Today, Blake, David, and special guest, ChatGpt, examine the impact of private equity on accounting firms, looking at how PE ownership affects partner compensation and firm structures. They dig into some recent data showing record numbers of accounting errors in public companies, linking these issues to the broader talent shortage crisis. Next, they explore CalCPA's pushback against proposed licensing changes, the surprising economic costs of Daylight Savings Time, and much more!
 

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• (00:59) - Introducing ChatGPT as Co-Host

Show 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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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!

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• (00:28) - Welcome to The Accounting Podcast

Show 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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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.

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• (00:31) - Celebrating Achievements and Social Media Impact

Show 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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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.
 

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• (00:46) - Macy's Accounting Error: Breaking News

Show 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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Transcripts

The full transcript for this episode is available by clicking on the Transcript tab at the top of this page

Blake and David discuss Trump's proposed Department of Government Efficiency (DOGE) and its potential impact on tax filing and federal remote work policies. They analyze the Pentagon's seventh consecutive failed audit and examine Intuit's ambitious plans to expand its enterprise offerings. The duo also explores a groundbreaking study showing ChatGPT-4 outperforming human doctors in medical diagnoses, highlighting AI's growing capabilities in professional decision-making.

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• (00:00) - Welcome to the Accounting Podcast

Show Notes

Coming soon!

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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 the economic implications of Trump's election victory, including proposed tariffs that could significantly impact businesses and inflation. They explore potential tax changes under a new Trump administration, from corporate rate reductions to the elimination of the SALT cap. They also examines an alarming $47 million IRS fraud scheme targeting tax practitioners and debate the future of Bitcoin as speculation grows about a potential national Bitcoin reserve.

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• (00:00) - Welcome to The Accounting Podcast

Show Notes

How Trump Won the Economy-is-Everything Election

https://www.livemint.com/politics/news/how-trump-won-the-economy-is-everything-election-11730973573508.html

How Will Trump’s Universal and China Tariffs Impact the Economy?

https://taxfoundation.org/blog/trump-tariffs-impact-economy/

Which Workers Are Embracing AI?

https://www.chicagobooth.edu/review/which-workers-are-embracing-ai

Actions Were Not Taken to Timely Strengthen Practitioner Priority Service Telephone Line Authentication Controls

https://www.tigta.gov/sites/default/files/reports/2024-10/2025ier001fr.pdf

Fraudsters get $47 million from practitioner priority service line scheme

https://www.journalofaccountancy.com/news/2024/nov/fraudsters-get-47-million-from-practitioner-priority-service-line-scheme

Freddie Freeman on World Series MVP, Ohtani Media Mayhem and His Surprising Backup Career | Ep 109

https://www.youtube.com/watch?v=ZimDH_hW7LU

PCAOB board member complains of persecution by senators

https://www.accountingtoday.com/news/pcaob-board-member-complains-of-persecution-by-senators

AICPA to Congress: Delay needed in BOI reporting deadline

https://www.thetaxadviser.com/news/2024/nov/aicpa-to-congress-delay-needed-in-boi-reporting-deadline

New Development Re: BOI Reporting – 44 Congressmen Seek to Delay FinCEN Beneficial Ownership Reporting

https://gpwcpas.com/new-development-re-boi-reporting-44-congressmen-seek-to-delay-fincen-beneficial-ownership-reporting/

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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 examine Sasan Goodarzi's apology and lukewarm reception regarding the recent controversial TurboTax ad campaign. They also take a look at Intuit's new Enterprise Suite product, which aims to compete with NetSuite and Sage Intacct by offering multi-entity accounting capabilities at a lower price point. Moving on, there's talk of Anthropic's new Claude computing capability, EY's resignation as Super Micro Computer's auditor, and Google's declining search market share in the face of AI competition.

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• (00:41) - Intuit Connect Recap

Show Notes

EY resigns as Super Micro auditor, causes stock to fall 33%

https://www.cnbc.com/2024/10/30/super-micro-auditor-resigns-after-raising-concerns-months-earlier.html

Intuit Connect 2024: Sasan Goodarzi on AI & the Future of Accounting

https://www.youtube.com/watch?v=1xzKztkuhRY

Introducing computer use, a new Claude 3.5 Sonnet, and Claude 3.5 Haiku

https://www.anthropic.com/news/3-5-models-and-computer-use

'All hell has broken loose': Inside Elon Musk's high-stakes pro-Trump door-knocking effort

https://www.nbcnews.com/politics/2024-election/elon-musks-high-stakes-trump-door-knocking-effort-america-pac-rcna176255

BDO must face AmTrust investors' fraud case after US appeals court backtracks

https://www.reuters.com/legal/government/column-bdo-must-face-amtrust-investors-fraud-case-after-us-appeals-court-2024-11-04/

Google’s Grip on Search Slips as TikTok and AI Startup Mount Challenge

https://www.wsj.com/tech/online-ad-market-google-tiktok-9599d7e8

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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

In this episode, Amber Setter returns to discuss the AICPA and NASBA's newly proposed competency-based pathway to CPA licensure, offering a 150-hour-rule alternative. They argue that the complexity of the plan might create more bureaucratic barriers rather than simplifying the process. There's also talk on the challenges facing the profession, including stagnant salaries and declining CPA numbers. Rounding out the show, they examine a recent story about EY firing employees for attending multiple online CPE courses at once.

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• (02:30) - Blake's Session on Automation Toolkit

Show Notes

Exposure draft: Proposed “CPA Competency-Based Experience Pathway”

https://www.aicpa-cima.com/certifications/download/exposure-draft-proposed-cpa-competency-based-experience-pathway

Educational Requirements for CPA Licensure

https://www.dca.ca.gov/cba/applicants/ed-requirements.shtml

EY Got Rid of Staff Who Took Multiple CPE Courses at the Same Time

https://www.cpapracticeadvisor.com/2024/10/23/ey-got-rid-of-staff-who-took-multiple-web-training-course-at-once/112128/

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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 examine why Trump may win in 2024, discussing immigration's economic impact on working-class wages and how this could affect voting patterns, particularly in border states like Arizona. They also look at the AICPA's selection of Mark Koziel as its new president, questioning whether the organization truly advocates for average CPAs. Moving on, they discuss Intuit's controversial TurboTax marketing campaign and consider why Berkshire Hathaway is reducing its BOA stake due to concerns about unrealized losses in the bank's bond portfolio.

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• (00:33) - Introduction and Grand Canyon Adventure

Show Notes

Do immigrants really take jobs and lower wages?

https://www.npr.org/2024/06/28/1197959366/immigration-economics-mariel-boatlift

Escalating Cyber Threats Demand Stronger Global Defense and Cooperation

https://blogs.microsoft.com/on-the-issues/2024/10/15/escalating-cyber-threats-demand-stronger-global-defense-and-cooperation/

American productivity still leads the world

https://www.economist.com/special-report/2024/10/14/american-productivity-still-leads-the-world

Public sector talent shortage: Unique challenges require unique solutions

https://www.journalofaccountancy.com/news/2024/oct/public-sector-accounting-challenges.html

Intuit asked us to delete part of this Decoder episode

https://www.theverge.com/2024/10/21/24273820/intuit-ceo-sasan-goodarzi-turbotax-irs-quickbooks-ai-software-decoder-interview

Buffett's Berkshire Trims BofA Stake Closer to 10%

https://www.wsj.com/livecoverage/stock-market-today-dow-sp500-nasdaq-live-10-08-2024/card/buffett-s-berkshire-trims-bofa-stake-closer-to-10--EQHbm5iLN4LTvbgNW29W

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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

Blake and David touch on several hot topics in the accounting world, including the fallout from Intuit's controversial TurboTax ad, and the National Association of Tax Preparers cutting ties with the company. They also examine Trump Jr.'s threats against Deloitte, KPMG's support for alternative pathways to CPA licensure, and rapper Fat Joe's recent experiences with BDO.

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• (01:16) - Controversial Intuit Ad Campaign

Show Notes

TurboTax ‘Breakup’ Ad Draws Ire From Tax Pro Org

https://tax.thomsonreuters.com/news/turbotax-breakup-ad-draws-ire-from-tax-pro-org/

Deloitte takes fire from Trump-Vance allies over leaked employee messages

https://thehill.com/business/4919910-deloitte-employee-trump-criticism/

Trump supports ending double taxation on Americans living abroad: ‘Let’s put America First’

https://nypost.com/2024/10/14/business/former-president-donald-trump-supports-ending-double-taxation-on-americans-living-abroad/

KPMG Supports Alternative CPA Paths to Address Accountant Shortage

https://tax.thomsonreuters.com/news/kpmg-supports-alternative-cpa-paths-to-address-accountant-shortage

SEC Drops Auditor Misconduct Cases After In-House Judges Ruling

https://news.bloombergtax.com/financial-accounting/sec-drops-auditor-misconduct-cases-after-in-house-judges-ruling

Fat Joe Suing Accountants Over Fraud Activity

https://www.bet.com/article/dh3bcc/fat-joe-suing-accountants-over-fraud-activity

Numeric grabs $28M Series A to automate accounting using AI

https://techcrunch.com/2024/10/10/numeric-grabs-28m-series-a-for-automating-accounting-with-ai/

Ex-Tingo Auditor Aided, Concealed ‘Massive Fraud,’ SEC Claims

https://news.bloombergtax.com/financial-accounting/ex-tingo-auditor-aided-concealed-massive-fraud-sec-claims

Fat Joe On Getting Robbed By Accountants, Using The N-Word, BET Hip Hop Awards + More
https://www.youtube.com/watch?v=xL3RV6SHY4E

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Sponsorships

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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