The Accounting Podcast

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Headlines: Maryland Can't Account For $1.4 Billion of Covid Funds Nov 02, 2023

Show notes

An independent audit reveals over $1.4 billion in questionable spending and lack of financial oversight at Maryland's Health Department during the COVID pandemic. We break down the audit's alarming findings, and the response from state officials committed to improving financial practices.

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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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Transcripts

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

Headlines: How a Vegas Hotel Manager Allegedly Stole $773K in Guest Refunds Nov 01, 2023

Show notes

A former Vegas hotel manager is accused of stealing over $773,000 in guest refunds and using the money to live lavishly. We unpack how he allegedly pulled off the massive refund scam and what could have been done to catch it sooner.

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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

Trump Trial Updates | Are You Coffee Badging? | Proof Americans Move for Lower Taxes Oct 31, 2023

Show notes

An embezzlement scheme at Aria Hotel costs MGM $770,000, an accounting firm apologizes for paying a staffer below minimum wage, problems with Workday ERP implementations for state and local governments, a spike in accounting enrollment at Purdue University, and tax migration trends between high-tax and low-tax states.

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Chapters

(00:59) - Clarence Thomas and a questionable RV loan
(06:44) - Trump trial updates
(10:16) - Allen Weisselberg accused of perjury by Forbes
(12:19) - Earmark presents a "Federal Tax Updates" webinar on the IRS withdrawal process for ERC claims
(13:49) - The complicated way the IRS wants you to complete this process
(15:50) - Do Millenials use voice assistants to pay bills?
(17:51) - We got a new 5-star review!
(19:57) - Roblox and forcing remote workers back to the office
(23:16) - Checking in on the live chat
(24:25) - Data shows people are relocating to states with lower taxes
(28:06) - Liberty Tax loses suit against Better Call Saul
(29:38) - All your bank feeds are about to break
(30:17) - $770,000 embezzlement at the Aria in Vegas
(33:29) - Maryland Department of Health lost track of over $1 billion in COVID funds
(34:49) - The City of Baltimore blames Worday for AR problem
(39:38) - Grant Thornton apologizes for paying trainee below minimum wage
(42:11) - Latest AICPA MAP survey shows no gain in starting accountants' salaries
(46:31) - Purdue University sees spike in accounting enrollment
(50:42) - Seton Hall launches new master's program in accounting and analytics
(52:53) - Thanks for listening!

Show Notes

Clarence Thomas Didn’t Fully Repay $267,230 Loan for Luxury Motor Home, Senate Report Says - WSJ

https://www.wsj.com/politics/policy/clarence-thomas-didnt-fully-repay-267-230-loan-for-luxury-motor-home-senate-report-says-4651d23f?st=3z9ga4dwlcgci2c

Accounting firm apologises for paying trainee below minimum wage

https://www.efinancialcareers.com/news/2023/10/pay-for-trainee-accountants

Audit of Maryland Health Department finds $1.4 billion accounting lapse - The Washington Post

https://www.washingtonpost.com/dc-md-va/2023/10/25/maryland-health-department-audit-accounting-lapse/

Justice Thomas’s R.V. Loan Was Forgiven, Senate Inquiry Finds - The New York Times

https://www.nytimes.com/2023/10/25/us/politics/clarence-thomas-rv-loan-senate-inquiry.html?smid=nytcore-ios-share&referringSource=articleShare

Michael Cohen Testifies Trump Ordered Him to Inflate Wealth - WSJ

https://www.wsj.com/politics/policy/michael-cohen-testifies-against-trump-in-civil-fraud-trial-f9bb52c1?st=ep1l5nyp84fsot2

Purdue University sees spike in accounting enrollment | Accounting Today

https://www.accountingtoday.com/news/purdue-university-sees-spike-in-accounting-enrollment

Trump’s Longtime CFO Lied, Under Oath, About Trump Tower Penthouse

https://www.forbes.com/sites/danalexander/2023/10/12/trumps-longtime-cfo-lied-under-oath-about-trump-tower-penthouse/

IRS announces withdrawal process for Employee Retention Credit claims

https://www.irs.gov/newsroom/irs-announces-withdrawal-process-for-employee-retention-credit-claims-special-initiative-aimed-at-helping-businesses-concerned-about-an-ineligible-claim-amid-aggressive-marketing-scams

Donald Trump Watches as Witness Dismantles His Net Worth Calculations

https://www.newsweek.com/donald-trump-watches-witness-dismantles-his-net-worth-calculations-1835556

How an IRS contractor leaked tax data on Donald Trump, Jeff Bezos and Elon Musk | Accounting Today

https://www.accountingtoday.com/articles/how-an-irs-contractor-leaked-tax-data-on-donald-trump-jeff-bezos-and-elon-musk

Profits and Pay Lag Behind Revenue Gains at CPA Firms - CPA Trendlines

https://cpatrendlines.com/2023/10/11/cpa-firm-profits-and-pay-lag-as-revenue-tops-1-million/

'Better Call Saul' creators beat Liberty Tax's defamation, trademark lawsuit | Reuters

https://www.reuters.com/legal/better-call-saul-creators-beat-liberty-taxs-defamation-trademark-lawsuit-2023-09-25/

Crazy Embezzlement Case At Aria Las Vegas: Hotel Manager Refunds $770,000+ To His Debit Card - LoyaltyLobby

https://loyaltylobby.com/2023/09/09/crazy-embezzlement-case-at-aria-las-vegas-hotel-manager-refunds-770000-to-his-debit-card/

IRS Announces Special Process For Withdrawing Inappropriate ERC Claims

https://www.forbes.com/sites/kellyphillipserb/2023/10/19/irs-announces-special-process-for-withdrawing-inappropriate-erc-claims/

Roblox tells employees they have to come to office three days a week or take severance package

https://www.cnbc.com/2023/10/17/roblox-tells-employees-they-have-to-come-to-office-three-days-a-week.html

What do young accountants want to do with their lives?

Joshua Lance, CPA: A Humble, Thoughtful Leader Oct 30, 2023

Show notes

Today, we are honoring the life of Joshua Lance, CPA, founder of Lance CPA Group, who passed away in October at the age of 40 after a battle with cancer. To commemorate Josh's life, we are playing a eulogy delivered by Kenji Kuramoto at Josh's memorial service this past weekend. Kenji represented the many voices in the accounting profession that Josh was a part of. Kenji shares stories about Josh's humility, thoughtfulness, and influence. Although Josh never sought the spotlight, he became well-known in the accounting world through his steady leadership and generosity of spirit. Josh's presence will be deeply missed in the accounting community.

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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

Headlines: Questions Surround Justice Thomas' RV Loan Oct 27, 2023

Show notes

A recent report alleges Supreme Court Justice Clarence Thomas failed to disclose that a $267,000 recreational vehicle loan from a friend was forgiven, raising questions about potential tax issues and scrutiny around the justice's financial practices.

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Need Accounting Conference Info?

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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

QuickBooks Launches Bill Pay | NetSuite Adds AI | How Financial Fraud Will Fill CPA Pipeline Oct 25, 2023

Show notes

Blake and David discuss the factors that impact accountant salaries, including location, experience, and industry, and highlight the correlation between accounting salaries and overall economic conditions, noting that periods of economic growth can lead to higher salaries. They also take a look at the partnership between PwC and OpenAI and speculate on the potential impact of AI on accounting consulting and fraud detection. All this and more, right now!

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Chapters

(00:27) - Blake and David are back from SuiteWorld and talk about NetSuite's new AI features
(09:13) - Using AI to audit cattle
(12:04) - Former Trump CFO, Allen Weisselberg, describes GAAP
(13:45) - FTX trial update
(17:09) - The "proof of reserves" myth in crypto
(18:57) - Are financial statements and audits irrelevant in 2023
(25:20) - QuickBooks is launching bill pay
(30:21) - The 150-hour rule is a barrier, not a bar
(37:44) - Should CPAs have more specific designations and should bookkeeping require licensure?
(40:30) - 3 professors know how to solve the pipeline problem?
(42:29) - Some ChatGPT updates
(46:28) - PwC partners with OpenAI
(51:37) - Xero announces AI with searches
(53:22) - Wrap up and where to reach Blake and David

Show Notes

Bill to compete with Intuit after partnership ends

https://www.paymentsdive.com/news/bill-intuit-partnership-embedded-payments-smb-competition-b2b/691269/

BILL Introduces Integrated Financial Operations Platform for Small Businesses

https://www.pymnts.com/smbs/2023/bill-introduces-integrated-financial-operations-platform-for-small-businesses/

Intuit Introduces QuickBooks Bill Pay, Expanding Money Platform to Deliver Business-to-Business Payments with AP Automation

https://investors.intuit.com/news/news-details/2023/Intuit-Introduces-QuickBooks-Bill-Pay-Expanding-Money-Platform-to-Deliver-Business-to-Business-Payments-with-AP-Automation/default.aspx

Intuit Introduces QuickBooks Bill Pay

https://thepaypers.com/online-mobile-banking/intuit-introduces-quickbooks-bill-pay--1265038

Is FTX the biggest audit disaster ever?

https://www.accountingweb.co.uk/community/blogs/philip-fisher/is-ftx-the-biggest-audit-disaster-ever

The mystery of FTX's missing $9B is unraveled

https://www.accountingtoday.com/articles/the-mystery-of-ftxs-missing-9b-is-unraveled-at-sbf-trial

Bill Unveils Accountant Console for Accountant Partners

https://insightfulaccountant.com/accounting-tech/vendor-news/bill-unveils-accountant-console-for-accountant-partners/

Stick with high standards — and 150 hours

https://www.accountingtoday.com/opinion/stick-with-high-standards-and-the-150-credit-hour-requirements-for-cpas

With annual reports in the hundreds of pages, who has time to run a business?

https://www.cityam.com/with-annual-reports-in-the-hundreds-of-pages-who-has-time-to-run-a-business/

PwC partners with ChatGPT creator OpenAI

https://www.accountingtoday.com/articles/pwc-offers-advice-from-bots-in-deal-with-chatgpt-firm-openai

Avalara Expands Partnership with Oracle NetSuite to Deliver Integrated E-Invoicing Solution

https://www.cpapracticeadvisor.com/2023/10/17/avalara-expands-partnership-with-oracle-netsuite-to-deliver-integrated-e-invoicing-solution/96047/

New York AG accuses crypto firms of deceiving investors in $1 billion fraud

https://www.cnn.com/2023/10/19/tech/crypto-firms-fraud-charges-new-york/index.html

CPA Standoff: Why haven't the other provincial bodies joined the ...

https://www.canadian-accountant.com/content/profession/cpa-standoff-other-provincial-bodies

Accounting is facing a labor crisis. Could fraud be part of the solution?

https://phys.org/news/2023-10-accounting-labor-crisis-fraud-solution.html

FTX Used Billions in Customer Funds to Buy Back Binance Stake

https://www.coindesk.com/policy/2023/10/19/ftx-used-billions-in-customer-funds-to-buy-back-binance-stake/

Accounting is facing a labor crisis. Could fraud be part of the solution?

https://news.ufl.edu/2023/10/accounting-facing-labor-crisis/

Accountants battle software integration frustration

https://www.accountingweb.co.uk/tech/accounting-software/accountants-battle-software-integration-frustration

Oracle NetSuite Embeds Generative AI Throughout the Suite to Help Organizations Boost Productivity

Evan Goldberg on NetSuite Turning 25 and Pushing Boundaries with AI Oct 19, 2023

Show notes

NetSuite founder Evan Goldberg discusses the company's 25th anniversary, new AI features like Text Enhance and Customer 360, and his long-term vision for intelligent assistants integrated with NetSuite.

Meet Our Guest, Evan Goldberg

LinkedIn: https://www.linkedin.com/in/evan-netsuite/

Learn more about NetSuite

Website: https://www.netsuite.com/portal/home.shtml

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Classifieds

Transcripts

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

Becoming Employee-Owned: How BDO Broke Out of the Partner Model Oct 18, 2023

Show notes

Wayne Berson, CEO of BDO USA, joins Blake and guest host, David Leary, on the Earmark Podcast to discuss BDO's recent transition to an employee stock ownership plan (ESOP), making it the first major accounting firm to implement an ESOP structure. They discuss how the ESOP aims to attract and retain talent in the accounting profession and provide employees at all levels with an ownership stake in the firm.

Meet Our Guest, Wayne Berson

LinkedIn: https://www.linkedin.com/in/wayneberson/

Learn more about BDO
Website: https://www.bdo.com/

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Sponsorships

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Need Accounting Conference Info?

Check out our new website - accountingconferences.com

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Classifieds

Transcripts

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

Israel War Impact on Fintech | FTX & Trump Trial Updates | Iowa Blames Workday Oct 17, 2023

Show notes

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!

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Chapters

(00:35) - The war in Israel and its effect on tech startups
(04:16) - Heather Smith sends in an example of an AI language changer she used
(06:29) - Arthur Andersen's Chicago house for sale
(08:57) - Updates from the FTX, Sam Bankman-Fried trial
(15:24) - IRS contractor who leaked tax returns of famous agrees to plea deal
(17:28) - Trump trial updates
(21:14) - George Santos facing 23 new charges
(23:15) - Update on the Canada CPA standoff
(25:07) - Nationwide accounting shortage is threatening small towns
(26:24) - Number of accounting graduates drop largest percentage in single year since 1985
(29:28) - Workday and the problem with schools rolling out ERP's
(34:56) - What pricing lessons accounting firms can learn from ski resorts
(39:50) - CFO Brew's survey on remote work
(43:06) - IRS says Microsoft owes $28.9 billion in back taxes
(47:19) - IRS tax-gap predictions, and scams to watch for in 2022
(50:38) - Jamie Dimon predicts AI will reduce workweeks to 3.5 days
(51:35) - Xero announces new AI features
(52:28) - Grant Thornton rolls out GT Assist
(54:52) - Earn free CPE for listening to this episode and remember to subscribe

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...

Headlines: Microsoft's Puerto Rico Tax Odyssey Oct 15, 2023

Show notes

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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Sponsorships

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Need Accounting Conference Info?

Check out our new website - accountingconferences.com

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TeePublic Store: http://cloudacctpod.link/merch

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