The Accounting Podcast

Could AI-generated fake receipts upend expense reporting as we know it? In this eye-opening episode, Blake and David demonstrate live how easy it's becoming to create convincing financial documents with AI—from receipts to audit opinions. They break down why Trump's new "reciprocal" tariffs aren't what they seem (complete with meaningless Greek symbols) and how they're already triggering market turbulence. You'll also learn why the federal government is ending paper checks by September, potentially saving hundreds of millions while reducing fraud by 16x. Plus, discover why Signal might be the most secure messaging option for your sensitive client communications. Whether you're concerned about fraud detection, economic impacts on your clients, or evolving professional standards, this episode delivers practical insights for navigating today's rapidly changing landscape.

Sponsors
Cloud Accountant Staffing - http://accountingpodcast.promo/cas
Bluevine - http://accountingpodcast.promo/bluevine (Bluevine is a financial technology company, not a bank. Banking Services provided by Coastal Community Bank, Member FDIC.)

• (02:49) - Implications of AI-Generated Receipts

Show Notes

ChatGPT’s new image generator is really good at faking receipts

https://techcrunch.com/2025/03/31/chatgpts-new-image-generator-is-really-good-at-faking-receipts/

Markets Swing Wildly After Trump Holds His Ground on Tariff Plan

https://www.wsj.com/livecoverage/stock-market-trump-tariffs-trade-war-04-07-25

Trump’s Reciprocal Tariff Calculations Are Nonsense, Will Punish Mutually Beneficial Trade

https://taxfoundation.org/blog/trump-reciprocal-tariffs-calculations/

Stellantis to temporarily lay off 900 US workers as tariffs bite

https://www.reuters.com/business/autos-transportation/stellantis-says-will-temporarily-lay-off-900-us-workers-following-tariff-2025-04-03

Modernizing Payments To and From America’s Bank Account

https://www.whitehouse.gov/presidential-actions/2025/03/modernizing-payments-to-and-from-americas-bank-account/

The Trump Administration Accidentally Texted Me Its War Plans

https://www.theatlantic.com/politics/archive/2025/03/trump-administration-accidentally-texted-me-its-war-plans/682151/

@parkerconrad Tweet: Rippling sued @Deel today … 

https://x.com/parkerconrad/status/1901615179718406276

Scoop: Fashion startup accuses founder of misconduct, after raising $534 million

https://www.axios.com/2025/03/31/scoop-caastle-founder-hunsicker-misconduct

​

The $7 Billion Defense Contractor Who Became One of America’s Biggest Alleged Tax Cheats

https://www.wsj.com/us-news/law/douglas-edelman-alleged-tax-fraud-who-ee65ea61

Deloitte is planning layoffs after a federal crackdown on consulting contracts

https://finance.yahoo.com/news/deloitte-planning-layoffs-federal-crackdown-063253531.html

DOGE’s private contract crackdown has eliminated more than 120 Deloitte contracts—more than twice the amount of any other consultancy

https://fortune.com/2025/04/03/doge-private-contract-crackdown-deloitte-consultancies/

Probationary IRS workers will be back to work before Tax Day: Trial Balance

https://www.cfo.com/news/probationary-irs-workers-will-be-back-to-work-before-tax-day-trial-balance/744419/

IRS sharing info with ICE would put illegal immigrants between 'rock and a hard place': expert

https://www.yahoo.com/news/irs-sharing-ice-put-illegal-130026839.html

Georgia, Indiana join growing band of states to pass CPA licensure laws

https://www.cfodive.com/news/georgia-joins-growing-band-states-pass-cpa-licensure-laws-accounting-talent-shortage/744384/

I Quit my Big 4 Accounting Job to Fry Chicken and Will Never Go Back …

https://www.businessinsider.com/quit-big-four-accounting-fry-chicken-never-go-back-2025-4

Local firm slashes staff starting salaries

https://www.accountingtoday.com/opinion/local-firm-slashes-staff-starting-salaries

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 fa...

What happens when tax enforcement weakens? With 17% of millennials considering skipping their tax filing altogether, Blake and David dig into how IRS budget cuts might impact compliance and revenue. They analyze fascinating survey data revealing what taxpayers truly value when choosing between professional preparation and free options like Direct File. Plus, discover the accounting scandal forcing Financial Times to retract its Tesla analysis, exposing how GAAP complexity confounds even financial experts. You'll also learn why three major US cities face billion-dollar budget holes and the disturbing revelation that duplicate Medicaid payments are costing taxpayers billions—all while Tether still can't produce an audit after ten years of promises.

Sponsors
Bluevine - http://accountingpodcast.promo/bluevine (Bluevine is a financial technology company, not a bank. Banking Services provided by Coastal Community Bank, Member FDIC.)
TeamUp - http://accountingpodcast.promo/teamup
RightWorks- http://accountingpodcast.promo/rightnow2025

• (00:00) - Introduction and Podcast Overview

Show Notes

Tax Revenue Could Drop by 10 Percent Amid Turmoil at IRS

https://www.washingtonpost.com/business/2025/03/22/irs-tax-revenue-loss-federal-budget/

Survey: Some Americans Might Roll the Dice on Not Filing Their Taxes This Year Due to IRS Job Cuts

https://www.cpapracticeadvisor.com/2025/03/26/survey-some-americans-might-roll-the-dice-on-not-filing-their-taxes-this-year-due-to-irs-job-cuts/157877/

Most Americans Are Interested in Using IRS Direct File to Prepare and File Their Taxes

https://taxpolicycenter.org/briefs/most-americans-are-interested-using-irs-direct-file-prepare-and-file-their-taxes

TurboTax vs Free Tax USA: A Shocking Price Comparison

 https://www.tiktok.com/@carolinesadventure/video/7482613418801859870

Survey: 91% of Americans Think Filing Taxes Should Be Free

https://www.cpapracticeadvisor.com/2025/03/11/survey-91-of-americans-think-filing-taxes-should-be-free/157176/

Why you should think twice before claiming an income-tax extension. ‘This is not the year to do your normal procrastinating.’

https://www.marketwatch.com/story/why-you-should-think-twice-before-claiming-an-income-tax-extension-this-is-not-the-year-to-do-your-normal-procrastinating-89937e0d

LA Faces $1 Billion Budget Hole, Warns of Thousands of Layoffs

https://www.bloomberg.com/news/articles/2025-03-20/la-faces-1-billion-budget-hole-warning-thousands-of-layoffs

WSJ investigation: Medicaid paid health insurers billions by covering the same patients twice

https://www.risehealth.org/insights-articles/wsj-investigation-medicaid-paid-health-insurers-billions-by-covering-the-same-patients-twice/

Tether seeks Big Four firm for its first full financial audit — Report

https://cointelegraph.com/news/stablecoin-issuer-tether-big-four-firm-full-reserve-audit-report

Financial Times retracts report on Tesla’s alleged shady accounting

https://www.teslarati.com/financial-times-retracts-report-tesla-shady-accounting/

The Big 4 Transparency Accounting Awards

https://big4transparency.beehiiv.com/p/the-big-4-transparency-accounting-awards

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

Subscribe

• Apple Podcasts: http://cloudacctpod.link/ApplePodcasts
• YouTube: https://www.y...

Blake and David dive straight into the headlines, starting with the controversial IRS workforce cuts and their potential impact on tax collections. They examine corporate espionage allegations between payroll companies Rippling and Deel, including a complex web of legal battles, Russian connections, and political involvement, and go on to discuss how AI is rapidly improving at handling longer tasks. All this and much more, right now!

Sponsors
RightWorks- http://accountingpodcast.promo/rightnow2025 (use code TAP15 for 15% OFF)
TeamUp - http://accountingpodcast.promo/teamup
Bluevine - http://accountingpodcast.promo/bluevine (Bluevine is a financial technology company, not a bank. Banking Services provided by Coastal Community Bank, Member FDIC.)  

• (00:31) - Exciting Stories and Headlines

Show Notes

7,000 IRS workers ‘reinstated’ — but not yet returning to work

https://www.journalofaccountancy.com/news/2025/mar/7000-irs-workers-reinstated-but-not-yet-returning-to-work/

IRS Retreats From Some Audits as Agency Slashes Workforce

https://www.wsj.com/politics/policy/internal-revenue-service-doge-taxes-f00ac956

Opinion | With IRS cuts, DOGE would lose far more money ...

https://www.washingtonpost.com/opinions/2025/03/13/doge-irs-cuts-tax-revenue/

Former Defense Contractor and his Wife Indicted for Evading U.S. Taxes on Profits from Selling Jet Fuel to the U.S. Military

https://www.irs.gov/pub/irs-ci/j5-media-release-7-3-2024.pdf

Lawsuit Alleges $12 Billion "Unicorn" Deel Cultivated Spy, Orchestrated Long-Running Trade-Secret Theft & Corporate Espionage Against Competitor

https://www.rippling.com/blog/lawsuit-alleges-12-billion-unicorn-deel-cultivated-spy-orchestrated-long-running-trade-secret-theft-corporate-espionage-against-competitor

IRS in Crisis: Tax Professionals Bear the Brunt

https://cpatrendlines.com/2019/02/26/taxpayer-advocate-lambastes-irs/

Measuring AI Ability to Complete Long Tasks

https://metr.org/blog/2025-03-19-measuring-ai-ability-to-complete-long-tasks/

Earmark Podcast – Ep. 87 - How to Use AI to Analyze Data and Draft Financial Reports in Minutes

https://share.transistor.fm/s/c86818f5

Earmark’s Screening of The Accountant 2

https://www.eventbrite.com/e/screening-of-the-accountant-2-tickets-1225264421869?aff=EarmarkApp

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

Subscribe

• Apple Podcasts: http://cloudacctpod.link/ApplePodcasts
• YouTube: https://www.youtube.com/@TheAccountingPodcast
• Spotify: http://cloudacctpod.link/Spotify
• Podchaser: http://cloudacctpod.link/podchaser
• Stitcher: http://cloudacctpod.link/Stitcher
• Overcast: http://cloudacctpod.link/Overcast

Classifieds
REFRAME 2025 - http://accountingpodcast.promo/reframe2025

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

Is the CPA exam fundamentally flawed? With FAR section pass rates plummeting to a 15-year low of 36% and a staggering 40-point gap between discipline section pass rates, something isn't adding up. Dr. Josh McGowan of Troy University joins Blake Oliver to dissect these troubling statistics and explore how the 2024 CPA Evolution model may be inadvertently pushing candidates toward "easier" disciplines. They tackle the growing movement to drop the 150-hour requirement and propose a provocative solution: splitting the credential into specialized tax and financial/audit pathways. Whether you're preparing for the exam or leading a firm, this conversation reveals how accounting's licensing system might finally evolve beyond its one-size-fits-all approach.

Meet Our Guest, Dr. Josh McGowan, CPA
LinkedIn: https://www.linkedin.com/in/dr-josh-mcgowan-cpa-503846b7/
X: https://x.com/Jmcgowan3838

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

Subscribe

• Apple Podcasts: http://cloudacctpod.link/ApplePodcasts
• YouTube: https://www.youtube.com/@TheAccountingPodcast
• Spotify: http://cloudacctpod.link/Spotify
• Podchaser: http://cloudacctpod.link/podchaser
• Stitcher: http://cloudacctpod.link/Stitcher
• Overcast: 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

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
RightWorks- http://accountingpodcast.promo/rightnow2025 (use code TAP15 for 15% OFF)

• (01:29) - Listener Feedback and Criticism

Show 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/

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

Subscribe

• Apple Podcasts: http://cloudacctpod.link/ApplePodcasts
• YouTube: https://www.youtube.com/@TheAccountingPodcast
• Spotify: http://cloudacctpod.link/Spotify
• Podchaser: http://cloudacctpod.link/podchaser
• Stitcher: http://cloudacctpod.link/Stitcher
• Overcast: 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

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.)
RightWorks- http://accountingpodcast.promo/rightnow2025 (use code TAP15 for 15% OFF)

• (00:49) - BOI Reporting Requirements Halted

Show 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.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

Subscribe

• Apple Podcasts: http://cloudacctpod.link/ApplePodcasts
• YouTube: https://www.youtube.com/@TheAccountingPodcast
• Spotify: http://cloudacctpod.link/Spotify
• Podchaser: http://cloudacctpod.link/podchase...

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.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

Subscribe

• Apple Podcasts: http://cloudacctpod.link/ApplePodcasts
• YouTube: https://www.youtube.com/@TheAccountingPodcast
• Spotify: http://cloudacctpod.link/Spotify
• Podchaser: http://cloudacctpod.link/podchaser
• Stitcher: http://cloudacctpod.link/Stitcher
• Overcast: 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

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.) 
RightWorks- http://accountingpodcast.promo/rightnow2025 (use code TAP15 for 15% OFF)
CPA.com - http://accountingpodcast.promo/cpa

• (00:00) - Introduction and Welcome

Show 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 M...

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-yptc

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

Subscribe

• Apple Podcasts: http://cloudacctpod.link/ApplePodcasts
• YouTube: https://www.youtube.com/@TheAccountingPodcast
• Spotify: http://cloudacctpod.link/Spotify
• Podchaser: http://cloudacctpod.link/podchaser
• Stitcher: http://cloudacctpod.link/Stitcher
• Overcast: 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

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=6751

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

Subscribe

• Apple Podcasts: http://cloudacctpod.link/ApplePodcasts
• YouTube: https://www.youtube.com/@TheAccountingPodcast
• Spotify: http://cloudacctpod.link/Spotify
• Podchaser: http://cloudacctpod.link/podchaser
• Stitcher: http://cloudacctpod.link/Stitcher
• Overcast: 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