Just in time for the holidays, Blake and David examine the accounting professor from NYU who charged Trump nearly $900,000 for expert testimony. They also tackle issues around accountant retention and turnover, tax updates, the financial operations of Hamas, as well as Hunter Biden's indictment on tax charges, and tips for using spreadsheets in filmmaking and other creative projects. All this and more to keep you entertained while you wrap those last-minute gifts!

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• (00:38) - Who knew being an expert witness paid so well

Show Notes

Trump PAC paid for expert witness testimony in NY civil fraud trial

https://www.nbcnews.com/politics/donald-trump/trump-pac-paid-expert-witness-testimony-ny-civil-fraud-trial-rcna128804

EY Is Laying Off U.S. Partners Amid Tough Economic Conditions – WSJ

https://www.wsj.com/articles/ey-is-laying-off-u-s-partners-amid-tough-economic-conditions-9efc4aa6

Accounting Rules and the Supply of Accountants by Anthony Le :: SSRN

https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4666335

Righting Retention - Insight Special Feature

https://www.icpas.org/information/professional-issues/talent-retention

Stripper and escort rakes in $34k per week catering to Wall Street

https://nypost.com/2023/12/18/business/stripper-and-escort-rakes-in-34k-per-week-catering-to-wall-street/

FinCEN ramps up guidance as beneficial ownership requirements looms | Accounting Today

https://www.accountingtoday.com/opinion/fincen-ramps-up-guidance-as-beneficial-ownership-requirements-fast-approach

Trevor Milton Gets Four Years in Prison for Deceptions on Zero-Emission Trucks

https://www.wsj.com/us-news/law/trevor-milton-lied-about-nikolas-zero-emission-trucks-is-that-worth-a-decade-in-prison-ae35ce40

64% of Employees Waste Hours Due to Lack of Deadlines | CFO

https://www.cfo.com/news/64-of-employees-waste-hours-due-to-lack-of-deadlines/702774/

IRS Expands Business Tax Account Tool To Include S Corps And Partnerships

https://www.forbes.com/sites/kellyphillipserb/2023/12/18/irs-expands-business-tax-account-tool-to-include-s-corps-and-partnerships/

Israel Found the Hamas Money Machine Years Ago. Nobody Turned It Off.

https://www.nytimes.com/2023/12/16/world/europe/israel-hamas-money-finance-turkey-intelligence-attacks.html?smid=nytcore-ios-share&referringSource=articleShare

Hunter Biden Charged With Evading Taxes on Millions From Foreign Firms

https://www.nytimes.com/2023/12/07/us/politics/hunter-biden-indictment.html

Former Jaguars employee accused of stealing over $22 million – ESPN

https://www.espn.com/nfl/story/_/id/39059710/former-jaguars-employee-accused-stealing-22-million

EY names Janet Truncale as first female global CEO of Big Four firm | Accounting Today

https://www.accountingtoday.com/articles/ey-names-janet-truncale-as-first-female-global-ceo-of-big-four-firm

NY AG disputes Trump expert’s GAAP analysis      

https://www.cfodive.com/news/gaap-holds-spotlight-final-stretch-250m-trump-civil-fraud/702327/

Hunter Biden Indicted On Criminal Tax Charges In California

https://www.forbes.com/sites/kellyphillipserb/2023/12/08/hunter-biden-indicted-on-criminal-tax-charges-in-california/

Hunter Biden Charged with Tax Crimes in Los Angeles

https://www.cpapracticeadvisor.com/2023/12/11/hunter-biden-charged-with-tax-crimes-in-los-angeles/98977/

Trump's accounting expert trashes NY's 'absurd' fraud case

https://www.accountingtoday.com/articles/trumps-expert-accounting-witness-trashes-nys-absurd-fraud-case-in-court-clash

Donald Trump returns to court, lauds his defense expert who sees no evidence of accounting fraud

Keila Hill-Trawick joins Blake and David to discuss her philosophy on intentionally building a firm to the "right" size, rather than pursuing endless revenue growth. She also explains how her firm narrowed its service offerings to focus on core recurring services like tax planning and fractional CFO work. Blake and David examine research on how much money Americans think they need annually to be happy, with millennials citing much higher targets. They also talk about an accounting reference in the new Trolls movie and the need for more diverse and positive CPA portrayals in media.

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• (00:31) - Keila Hill-Trawick joins the show

Show Notes

What’s Behind Warren Buffett’s Fight With a Truck-Stop Mogul – WSJ

https://www.wsj.com/business/warren-buffett-berkshire-hathaway-jimmy-haslam-pilot-lawsuit-70ef0413

Trolls movie CPA

https://www.linkedin.com/posts/jacob-g-5819b780_went-to-see-the-new-trolls-movie-with-my-activity-7134882587042320384-RC32

Warren Buffett's Berkshire Hathaway sued by Haslam family over Pilot truckstop chain takeover

https://cdllife.com/2023/haslam-family-sues-pilot-majority-owner-berkshire-hathaway-over-accounting-practices/

Bankrupt SmileDirectClub shuts down, says its ‘Lifetime Smile Guarantee’ is canceled - but Smile Pay users are expected to keep paying https://fortune.com/2023/12/11/bankrupt-smiledirectclub-shutting-down/

Meet our Guest, Keila Hill-Trawick

Website: http://www.littlefishaccounting.com/
LinkedIn: https://www.linkedin.com/in/keilahilltrawick
Twitter: https://twitter.com/littlefishcpa
Instagram: https://www.instagram.com/littlefishaccounting/

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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

Lexy Kessler, National Pipeline Advisory Group (NPAG) chair and Sue Coffey, Chief Executive Officer – Public Accounting with AICPA join us for a special bonus episode to address the accounting talent crisis and talk about how we can improve the CPA pipeline. Along with these issues, they also emphasize the importance of working together as a profession, being data-driven in their approach, and looking at the broader ecosystem of accounting, with updates and more comprehensive strategies expected to be detailed in the NPAG draft national strategy plan in May 2024.

Meet Our Guests

Lexy Kessler, Chair - National Pipeline Advisory Group (NPAG)

Website: https://www.accountingpipeline.org/
LinkedIn: https://www.linkedin.com/in/lexykessleraprio/

Susan S. Coffey, CPA, CGMA - CEO – Public Accounting at the Association of International Certified Professional Accountants
Website: https://www.aicpa-cima.com/resources/article/susan-s-coffey-cpa-cgma

Learn more about the National Pipeline Advisory Group (NPAG)

https://www.accountingpipeline.org/

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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 Intuit's announcement that QuickBooks Desktop will no longer be sold as new subscriptions after July 2024. They also talk about the need for changes in the accounting profession, such as simplifying financial reporting requirements and revising the 150-hour rule. In other news, they cover sanctions against China-based accounting firms, incorrect IRC claims by businesses, and the Adidas-Kanye West fallout. They also explore how AI can help explain complex concepts to clients clearly and accurately.

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• (01:13) - Accounting has been in the news a lot recently

Show Notes

Twitter: Any good plain-English way to explain basis? 

https://x.com/wtfoote/status/1725193933410668755?s=12

61% of Finance Execs Not Using AI Yet: Weekly Stat | CFO

https://www.cfo.com/news/artificial-intelligence-implementation-adoption-gartner-survey/699082/

The Yeezy standard for accounting | Financial Times

https://www.ft.com/content/8b094370-f7e7-492b-b56d-6c0096be7784

BST & Co. Got Sick of Hounding Rudy Giuliani to Pay His Bill So Now They’re Suing Him          

https://www.goingconcern.com/bst-co-got-sick-of-hounding-rudy-giuliani-to-pay-his-bill-so-now-theyre-suing-him/

PCAOB sanctions three Chinese firms, including PwC affiliates

https://www.accountingtoday.com/news/pcaob-sanctions-three-chinese-firms-including-pwc-affiliates

The Accounting Profession Is in Crisis    

https://www.cpajournal.com/2023/12/01/the-accounting-profession-is-in-crisis/

BREAKING NEWS: QuickBooks Desktop Product Changes

https://insightfulaccountant.com/accounting-tech/general-ledger/breaking-news-quickbooks-desktop-product-changes/

What Can the Profession Do?       

https://www.cpajournal.com/2023/12/04/what-can-the-profession-do/

Supreme Court could make massive tax impact — or none at all

https://www.accountingtoday.com/news/supreme-court-to-hear-arguments-in-moore-v-u-s

Billionaire Tax Rests on a Disputed $14,729 Refund at the Supreme Court

https://www.cpapracticeadvisor.com/2023/12/04/billionaire-tax-rests-on-a-disputed-14729-refund-at-the-supreme-court/98782/

Some of the Big 4 consulting giants already think AI could trim years off the path to partner        

https://fortune.com/2023/12/04/big-4-consulting-giants-pwc-kpmg-ai-trim-years-path-partner/

Opioid trust transparency questioned after accounting firm choice

https://www.thecentersquare.com/pennsylvania/article_c7977d42-9515-11ee-8bd6-3b90276d4b6b.html

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...

Blake and David discuss updates from the AICPA's Talent Pipeline Committee, including surprises about the high dropout rate of accounting majors in college. They also explore new custom AI capabilities in ChatGPT that allow users to create specialist bots and speculate on applications for accounting firms. They also cover lawsuits alleging Hollywood accounting tricks used by Disney to deprive financial partners of profits. Grab some snacks and enjoy!

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• (01:34) - NASBA is hiring a new COO

Show Notes

NASBA Begins Search for New President and CEO | NASBA

https://nasba.org/blog/2023/11/28/nasba-begins-search-for-new-president-and-ceo/

Rethinking the 150-Hour Requirement for CPA Licensure - The CPA Journal

https://www.cpajournal.com/2023/11/27/rethinking-the-150-hour-requirement-for-cpa-licensure/

The Accounting Pipeline - The CPA Journal

https://www.cpajournal.com/2023/11/22/the-accounting-pipeline/

Disney sued over accounting by film financiers

https://www.cfobrew.com/stories/2023/08/29/disney-sued-by-film-financiers

A pipeline progress report            

https://www.accountingtoday.com/podcast/a-progress-report-on-accountings-pipeline-problem

Rethinking the 150-Hour Requirement for CPA Licensure

https://www.cpajournal.com/2023/11/27/rethinking-the-150-hour-requirement-for-cpa-licensure/

Accounting Education Disrupted 

https://www.cpajournal.com/2023/11/21/accounting-education-disrupted/

KPMG, Deloitte Ask Staff to Use Burner Phones for HK Visits: FT

https://news.bloombergtax.com/financial-accounting/kpmg-deloitte-ask-staff-to-use-burner-phones-for-hk-visits-ft

Deloitte and KPMG encourage use of burner phones in Hong Kong

https://uk.finance.yahoo.com/news/deloitte-kpmg-encourage-burner-phones-101802848.html

NASBA starts search for CEO successor    

https://www.accountingtoday.com/news/nasba-starts-search-for-ceo-successor

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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 sort through the listener mailbag to find out what you think! Amongst the letters, we’ve got opinions on accounting without assurance and the industry talent crisis, as well as potential unethical practices by some tax experts, and the need for accrediting standards for accounting programs. Blake and David also address the complex nature of the taxation system and emphasize the need for industry-wide changes to address ethical dilemmas. Join us to hear all this and so much more!

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• (00:30) - Welcome to the show and what we'll cover

Show Notes

A cyberattack on a U.K. accounting firm wound up leaking U.S. ...
https://www.databreaches.net/a-cyberattack-on-a-u-k-accounting-firm-wound-up-leaking-u-s-patient-data-now-what/

Reimagined ProAdvisor Program Goes Live Today
https://insightfulaccountant.com/accounting-tech/general-ledger/reimagined-proadvisor-program-goes-live-today/

Always Something University and UofA $240-million accounting mistake
https://sports360az.com/always-something-university-and-uofa-240-million-accounting-mistake/

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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

We're back from QuickBooks Connect 2023 with announcements, updates, new features, and improvements in QuickBooks Online. Also, EY got fined $3 million for cheating on ethics exams, and 42 percent of firms are turning away work due to staff shortages. Finally, we discuss the disruption of Alphabet's main search business by Microsoft, Amazon, and Apple in the AI-powered assistant space.

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• (00:32) - Blake and David are back from QuickBooks Connect

Show Notes

Intuit rolls out bevy of new features for the next tax season | Accounting Today

https://www.accountingtoday.com/news/intuit-rolls-out-bevy-of-new-features-for-the-next-tax-year

New product innovations at announced at QuickBooks Connect help accountants drive small business growth

https://www.firmofthefuture.com/quickbooks-connect/new-product-innovations/

PCAOB fines doubled in recent years | Accounting Today

https://www.accountingtoday.com/news/pcaob-fines-doubled-in-recent-years

Accounting firms hit with record US fines over audit failures

https://www.ft.com/content/25a65a49-4b94-4a80-82d8-435616a78f27

SURVEY: 42% of Accountants Turn Away Work Over Staff Shortages - CPA Trendlines

https://cpatrendlines.com/2023/11/09/survey-48-of-accountants-turn-away-work-over-staff-shortages/

Black Ore Emerges from Stealth with $60 Million in Funding to Bring AI to Financial Services

https://www.blackore.ai/articles/black-ore-emerges-from-stealth-with-60-million-funding

Launching Zoho Practice: The Ultimate Practice Management Software

https://www.zoho.com/blog/general/launching-zoho-practice.html

Bill Holdings Is Said to Near $1.95 Billion Deal for Melio

https://www.bloomberg.com/news/articles/2023-11-08/bill-holdings-is-said-to-near-1-95-billion-deal-for-melio

Bill Holdings stock sinks amid report of $1.95B deal talks for Melio ...

https://seekingalpha.com/news/4033680-bill-holdings-sinks-amid-report-of-195b-deal-talks-for-melio-payments

Bill Holdings denies media report on Melio deal  

https://www.reuters.com/markets/deals/bill-holdings-nears-195-billion-payments-deal-melio-bloomberg-news-2023-11-08/

Puzzle secures $30m for revolutionary AI-powered accounting ...

https://fintech.global/2023/11/15/puzzle-secures-30m-for-revolutionary-ai-powered-accounting-platform/

EY Gets $3 Million Penalty by Texas Board of Public Accountancy

https://www.cpapracticeadvisor.com/2023/11/13/ey-gets-3-million-penalty-by-texas-board-of-public-accountancy/97576/

Bill's stock bounces after denial of report it was pursuing a $2 billion ...

https://www.marketwatch.com/story/bills-stock-bounces-after-denial-of-report-it-was-pursuing-a-2-billion-cash-and-stock-buyout-of-melio-payments-7562580b

Black Ore Raises $60 Million and Debuts AI Tool for Accountants

https://www.pymnts.com/news/investment-tracker/2023/black-ore-raises-60-million-dollars-debuts-artificial-intelligence-tool-accountants/

New Products at QuickBooks Connect Help Accountants Drive Small ...

https://www.cpapracticeadvisor.com/2023/11/14/new-products-at-quickbooks-connect-help-accountants-drive-small-business-growth/97644/

St. Louis comptroller said prior mayor wanted new accounting ...

https://www.stltoday.com/news/local/government-politics/st-louis-comptroller-said-prior-mayor-wanted-new-accounting-system-but-she-voted-for-it/article_8afa54ca-8275-11ee-9673-efc459761629.html

Intuit QuickBooks Unveils New Product Innovations at QuickBooks Connect that Help Accountants Drive Small Business Growth 

CPA Exam prep rockstars Peter Olinto and Roger Philipp join Blake and David to discuss the evolution of the CPA Exam over time, the importance of making studying entertaining, and challenges facing the accounting profession like public accounting burnout. Both Olinto and Philipp believe competition between CPA review courses drives innovation and helps students pass the exam, and they aim to make studying engaging through humor, memory techniques, and technology.

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• (00:38) - Where did you learn to make CPA exam prep entertaining?

Roger Philipp, CPA, CGMA
LinkedIn: https://www.linkedin.com/in/rogerphilipp/
Twitter: https://twitter.com/rogercpa?lang=en

Show Notes
https://newsroom.uworld.com/story/uworld-launches-all-new-cpa-exam-review-product-to-prepare-candidates-for-the-2024-cpa-evolution/

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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

Listen to the full Unofficial QuickBooks Accountants Podcast here: https://share.transistor.fm/s/5586a16e

Earmark Media Presents a bonus episode of Unofficial QuickBooks Accountants Podcast.

Hector and Alicia dig into all the details and speculation around Intuit's newest cloud accounting product QuickBooks Ledger. Is it an affordable option for write-up clients or an over-hyped limited edition QBO?

Listen to the full Unofficial QuickBooks Accountants Podcast here: https://share.transistor.fm/s/5586a16e

Send your Questions/Comments (we could read/answer them on air) [email protected]

Links/Apps Mentioned in this episode:

• Hector's App - RightTool www.righttool.app
• Alicia's Training - RoyalWise http://royl.ws/uqapodcast
• QuickBooks Connect Conference:www.quickbooksconnect.com
• Firm of the Future: www.firmofthefuture.com

Blake and David examine the downfall of FTX and founder Sam Bankman-Fried and look at some controversies around Deloitte auditors backdating audit paperwork in Canada, receiving only a minor fine. They also marvel at Donald Trump's attempt to blame accountants for alleged financial statement fraud in his organization. All this, and other news including NASBA's CEO's upcoming retirement, IRS budget cut updates, and generational differences around public accounting work environments.

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• (00:39) - Blake is back from Maryland where he gave a talk on AI and accounting

Show Notes

House passes Israel aid tied to IRS cuts, triggering Biden clash | Accounting Today

https://www.accountingtoday.com/articles/house-passes-israel-aid-tied-to-irs-cuts-triggering-biden-clash

New York accounting firm Grassi announces ESOP | Accounting Today

https://www.accountingtoday.com/news/new-york-accounting-firm-grassi-announces-esop

Trump’s Sons Cast the Blame for Fraud on Their Company’s Accountants

https://www.nytimes.com/2023/11/02/nyregion/eric-trump-donald-jr-fraud-trial.html?smid=nytcore-ios-share&referringSource=articleShare

NASBA CEO Ken Bishop plans to retire | Accounting Today

https://www.accountingtoday.com/news/nasba-ceo-ken-bishop-plans-to-retire

IG reel: Good salary BUT don’t become a CPA

https://www.instagram.com/reel/CzCgptfpjmv/

Can Artificial Intelligence Become an Accounting Expert? - The CPA Journal

https://www.cpajournal.com/2023/10/24/can-artificial-intelligence-become-an-accounting-expert-2/

Deloitte Auditors Got Caught Changing Their Computer Clocks to Backdate Workpapers

https://www.goingconcern.com/deloitte-auditors-got-caught-changing-their-computer-clocks-to-backdate-workpapers/

Ohio floats plan to recruit more CPAs      

https://www.accountingtoday.com/news/ohio-floats-plan-to-recruit-more-cpas

WeWork, once valued at $47 billion, files for bankruptcy 

https://www.cnbc.com/2023/11/07/wework-files-for-bankruptcy.html

Here's how much WeWork co-founder Adam Neumann made before the company's bankruptcy

https://www.cnbc.com/2023/11/07/heres-how-much-wework-founder-adam-neumann-got-before-bankruptcy.html

Sam Bankman-Fried found guilty on all seven criminal fraud counts

https://www.cnbc.com/2023/11/02/sam-bankman-fried-found-guilty-on-all-seven-criminal-fraud-counts.html

Amazon founder Jeff Bezos is leaving Seattle for Miami    

https://www.cnbc.com/2023/11/03/amazon-founder-jeff-bezos-is-leaving-seattle-for-miami.html

Ohio Society of CPAs Develops Action Plan Aimed at Talent Shortage

https://www.cpapracticeadvisor.com/2023/11/06/ohio-society-of-cpas-develops-action-plan-aimed-at-talent-shortage/97271/

Billions still lost through bad accounting, says auditor general       

https://mg.co.za/business/2023-11-03-billions-still-lost-through-bad-accounting-says-auditor-general/

Eric Trump testified over and over again he had nothing to do with his dad’s accounting. Then he was shown his own emails   

https://fortune.com/2023/11/03/eric-trump-testifies-fraud-trial-never-worked-donald-financial-statements-emails-testimony-involvement/

Former FTX CEO found guilty of fraud      

https://www.bankingdive.com/news/former-ftx-ceo-sam-bankman-fried-found-guilty-7-counts-fraud-conspiracy/698555/

House Passes Israel Aid Bill Tied to IRS Cuts

https://www.cpapracticeadvisor.com/2023/11/02/house-passes-israel-aid-bill-tied-to-irs-cuts/97224/

Jeff Bezos: Leaving Seattle and Embracing Miami

https://www.smallbiztechnology.com/archive/2023/11/jeff-bezos-leaving-seattle-and-embracing-miami.html/

Billionaire Amazon founder Jeff Bezos moves to Florida, where his parents live-and capital gains are not taxed        

https://finance.yahoo.com/news/billionaire-amazon-founder-jeff-bezos...