘I Made a Boo-Boo’ https://www.yahoo.com/news/trump-accountant-stormy-daniels-coverup-152934446.html   Trump Accountant Exposes Checks to Michael Cohen in Damning Testimony https://newrepublic.com/post/181344/trump-accountant-checks-signed-michael-cohen-hush-money-trial   What’s new in Xero — May 2024 - Xero Blog       https://blog.xero.com/product-updates/whats-new-in-xero-may-2024/   End of Trump Media’s Auditor Jolts Hundreds of Other Companies       https://news.bloombergtax.com/financial-accounting/end-of-trump-medias-auditor-jolts-hundreds-of-other-companies   Trump Media hires new auditor after previous accounting firm charged with 'massive fraud'   https://www.cnbc.com/2024/05/06/trump-media-hires-new-auditor-after-accounting-firm-charged-with-fraud.html   Digits Launches AI Bill Pay for Small Businesses             https://www.pymnts.com/news/b2b-payments/2024/digits-launches-ai-bill-pay-for-small-businesses/  Countsy Debuts Platform to Streamline Back-Office Management https://www.pymnts.com/back-office/2024/countsy-debuts-platform-to-streamline-back-office-management/   Why we’re calling 2024 ‘the year of the US bank feed’   https://blog.xero.com/product-updates/year-of-the-us-bank-feed/   Let's Meet NASBA's Next President and CEO     https://www.goingconcern.com/lets-meet-nasbas-next-president-and-ceo/   Digits Launches AI Bill Pay for Small Businesses             https://www.pymnts.com/news/b2b-payments/2024/digits-launches-ai-bill-pay-for-small-businesses/   Digits AI Bill Pay -- The World's First AI Bill Pay, Built Specifically For Startups https://www.prnewswire.com/news-releases/digits-ai-bill-pay--the-worlds-first-ai-bill-pay-built-specifically-for-startups-302131944.html   Imagine the Chaos If the PCAOB Starts Naming and Shaming Audit Deficiency Clients https://www.goingconcern.com/imagine-the-chaos-if-the-pcaob-starts-naming-and-shaming-audit-deficiency-clients/   'Nobody seems interested' in helping Giuliani with accounting in bankruptcy case, lawyers claim https://thehill.com/video/%e2%80%98nobody-seems-interested%e2%80%99-in-helping-giuliani-with-accounting-in-bankruptcy-case-lawyers-claim/9675968/ Canopy Secures $35 Million in Funding to Enhance AI-Powered Practice Management for Accounting Firms  https://www.einnews.com/pr_news/709723429/canopy-secures-35-million-in-funding-to-enhance-ai-powered-practice-management-for-accounting-firms    Trump Media Replaces Its Accounting Firm BF Borgers With Semple, Marchal & Cooper https://www.fxleaders.com/news/2024/05/06/trump-media-replaces-its-accounting-firm-bf-borgers-with-semple-marchal-cooper/   Trump Org. accounting system was de...

Trump Accountants Take the Stand Before the Stormy Daniels

Cody Turley, CPA and Certified Fraud Examiner, joins Blake and David to discuss his SEC career path, describing what it's like to investigate securities law violations. He emphasizes that while Big Four experience is valuable, it's not the only way to have a successful and meaningful accounting career. Cody shares insights into the benefits of working in government accounting roles, including greater responsibility early on, work-life balance, and the ability to transition to public accounting or industry later if desired. Meet Our Guest, Cody Turley LinkedIn: https://www.linkedin.com/in/cody-turley-cpa-cff-cfe-776254122/ 
Learn about SEC internship opportunities: 
https://www.sec.gov/pathways-internship-program Need CPE? Get CPE for listening to podcasts with Earmark: https://earmarkcpe.com
Subscribe to the Earmark Podcast: https://podcast.earmarkcpe.com 
 Get in Touch Thanks for listening and the great reviews! We appreciate you! Follow and tweet @BlakeTOliver and @DavidLeary. Find us on Facebook and Instagram. If you like what you hear, please do us a favor and write a review on Apple Podcasts or 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 
 SubscribeApple 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/Overcast
 Classifieds 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

Exploring Non-Traditional Accounting Careers in Government

The SEC charged Trump's audit firm with a massive fraud – 1,500 fake filings over 2.5 years! Plus, hundreds of small US banks are at risk due to commercial real estate loan exposure. We're also talking about the potential of AI tools like Claude and ChatGPT to automate various accounting and business tasks, the controversial Corporate Transparency Act's beneficial ownership reporting requirements, and the possibility of its repeal. We wrap with fintech and crypto news, including Mercury Bank's rapid growth and potential regulatory issues.  Sponsors
 Zoho - http://accountingpodcast.promo/zoho
Relay - http://accountingpodcast.promo/relay
Keeper - http://accountingpodcast.promo/keeper
Harbor Compliance - http://accountingpodcast.promo/harbor
Chapters
(09:04) - Anthropic launches Claude for teams

(11:12) - More LLM models pass CPA exam

(18:28) - Blake demonstrates AI's abiity to help with emails

(32:56) - 28 AI prompts for small businesses

(36:39) - Oregon Senator going after TurboTax to issue refunds to Oregonians

(38:44) - The possibility of a regional banking crisis

(48:12) - The Corporate Transparency Act might be repealed

(54:15) - Tether claims they can't find a Big 4 firm to audit them

(56:54) - Mecurity Bank being looked at by FDIC

(01:02:05) - Square to allow users to transfer percent of daily sales to Bitcoin

(01:03:26) - Download and sign up for the Earmark app

 
 Show Notes Anthropic launches a free Claude iOS app and Team, its first enterprise plan | ZDNET https://www.zdnet.com/article/anthropic-launches-a-free-claude-ios-app-and-team-its-first-enterprise-plan/   SEC.gov | SEC Charges Audit Firm BF Borgers and Its Owner with Massive Fraud Affecting More Than 1,500 SEC Filings https://www.sec.gov/news/press-release/2024-51   Oregon senator demands refunds for TurboTax customers over glitch | Accounting Today https://www.accountingtoday.com/news/oregon-senator-demands-refunds-for-turbotax-customers-over-glitch   Can LLMs Pass the CPA Exam? Evaluating Large Language Model Performance on the Certified Public Accountant Test by Will Zacher, Sanmukh Kuppannagari :: SSRN            https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4788096   Sam Altman says helpful agents are poised to become AI’s killer function | MIT Technology Review     https://www.technologyreview.com/2024/05/01/1091979/sam-altman-says-helpful-agents-are-poised-to-become-ais-killer-function/   Why hundreds of U.S. banks may be at risk of failure    https://www.cnbc.com/2024/05/01/why-hundreds-of-us-banks-may-be-at-risk-of-failure.html   Tether CEO Says An Audit By A Big Four Giant Is Our Top Priority             https://coingape.com/tether-ceo-says-an-audit-by-a-big-four-giant-is-our-top-prioritterrestrial Block lets Square merchants convert a part of their daily sales to bitcoin https://techcrunch.com/2024/04/24/block-now-lets-square-merchants-convert-a-part-of-their-daily-sales-to-bitcoin/   The 28 best AI prompts for small businesses     https://www.sage.com/en-us/blog/the-28-best-ai-prompts-for-small-businesses/   Congress considers how to fix the Corporate Transparency Act https://www.accountingtoday.com/news/congress-considers-how-to-fix-the-corporate-transparency-act   Article from www.congress.gov               https://www.congress.gov/bill/118th-congress/house-bill/8147/cosponsors   Binance founder Changpeng Zhao sentenced to 4 months in prison after plea deal https://www.cnbc.com/2024/04/30/binance-founder-changpeng-zhao-cz-sentenced-to-four-months-in-prison-.html 
Need CPE? Get CPE for listening to podcasts with Earmark: https://earmarkcpe.com
Subscribe to the Earmark Podcast: https://podcast.earmarkcpe.com 
 Get in Touch Thanks for listening and the great reviews! We appreciate you! Follow and tweet @BlakeTOliver and @DavidLeary. Find us on Facebook and Instagram. If you like what you hear, please do us a favor and write a review on Apple Podcasts or 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 
 SubscribeApple Podcasts: http://cloudacctpod.link/ApplePodcastsYouTube: https://www.youtube.com/@TheAccountingPodcastSpotify: http://cloudacctpod.link/SpotifyPodchaser: http://cloudacctpod.link/podchaserStitcher: 

SEC Charges Trump's Audit Firm with Massive Fraud

Blake and David examine the latest tax legislation traveling through Congress, including a new bill requiring the IRS to provide detailed explanations for math errors on tax returns. They also discuss the IRS's new direct file program, the banning of non-compete agreements, and the coolest profession around (spoiler alert: it's not accounting). Lastly, they touch on the concerning data breach at BerryDunn and the AICPA's efforts to rebrand the CPA to attract more young people to the field.  Sponsors
LiveFlow - http://accountingpodcast.promo/liveflow
 Zoho - http://accountingpodcast.promo/zoho
Keeper - http://accountingpodcast.promo/keeper
Harbor Compliance - http://accountingpodcast.promo/harbor
Chapters
(02:40) - New proposed IRS Math Act

(05:42) - IRS wraps first season with free file program

(09:44) - "The Magician" tax preparer arrested for $100 million tax fraud

(15:11) - The future of social security

(19:01) - Sam Bankman-Fried makes a deal in civil suit

(20:34) - FTC rules noncompetes are unlawful

(25:32) - Ryan Tax Firm challenges FTC noncompete ruling

(28:04) - QuickBooks Live announcement upsets accountants

(41:10) - Anonymous listener says you can work normal hours and still make money

(44:31) - Accountant charged with embezzling $800k from CA paving firm

(47:39) - Ryanair CEO thinks more accountants should be running airlines

(55:25) - Accounting firm sued for data leak

(57:22) - CPA "Coolest Profession Around)

(01:01:35) - What is "Accounting Plus"

(01:06:38) - NASBA offers The Accountancy Licensing Library

(01:10:00) - Thanks for listening and remember to subscribe
 
 Show Notes Accountant Charged With Embezzling $800,000 From Paving Firm in California - CPA Practice Advisor             https://www.cpapracticeadvisor.com/2024/04/25/virginia-accountant-charged-with-embezzling-800000-from-richmond-paving-firm/104508/   Ryan Leads Charge Against Biden’s Ban on Noncompete Clauses - CPA Practice Advisor https://www.cpapracticeadvisor.com/2024/04/26/ryan-leads-charge-against-bidens-ban-on-noncompete-agreements/104537/   Move Over, TurboTax? IRS Considers Expanding Free Tax-Filing Program – WSJ https://www.wsj.com/personal-finance/taxes/irs-considers-expanding-free-tax-filing-program-8f68cc9a?st=0akqqiu2v0gjb8v   Boeing Needs Another Accountant As CEO, Says Ryanair CEO – Avweb https://www.avweb.com/aviation-news/boeing-needs-another-accountant-as-ceo-says-ryanair-ceo/   Ultra-Rich Should Pay More Taxes to Save Social Security, Poll Shows - CPA Practice Advisor https://www.cpapracticeadvisor.com/2024/04/25/ultra-rich-should-pay-more-taxes-to-save-social-security-poll-shows/104458/   FTC Bans Noncompete Agreements That Restrict Job Switching – WSJ https://www.wsj.com/politics/policy/ftc-bans-noncompete-clauses-that-restrict-job-switching-984d2187?st=sxhwibcr49evqxc   Bronx tax preparer known as "the magician" arrested for $100 million tax fraud | ADN América https://adnamerica.com/en/new-york/bronx-tax-preparer-known-magician-arrested-100-million-tax-fraud   With close calls mounting, the FAA will require more rest for air traffic controllers https://www.npr.org/2024/04/22/1246349237/close-calls-faa-air-traffic-control-fatigue   New bill would force IRS to explain tax return errors | The Hill https://thehill.com/business/4602429-new-bill-would-force-irs-to-explain-tax-return-errors/   The Accountancy Licensing Library: Your Ultimate Resource for CPA Licensure | NASBA https://nasba.org/blog/2024/04/01/the-accountancy-licensing-library-your-ultimate-resource-for-cpa-licensure/   The cost of doing your taxes are up nearly 10% this year – Marketplace https://www.marketplace.org/2024/03/15/tax-preaparation-costs-up-nearly-10-percent/ 
Sam Bankman-Fried agrees to help FTX investors in lawsuits against Tom Brady, Larry David https://nypost.com/2024/04/22/business/sam-bankman-fried-agrees-to-help-ftx-investors-in-lawsuits-against-tom-brady-larry-david/   Intuit Hosting 'QuickBooks Live' Webinar            https://insightfulaccountant.com/in-the-news/people-and-business/intuit-hosting-quickbooks-live-webinar/   QuickBooks "Live Experts" May Not Be So Bad https://insightfulaccountant.com/accounting-tech/general-ledger/quickbooks-live-experts-may-not-be-so-bad/   Millions more salaried workers will be eligible for overtime pay under final Biden administration rule https://www.cnn.com/2024/04/23/politics/overtime-pay-salaried-workers-biden/index.html   Senators introduce bill to simplify IRS notices  https://www.accountingtoday.com/news/senators-introduce-bill-to-simplify-irs-notices   IRS Says It Saw ‘Strong Response’ From Direct File Pilot Users This Tax Season https://www.cpapracticeadvisor.com/2024/04/26/irs-saw-strong-response-from-direct-file-pilot-users-this-tax-season/104545/   U.S. accounting firm Be...

Finally! A Tax Bill That Adds Up

Blake Oliver sits down with Brannon Poe of Poe Group Advisors to discuss the differences between traditional and subscription-based virtual accounting firms. Brannon shares his expertise on firm valuation, revealing that factors like cash flow to owner and owner hours play a significant role in determining a firm's value. He also emphasizes the importance of pricing strategies, noting that implementing value pricing and subscription models can dramatically improve a firm's profitability and overall value. Throughout the conversation, Brannon provides valuable insights and real-world examples to help firm owners maximize their firm's value in preparation for a potential sale. Meet Our Guest, Brannon Poe LinkedIn: https://www.linkedin.com/company/poe-group-advisors/
Twitter: https://twitter.com/poegroupadvisor
Facebook: https://www.facebook.com/PoeGroupAdvisors/
Instagram: https://www.instagram.com/poegroup/ Learn more about Poe Group Advisors Website: https://poegroupadvisors.com/ Need CPE? Get CPE for listening to podcasts with Earmark: https://earmarkcpe.com
Subscribe to the Earmark Podcast: https://podcast.earmarkcpe.com 
 Get in Touch Thanks for listening and the great reviews! We appreciate you! Follow and tweet @BlakeTOliver and @DavidLeary. Find us on Facebook and Instagram. If you like what you hear, please do us a favor and write a review on Apple Podcasts or 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 
 SubscribeApple 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/Overcast
 Classifieds 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

Broadening Pathways to CPA with MNCPA President Linda Wedul

Download our free app to listen on your phone