Dr. Jack Castonguay, CPA and Hofstra University professor, provides a critical analysis of proposed legislation to create a Strategic Bitcoin Reserve. He challenges the notion that the government should invest taxpayer money in a highly volatile, speculative asset that lacks the practical applications of traditional reserves like oil or foreign currencies. The discussion explores concerns about buying at record-high prices, the unknown identities of Bitcoin holders, and the potential risks of states allocating public funds to cryptocurrency investments.

Meet Our Guest, Jack Castonguay
https://www.linkedin.com/in/jack-castonguay-phd-cpa
https://www.hofstra.edu/faculty-staff/faculty-profile.html?id=6751

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Erica Goode, CPA, reveals how she built a thriving $200K accounting firm working just 15 hours a week. Discover the power of niching, efficient processes, and work-life balance in this candid discussion. Erica will share her journey from corporate burnout to entrepreneurial success, offering practical insights on pricing strategies, time management, and building authority in your niche. Whether you're considering starting your own firm or optimizing your existing practice, this webinar will inspire and equip you to reimagine what's possible in your accounting career.

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Show Notes

The 15-Hour Accounting eBook:
https://mailchi.mp/ericagoode/15-hr-accountant-ebook

Meet Our Guest, Erica Goode

LinkedIn: https://www.linkedin.com/in/erica-goode-cpa-00205616/

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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

Is the U.S. heading toward a financial cliff? In this eye-opening episode, Blake and David unpack the Government Accountability Office's sobering projection that federal debt will double the size of the economy by 2047. While exploring recent DOGE initiatives and IRS layoffs, they examine whether drastic government spending cuts are inevitable—and necessary.

Meanwhile, Virginia and Tennessee join the growing movement to reform CPA licensure requirements by offering pathways that don't require 150 credit hours. Could these changes be the key to increasing diversity more effectively than corporate DEI programs?

You'll also discover why the $400 million PCAOB budget might be on the chopping block, how AI research tools like Perplexity Deep Research are revolutionizing tax research, and get the latest update on the ever-shifting BOI reporting deadlines. Whether you lean left, right, or stay strictly in the debits and credits, this episode offers practical insights for navigating the changing professional landscape.

Sponsors
OnPay - http://accountingpodcast.promo/onpay
CPA.com - http://accountingpodcast.promo/cpa
Bluevine - http://accountingpodcast.promo/bluevine (Bluevine is a financial technology company, not a bank. Banking Services provided by Coastal Community Bank, Member FDIC.)

• (02:16) - Apologies and Clarifications

Show Notes

GAO-24-106987, The Nation's Fiscal Health

https://www.gao.gov/assets/d24106987.pdf

Corporate Transparency Act Enforcement Injunction Stayed, FinCEN Extends the Beneficial Ownership Information Reporting Deadline to March 21, 2025, and Announces Intention to Revise the Reporting Rule

https://www.sidley.com/en/insights/newsupdates/2025/02/corporate-transparency-act-enforcement-injunction-stayed

Trump Demands Apple Ditch DEI After It Rejects Proposal: Here Are All The Companies Cutting Diversity Programs

https://www.forbes.com/sites/conormurray/2025/02/26/trump-demands-apple-ditch-dei-after-it-rejects-proposal-here-are-all-the-companies-cutting-diversity-programs/

Breaking down Virginia's new CPA requirements: What you need to know

https://www.blakeoliver.com/blog/breaking-down-virginias-new-cpa-requirements-what-you-need-to-know

Virginia General Assembly passes legislation widening pathways to CPA licensure effective Jan. 1, 2026

https://boa.virginia.gov/2025/02/virginia-general-assembly-passes-legislation-widening-pathways-to-cpa-licensure-effective-jan-1-2026/

Bridging the Gap: New CPA Licensure Legislation To Address the CPA Shortage

https://www.tscpa.com/news/1490-bridging-the-gap-new-cpa-licensure-legislation-to-address-the-cpa-shortage

$5,000 DOGE check? Trump backs idea to send some savings to Americans

https://www.fox9.com/news/5000-doge-dividend-check-trump-backs-savings-americans

IRS plans to lay off 7,000 probationary workers beginning Thursday, AP source says

https://apnews.com/article/irs-layoffs-trump-elon-musk-doge-df2b3c8d53ff9f2d276c8b29f8004dde

AICPA CEO Mark Koziel on the Future of Accounting Under the Trump Administration

https://www.nysscpa.org/news/publications/the-trusted-professional/article/aicpa-ceo-mark-koziel-on-the-future-of-accounting-under-the-trump-administration-021225

Perplexity Unveils Deep Research: AI-Powered Tool for Advanced Analysis

https://www.infoq.com/news/2025/02/perplexity-deep-research/

TaxGPT Raises $4.6M to Build the First AI Tax Co-Pilot for Accounting and Tax Firms

https://www.taxgpt.com/blog/taxgpt-raises-4-6m-to-build-the-first-ai-tax-co-pilot-for-accounting-and-tax-firms

DeepSeek on par with GPT, Claude, Llama for accounting

https://www.accountingtoday.com/news/deepseek-on-par-with-gpt-claude-llama-for-accounting

Secure your Intuit Account and prevent lockout with extra verification methods

https://quickbooks.intuit.com/learn-support/en-us/help-article/security-risk/verify-account-multi-factor-authentication/L2Xp0GNiT_US_en_US

 
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Today, Blake and David dive into the controversy surrounding DOGE's withholding federal funds and gaining access to Treasury payment systems. They also examine AICPA's move away from the 150-hour requirement and Adobe's misguided tax document advice. All this and much more, right now!

Sponsors
CPA.com - http://accountingpodcast.promo/cpa
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• (00:00) - Welcome to The Accounting Podcast

Show Notes

NASBA and the AICPA Propose an Alternative Path to CPA

https://www.cpajournal.com/2025/01/24/nasba-and-the-aicpa-propose-an-alternative-path-to-cpa/#google_vignette

“DOGE” Access to Treasury Payment Systems Raises Serious Risks

https://www.cbpp.org/research/federal-budget/doge-access-to-treasury-payment-systems-raises-serious-risks

Governor Shapiro Files Lawsuit Challenging Trump Administration’s Unconstitutional Federal Funding Freeze in Order to Protect Pennsylvania Interests

https://www.pa.gov/governor/newsroom/2025-press-releases/gov-shapiro-files-lawsuit-trump-admin-unconstitutional-federal-f.html

Craig Hausz Tweet on a client’s tax return delay

https://x.com/CPATaxTeam/status/1890096888549912704

Federal judge partially blocks DOGE’s access to Treasury financial systems

https://fedscoop.com/judge-blocks-treasury-payments-systems-from-doge/

Taxing times: New Adobe Acrobat survey reveals taxpayer stressors and solutions for making filing easier

https://blog.adobe.com/en/publish/2025/02/20/taxing-times-new-adobe-acrobat-survey-reveals-taxpayer-stressors-solutions-for-making-filing-easier

Are Deloitte UK & Deloitte US Doing DEI Differently?

https://sustainabilitymag.com/articles/are-deloitte-uk-and-us-doing-dei-differently

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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 tackle several key accounting industry developments, including a surprising 12% increase in undergraduate accounting enrollment and ongoing debates about IRS staffing and operations. They explore the potential impact of changes to Illinois's 150-hour CPA licensing rule, examine Elon Musk's controversial claims about government spending, and share insights about AI advancements in accounting firms.

Sponsors
OnPay - http://accountingpodcast.promo/onpay
Keeper - http://accountingpodcast.promo/keeper
Cloud Accountant Staffing - http://accountingpodcast.promo/cas
Rho - http://accountingpodcast.promo/rho

• (00:00) - Welcome to The Accounting Podcast

Show Notes

IRS Confirms Filing Season, Taxpayer Advocate Staff Exempted From Buyout

https://tax.thomsonreuters.com/news/irs-confirms-filing-season-taxpayer-advocate-staff-exempted-from-buyout/

Undergraduate Accounting Enrollment Rose 12% in Fall 2024

https://www.aicpa-cima.com/news/article/undergraduate-accounting-enrollment-rose-12-in-fall-2024

Bipartisan State House Bill Would Create Additional Pathways to CPA Licensure in Illinois

https://www.cpapracticeadvisor.com/2025/02/04/bipartisan-state-house-bill-would-create-additional-pathways-to-cpa-licensure-in-illinois/155537/

Elon Musk creates confusion about IRS’ Direct File — but the free tax program is still available

https://apnews.com/article/irs-direct-file-musk-18f-6a4dc35a92f9f29c310721af53f58b16

About 18F

https://18f.gsa.gov/about/#:~:text=18F%20is%20a%20team%20of,improve%20public%20service%20through%20technology

Elon Musk’s Team Now Has Access to Treasury’s Payments System

https://www.nytimes.com/2025/02/01/us/politics/elon-musk-doge-federal-payments-system.html

Trump Tax Proposals: Details & Analysis

https://taxfoundation.org/research/federal-tax/trump-administration-tax-proposals/

Agentic AI: Small steps, big aspirations at accounting firms

https://www.accountingtoday.com/news/agentic-ai-small-steps-big-aspirations-at-accounting-firms

WiseLayer Raises $7.2 Million for AI Agents for Accounting Teams

https://www.pymnts.com/artificial-intelligence-2/2025/wiselayer-raises-7-2-million-for-ai-agents-for-accounting-teams/

BDO Gets Accused of Inflating Revenue Ahead of the ESOP Again, This Time in a Class Action Lawsuit

https://www.goingconcern.com/bdo-gets-accused-of-inflating-revenue-ahead-of-the-esop-again-this-time-in-a-class-action-lawsuit/

Taxing times: New Adobe Acrobat survey reveals taxpayer stressors and solutions for making filing easier

https://blog.adobe.com/en/publish/2025/02/20/taxing-times-new-adobe-acrobat-survey-reveals-taxpayer-stressors-solutions-for-making-filing-easier

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Blake and David examine several significant developments, including TaxDome's data security incident, and the implications of China's DeepSeek AI model that caused Nvidia's stock to drop. They also dig into the White House's federal employee buyout offer that could impact IRS staffing levels and break down key findings from Accounting Today's 2025 Year Ahead survey about trends in remote work, tech spend, and AI adoption in accounting firms.

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• (00:24) - Introduction and Episode Overview

Show Notes

Deepseek R1 Explained by a Retired Microsoft Engineer

https://www.youtube.com/watch?v=r3TpcHebtxM

China’s DeepSeek AI dethrones ChatGPT on App Store: Here’s what you should know

https://www.cnbc.com/2025/01/27/chinas-deepseek-ai-tops-chatgpt-app-store-what-you-should-know.html

TaxDome reports security incident, says no sensitive data exposed

https://www.accountingtoday.com/news/taxdome-reports-data-breach 

Reporting system error official post-mortem

https://community.taxdome.com/c/resources/reporting-system-incident-official-post-mortem-794aebba-618b-4857-8aab-debca4e644ee 

TaxDome Post from Caleb Jenkins’ LinkedIn

https://www.linkedin.com/posts/calebjenkins1994_so-taxdome-can-you-tell-us-more-about-activity-7288762022882594816-X9eS?utm_source=share&utm_medium=member_desktop

Trump administration offers roughly 2 million federal workers a buyout to resign

https://www.nbcnews.com/politics/white-house/trump-administration-offer-federal-workers-buyouts-resign-rcna189661

Trump suggests sending IRS agents to the border

https://www.yahoo.com/news/trump-suggests-sending-irs-agents-233900348.html

Accounting in 2025: The year ahead in numbers

https://www.accountingtoday.com/list/accounting-in-2025-the-year-ahead-in-numbers

Top 10 AI accounting tools every business needs in 2025

https://www.accountancyage.com/2025/01/24/top-10-ai-accounting-tools-every-business-needs-in-2025/

Xero's new tagline: 'Your business supercharged'

https://www.accountingtoday.com/news/xero-announces-new-tagline-your-business-supercharged

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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 jump into the latest news, including the launch of Trump's own cryptocurrency and KPMG's expansion into legal services in Arizona, taking advantage of new rules allowing non-lawyers to own law firms. They also examine the Treasury Department's Chinese hack attack, South Carolina's $1.8 billion accounting error resolution, and Trump's proposed External Revenue Service.

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TaxBandits - http://accountingpodcast.promo/taxbandits
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• (00:48) - Trump's TikTok Saga

Show Notes

TikTok restores US service after Trump says “we have to save it”

https://www.reuters.com/technology/tiktok-goes-dark-us-users-trump-says-save-tiktok-2025-01-19/

Donald and Melania Trump debuted meme coins, $Trump and $Melania. Here's what to know.

https://www.cbsnews.com/news/donald-trump-melania-meme-coin-cryptocurrency-what-to-know/

KPMG’s Bold Move: How Arizona’s ABS Rules Are Reshaping the U.S. Legal Landscape

https://lawleaders.com/kpmgs-bold-move-how-arizonas-abs-rules-are-reshaping-the-u-s-legal-landscape/

IRS Direct File set to expand availability in a dozen new states and cover wider range of tax situations for the 2025 tax filing season

https://www.irs.gov/newsroom/irs-direct-file-set-to-expand-availability-in-a-dozen-new-states-and-cover-wider-range-of-tax-situations-for-the-2025-tax-filing-season

Sage Copilot grounded briefly to fix AI misbehavior

https://www.theregister.com/2025/01/20/sage_copilot_data_issue/

FDIC sues 17 former Silicon Valley Bank executives over collapese
https://www.cnn.com/2025/01/16/business/fdic-sues-svb-executives-directors-intl-hnk/index.html

FDIC sues former SVB execs over bank closure

https://bankingjournal.aba.com/2025/01/fdic-sues-former-svb-execs-over-bank-closure/

SoftBank-Backed Fish Firm Allegedly Faked Most of Its Sales

https://finance.yahoo.com/news/softbank-backed-fish-startup-allegedly-141253969.html

American Express to pay $230 million to settle US charges over deceptive sales practices

https://www.reuters.com/business/finance/american-express-pay-1087-mln-settle-deceptive-marketing-allegations-justice-2025-01-16/

U.S. Sanctions Chinese Cybersecurity Firm Over Treasury Hack Tied to Salt Typhoon

https://thehackernews.com/2025/01/us-sanctions-chinese-cybersecurity-firm.html

SC auditor resigns after outside audit found $1.8 billion ‘surplus’ was actually an accounting error

https://www.wistv.com/2025/01/23/sc-auditor-resigns-after-outside-audit-found-18-billion-surplus-was-actually-an-accounting-error/

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Blake and David examine Bench's bankruptcy filing, revealing fascinating details about their spending patterns and challenges with the business model. They also explore venture capital's growing interest in accounting firms, particularly focusing on AI automation claims and their potential impact on the profession, and there's a lively discussion about JP Morgan's controversial return-to-office mandate and its implications for workplace flexibility, sparked by Blake's viral tweet that garnered nearly 5 million views.

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• (01:23) - Bench Accounting Bankruptcy Deep Dive

Show Notes

AI Has Venture Investors Excited About (Yes) Accounting Firms

https://www.wsj.com/articles/ai-has-venture-investors-excited-about-yes-accounting-firms-3b9b3226

Bench Accounting, Inc. and 10Sheet Services, Inc.
https://www.ksvadvisory.com/experience/case/bench

JPMorgan tells all its employees they must return to office full-time

https://finance.yahoo.com/news/jpmorgan-tells-employees-must-return-140000800.html

Work From Home Policies and Practices

https://pearlmeyer.com/insights-and-research/research-report/work-from-home-policies-and-practices

Workplace Policies and Pay Transparency

https://pearlmeyer.com/insights-and-research/research-report/workplace-policies-and-pay-transparency

H&R Block Agrees to $7M FTC Settlement and Will Make Downgrading Tax Tiers Easier

https://www.cnet.com/personal-finance/taxes/h-r-block-agrees-to-7m-ftc-settlement-and-will-make-downgrading-tax-tiers-easier/

Capital One sued by CFPB over alleged deception on savings account interest rates

https://www.msn.com/en-us/money/personalfinance/capital-one-sued-by-cfpb-over-alleged-deception-on-savings-account-interest-rates/ar-BB1rr4nY

Imposing a $500,000 Fine, PCAOB Sanctions Baker Tilly US, LLP for Quality Control Violations

https://pcaobus.org/news-events/news-releases/news-release-detail/imposing-a--500-000-fine--pcaob-sanctions-baker-tilly-us--llp-for-quality-control-violations

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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 dive into major industry news, including Ohio ending the 150-hour CPA rule, setting a potential precedent for other states. They also discuss the Blackston acquisition of Citrin Cooperman and explore the implications of private equity involvement in accounting firms. Moving on, they examine workplace trends, including new data revealing that 61% of medium and large employers now require minimum in-office days, and debate the effectiveness of Net Promoter Scores (NPS) in accounting firms.

Sponsors
OnPay - http://accountingpodcast.promo/onpay
BoomTax - http://accountingpodcast.promo/boomtax
TaxBandits - http://accountingpodcast.promo/taxbandits
Basil - http://accountingpodcast.promo/basil

• (01:03) - Private Equity in Accounting Firms

Show Notes

Return-to-office policies gain steam

https://www.cfo.com/news/return-to-office-policies-gain-steam-remote-work-hybrid-wtw-resume-org/735710

Citrin Cooperman, a Leading Professional Services Firm, to Receive Significant Investment as Blackstone Acquires Stake from New Mountain Capital

https://www.blackstone.com/news/press/citrin-cooperman-a-leading-professional-services-firm-to-receive-significant-investment-as-blackstone-acquires-stake-from-new-mountain-capital/

Ohio is the first state to end the 150-hour rule for CPA licensure

https://www.blakeoliver.com/blog/ohio-first-state-to-end-the-150-hour-rule-for-cpa-licensure

Ohio gov signs alternative CPA licensure pathway bill into law

https://www.cfodive.com/news/ohio-gov-signs-alternative-cpa-licensure-pathway-bill-law-accounting-aicpa/736942/

Thomson Reuters Acquires SafeSend, Expanding Tax Automation Capabilities

https://www.thomsonreuters.com/en/press-releases/2025/january/thomson-reuters-acquires-safesend-expanding-tax-automation-capabilities.html

Xero Partners with Gusto to Offer Integrated Payroll Solution

https://www.wellesleyhillsfinancial.com/2025/01/05/xero-partners-with-gusto-to-offer-integrated-payroll-solution/

Sync your transactions to QuickBooks Desktop with Ramp's direct integration

https://ramp.com/integrations/quickbooks-desktop

Hindenburg Research short on used-car retailer Carvana

https://www.reuters.com/business/autos-transportation/hindenburg-research-short-used-car-retailer-carvana-2025-01-02/

Enforcement Activity Involving Auditors – 2024 Mid-Year Update

https://www.brattle.com/wp-content/uploads/2024/08/Enforcement-Activity-Involving-Auditors-2024-Mid-Year-Update.pdf

Amid Barely ‘Average’ Client Satisfaction, Why Aren’t More Firms Using NPS to Improve?

https://insidepublicaccounting.com/2024/07/16/amid-barely-average-client-satisfaction-why-arent-more-firms-using-nps-to-improve/

The federal government just got the greenlight to sell $6.5 billion in Bitcoin seized from Silk Road

https://fortune.com/crypto/2025/01/09/federal-government-allowed-sell-bitcoin-silk-road-courts/

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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 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.

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Need Accounting Conference Info? 

Check out our new website - accountingconferences.com

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Blake and David explore the controversial H-1B visa program's impact on the accounting profession, particularly how firms like Deloitte reportedly pay visa holders 10% less than U.S. workers and the potential implications for audit quality. They also examine Bench's sudden shutdown and subsequent acquisition and then discuss Barry Melancon's farewell interview with the Financial Times as he steps down as AICPA CEO, where he defended the 150-hour rule, his legacy, and his impact on the profession.

Sponsors
OnPay - http://accountingpodcast.promo/onpay
BoomTax - http://accountingpodcast.promo/boomtax
TaxBandits - http://accountingpodcast.promo/taxbandits
Basil - http://accountingpodcast.promo/basil

• (05:01) - Sponsors and H1B Visa Discussion

Show Notes

Robert Sterling – Twitter - H-1B DATA MEGA-THREAD

https://x.com/RobertMSterling/status/1873174358535110953

Deloitte employees with H-1B visas were paid 10% less than US workers, report finds

https://www.hrdive.com/news/deloitte-employees-with-h-1b-visas-were-paid-10-less-than-us-workers/735162/

Bench to be acquired after abruptly shutting down

https://techcrunch.com/2024/12/30/bench-to-be-acquired-after-abruptly-shutting-down/

‘Most important man in accounting’ warns against lowering standards

https://www.ft.com/content/033792af-18e4-4d69-92f9-5b78b01f2012

Meet Willow, our state-of-the-art quantum chip

https://blog.google/technology/research/google-willow-quantum-chip/

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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

• Apple Podcasts: http://cloudacctpod.link/ApplePodcasts
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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