The Accounting Podcast

The government shutdown threat looms as Congress scrambles to pass funding bills. The IRS previously said it could stay open during a shutdown by relying on Inflation Reduction Act funds. But now the agency says those funds can't sustain operations. According to its union, the IRS is preparing for furloughs and partial closures if a shutdown hits. This reversal surprised IRS employees and could spell delays for taxpayers and CPAs.

Show Notes
IRS plans possible furloughs in case of shutdown
https://www.accountingtoday.com/news/irs-plans-possible-furloughs-in-case-of-a-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/

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Thanks for listening and the great reviews! We appreciate you! Follow and tweet @BlakeTOliver and @DavidLeary. Find us on Facebook, and 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

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Buckle up for a wild ride covering everything from brazen ERC scams to cutting-edge AI. Join Blake and David as they expose the rampant fraud sucking billions from the federal coffers. You'll hear an unbelievable voicemail scam promising gangbusters refunds—could it really be Snoop Dogg or is your mind playing tricks?

Fast forward to the bleeding edge of technology with jaw-dropping examples of AI voice and face swapping. Think real-time translation opening global markets. But not so fast—can emerging tech replace human accountants offshore? We tackle the automation debate head-on.

Strap on your justice caps as the crew champions entrepreneurial accountants breaking free from the shackles of the timesheet. But will AI be the death knell of the billable hour? Tune in to find out!

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• (00:45) - David got a voicemail from Snoop Dogg!

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Show Notes

JPMorgan to offer online payroll services                

https://www-cnbc-com.cdn.ampproject.org/c/s/www.cnbc.com/amp/2023/09/14/jpmorgan-to-offer-online-payroll-services.html

I.R.S. Freezes Pandemic-Era Tax Credit Amid Fraud Fears  

https://www.nytimes.com/2023/09/14/us/politics/irs-pandemic-employee-credit-fraud.html

The Cyberattack That Sent Las Vegas Back in Time              

https://www.wsj.com/lifestyle/travel/las-vegas-mgm-cyberattack-casinos-6ca43dcf

Caesars Paid Ransom After Suffering Cyberattack – WSJ

https://www.wsj.com/business/hospitality/caesars-paid-ransom-after-suffering-cyberattack-7792c7f0

Meet a 29-year-old accountant whose ‘resentment’ only climbed after her firm raised her salary from $60k to $90k as she made millions for them. She has her own firm now

https://finance.yahoo.com/news/meet-29-old-accountant-whose-110000532.html

Mark Cuban on Accounting via Hector Garcia

https://youtube.com/watch?v=VT_SCYbkmd8&si=3fLUqsQbqIlCzkgA

Meet a 29-year-old accountant whose ‘resentment’ only climbed after her firm raised her salary from $60k to $90k as she made millions for them. She has her own firm now

https://finance.yahoo.com/news/meet-29-old-accountant-whose-110000532.html

How Amex is building a B2B ecosystem for SMBs 

https://tearsheet.co/smb-finance/how-amex-is-building-a-b2b-ecosystem-for-smbs/

IRS halts new ERC processing after flood of bogus claims 

https://www.accountingtoday.com/news/irs-halts-new-employee-retention-credit-processing-after-flood-of-bogus-claims

Don't offshore. Automate instead             

https://www.accountingtoday.com/opinion/dont-offshore-automate-instead

MGM hack has Vegas hotels resorting to cash bars, paper vouchers           

https://bankautomationnews.com/allposts/risk-security/mgm-hack-has-vegas-hotels-resorting-to-cash-bars-paper-vouchers/

They found love in their accounting classroom. Ten years later, they ...      

https://www.wenatcheeworld.com/lifestyles/they-found-love-in-their-accounting-classroom-ten-years-later-they-got-married-there/article_c0ee232e-5334-11ee-a4ac-e359a3362f03.html

Walmart Business Has a Plan to Boost SMB Cash Flow      

https://www.pymnts.com/commercial-payments/2023/walmart-business-has-a-plan-to-boost-smb-cash-flow/

Square and Cash App outage creates trouble for small businesses               

https://www.asbn.com/articles/square-and-cash-app-outage-creates-trouble-for-small-businesses/

MGM Resorts Hack Becomes Hassle for Vacationers Who Must Use Cash 

https://www.pymnts.com/cybersecurity/2023/mgm-resorts-hack-becomes-hassle-vacationers-must-use-cash/

Cash App And Square Face System Outage, Keeping Users From Their Coins           

The IRS has announced an immediate moratorium on new Employee Retention Tax Credit claims through the end of the year amidst a surge of questionable submissions. Tune in for details on the ERC crackdown, including new criminal probes, longer processing times, and options for withdrawing improper claims.

Show Notes
Employee Retention Credit Eligibility Checklist: Help understanding this complex credit
https://www.irs.gov/newsroom/employee-retention-credit-eligibility-checklist-help-understanding-this-complex-credit

Red flags for Employee Retention Credit claims; IRS reminds businesses to watch out for warning signs of aggressive promotion that can mislead people into making improper ERC claims
https://www.irs.gov/newsroom/red-flags-for-employee-retention-credit-claims-irs-reminds-businesses-to-watch-out-for-warning-signs-of-aggressive-promotion-that-can-mislead-people-into-making-improper-erc-claims

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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

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

This week we dive into the pipeline shortage and the need for more accounting candidates, and discuss Intuit's groundbreaking use of AI in TurboTax and its potential impact on accounting professionals. Guest Jack Castonguay sheds light on FASB's recent announcement on accounting standards for digital assets and how it affects companies holding crypto assets. We also explore positive aspects of the accounting profession and address the need for critical changes like higher salaries and re-evaluating the audit process.

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• (00:47) - Welcome Jack Castonguay to the show

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Show Notes

Intuit reveals new A.I. assistant after major investment   

https://fortune.com/2023/09/06/intuit-ai-virtual-assistant-major-investment-ceo-sasan-goodarzi/

Intuit Assist - Your AI Accounting Assistant            

https://quickbooks.intuit.com/ai-accounting/

Intuit Mailchimp Launches New Global Campaign to Help Marketers Untangle Their Clustomer Problem

https://investors.intuit.com/news/news-details/2023/Intuit-Mailchimp-Launches-New-Global-Campaign-to-Help-Marketers-Untangle-Their-Clustomer-Problem/default.aspx

Introducing Intuit Assist: The Generative AI-Powered Financial Assistant for Small Businesses and Consumers         

https://investors.intuit.com/news/news-details/2023/Introducing-Intuit-Assist-The-Generative-AI-Powered-Financial-Assistant-for-Small-Businesses-and-Consumers/default.aspx

Promoting an employee may lead them to leave 

https://www.accountingtoday.com/news/adp-examines-impact-of-promotions-on-employee-motivation-and-retention

Transformative Tax Preparation: Gen-AI Powered Intuit Apollo

https://blog.turbotax.intuit.com/breaking-news/tax-preparation-powered-by-gen-ai-59318/

Intuit Assist Poised To Boost Competitive Moat, Gets A Price Target Boost From Analysts

https://www.benzinga.com/analyst-ratings/analyst-color/23/09/34327992/intuit-assist-poised-to-boost-competitive-moat-gets-a-price-target-boost-from-analy

Intuit cut hundreds of jobs and spent at least $20 billion in a massive bet on AI. Today the company is revealing its new virtual assistant 

https://finance.yahoo.com/news/intuit-cut-hundreds-jobs-spent-120000980.html

Google to charge big businesses $30 per user per month for AI in Gmail and work apps

https://www.cnbc.com/2023/08/29/google-will-charge-enterprises-30-a-month-for-duet-ai-in-workspace.html

Meet our guest, Jack Castonguay
Website: https://scholar.google.com/citations?user=Pg5p99EAAAAJ&hl=en&oi=sra
LinkedIn: https://www.linkedin.com/in/jack-castonguay-phd-cpa/
Twitter: https://twitter.com/profjackc?lang=en
Instagram: https://www.instagram.com/profjackscout/

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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Join us for an in-depth conversation with Jerry Maginnis, a retired Big Four audit partner, about the value and criticisms of financial statement audits.

Jerry draws on his decades of experience auditing public companies to respond to issues around audit quality, staff work conditions, complexity in accounting standards, and whether audits truly protect investors. He provides perspective on PCAOB inspections, the pass/fail system, and deficient audits.

Blake and David ask tough questions about audit fees increasing while staff salaries stagnate, whether accounting and auditing standards should be simplified, and whether audits provide usefulness to average investors.

Jerry argues audits still provide an invaluable service in capital markets despite imperfections but also sees opportunities for improvement through leveraging technology. He gives advice on maintaining a value-creation mindset and shares his motivation behind writing a book for young accountants.

Meet Our Guest:

Jerry Maginnis
LinkedIn: https://www.linkedin.com/in/jerry-maginnis-18a47813/

Read Jerry's book, Advice for a Successful Career in the Accounting Profession: How to Make Your Assets Greatly Exceed Your Liabilities: https://a.co/d/6SWvDwm

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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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• YouTube: https://www.youtube.com/c/CloudAccountingPodcast

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

We’ve got an AI-packed episode this week! Ryan Lazanis demonstrates how AI and voice cloning technology can be utilized to streamline the analysis of financial statements. Blake and David examine various applications of AI in accounting, including tools for extracting key information from emails and documents, an AI-powered tax analysis tool, and the potential for AI to enhance advisory services. They also dig into some issues related to spam and scams in QuickBooks support, emphasizing the need for more granular requirements for accounting services and specialized education in areas like tax and much much more!

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LiveFlow - http://accountingpodcast.promo/liveflow
Zoho - http://accountingpodcast.promo/zoho
Forwardly - http://accountingpodcast.promo/forwardly

• (00:00) - TAP 348

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Show Notes

“Tax prep giants are terrified. Their lobbyists are working overtime to try to keep the federal government from finally providing an easy, free way to file taxes. But we’re at a historic moment where we can get this done—so let’s keep pushing.” Elizabeth Warren (@ewarren) August 17, 2023

https://twitter.com/ewarren/status/1692232917806698820

Democrats are increasingly optimistic about the IRS' plan to offer free tax prep software and break TurboTax and H&R Block's stranglehold

https://www.businessinsider.com/democrats-optimistic-about-irs-plans-to-offer-free-tax-filing-services-2023-8     

Democrats accuse tax prep firms of undermining new IRS effort on electronic free file tax returns 

https://apnews.com/article/irs-free-file-tax-returns-391ded1dbd73444bada5e946e962d70c

Danielle Booker, Ph.D., CPA on LinkedIn: #accountants #accounting #cpa #patsajak #vannawhite #wheeloffortune…                

https://www.linkedin.com/posts/danielle-booker-ph-d-cpa-05142238_accountants-accounting-cpa-activity-7097604071477362688--U2u

‘The World’s Fastest Accountant’ Is Running Away From the ‘Boring Stiff Squares’ Stereotype

https://www.goingconcern.com/the-worlds-fastest-accountant-is-running-away-from-the-boring-stiff-squares-stereotype/

The 'revolving door' between accounting and the IRS

https://www.accountingtoday.com/news/hundreds-of-irs-employees-worked-for-accounting-firms

IRS agents are getting paid by private accounting firms: watchdog

https://thehill.com/business/4176786-irs-agents-are-getting-paid-by-private-accounting-firms-watchdog/

No Cubicles Here! The Shockingly Sun-Kissed Life of Digital Nomad Accountants

https://hbculifestyle.com/digital-nomad-accountants/

MACPA Chair Christine Aspell looks to combat accounting ...

https://www.bizjournals.com/bizwomen/news/profiles-strategies/2023/08/accounting-misconceptions.html?page=all

Passaic County Man Charged in $13 Million Technology Support ...             

https://www.justice.gov/usao-nj/pr/passaic-county-man-charged-13-million-technology-support-scam-targeting-over-seven

Hundreds of IRS employees worked for accounting firms

https://www.accountingtoday.com/news/hundreds-of-irs-employees-worked-for-accounting-firms

I took "Intro to Philosophy" to finish out my 150 credits. I thought that was ridiculous. But this guy has me beat!   

https://www.linkedin.com/posts/blaketoliver_cpa-activity-7103070376422735872-JZkC

'The World's Fastest Accountant' Is Running Away From the 'Boring Stiff Squares' Stereotype

https://www.goingconcern.com/the-worlds-fastest-accountant-is-running-away-from-the-boring-stiff-squares-stereotype/

Jennifer Wilson on LinkedIn: Love this. Accounting is a cool, tech-forward, difference-making…

https://www.linkedin.com/posts/jenniferwilsonprofile_accountants-accounting-cpa-activity-7098413369098919936-vRqf

Tax Genii 1 4 Demo

https://www.youtube.com/watch?v=x-SXc1V58gQ

How a sleeper issue inside the big four accounting giants could topple the economy

https://www.abc.net...

Blake and David discuss issues relating to the accounting profession's talent pipeline, including a high school student's negative experience in her first accounting class and efforts by state CPA societies to reduce licensing barriers. They move on to tech topics, like the slow adoption of AI tools such as ChatGPT among accountants and new product features announced by Intuit and Xero. Wrapping things up, they share listener feedback on finding resources to learn new accounting software and workflows and provide commentary on app subscription price increases and the need for accountants to price their services properly.

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CCH Access - https://cloudaccountingpodcast.promo/axcess
Keeper - https://cloudaccountingpodcast.promo/keeper

• (00:00) - Preview: Accountants need to charge more

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Show Notes

Product wrap from Xerocon Sydney 2023 | Xero Blog        

https://www.xero.com/blog/2023/08/product-wrap-from-xerocon-sydney-2023/

150 Hours is a Barrier – Really! - Going Concern  

https://www.goingconcern.com/150-hours-is-a-barrier-really/

Jacob Schroeder: 86% of OSCPA Town Hall attendees have not used ChatGPT at all

https://x.com/jacobbschroeder/status/1694748226904060157?s=12

SCACPA Proposing Legislation to Address Pipeline Challenges – SCACPA

https://www.scacpa.org/scacpa-proposing-legislation-to-address-pipeline-challenges/

Airline Close Calls Happen Far More Often Than Previously Known

https://www.nytimes.com/interactive/2023/08/21/business/airline-safety-close-calls.html

Please join the Arizona State Society of Enrolled Agents “Town Hall”          

https://aztaxpros.org/images/meeting/082323/Town_Hall/azsea_invite_to_town_hall_on_aug_23__2023.pdf

Question from a bookkeeper

https://www.linkedin.com/feed/update/urn:li:activity:7094151084134338560/

Upcoming changes to QuickBooks Desktop pricing + FAQs

https://www.firmofthefuture.com/product-update/quickbooks-desktop-pricing-changes/

Dext pricing change from today 

https://www.accountingweb.co.uk/any-answers/dext-pricing-change-from-today

Introducing Ramp Plus   

https://ramp.com/blog/introducing-ramp-plus

Fintech Ramp is Raising Capital at $5.5 Billion Valuation, Down 30%           

https://www.theinformation.com/articles/fintech-ramp-is-raising-capital-at-5-5-billion-valuation-down-30

Accountants face up to the cost of cloud app stacks          

https://www.accountingweb.co.uk/tech/tech-pulse/accountants-face-up-to-the-cost-of-cloud-app-stacks

Stripe Unveils “Tax for Platforms” to Streamline Tax Compliance for Small Businesses         

https://smallbiztrends.com/2023/08/stripe-unveils-tax-for-platforms-to-streamline-tax-compliance-for-small-businesses.html

Intuit (INTU) Q4 2023 Earnings Call Transcript      

https://www.fool.com/earnings/call-transcripts/2023/08/24/intuit-intu-q4-2023-earnings-call-transcript/

Why Students Opt for Accounting (or Don’t)         

https://cpatrendlines.com/2023/08/20/why-students-opt-for-accounting-or-dont/

CPA Exam Changes and Pipeline Woes Are a Perfect Storm of Problems For the Profession               

https://www.goingconcern.com/cpa-exam-changes-and-pipeline-woes-are-a-perfect-storm-of-problems-for-the-profession/

Stop calling them audits

https://blockworks.co/news/blockchain-audits-ey

FTX Bankruptcy Burning Through $1.5M in Legal Costs Every Day

https://www.coindesk.com/policy/2023/08/23/ftx-bankruptcy-burning-through-15m-in-legal-costs-every-day/

150 Hours is a Barrier - Really!    

https://www.go...

The requirements to become a licensed CPA differ across states, yet CPAs maintain mobility to practice in multiple jurisdictions. How does this work? David Knoble, Chair of the South Carolina Association of CPAs (SCACPA), joins the show to bust myths around substantial equivalency and mobility rules for CPAs and discuss the SCACPA's proposed changes to licensure requirements in the state to encourage more accountants to become CPAs.

Knoble clarifies how states have flexibility in setting licensing requirements under existing standards while still enabling cross-border practice privileges. With an in-depth look at the Uniform Accountancy Act, including real examples of alternative pathways, we shed light on this complex topic to provide an accurate understanding of what substantial equivalency and mobility mean for you as an accounting professional.

Tune in as we separate fact from fiction around these critical concepts impacting the CPA profession.

Meet Our Guest, David Knoble

LinkedIn: https://www.linkedin.com/in/davidmknoble/
Twitter: https://twitter.com/knoblecpa

Learn more about Knoble Ingle CPAs
https://www.knobleingle.com/

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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? 

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• YouTube: https://www.youtube.com/c/CloudAccountingPodcast

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

In this episode, Blake and David talk app integration frustrations, Gusto's new payroll feature, increased fees for tax professionals, a tragic accident involving an IRS agent, low job fulfillment among accountants, and an employee stock ownership plan at BDO. They also dive into Amazon's new product review feature and the appointment of a former Intuit executive as the new CEO of PayPal. Rounding things out, they speculate on Alex Chriss' move to PayPal and the potential benefits for accountants and bookkeepers.

Sponsors
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Aero Workflow - http://accountingpodcast.promo/aero
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• (00:04) - Preview: BDO's new equity model

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Show Notes

PayPal Names Alex Chriss as Next President and CEO        

https://newsroom.paypal-corp.com/2023-08-14-PayPal-Names-Alex-Chriss-as-Next-President-and-CEO

Alex Chriss Succeeds Dan Schulman as the new CEO of PayPal       

https://ceoworld.biz/2023/08/17/alex-chriss-succeeds-dan-schulman-as-the-new-ceo-of-paypal/

IRS agent accidentally shot, killed by fellow agent during training at Phoenix gun range

https://www.azfamily.com/2023/08/17/irs-agent-accidentally-shot-killed-by-fellow-agent-during-training-phoenix-gun-range/

AICPA, NASBA Team to Help Ease Path to CPA Licensure   

https://www.intuitiveaccountant.com/in-the-news/people-and-business/aicpa-nasba-team-to-help-ease-path-to-cpa-licensure/

Withum and Seton Hall launch CPA apprenticeship

https://www.accountingtoday.com/news/withum-and-seton-hall-launch-cpa-apprenticeship

Large firm shakes up business model with employee stock ownership plan

https://www.journalofaccountancy.com/news/2023/aug/large-firm-shakes-up-business-model-employee-stock-ownership-plan.html

Intuit Names Marianna Tessel General Manager of Small Business and Self-Employed Group

https://www.businesswire.com/news/home/20230814601878/en/Intuit-Names-Marianna-Tessel-General-Manager-of-Small-Business-and-Self-Employed-Group/

Can PayPal’s incoming CEO jump-start profitable growth?

https://www.paymentsdive.com/news/paypal-ceo-checkout-venmo-smb-payments/690928/

BDO to create ESOP with $1.3B credit deal            

https://www.accountingtoday.com/news/bdo-to-create-esop-with-1-3b-credit-deal

Former eBay CEO Still Wields Influence over PayPal as It Names New CEO

https://www.ecommercebytes.com/2023/08/14/former-ebay-ceo-still-wields-influence-over-paypal-as-it-names-new-ceo/

Elon Musk's 25-year obsession with 'X' explains what he did to Twitter

https://mashable.com/article/musk-x-twitter-paypal

With plans to hire 200, a former PayPal CEO launches new digital bank in Miami

https://www.miamiherald.com/news/business/article251326533.html

Outspoken: Bill Harris, Founder and Chairman of Personal Capital and former CEO of Intuit and Paypal       

https://www.jsbarefoot.com/podcasts/2017/5/21/outspoken-bill-harris-ceo-of-personal-capital-and-former-ceo-of-intuit-and-paypal

5 things to know about Intuit’s small business guru Alex Chriss—PayPal’s incoming CEO
https://www.fastcompany.com/90938418/paypal-ceo-alex-chriss-dan-schulman-what-to-know

X.com names former Intuit brass its CEO

https://www.cnet.com/tech/tech-industry/x-com-names-former-intuit-brass-its-ceo/

5 ways the IRS funding boost is paying offhttps://www.washingtonpost.com/opinions/2023/08/17/irs-funding-tax-season-wait-times/

How Amazon continues to improve the customer reviews experience with generative AI

https://www.aboutamazon.com/news/amazon-ai/amazon-improves-customer-reviews-with-generative-ai

BDO partners in line for windfall after $1.3bn debt deal with Apollo Global Management | Financial Times               

https://www.ft.com/content/78f60830-57a2...

We discuss whether the economy is headed for a soft landing or hard fall with Gusto's Chief Economist Liz Wilke. 
Topics include:

• Recession outlook and key indicators like interest rates and inflation
• Labor shortage impacts on the economy
• Commercial real estate risks for banks
• Impacts of bank mergers on small business lending

Liz evaluates recession odds, labor trends, and lending risks - offering nuanced outlooks on potential impacts for businesses, workers, banks, and more. It's a timely discussion providing an expert economic perspective on uncertainties ahead.

Meet Our Guest, Liz Wilke, PhD
LinkedIn: https://www.linkedin.com/in/lizwilke/

Learn more about Gusto
Website: https://gusto.com/

Show Notes

Listen to the Gustonomics podcast: https://podcasts.apple.com/ca/podcast/the-gustonomics-podcast/id1700748603

The Economy Explained - August edition: https://gusto.com/partner-resources/the-economy-explained-august2023

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