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There’s a lot to digest in this episode! Blake and David discuss Microsoft's $28.9 billion tax bill, and examine a tax-fraud scheme involving art donations. JPMorgan Chase CEO Jamie Dimon predicts that AI advancements will create a shorter workweek in the future. They also look at Xero’s newest features, including improved algorithms for recognizing new contacts and bank reconciliation statements, and talk about Grant Thornton's implementation of Git Assist, an AI tool for accessing internal knowledge resources. All this and so much more, right here, right now!
Sponsors
Zoho - http://accountingpodcast.promo/zoho
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South Carolina Association of CPAs (SCACPA) - http://accountingpodcast.promo/scacpa
Show Notes
Pool of accounting graduates shrinks, AICPA report finds
https://www.journalofaccountancy.com/news/2023/oct/pool-of-accounting-graduates-shrinks-aicpa-report-finds.html
Report: Iowa can pay the bills but lacks transparency in its accounting
https://blackchronicle.com/midwest/iowa/report-iowa-can-pay-the-bills-but-lacks-transparency-in-its-accounting/
New accounting system causes bill backlog at U of Washington
https://www.insidehighered.com/news/quick-takes/2023/10/12/new-accounting-system-causes-bill-backlog-u-washington
Grant Thornton launches internal generative AI tool
https://www.accountancydaily.co/grant-thornton-launches-internal-generative-ai-tool
Art of Accounting: Leaving your job to start your own practice
https://www.accountingtoday.com/opinion/art-of-accounting-leaving-your-job-to-start-your-own-practice
Arthur Andersen's Winnetka home for sale
https://www.chicagobusiness.com/residential-real-estate/arthur-andersens-winnetka-home-sale
The SBF Trial is Embarrassing For Crypto Industry
https://www.smallbiztechnology.com/archive/2023/10/the-sbf-trial-is-embarrassing-for-crypto-industry.html/
Returning to the office is costing you $51 per day, study finds
https://finance.yahoo.com/news/returning-office-costing-51-per-172630839.html
Microsoft May Owe $28.9 Billion in Back Taxes to the IRS
https://gizmodo.com/microsoft-may-owe-28-9-billion-in-back-taxes-to-the-ir-1850921247
IRS Says Tax Gap For 2021 Expected To Be $688 Billion
https://www.forbes.com/sites/kellyphillipserb/2023/10/12/irs-says-tax-gap-for-2021-expected-to-be-688-billion/
How Israel's tech community is responding to the Israel-Hamas war
https://www.cnbc.com/2023/10/13/israels-tech-community-responds-to-israel-hamas-war.html
Iowa's annual financial report late again; agencies mum on why
https://www.bleedingheartland.com/2022/02/02/iowas-annual-financial-report-late-again-agencies-mum-on-why/
Iowa auditor slams governor, state for delays threatening universities
https://www.thegazette.com/higher-education/iowa-auditor-slams-governor-state-for-delays-threatening-universities/
UW’s Financial Accounting System
https://www.washington.edu/opb/uws-financial-accounting-system/
WSU recognized externally for Workday expertise
https://news.wsu.edu/news/2023/07/27/wsu-recognized-externally-for-workday-expertise/
Ohio State drops effort to update student information system
https://www.insidehighered.com/news/2022/01/11/ohio-state-drops-effort-update-student-information-system
LMU announces Workday Forward; staff reflect on the “abysmal fiasco” of original Workday launch
https://www.laloyolan.com/news/lmu-announces-workday-forward-staff-reflect-on-the-abysmal-fiasco-of-original-workday-launch/article_13a1bb8f-fae6-5958-abe4-c090a...
After a decade-long audit, Microsoft is facing a whopping $29 billion tax bill from the IRS for what the agency claims was an "illusory scheme" to channel profits through Puerto Rico—but with years of appeals ahead, will the tech giant ultimately pay the total amount?
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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 dig into the use of AI agents in solving problems, emphasizing the effectiveness of assigning different roles to the agents and having them interact with each other to reach satisfactory results. They also discuss the latest accounting news, including the recent arrest of an IRS contractor, the IRS slashing the PTIN fee, ongoing trials, and cyber-attacks.
Sponsors
Relay - https://cloudaccountingpodcast.promo/relay
Keeper - https://cloudaccountingpodcast.promo/keeper
Accountests - https://cloudaccountingpodcast.promo/accountests
Show Notes
Chick-fil-A Reportedly Tests Robot Servers Amid Diner Concerns Around Automation
https://www.pymnts.com/restaurant-technology/2023/chick-fil-a-tests-robot-servers-amid-diner-concerns-around-automation/
AICPA Endorses Key Legislation Recognizing the Link Between ...
https://www.prnewswire.com/news-releases/aicpa-endorses-key-legislation-recognizing-the-link-between-accounting-and-stem-301941029.html
Why No One's Going Into Accounting - WSJ
https://www.wsj.com/lifestyle/careers/accounting-salary-cpa-shortage-dec2caa2
IRS slashes PTIN fees
https://www.accountingtoday.com/news/irs-slashes-ptin-fees
New National Research on CPA Pipeline Challenges Underway
https://www.cpapracticeadvisor.com/2023/10/05/new-national-research-on-cpa-pipeline-challenges-underway/95453/
IRS contractor charged in leak of billionaire taxpayer info
https://www.accountingtoday.com/news/irs-contractor-charged-in-leak-of-billionaire-taxpayer-info-to-news-outlets
CPA Standoff: Financial transparency a key issue in national ...
https://www.canadian-accountant.com/content/profession/cpa-standoff-financial-transparency-dispute
Anthony's Coal Fired Pizza and Wings removes AI ordering platform
https://www.pizzamarketplace.com/articles/anthonys-coal-fired-pizza-and-wings-removes-ai-ordering-platform/
FedNow Service Surpasses 100 Participants Since July Launch
https://www.pymnts.com/news/faster-payments/2023/fednow-service-surpasses-100-participants-since-july-launch/
2024 Public Accounting Starting Salary Numbers Are In
https://www.goingconcern.com/2024-public-accounting-starting-salary-numbers-are-in/
Clorox Experiences Significant Financial Loss Stemming From Recent Cyber Attack
https://blog.knowbe4.com/clorox-cyber-attack-financial-loss
CPA Pipeline Research Survey
https://intraprise.qualtrics.com/jfe/form/SV_cUSqP1Kalfh58ZE?Source=PRMK
2024 Salary Guide | Robert Half
https://www.roberthalf.com/us/en/insights/salary-guide
CPA Standoff: Unique regulatory status of CPA Quebec complicates accounting rift
https://www.canadian-accountant.com/content/profession/cpa-standoff-ontario-governance-dispute
CPA standoff: Ontario government sticks to sidelines in governance dispute
https://www.canadian-accountant.com/content/profession/cpa-standoff-ontario-governance-dispute
Message from Jerilyn Dressler re: accounting profs lacking real world experience
https://mail.google.com/mail/u/0/#inbox/FMfcgzGtxTBWVtqNtvTshjnDnxjTvHJM
Trump business fraud trial continues with accountant testimony on 4th day | PBS NewsHour
https://www.pbs.org/newshour/amp/politics/trump-business-fraud-trial-continues-with-accountant-testimony-on-4th-day
MGM Resorts Refused to Pay Ransom in Cyberattack on Casinos - WSJ
https://www.wsj.com/tech/cybersecurity/mgm-resorts-refused-to-pay-ransom-in-cyberattack-on-casinos-3a53fa6d?st=36ug7ecd0g4b0...
Looking for the best cities to launch your accounting career? This top 10 countdown will highlight the metro areas with the highest demand, abundant jobs, and the most competitive salaries for accountants.
Forbes Advisor compiled this list. See the full list here: https://www.forbes.com/advisor/education/top-cities-for-accountants/
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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, if you like what you hear, please do us a favor and write a review on Apple Podcasts, or Podchaser. Interested in sponsoring the Cloud Accounting Podcast? For details, read the prospectus, and NOW, you can see our smiling faces on Instagram! You can now call us and leave a voicemail; we'll play it on the show. DIAL (202) 695-1040
Need Accounting Conference Info?
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The full transcript for this episode is available by clicking on the Transcript tab at the top of this page
Sharon Lassar, Ph.D., CPA, and Director of the School of Accountancy at the University of Denver, shares concerns and perspectives on CPA licensure, including the resistance to changing the 150-hour requirement, the challenges of online learning and potential cheating, the impact on the value of the CPA designation, and the need for leadership and action from organizations like the AICPA and NASBA to address these issues and improve the profession.
Meet Our Guest:
Sharon Lassar, Ph.D., CPA
LinkedIn: https://www.linkedin.com/in/sharon-lassar/
Website: https://daniels.du.edu/directory/sharon-lassar/
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Get in Touch
Thanks for listening and for the great reviews! We appreciate you! Follow and tweet @BlakeTOliver and @DavidLeary. Find us on Facebook and, if you like what you hear, please do us a favor and write a review on iTunes, or Podchaser. Interested in sponsoring the Cloud Accounting Podcast? For details, read the prospectus, and NOW, you can see our smiling faces on Instagram! You can now call us and leave a voicemail, maybe we'll play it on the show. DIAL (202) 695-1040
Need Accounting Conference Info?
Check out our new website - accountingconferences.com
Limited edition shirts, stickers, and other necessities
TeePublic Store: http://cloudacctpod.link/merch
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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? Why not let the listeners of The Cloud Accounting Podcast know by running a classified ad? Hit the link below to get more info.
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The full transcript for this episode is available by clicking on the Transcript tab at the top of this page
Blake and David cover a plethora of topics including positive customer experiences, legal rulings, top cities for accountants, and the pressure on Intuit from major banks. They also dig into the discovery of a large sum of cash at a senator's home, how Trump defrauded the banks, another potential government shutdown, and the accounting talent crisis. All this, and more, right here, right now!
Sponsors
OnPay - https://cloudaccountingpodcast.promo/onpay
Relay - https://cloudaccountingpodcast.promo/relay
OhMyFraud - https://ohmyfraud.com
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Show Notes
Now the Profession Is Losing Experienced Accountants Too
https://www.goingconcern.com/accountants-leaving-the-profession/
Nearly 1,000 millionaires haven't filed tax returns
https://www.accountingtoday.com/news/nearly-1-000-millionaires-havent-filed-tax-returns
Jayapal, Warren Call on IRS to Address Revolving Door Between ...
https://jayapal.house.gov/2023/09/28/jayapal-warren-call-on-irs-to-address-revolving-door-between-irs-and-giant-accounting-firms-after-troubling-inspector-general-findings/
What CPAs can learn from Smucker's
https://www.accountingtoday.com/opinion/smuckers-sweet-recipe-for-rto-a-blend-of-flexibility-and-focus
The top cities in the U.S. to be an accountant
https://www.accountingtoday.com/list/the-top-cities-in-the-u-s-to-be-an-accountant
Intuit Reverses Ban On Gun-Related Businesses
https://www.zerohedge.com/political/intuit-reverses-ban-gun-related-businesses
JPMorgan Chase Caught Trying to Block Gun Purchases
https://catholicvote.org/jpmorgan-caught-trying-block-gun-purchases/
CPACharge Announces Automated Invoicing, Streamlining Customer Billing Cycle For Accounting Professionals
https://finance.yahoo.com/news/cpacharge-announces-automated-invoicing-streamlining-150000639.html
As Government Shutdown Appears More Likely, Treasury Releases IRS Contingency Plan
https://www.forbes.com/sites/kellyphillipserb/2023/09/28/as-government-shutdown-appears-more-likely-treasury-releases-irs-contingency-plan/
The last government shutdown was the longest in more than 40 years
https://www.cnn.com/2023/09/29/politics/last-federal-government-shutdown-longest-dg/index.html
Audit Firms Face Stiffer Mandate to Verify Client Details Under New Rule
https://www.wsj.com/articles/audit-firms-face-stiffer-mandate-to-verify-client-details-under-new-rule-679e30cd
The top cities in the U.S. to be an accountant | Accounting Today
https://www.accountingtoday.com/list/the-top-cities-in-the-u-s-to-be-an-accountant
The Right Amount of Cash to Keep at Home for Emergencies. Hint: Not $480,000. – WSJ
https://www.wsj.com/personal-finance/emergency-fund-cash-on-hand-b04136d1
Judge rules Donald Trump defrauded banks and insurers while building real estate empire | AP News
https://apnews.com/article/donald-trump-letitia-james-fraud-lawsuit-1569245a9284427117b8d3ba5da74249
Pentagon’s Budget Is So Bloated That It Needs an AI Program to Navigate It
https://theintercept.com/2023/09/20/pentagon-ai-budget-gamechanger/
Amazon bets $4 billion on Anthropic’s Claude, the chatbot platform rivaling ChatGPT and Google's Bard | VentureBeat
https://venturebeat.com/ai/amazon-bets-4-billion-on-anthropics-claude-the-chatbot-that-rivals-chatgpt-and-googles-bard/
Deloitte CEO Says He Doesn't Deserve His Pay - Going Concern
https://www.goingconcern.com/monday-morning-accounting-news-brief-deloitte-ceo-says-he-doesnt-deserve-his-pay-the-accountant-shuffle-7-17-23/
Ben Richmond, Xero's Country Manager for the United States, joins us to discuss new Xero product features like improved inventory management and AI integration, plans for the upcoming XeroCon 2024 conference, the future of the accounting profession, and Xero's sponsorship of the FIFA Women's World Cup. Ben provides an insider's look into Xero's roadmap and vision for transforming accounting with technology.
LinkedIn: https://www.linkedin.com/in/ben-richmond-ca-b8794220/
Twitter: https://twitter.com/BenRichmond1
Learn more about Xero
https://www.xero.com/us/
Show Notes:
Xero Beautiful Business Fund (applications close Oct. 6)
AI guide
Xero's 2023 Money Matters Report
Future Focus: Xero’s AI Guide for Accountants and Bookkeepers
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Get in Touch
Thanks for listening and for the great reviews! We appreciate you! Follow and tweet @BlakeTOliver and @DavidLeary. Find us on Facebook and, if you like what you hear, please do us a favor and write a review on iTunes, or Podchaser. Interested in sponsoring the Cloud Accounting Podcast? For details, read the prospectus, and NOW, you can see our smiling faces on Instagram! You can now call us and leave a voicemail, maybe we'll play it on the show. DIAL (202) 695-1040
Need Accounting Conference Info?
Check out our new website - accountingconferences.com
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The full transcript for this episode is available by clicking on the Transcript tab at the top of this page
The recent moratorium on Employee Retention Credit (ERC) claims has big implications for accounting and tax professionals. In this episode, we break down what the ERC moratorium means and the key things you need to know as an accountant or tax preparer. We discuss how it will impact tax preparation and the diligence required to avoid invalid/fraudulent ERC claims, the bookkeeping and accounting changes to accommodate the moratorium, and the effects on audits. Tune in to understand what the ERC moratorium means for you and your work.
Meet Our Guest:
Reynaldo E. Arellano, CPA PFS CGMA
LinkedIn: https://www.linkedin.com/in/reynaldoarellano/
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Get in Touch
Thanks for listening and for the great reviews! We appreciate you! Follow and tweet @BlakeTOliver and @DavidLeary. Find us on Facebook and, if you like what you hear, please do us a favor and write a review on iTunes, or Podchaser. Interested in sponsoring the Cloud Accounting Podcast? For details, read the prospectus, and NOW, you can see our smiling faces on Instagram! You can now call us and leave a voicemail, maybe we'll play it on the show. DIAL (202) 695-1040
Need Accounting Conference Info?
Check out our new website - accountingconferences.com
Limited edition shirts, stickers, and other necessities
TeePublic Store: http://cloudacctpod.link/merch
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The full transcript for this episode is available by clicking on the Transcript tab at the top of this page
Blake and David discuss the potential for AI to replace CEOs of CPA firms. They also dive into the increasing trend of remote work in accounting firms, contrasting the reservations expressed by some CEOs with the benefits of remote work for employees and the environment. Then, on to cryptocurrency scams and criticisms of the 150-hour rule for becoming a CPA, with listener emails sharing personal experiences and concerns about the rule.
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Relay - https://cloudaccountingpodcast.promo/relay
FreshBooks - http://accountingpodcast.promo/freshbooks
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Show Notes
People who work from home all the time ‘cut emissions by 54%’ against those in office | Greenhouse gas emissions
https://www.theguardian.com/environment/2023/sep/18/people-who-work-from-home-all-the-time-cut-emissions-by-54-against-those-in-office
IRS to hire 3,700 agents to pursue wealthy tax dodgers
https://www.accountingtoday.com/articles/irs-seeks-to-hire-3-700-agents-to-pursue-wealthy-tax-dodgers
California Companies Defer Billions in Taxes, Interest-Free, as Borrowing Costs Rise
https://www.wsj.com/articles/california-companies-defer-billions-in-taxes-interest-free-as-borrowing-costs-rise-8aea409f
Experienced Accountants Sought by IRS for New Large Corp ...
https://tax.thomsonreuters.com/news/experienced-accountants-sought-by-irs-for-new-large-corp-partnership-auditor-positions/
US government shutdown: What is it and who would be affected?
https://www.reuters.com/world/us/us-government-shutdown-what-closes-what-stays-open-2023-09-21/
IRS to remain ‘fully operational’ if Congress triggers government shutdown
https://federalnewsnetwork.com/government-shutdown/2023/09/irs-to-remain-fully-operational-if-congress-triggers-government-shutdown/
IRS to ‘partially close’ if government shutdown happens, reversing earlier plans, union says
https://federalnewsnetwork.com/government-shutdown/2023/09/irs-to-partially-close-if-government-shutdown-happens-reversing-earlier-plans-union-says/
IRS Activities Following the Shutdown
https://www.irs.gov/newsroom/irs-activities-following-the-shutdown
America's tax collectors may escape a possible government shutdown
https://finance.yahoo.com/news/americas-tax-collectors-may-escape-a-possible-government-shutdown-111211477.html
Representative Introduced Bill Halting Legislator Pay During Shutdown
https://www.businessinsider.com/bill-for-halting-legislator-pay-mccarthy-shutdown-act-2023-9
JPMorgan's Jamie Dimon delivers a stern warning to remote workers - TheStreet
https://www.thestreet.com/personal-finance/jpmorgans-jamie-dimon-delivers-a-stern-warning-to-remote-workers
Get in Touch
Thanks for listening and for the great reviews! We appreciate you! Follow and tweet @BlakeTOliver and @DavidLeary. Find us on Facebook and, if you like what you hear, please do us a favor and write a review on iTunes, or Podchaser. Interested in sponsoring the Cloud Accounting Podcast? For details, read the prospectus, and NOW, you can see our smiling faces on Instagram! You can now call us and leave a voicemail, maybe we'll play it on the show. DIAL (202) 695-1040
Need Accounting Conference Info?
Check out our new website - accountingconferences.com
Limited edition shirts, stickers, and other necessit...
Accounting has long been viewed as a stable career, but in recent years, droves of accountants have been leaving the profession. Blake Oliver dives into a recent Wall Street Journal article highlighting the factors driving experienced accountants away, from burnout and boredom to the threat of automation.
Show Notes
Job Security Isn’t Enough to Keep Many Accountants From Quitting
https://www.wsj.com/articles/accounting-quit-job-security-675fc28f
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Subscribe to the Earmark Accounting Podcast: https://podcast.earmarkcpe.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 if you like what you hear, please do us a favor and write a review on iTunes, or Podchaser. Interested in sponsoring the Cloud Accounting Podcast? For details, read the prospectus, and NOW, you can see our smiling faces on Instagram! You can now call us and leave a voicemail; maybe we'll play it on the show. DIAL (202) 695-1040
Need Accounting Conference Info?
Check out our new website - accountingconferences.com
Limited edition shirts, stickers, and other necessities
TeePublic Store: http://cloudacctpod.link/merch
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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? Why not let The Accounting Podcast listeners know by running a classified ad? Hit the link below to get more info.
Go here to create your classified ad: https://cloudacctpod.link/RunClassifiedAd
The full transcript for this episode is available by clicking on the Transcript tab at the top of this page
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