The Accounting Podcast

Latest Episodes:

Don Jr. Explains GAAP & Why No One's Going Into Accounting Oct 11, 2023

Show notes

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.

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Chapters

(00:47) - Don Jr. explains GAAP
(03:05) - Stories we'll cover this week
(05:11) - WSJ article on why no one is going into accounting
(09:28) - New Illinois CPA Society survey
(11:40) - The IRS is watching people who resold Taylor Swift tickets
(13:09) - Chick-fil-A is testing out robot servers and what accountants can learn in what customers want & expect in restaurants
(17:37) - Zoom adds AI companion features
(21:39) - FedNow hits milestone
(23:48) - Listener mail
(30:25) - QuickBooks offers a $50/month assisted bookkeeping service
(36:43) - Listener mail: Should I change majors from accounting?
(39:27) - FEMA and WGU are alternative ways to earn 150 credits
(42:43) - Microsoft using AI to help AI
(46:00) - Former IRS contractor charged with leaking billionaire tax filings
(50:03) - Trump blaming his former Mazars accountant in fraud trial
(54:36) - CPA Canada vs CPA Quebec and CPA Montreal updates
(56:53) - MGM cyber attack follow up
(59:16) - WSJ reports Binance is in trouble
(01:03:25) - Wrap up and how to reach us

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...

Headlines: The Top 10 Cities for U.S. Accountants Oct 07, 2023

Show notes

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?

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

Straight Talk on Accounting's Big Issues with Dr. Sharon Lassar Oct 04, 2023

Show notes

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/

Need CPE?

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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

How Trump Defrauded Banks & Top Cities To Be An Accountant Oct 03, 2023

Show notes

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!

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Chapters

(00:58) - Blake shares a good customer experience at a parking garage
(04:14) - CPACharge adds invoice payment directly through app
(06:58) - Donald Trump defrauded banks and insurers
(13:32) - Intuit pressured by credit card companies and banks to not support gun stores
(17:41) - Throwback to Burger King first accepting credit card payments
(21:41) - Top cities to be an accountant
(26:51) - Bob Menendez and how much cash an average person should keep at home
(31:46) - Government shutdown update and predictions
(35:51) - Kelly Richmond Pope on the accountant talent crisis
(42:44) - The IRS revolving door
(47:14) - PCAOB announces new audit rule
(50:41) - What accountants can learn from Smucker's hybrid work model
(53:51) - Amazon invests $4 billion in Anthropic's Claude
(55:46) - The Pentagon is using AI to navigate its own bloated policies
(57:46) - Deloitte CEO says he doesn't deserve his pay
(59:45) - We need more practical application in accounting classes
(01:02:56) - Wrap up and where to reach us

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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/

What’s New at Xero in the United States Sep 29, 2023

Show notes

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.

(00:00) - Intro and XeroCon Conference Plans
(02:15) - New Xero Product Features
(07:15) - AI in Accounting Software
(14:30) - Rebranding the Accounting Profession
(21:45) - Advice for Accounting Firms
(25:30) - Activating Brand Sponsorships
(30:15) - Xero's Small Business Fund
(37:00) - Diversity and Inclusion in Accounting

Meet Our Guest, Ben Richmond

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

Need CPE?

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Get in Touch

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 ERC Moratorium: What Accountants and Tax Pros Need to Know Sep 28, 2023

Show notes

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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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

Could AI replace CEOs of CPA firms? Sep 27, 2023

Show notes

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.

Sponsors
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Chapters

(00:34) - Blake is back from San Diego
(03:00) - Accountant rejects partnership offer to open daycare franchise
(04:39) - ChatGPT makes a YouTube video
(09:40) - IRS walks back promise to stay open during government shutdown
(14:01) - AICPA says IRS source thinks 95% of new ERC claims are ineligible
(15:26) - AICPA Town Hall spends 4x on M&A vs pipeline issues
(19:28) - IRS posts 3,700 new jobs
(21:03) - Check out the Unofficial QuickBooks Accountants Podcast
(22:22) - Will AI replace managing partners?
(25:48) - The real reason Jamie Dimon is so against remote work
(31:42) - Deloitte study demonstrates the benefits of remote work for employees
(35:14) - Study reveals remote workers cut greenhouse gas emissions by 54%
(37:11) - Mark Cuban lost $870k in a crypto scam
(40:30) - Tether is once again lending out their stablecoins - reversing earlier promise not to
(44:19) - The wild courses CPAs take to get their 150 hours
(47:23) - The accounting backgrounds of Republican presidential candidates
(49:57) - The IRS plans to use AI to audit large partnerships
(55:01) - Paulita is inspired by the podcast to get back into accounting
(58:57) - Final listener email and wrap-up

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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

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Check out our new website - accountingconferences.com

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Headlines: Job Security Isn’t Enough to Keep Many Accountants From Quitting Sep 25, 2023

Show notes

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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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

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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

Headlines: IRS Walks Back Promise to Stay Open During Shutdown Sep 23, 2023

Show notes

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/

Need CPE?

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Get CPE for listening to podcasts with Earmark CPE: https://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 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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TeePublic Store: http://cloudacctpod.link/merch

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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

The ERC Jumps The Shark with Snoop Dogg Deepfake Sep 21, 2023

Show notes

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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Chapters

(00:45) - David got a voicemail from Snoop Dogg!
(07:43) - Mark Cuban and Warren Buffett talk about why accounting is important
(11:51) - Couple gets married in the accounting classroom where they met
(13:52) - Purdue accounting professors invite accounting students and alumni to tailgate together at football games
(14:52) - AICPA drops the ball on member survey
(18:12) - Vegas gets hit by cyber attacks
(21:24) - Square outage causes problems for small businesses
(23:26) - The Doberman dog breed is named after a German tax collector
(24:27) - JP Morgan partners with Gusto to offer online payroll
(26:30) - American Express & Walmart expand small business offerings
(29:41) - AI real-time language translation for video and audio is not far away
(35:49) - The future of voice assists and integration with LLM's
(40:46) - 29-year-old accountant quits firm to open her own
(44:45) - Offshoring vs. automation
(50:37) - Blake's new lawyer charges by the hour...sometimes
(52:50) - Thanks for listening and how to earn free CPE

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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