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Blake and David break down the IRS's $99 million paper-check limit, how states use tax credits to attract movie productions (sometimes unsuccessfully) and give their take on actor Kenan Thompson losing $1.5 million to fraud as a child. They also cover couples arguing over finances, AI answering tax questions in California, accounting rules hiding commercial real estate loan losses on bank balance sheets, and the lack of action from accounting standards boards to change these rules.
Sponsors
LiveFlow - http://accountingpodcast.promo/liveflow
Relay - http://accountingpodcast.promo/relay
Client Hub - http://accountingpodcast.promo/clienthub
Show Notes
Warner Bros.' Disgusting Accounting Trick May Find an Opponent in the U.S. Government
IRS Seeks More Than $1 Billion From SVB for Taxes
IRS sues FDIC to get $1.45B in SVB back taxes
Mayweather’s $18 Million Check To The IRS Packs A Punch, But Is Under The $100 Million Weight Limit
California plans to use AI to answer your tax questions
Jeff Bezos will save over $600 million in taxes by moving to Miami
The Indicator from Planet Money : NPR
Mayweather’s $18 Million Check To The IRS Packs A Punch,
But Is Under The $100 Million Weight Limit
Jeff Bezos reaps Florida tax benefit with $4B Amazon
share sale
Young staff need to be in the office because of AI, says
PwC's UK boss | Accounting Today
Money is the Biggest Relationship Hurdle for 1 in 4
Couples, Survey Reveals - CPA Practice Advisor
Kenan Thompson Reveals a Crooked Accountant Stole $1.5
Million From Him During His Nickelodeon Days | Video
When accountants attack: why Netflix is cancelling Halle
Berry’s new sci-fi movie
Ben Affleck Reportedly Filming The Accountant 2 This Year
FASB Won’t Consider Changes in Securities Accounting
After Bank Failures - WSJ
New York Community Bank’s Commercial Real Estate Loan
Problem May Be Isolated, Experts Say
Banking Crisis Plays Out at America’s Smallest Lenders
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Blake and David talk with Chayton Farlee, an accounting student at the University of the Pacific, about his journey into accounting and his thoughts on the profession. They discuss his inspiring path from cleaning carpets during the pandemic to pursuing his CPA and CMA, the disconnect many students feel between accounting theory and real-world application, the importance of bookkeeping skills, and considerations around starting his career at a Big Four firm or a smaller, more lifestyle-friendly firm.
Meet Our Guest, Chayton Farlee
LinkedIn: https://www.linkedin.com/in/chaytonfarlee/
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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
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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 a wealth of timely topics, including the risks of filing taxes electronically versus by mail, the impact of the 150-hour rule on diversity in the accounting profession, and how major accounting firms are turning to private equity funding to accelerate growth. They also explore news from the artificial intelligence space, including Google's unveiling of Gemini, as well as ADP's new AI assistant, and examine how deepfake video calls enabled the theft of $25 million.
Sponsors
Relay - http://accountingpodcast.promo/relay
FreshBooks - http://accountingpodcast.promo/freshbooks
Airbase - http://accountingpodcast.promo/airbase
Show Notes
Finance Employee Defrauded for $25M by Deepfake CFO
Dual Certifications Mean Big Bucks for Accountants - CPA Practice Advisor
Baker Tilly US gets PE investment | Accounting Today
Big Four Lobby Congress on Accounting Pipeline, AI, Crypto
Beware of E-Filing Your Tax Return
QuickBooks Live Tax Update: Understanding QuickBooks customers use of tax prep services
Accounting software startup Pennylane becomes France’s latest unicorn | TechCrunch
Google’s Gemini is now in everything. Here’s how you can try it out.
Accounting body tells members to make annual pledge to be ethical
Platform Accounting Group gets $85M funding round
Finally, now with $10M, adds AI for better insight into small business accounting
AI Will Be Doing More Accounting If Startup Investors Have Their Way
ADP launches ADP Assist genAI assistant
Republican attorneys general denounce IRS free file pilot as rival to products like TurboTax
Higher tax filing costs could take a bite out of your refund
DataSnipper, startup that uses AI to eliminate some of the ‘dread’ in accounting, is valued at $1 billion in latest funding round
Platform Accounting Group Secures $85 million in Funding Led by Cynosure Group
Finally Raises $10 Million to Expand Small Business Automation Solutions
Finally, the AI-Powered Accounting & Finance Suite, Closes $10M Raise to Propel SMB Growth Forward
France gains a new unicorn as Pennylane raises €40m
QuickBooks Live Tax Update
Beware of E-Filing Your Tax Return
DataSnipper Raises $100M at $1B Valuation to Empower Auditors with AI
Big Four Lobby Congress on Accounting Pipeline, AI, Crypto
Finance worker pays out $25 million after video call with deepfake ‘chief financial officer’
I'm an Accountant and Here's Why I'd Never File My Taxes Online — Best Life
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Yoseph West joins Blake and David to examine Relay Financial's background and their ambition to solve banking problems by becoming a bank themselves, designing the ideal user experience, and overcoming regulatory challenges. West also outlines Relay's redesigned accountant partner program, its many benefits, and upcoming features like receipt capture. The discussion turns to best practices for incorporating technology like Relay into accounting practices to solve client problems and the importance of understanding client pain points.
Meet Our Guest, Yoseph West
LinkedIn: https://www.linkedin.com/in/yosephwest/
Twitter: https://twitter.com/bankwithrelay
Facebook: https://www.facebook.com/bankwithrelay
Instagram: https://instagram.com/bankwithrelay
Learn more about the Relay Partner Program:
https://www.relayfi.com/advisor-partner-program?referralcode=acctpod&utm_source=ab&utm_medium=podcast&utm_campaign=abpartnerprogram
Disclaimer:
Relay is a financial technology company, not an FDIC-insured bank. Banking services and FDIC insurance are provided through Thread Bank; Member FDIC. The Relay Visa® Debit Card is issued by Thread Bank pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa® debit cards are accepted
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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.
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
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
CNBC tells taxpayers to seek out EAs if they can't find a CPA, crypto fraud by a pastor who claims God told him to do it, issues with IRS taxpayer notices and filing, accounting irregularities at agricultural giant ADM send the stock plummeting, CPA reciprocity is a pain, AI updates including Microsoft Mesh VR meetings in Teams, FTC forcing TurboTax to stop advertising as "free," Wave’s new paid subscription model, and the liquidation threat facing massive Chinese developer Evergrande.
Sponsors
LiveFlow - http://accountingpodcast.promo/liveflow
Zoho - http://accountingpodcast.promo/zoho
Client Hub - http://accountingpodcast.promo/clienthub
Show Notes
SEC Charges Tingo Mobile Founder, Three Companies with Massive Fraud and Obtains Emergency Relief
Pastor Charged With Cryptocurrency Fraud Said God Told Him to Do It - The New York Times
Accounting investigation under way at ADM and its top financial executive has been placed on leave | AP News
Here's what to do if you can’t find an accountant for tax season
Former IRS Contractor Sentenced for Disclosing Tax Return Information to News Organizations | United States Department of Justice
TurboTax Can No Longer Advertise Products as Free, F.T.C. Says
H&R Block launches AI tax filing assistant - The Verge
TurboTax bolsters support options, both human and AI
Brex cuts 20% of staff amid reports of stalled growth, high burn | TechCrunch
Bring virtual connections to life with Microsoft Mesh, now generally available in Microsoft Teams
Investors see Microsoft's stock market value leaving Apple behind
Input steers CPA licensure pathways recommendation - Iowa Society of CPAs
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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.
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
Classifieds
REFRAME WORKSHOP - https://www.reframe2024.com/
Royalwise - https://royalwise.com/partner
Forwardly - https://www.forwardly.com/
The CAS Cache -
This week, Blake and David Leary sort through the mail and respond to a variety of listener emails and voicemails. Amongst the topics covered, they explore working as a TurboTax preparer to barriers faced by career-changers entering public accounting. They go on to debate the root causes behind accounting's heavy workloads and offer perspectives on how licensing rules and firm profitability shape experiences.
Sponsors
OnPay - http://accountingpodcast.promo/onpay
A2 Advisors - http://accountingpodcast.promo/luke
Earmark - https://earmarkcpe.promo/EarmarkMediaKit
Show Notes
Coming soon!
Listener Survey
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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.
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
Classifieds
REFRAME WORKSHOP - https://www.reframe2024.com/
Royalwise - https://royalwise.com/partner
Forwardly - https://www.forwardly.com/
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
Blake and David discuss the challenges of busy season and achieving work-life balance as accountants. They also debate the value and investment risks of cryptocurrency and analyze global economic impacts like outflows from China's economy. They also review some of the latest AI trends including self-driving vehicle safety data, and examine some recent news regarding a software error falsely accusing hundreds, an SEC crypto ETF approval, and a feel-good small town tax budget balanced without rate hikes thanks to a new accounting system implementation. Grab your favorite snack and have a listen!
Sponsors
OnPay - http://accountingpodcast.promo/onpay
FinDaily - http://accountingpodcast.promo/findaily
Client Hub - http://accountingpodcast.promo/clienthub
Show Notes
KPMG looks to take some of the pain out of the auditing ‘busy season’
OpenAI debuts ChatGPT subscription aimed at small teams | TechCrunch
Comparison of Waymo Rider-Only Crash Data to Human Benchmarks at 7.1 Million Miles
Expanding Copilot for Microsoft 365 to businesses of all sizes
A third of companies have already laid off workers due to AI
This N.Y.U. Student Owns a $6 Million Crypto Mine. His Secret Is Out. - The New York Times
SEC Approves Bitcoin ETFs for Everyday Investors
Gold Bars and Tokyo Apartments: How Money Is Flowing Out of China. - The New York Times
Hydroxychloroquine could have caused 17,000 deaths during Covid, study finds
GM blasts San Francisco in lawsuit over $108M tax bill
OpenAI debuts small team ChatGPT subscription
Intuit sues H&R Block over marketing claims it says are false, misleading
The role of auditors in the Post Office scandal: A need for greater accountability?
Framework email customers for data breach from accounting partner getting phished
Fujitsu shares drop nearly 4% as its Europe chief says compensating Post Office victims is a 'moral obligation'
Report: 25% of CEOs Expect AI to Lead to Job Cuts in 2024
Expanding Copilot for Microsoft 365 to businesses of all sizes
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Listener Survey
Please take our listener survey: https://accounting.show/survey
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, st...
Dominic Piscopo is the founder of Big4Transparency.com, an accounting salary transparency website. Dominic was inspired to start the site based on his experience discovering the disparity in compensation between his accounting job and what other accountants were making in the same city. To date, Big4Transparency.com has collected over 13,000 salary data points. In the episode, we discuss the value of using the platform for salary negotiation. Dominic also highlights trends in accounting salaries, the impact of job hopping on earnings, and the relationship between work environment and job satisfaction.
Meet Our Guest, Dominic Piscopo
LinkedIn: https://www.linkedin.com/in/dopiscopo/
Learn more about Big4Transparency.com
Website: https://www.big4transparency.com/
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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.
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
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
Blake and David mull over the Arizona CPA Society's survey revealing that 80% of Arizona CPAs support 150-hour-rule alternatives. They also examine the UK Post Office scandal that led to hundreds of criminal convictions of postmasters, as well as Deloitte's recent massive audit failures, and the impacts of the talent shortage illustrated by delayed government audits in Wyoming. Wrapping things up, some reflections on the need for major reforms in auditing and regulation of the accounting profession. All this and more, right here, right now!
Sponsors
Zoho - http://accountingpodcast.promo/zoho
Relay - http://accountingpodcast.promo/relay
Client Hub - http://accountingpodcast.promo/clienthub
Show Notes
Arizona CPA Society releases 150-hour survey results
https://www.ascpa.com/news/ddf50a1e-70cc-4d5b-9e00-cc9c5f82c17e:az-cpa-januaryfebruary-2024
How Deloitte missed a massive Nigerian company fraud
https://www.forbes.com/sites/brandonkochkodin/2024/01/10/how-auditor-deloitte-missed-a-nigerian-companys-massive-fraud/?sh=49b6cce059f4
Tsunami miracle baby now majoring in accounting
https://www.nst.com.my/news/nation/2023/12/994163/tsunami-miracle-baby-now-19-pursues-accounting-degree-nsttv
Only two firms in Wyoming can do government audits, and one can’t do its job
https://www.goingconcern.com/there-are-only-two-firms-in-wyoming-that-can-do-government-audits-and-one-cant-do-its-job-because-of-staff-shortages/
There Are Only Two Firms in Wyoming That Can Do Government Audits and One Can’t Do Its Job Because of Staff Shortages
https://www.goingconcern.com/there-are-only-two-firms-in-wyoming-that-can-do-government-audits-and-one-cant-do-its-job-because-of-staff-shortages/
Revealed: The Fujitsu fat cats who pocketed huge salaries while its flawed Horizon accounting system ruined...
https://www.dailymail.co.uk/news/article-12948671/The-Fujitsu-fat-cats-pocketed-huge-salaries-flawed-Horizon-accounting-ruined-lives-thousands-postmasters-wrongly-accused-stealing-Post-Office-emerges-charge-government-contracts.html
What should accounting technology providers learn from the Post Office Horizon scandal?
https://www.accountancyage.com/2024/01/09/what-should-accounting-technology-providers-learn-from-the-post-office-horizon-scandal/
Plans to legislate for resolution of Post Office accounting scandal
https://www.accountancydaily.co/plans-legislate-resolution-post-office-accounting-scandal
Post Office under criminal investigation for potential fraud over Horizon scandal
https://www.theguardian.com/uk-news/2024/jan/05/post-office-criminal-investigation-potential-horizon-accounting-fraud
Some 86 people have seen their convictions for false accounting and theft overturned
https://curated.tncontentexchange.com/partners/afp/the-firm-created-faulty-accounting-software-that-saw-subpostmasters-wrongly-convicted-of-theft/image_383af729-fda2-517c-b5ff-85afffefb214.html
UK police launch fraud inquiry over post office IT scandal
https://www.themountaineer.com/news/national/uk-police-launch-fraud-inquiry-over-post-office-it-scandal/article_72e76f8b-7e6f-55ad-9605-93183aefb01e.html
How the Post Office’s Horizon system failed: a technical breakdown
https://www.theguardian.com/uk-news/2024/jan/09/how-the-post-offices-horizon-system-failed-a-technical-breakdown
Bad software sent postal workers to jail, because no one wanted to admit it could be wrong
https://www.theverge.com/2021/4/23/22399721/uk-post-office-software-bug-criminal-convictions-overturned
Post Office warned of software flaw in 2006, but failed to alert subpostmaster network
https://www.computerweekly.com/news/252514110/Post-Office-warned-of-software-flaw-in-2006-but-failed-to-alert-subpostmaster-network
Post Office spunks fresh £36m on Fujitsu after cloud fail
https://www.thestack.technology/post-office-fujitsu-extension/
When did the Post Office scandal start? Timeline of key events
https://www.thetimes.co.uk/article/when-post-office-scandal-start-happen-timeline-of-key-events-2q23bhm2c
Briefing presumption that comp...
Blake and David meet up with TJ Lewis and Aaron Van Ruler from Rightworks about their new AI tool called Spark, built specifically for accountants on top of ChatGPT. They discuss how Spark helps accounting professionals by providing industry-specific content, tools, and assistants to enhance efficiency and expertise. TJ and Aaron also share details on Spark's capabilities, roadmap, and potential integration with other Rightworks products.
Meet Our Guests
TJ Lewis, Innovation Strategist, Rightworks
LinkedIn: https://www.linkedin.com/in/tj-lewis/
Aaron Van Ruler, Innovation Strategist, Rightworks
LinkedIn: https://www.linkedin.com/in/avanruler/
Learn more about Rightworks
https://ai.rightworks.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
Subscribe
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
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