Quiet Quitters make up half the U.S. workforce; remote workers waste more than an hour a day on "productivity theater"; Patagonia founder escapes hundreds of millions in estate taxes by donating his company to a political non-profit; Expensify rolls out free payroll; credit card companies to start categorizing gun shop sales

Quiet Quitting Your Accounting Job

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.

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(48:12) - The Corporate Transparency Act might be repealed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

(41:24) - Anonymous listener says you can work normal hours and still make money

(44:45) - Accountant charged with embezzling $800k from CA paving firm

(47:53) - Ryanair CEO thinks more accountants should be running airlines

(55:39) - Accounting firm sued for data leak

(57:36) - CPA "Coolest Profession Around)

(01:01:49) - What is "Accounting Plus"

(01:06:52) - NASBA offers The Accountancy Licensing Library

(01:10:14) - 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
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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

Maximizing Your Accounting Firm's Value with Brannon Poe

Blake and David take a dive into Google's decision to offshore accounting jobs to Mexico and India, which Google’s CFO claims is necessary to free up resources to invest in AI. They also discuss the stagnation of CPA salaries despite a shortage of talent. The conversation touches on a variety of other topics, including the modernization of the IRS, the future of the CPA profession, and advice for young accountants looking to carve their own career paths in a rapidly changing industry.  Sponsors
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Chapters
(05:53) - Blake reads some tweets about hours people are working during busy season

(10:52) - Unlimited PTO is worse for employees

(13:22) - College degrees aren't necessary for success

(20:24) - Florida creates retired CPA status

(23:35) - Listener mail on the 150-hour rule and salaries

(29:16) - Update on Boston's commercial real estate woes

(33:48) - Why office rent prices are still so high

(43:10) - Some encouraging IRS news

(48:27) - Internal audit reveals 279 former IRS employees or contractors still had access to logins

(52:12) - Offshoring can be good or bad

(54:04) - Setting a limit on billable hours

(55:50) - Let accounting firms decide what requirements accountants need

(58:08) - The rise of the "remote partner"

(01:04:00) - Wrap up and Earmark now has a web browser version
 Show Notes Google restructures finance team as part of AI shift, CFO tells employees in memo https://www.cnbc.com/2024/04/17/google-restructures-finance-team-as-a-part-of-ai-shift-cfo-tells-employees-in-memo.html   Josh Youngblood, EA didn’t work over 40 hours per week in tax season https://x.com/joshyoungblood/status/1779858374403747847?s=12   Skills-Based Hiring Can Shred the Paper Ceiling | BCG https://www.bcg.com/capabilities/diversity-inclusion/expert-insights/skill-based-hiring-can-shred-paper-ceiling   The Office Market Is in Turmoil. So Why Are Rents More Expensive? – WSJ https://www.wsj.com/real-estate/commercial/the-office-market-is-in-turmoil-so-why-are-rents-more-expensive-d096f961?st=9ieavh5j7ep3wcw   Florida Legislature Passes Bill Creating New Retired CPA Status | Florida Institute of CPAs https://www.ficpa.org/publication/florida-legislature-passes-bill-creating-new-retired-cpa-status   Kyle J. Bauman, CPA on X: "“Unlimited PTO” “Only 2100 Hours” https://twitter.com/kjb_cpa/status/1763595505928442248   62% of Americans Lack a College Degree. Can They Solve the Labor Shortage? https://www.wsj.com/lifestyle/careers/employers-open-more-doors-to-workers-without-degrees-but-few-are-getting-in-732f1098   Senior Leaders Nearly Twice as Likely To Receive AI Resources as Junior Staff | CFO https://www.cfo.com/news/senior-leaders-are-nearly-twice-as-likely-to-receive-ai-guidance/707230/   IRS didn't remove contractors' access to sensitive information | Accounting Today https://www.accountingtoday.com/news/irs-didnt-remove-contractors-access-to-sensitive-information   Boston mulls commercial tax hike         https://www.accountingtoday.com/articles/boston-mulls-commercial-tax-hike-to-counter-office-market-slump   IRS Commissioner Delivers End Of Tax Filing Season Message Touting Improvements https://www.forbes.com/sites/kellyphillipserb/2024/04/15/irs-commissioner-delivers-end-of-tax-filing-season-message-touting-improvements/   Florida Creates New Status for Retired CPAs in the State           https://www.cpapracticeadvisor.com/2024/04/15/florida-creates-new-status-for-retired-cpas-in-the-state/103983/   Treasury cash balance jumps most in 2 years as tax payments rise https://www.accountingtoday.com/articles/treasury-cash-balance-jumps-most-in-2-years-as-tax-payments-rise   The rise of the remote accounting firm partner                https://www.accountingtoday.com/news/the-rise-of-the-remote-accounting-firm-partner   Werfel sees IRS budget request yielding $341B in extra revenue https://www.cfodive.com/news/werfel-sees-irs-budget-request-yielding-341b-extra-revenue-tax-taxation-enforcement/713534/   Google restructures finance team as part of AI shift, CFO tells employees in memo https://www.cnbc.com/2024/04/17/google-restructures-finance-team-as-a-part-of-ai-shift-cfo-tells-employees-in-memo.html   Despite moratorium, IRS gets 20,000 ERC claims weekly, Werfel says https://www.journalofaccountancy.com/news/2024/apr/despite-moratorium-irs-gets-20000-erc-claims-weekly-werfel-says.html Need CPE? Get CPE for listening to podcasts with Earmark: https://earmarkcpe.com
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Google Blames Accounting Layoffs on AI

Blake and David delve into the effects of remote work on accountant salaries and the mental health challenges faced by auditors at Big Four firms. They inspect a recent study showing lower pay for hybrid workers compared to fully remote or in-office employees. They also contemplate the future of work organization inspired by Bill Anderson, CEO of Bayer, and discuss the potential impact of AI on the accounting profession, the accuracy of AI-related surveys, and the misrepresentation of AI capabilities in recent news headlines.
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Chapters
(00:34) - Will accountants soon earn overtime pay?

(04:57) - Listener writes in about their own audit experience at a Top-30 firm

(08:14) - Trump's Truth Social audit update

(14:44) - PCAOB proposed audit metrics

(20:44) - 71% of Big 4 auditors worry about mental health

(23:27) - Blake shares a clip from new Bayer CEO

(33:48) - H&R; Block employees prefer remote work

(38:14) - Remote accountants get paid less

(39:35) - Executives and managers perceive in-office workers as higher performers

(42:06) - The four day work week is becoming more common

(45:27) - Cody writes in about Big 4 vs industry

(47:09) - Hannah asks about outsourcing and offshoring costs

(49:59) - Amazon Fresh stores were using Indian employees for "just walk out" tech

(55:22) - Shohei Ohtani's translator charged in sports gambling case

(58:14) - Accounting Today wrongly claims accountants are saving 30 hours a week on average using AI

(01:01:34) - Blake shares a clip from the All In podcast on the future of AI

(01:04:48) - Is it time for a new ERP system?

(01:07:47) - Thanks for listening and remember to subscribe
 
 Show Notes 71% of Big 4 Auditors Worry About Mental Health | CFO              https://www.cfo.com/news/71-of-big-4-auditors-worry-about-mental-health/712063/   Will Getting Rid of Bosses Fix the Workplace? - The Journal. - WSJ Podcasts https://www.wsj.com/podcasts/the-journal/will-getting-rid-of-bosses-fix-the-workplace/fc0d31d3-2d08-441e-abd8-d77b660fe258   59% of accountants use AI to save about 30 hours a week on tasks | Accounting Today https://www.accountingtoday.com/news/59-of-accountants-use-ai-to-save-about-30-hours-a-week-on-tasks   Y Combinator wants to fund new enterprise resource planning (ERP) software" https://www.instagram.com/reel/C3-zHmOIqbI/?igsh=dTMxMDBjNGg3a2p0   Ohtani translator charged with stealing millions for 19,000 bets | Accounting Today https://www.accountingtoday.com/articles/ohtani-translator-charged-with-stealing-millions-for-19-000-bets   KPMG Fined Record $25 Million in Exam-Cheating Scandal – WSJ https://www.wsj.com/articles/kpmg-fined-25-million-over-alleged-netherlands-exam-cheating-a4dcba2a?st=yl6xiqm8nh6gug8   Botkeeper Infinite replaces outsourcing with more AI to help firms automate | Accounting Today https://www.accountingtoday.com/news/botkeeper-infinite-replaces-outsourcing-with-more-ai-to-help-firms-automate   More Companies Adopt 4-Day Work Week - CPA Practice Advisor         https://www.cpapracticeadvisor.com/2024/03/27/more-companies-adopt-4-day-work-week/103199/   When Layoffs Happen, Remote Workers Are Hardest Hit - WSJ                https://www.wsj.com/lifestyle/careers/layoffs-remote-work-data-980ed59d?reflink=integratedwebview_share   Does Working from Home Boost Productivity Growth? | San Francisco Fed      https://www.frbsf.org/economic-research/publications/economic-letter/2024/january/does-working-from-home-boost-productivity-growth/ 
Trump Media's Accounting Firm Has Audit Deficiency History  https://finance.yahoo.com/news/trump-media-accounting-firm-history-150150627.html   Amazon's Just Walk Out Actually Uses 1,000 People in India https://www.businessinsider.com/amazons-just-walk-out-actually-1-000-people-in-india-2024-4   PCAOB Wallops KPMG Netherlands With Record $25M Fine For Exam Cheating https://www.cpapracticeadvisor.com/2024/04/10/pcaob-wallops-kpmg-in-the-netherlands-with-25-million-fine-for-exam-cheating/103803/   PCAOB crackdown shifting to focus on auditing firms https://www.accountingtoday.com/news/pcaob-crackdown-shifting-to-focus-on-auditing-firms   PCAOB Proposal Would Require Audit Firms to Disclose a Variety of Metrics https://www.cpapracticeadvisor.com/2024/04/10/pcaob-issues-proposal-requiring-audit-firms-to-disclose-variety-of-metrics/103758/   PCAOB proposals call for firms to disclose more about themselves https://www.journalofaccountancy.com/news/2024/apr/pcaob-proposals-call-firms-to-disclose-more-about-themselves.html   Only 48% of accounting, consulting, legal, and private capital professionals have used AI tools at work despite near ... 

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