The Accounting Podcast

Latest Episodes:

Is Working From Home Less Productive? & IRS Is (Finally) Going Paperless Aug 09, 2023

Show notes

Blake and David delve into the use of AI in detecting plagiarism in students' papers and its implications for the ongoing debate on AI's impact on employment. They also shed light on the increasing cost of audits and the alarming decline in audit quality. Shifting the focus to remote work, they analyze a study's findings on productivity and emphasize the importance of considering the nature of the work. The conversation takes a concerning turn as they address the shortage of accounting staff and the urgent need to address overwork and its detrimental effects. The episode wraps up with an intriguing discussion on the IRS's transition to paperless operations and recent incidents involving lost tax information. As a bonus, they share amusing anecdotes of fraudsters and a heartwarming story of an accountant being inducted into a water ski hall of fame.

Sponsors
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Zoho - http://accountingpodcast.promo/zoho
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Chapters

(00:04) - Preview: Where did Hunter Biden's income come from?
(00:42) - Welcome to the show and a few quick AI stories
(04:32) - Leaders split on whether AI will reduce or expand headcount
(06:27) - The price of audits has doubled over the last 20 years
(12:37) - Remote workers are less productive?
(20:45) - The cost of forcing employees back to the office
(27:43) - Less than 1% of accounting firms can find enough staff
(32:19) - EY Oceania survey shows problems with work hours and culture at firm
(37:33) - The IRS is going paperless?
(41:44) - The IRS is losing track of tax info during shipments
(43:12) - Some new details on the Hunter Biden story
(45:05) - Tax preparer arrested after seeking over $124 million in phony tax credits
(48:03) - A Chinese accountant stole the equivalent of $677,000 USD in an attempt to keep her boyfriend
(50:37) - Blake reads some listener mail on ways to get the extra 30 hours required for a CPA license, and if getting a CPA license is the right choice
(56:21) - How to reach David and Blake and subscribe to us on YouTube

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Show Notes

IRS loses track of tax info during shipments between processing centers | Accounting Today

https://www.accountingtoday.com/news/irs-loses-track-of-tax-info-during-shipments-between-processing-centers

Leaders split on whether AI will reduce or expand headcount | Accounting Today

https://www.accountingtoday.com/news/leaders-split-on-whether-ai-will-reduce-or-expand-headcount

Hunter Biden plea deal outlines tax and accounting problems | Accounting Today

https://www.accountingtoday.com/articles/hunter-biden-plea-deal-outlines-tax-and-accounting-problems

Less than 1% of accounting firms can find enough staff | Accounting Today

https://www.accountingtoday.com/news/less-than-1-of-accounting-firms-can-find-enough-staff

IRS will finally let most Americans file taxes online next year

https://www.theverge.com/2023/8/3/23818531/irs-paperless-tax-filings-2024

Audit fees triple in 20 years | Accounting Today

https://www.accountingtoday.com/news/audit-fees-triple-in-20-years

We're now finding out the damaging results of the mandated return to the office–and it's worse than we thought

https://fortune.com/2023/08/01/research-damaging-results-mandated-return-to-office-worse-than-we-thought-rto-remote-work-careers-leadership-gleb-tsipursky/

Students can use AI on applications, Arizona State law school says | Reuters

https://www.reuters.com/legal/transactional/students-can-use-ai-applications-arizona-state-law-school-says-2023-07-28/

EY Finally Admits It Has Some Serious Culture and Overwork Problems After Someone Died at the Office

https://www.goingconcern.com/ey-finally-admits-it-has-some-serious-culture-and-overwork-problems-after-someone-died-at-the-office/

JPMorgan CEO Jamie Dimon chides managers who work from home: ‘I don’t know how you can be a leader and not be completely accessible to your people’

https://finance.yahoo.com/news/jpmorgan-ceo-jamie-dimon-chides-184750015.html

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

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Cooking the Books with Barbie: The Downfall of Mattel's Co-Founder & Barbie Inventor Aug 02, 2023

Show notes

In this episode, Blake and David cover the downfall of Mattel's co-founder and Barbie inventor, Intuit's new ad network that allows businesses to target specific audiences using data from QuickBooks Online, and the increasing rate of deficiencies in public company audits. They also discuss the detrimental effect of the 150-hour rule on students pursuing careers in accounting, the availability of a malicious code-writing tool called Fraud GPT on the dark web, and the use of AI in customer support and sales calls.

Sponsors
OnPay - https://cloudaccountingpodcast.promo/onpay
Relay - https://cloudaccountingpodcast.promo/relay
Forwardly - https://cloudaccountingpodcast.promo/forwardly

Chapters

(00:04) - Be prepared for higher prices because of AI
(00:46) - What does Barbie have to do with accounting?
(04:44) - Intuit is launching an ad network
(11:39) - As much as 40% of audits in 2022 could be deficient
(20:29) - Why are students switching majors away from accounting?
(24:15) - IRS will no longer do any unannounced visits
(25:32) - Hunter Biden saga update
(27:12) - Sage announces latest earnings
(28:52) - FraudGPT - dark web service
(30:26) - Real-life example of AI use case for a company
(33:55) - New conversational AI Air demo sales call
(38:42) - ChatGPT introduces custom instructions
(39:28) - Plaid announces deal with Cross River Banks
(40:14) - Blake reads some Youtube comments on the TurboTax video
(44:51) - A few quick final stories
(48:48) - Wrap up and where to reach us

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Show Notes

22 years after the $63 billion Enron collapse, a key audit review board finds the industry in a 'completely unacceptable' state

https://fortune.com/2023/07/26/pcaob-audit-completely-unnacceptable-error-rate-enron-big-4-consulting/

150-hour requirement seen as a significant barrier to accounting by young people

https://www.accountingtoday.com/news/150-hour-requirement-seen-as-a-significant-barrier-to-accounting-by-young-people

The Sage Group plc (SGGEF) Q3 2023 Earnings Call Transcript

https://seekingalpha.com/article/4620753-sage-group-plc-sggef-q3-2023-earnings-call-transcript

Plaid Taps Cross River to Offer Real-Time Payments

https://www.pymnts.com/real-time-payments/2023/cross-river-teams-with-plaid-to-offer-real-time-payments/

Sage sees solid growth in Q3

https://www.enterprisetimes.co.uk/2023/07/28/sage-sees-solid-growth-in-q3/

Intuit Launches B2B Ad Network Targeting Small Business Owners

https://www.mediapost.com/publications/article/387583/intuit-launches-b2b-ad-network-targeting-small-bus.html

Unannounced IRS revenue officer visits discontinued

https://proconnect.intuit.com/taxprocenter/tax-law-and-news/unannounced-irs-revenue-officer-visits-discontinued/

U.S. Accounting Watchdog Flags 'Unacceptable' Increase in Audit ...

https://money.usnews.com/investing/news/articles/2023-07-25/u-s-accounting-watchdog-flags-unacceptable-increase-in-audit-deficiencies

IRS good at addressing cyberthreats, but not documenting them

https://www.accountingtoday.com/news/report-says-irs-good-at-addressing-cyberthreats-but-not-at-documenting-them-later

Exclusive: Mailchimp Owner Intuit Launches Media Network for Small Businesses

https://www.adweek.com/programmatic/exclusive-mailchimp-owner-intuit-launches-media-network-for-small-businesses/

New AI Tool 'FraudGPT' Emerges, Tailored for Sophisticated Attacks

https://thehackernews.com/2023/07/new-ai-tool-fraudgpt-emerges-tailored.html

Accounting Watchdog Expects Deficiencies in 40% of Public-Company Audits in 2022 - WSJ

https://www.wsj.com/articles/accounting-watchdog-expects-deficiencies-in-40-of-public-company-audits-in-2022-badfcda

All About Barbie Inventor Ruth Handler: Where She Is Today

https://www.womenshealthmag.com/life/a44610455/ruth-handler-barbie/

How Vector Media transformed its customer support with AI | Zapier

https://zapier.com/blog/nations-largest-ad-transit-company-transformed-customer-support-with-ai/

theCAQ.org | Significant Barriers Deter Students from Pursuing a Degree in Accounting, According to CAQ Report

https://www.thecaq.org/pipelineresearch2023

IRS whistleblowers accuse Hunter Biden during congressional hearing | Accounting Today

https://www.accountingtoday.com/news/irs-whistleblowers-accuse-hunter-biden-during-congressional-hearing

Want to Search PCAOB Inspection Reports By How Many Screw-Ups an Audit Firm Made? You Can Now Do That - CPA Practice Advisor

https://www.cpapracticeadvisor.com/2023/07/20/new-online-tools-pcaob-inspection-reports/82128/...

The Big Money In AI & The Impact of the Ripple Crypto Decision Jul 26, 2023

Show notes

In this episode of The Accounting Podcast, Blake and David discuss the economic impact of Taylor Swift's "The Eras Tour," Microsoft's CoPilot price with AI, the SEC vs Ripple case decision, the launch of FedNow, and a bill proposed by two senators to ban lawmakers from owning stocks. They also dig into stories about Apple's work on AppleGPT, software spending rising 25% over the last 12 months, the 150-hour rule, and the lack of black accountants in the profession. They dive into a case study for good marketing in accounting, ClientEarth warning Big 6 audit firms to protect the planet, a WSJ editorial board blaming accounting shortage on Biden, and close with a few fast QuickBooks stories, and much more!

Sponsors
LiveFlow - https://cloudaccountingpodcast.promo/liveflow
Zoho - https://cloudaccountingpodcast.promo/zoho
Accruer - http://accountingpodcast.promo/accruer

Chapters

(00:04) - Preview: Taylor Swift's "The Eras Tour" economic impact
(00:36) - Welcome to The Accounting Podcast and a quick overview of topics for this episode
(02:59) - Microsoft announces CoPilot price with AI
(10:07) - SEC vs Ripple case decision
(18:51) - FedNow finally launched
(23:35) - Two senators are proposing bill on ban of lawmakers owning stocks
(26:09) - Blake checks in on the live chat
(26:49) - Apple working on AppleGPT
(29:05) - Software spending rose 25% over the last 12 months
(30:23) - Article on the 150-hour rule and lack of black accountants in the profession
(33:05) - Blake and David look at a case study for good marketing in accounting
(36:22) - Taylor Swift's billion-dollar impact on the economy
(39:26) - ClientEarth warning Big 6 audit firms to protect the planet
(41:42) - WSJ editorial board blames accounting shortage on Biden
(46:45) - Bench Accounting
(47:22) - 3 fast QuickBooks stories
(49:42) - Accounting startup Dougs raises $27 million
(50:47) - Shopify builds in a Zoom cost calculator
(52:40) - Shopify releases AI update
(56:30) - Blake reads some listener mail
(59:42) - Wrap up and where to reach David and Blake

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Show Notes

Sens. Kirsten Gillibrand and Josh Hawley to unveil a bill to bar executive-branch members and lawmakers from owning stock in individual companies

https://www.wsj.com/articles/senators-to-propose-ban-on-u-s-lawmakers-executive-branch-members-owning-stock-6db6411

New comment on "339. 15-Year-Old Passes CPA Exam; NY Requires Independent Audits of AI Hiring Processes"

https://mail.google.com/mail/u/0/#inbox/FMfcgzGtwCxwDBHndZBtfKHkBgCgXhpr

Taylor Swift's Economic Impact Has Caught the Eye of the Fed

https://markets.businessinsider.com/news/stocks/taylor-swifts-economic-impact-catches-attention-federal-reserve-hotel-revenue-2023-7

After bootstrapping for 8 years, accounting startup Dougs raises $27 million | TechCrunch

https://techcrunch.com/2023/07/04/after-bootstrapping-for-8-years-accounting-startup-dougs-raises-27-million/

Shopify's crusade against Zoom meetings now includes a cost calculator: 'Most of the modern work environment is broken'

https://fortune.com/2023/07/12/remote-work-zoom-meeting-shopify-cost-calculator-modern-work-broken/

Shopify Sidekick video

https://twitter.com/tobi/status/1679114154756669441?s=20

Bridging the Gap: Between the Generations

https://www.intuitiveaccountant.com/education-hub/training-center/bridging-the-gap-between-the-generations/

☕️ NOW, FED ☙ Friday, July 21, 2023 ☙ C&C NEWS 🦠

https://www.coffeeandcovid.com/p/now-fed-friday-july-21-2023-c-and

KPMG Rolls Out Generative AI to Tax Pros, Launches Audit Pilot

https://news.bloombergtax.com/financial-accounting/kpmg-rolls-out-generative-ai-to-tax-pros-launches-audit-pilot

QuickBooks Checking Simplifies Bank Feeds Matching

https://www.intuitiveaccountant.com/accounting-tech/general-ledger/quickbooks-checking-simplifies-bank-feeds-matching/

Big Six senior leadership missing in action on climate reporting and ...

https://www.clientearth.org/latest/press-office/press/big-six-senior-leadership-missing-in-action-on-climate-reporting-and-audit/

FedNow launch: Fed's new instant payment system, goes live July 20

https://www.usatoday.com/story/money/2023/07/20/fednow-launch-fed-instant-pay-service/70434964007/

Accounting firms accused of missing climate risks in company audits

https://www.ft.com/content/befa329f-43bb-42fb-baeb-e0ae22d68acf

The Biden Accounting Jobs Boom - WSJ

https://www.wsj.com/articles/tax-accounting-jobs-boom-biden-economy-taxes-internal-revenue-service-8db189ae

QuickBooks Time Now QuickBooks Workforce

https://www.intuitiveaccountant.com/accounting-tech/general-ledger/quickbooks-time-now-quickbooks-workforce/

Why the CPA qualification’s 150-hour college credit rule is outdated–and inequitable

How To Know If An App Will Survive & Big Tax Prep Sent Taxpayer Data to Facebook Jul 20, 2023

Show notes

This week, Blake and David talk app survival signs, Big Tax Prep sending taxpayer data to Facebook, and the dearth of accountants visible in financials. They cover news from the accounting world, including Jirav's $20 million raise in its series B round, and Pilot's 13% workforce layoff, Collective's $50 million raise, and the story about the IRS website sending data to Google Analytics. They also discuss the Accountests ChatGPT challenge and Claude.AI as a ChatGPT alternative.

Sponsors
Zoho - https://cloudaccountingpodcast.promo/zoho
Forwardly - https://cloudaccountingpodcast.promo/forwardly
Accruer - http://accountingpodcast.promo/accruer

Chapters

(00:00) - Preview: Owning your own accounting firm is a path to the upper middle class
(00:59) - Welcome to The Accounting Podcast
(03:04) - Jirav raises $20 million in series B round
(04:09) - How likely a startup is to fail based on their funding round
(09:45) - Is this the end of Evernote?
(12:00) - Codat removing desktop API support from some plans
(15:14) - Pilot lays off 13% of its workforce
(18:10) - Collective raises $50 million
(19:49) - Are tax prep companies giving customers' personal information to social media giants?
(29:38) - Even the IRS website sends your data to Google Analytics!
(35:06) - WSJ article on the accounting shortage
(39:32) - Blake checks in on the live chat
(49:15) - Accountests ChatGPT challenge
(53:29) - Claude.AI as a ChatGPT alternative
(56:49) - Wrap up and please check out our TurboTax Live Business Tax Return experience video on our YouTube channel

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Show Notes

Jirav raises $20M in Series B | Accounting Today

https://www.accountingtoday.com/news/jirav-raises-20m-in-series-b

3 tax prep firms shared 'extraordinarily sensitive' data about taxpayers with Meta, lawmakers say

https://apnews.com/article/irs-taxpayer-tax-preparation-meta-congress-9315cfca7a0942ab89f765d183fbf822

Tax prep companies shared private taxpayer data with Google and Meta for years, congressional probe finds | CNN Business

https://www.cnn.com/2023/07/12/tech/tax-prep-companies-taxpayer-data-google-meta/index.html

The dearth of accountants has now become visible in several financial reports, with companies pleading difficulty in finding and retaining skilled people.

https://www.wsj.com/articles/the-accountant-shortage-is-showing-up-in-financial-statements-b14a6b94

ChatGPT Does Accountests Debits & Credits Test

https://www.accountests.com/blogs/news/chatgpt-does-accountests-debits-credits-test

Pilot lays off 13% of workforce – 45 Employees - LayoffsTracker

https://layoffstracker.com/pilot-lays-off-13-of-workforce-45-employees/?expand_article

ChatGPT scores 90% on debits & credits test

https://www.blakeoliver.com/blog/chatgpt-scores-90-on-debits-amp-credits-test

Some Chicago Restaurants Are Still Adding Surcharges Of Up to 20% to Checks. Should They?

https://www.nbcchicago.com/news/local/some-chicago-restaurants-are-still-adding-surcharges-of-up-to-20-to-your-bill-should-they/3055697/

2023-10-10: Change in pricing for some accounting integrations

https://docs.codat.io/updates/231010-deprecation-onprem-erp-premium

Tax prep companies shared private taxpayer data with Google and Meta for years, congressional probe finds

https://www.cnn.com/2023/07/12/tech/tax-prep-companies-taxpayer-data-google-meta/index.html

Attacks%20on%20Tax%20Privacy_Final.pdf

https://www.warren.senate.gov/imo/media/doc/Attacks%20on%20Tax%20Privacy_Final.pdf

Jirav Announces $20M Series B Round Led By Cota Capital

https://www.intuitiveaccountant.com/in-the-news/people-and-business/jirav-announces-20m-series-b-round-led-by-cota-capital/

The U.S. Tax Code Is Too Complex for Direct eFile to Work

https://taxfoundation.org/irs-efile-prefilled-tax-returns/

IRS renews cybersecurity push for tax pros

https://www.accountingtoday.com/news/irs-renews-cybersecurity-push-for-tax-pros

The Accountant Shortage Is Showing Up in Financial Statements

https://www.wsj.com/articles/the-accountant-shortage-is-showing-up-in-financial-statements-b14a6b94

Collective, a financial management platform for freelancers, raises $50M

https://techcrunch.com/2023/07/11/collective-a-financial-management-platform-for-freelancers-raises-50m/

Bay Area tech firm relocating to Europe, lays off most staff https://www.sfgate.com/tech/article/evernote-layoffs-moving-to-europe-18190083.php

Get in Touch

Thanks for listening and for the great reviews! We appreciate you! Follow and tweet

Review of TurboTax LIVE Full Service Business 2023 for Tax Professionals Jul 18, 2023

Show notes

Join Blake Oliver, CPA, and David Leary as they review using TurboTax Live Full Service for their business taxes. See their candid reactions and feedback as they go through the process of filing their 2022 taxes with TurboTax for the first time.

Blake and David walk through the steps of getting matched with a tax expert, gathering documents, communicating with their preparer, and finally filing their partnership return. You'll look at the portal used for document exchange, see the questions asked during onboarding, and find out what last-minute items held up their return filing.

See if the "tax expert" delivers and how the return process compares to working directly with a CPA or EA. If you're on the fence about trying TurboTax Live Full Service for your business taxes, this candid review will showcase the pros and cons to help you decide.

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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

Building a Remote eCommerce Firm with Meryl Johnston of Bean Ninjas Jul 14, 2023

Show notes

Learn how Meryl built a 30-headcount bookkeeping firm in eight years that can operate without her. We also get Meryl's take on the PwC scandal in Australia. Earn free NASBA-approved CPE credits for listening with the Earmark app. Learn more at earmarkcpe.com.

Sponsors
Relay - https://cloudaccountingpodcast.promo/relay
FinDaily - https://accountingpodcast.promo/findaily
Earmark for Teams - https://accountingpodcast.promo/freeshirt

Chapters

(00:04) - Preview: Why can't the US tax deadlines be as relaxed as Australia's
(00:29) - Welcome Meryl Johnston to the show and some background on Bean Ninjas
(05:28) - Tell us a little about the growth of Bean Ninjas, remote work, and taking a step back from day-to-day operations
(10:05) - How does Meryl track employees' work when they're remote?
(11:52) - Can you tell us about Bean Ninja's journey of niching?
(22:25) - How do you deal with communication challenges with remote work and different schedules
(26:53) - What is the current size of your firm, and what type of work do you now do?
(33:38) - What do you tell accountants who are afraid to niche?
(36:32) - Is the accounting talent crisis also happening in Australia?
(38:31) - Meryl gives her take on the PwC scandal in Australia
(44:50) - Are 2 new Australian tech companies coming for Xero's throne?
(51:40) - Is software plus a service the future of accounting tech?
(55:17) - Wrap up and how people can listen to Meryl's podcasts

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Show Notes

Fuel Up the Bus, PwC Australia Has Named and Shamed Eight Partners Tied to the Tax Leak Scandal

https://www.goingconcern.com/fuel-up-the-bus-pwc-australia-has-named-and-shamed-eight-partners-tied-to-the-tax-leak-scandal/

PwC Sold Off Its Scandal-Plagued Government Consulting Business For 67 Cents - Going Concern

https://www.goingconcern.com/pwc-sold-off-its-scandal-plagued-government-consulting-business-for-67-cents/

PwC Sold a Part of Its Australian Business for $1 Because of Tax Leak Scandal - CPA Practice Advisor

https://www.cpapracticeadvisor.com/2023/06/29/pwc-sold-a-part-of-its-australian-business-for-67-cents-because-of-tax-leak-scandal/81609/

A new threat to Xero? The rise of Hnry: a one-stop shop for sole traders, ft. Karan Anand

https://www.raskmedia.com.au/2023/06/27/xero-risk-hnry-accounting-karan-anand/

Exclusive: PwC Australia ties Google to tax leak scandal – sources

https://www.reuters.com/technology/pwc-australia-ties-google-tax-leak-scandal-sources-2023-07-05/

Thriday swings at big accounting platforms with AI expense tool

https://www.smartcompany.com.au/finance/tax/thriday-business-expense-bank-ai-artificial-intelligence/

Meet Our Guest, Meryl Johnston
LinkedIn: https://www.linkedin.com/in/meryl-johnston-3a483728/
Website: https://beanninjas.com/

Get in Touch

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

15-Year-Old Passes CPA Exam & NY Requires Independent Audits of AI Hiring Processes Jul 11, 2023

Show notes

In this episode, Blake and David examine the story of the 15-year-old who recently passed the CPA exam, as well as recent news involving accounting firms transitioning to corporations, AI investments, and new laws concerning AI hiring. They also cover several tech stories related to accounting, problems with client portals, and much more!

Sponsors
OnPay - https://cloudaccountingpodcast.promo/onpay
Relay - https://cloudaccountingpodcast.promo/relay
Forwardly - https://cloudaccountingpodcast.promo/forwardly

Chapters

(00:04) - Preview: Accounting firms will transition to corporations
(00:41) - Blake and David are back from their trips
(04:44) - A 15-year-old in Mississippi has passed the CPA exam
(06:41) - Jennifer asks about TAP's TurboTax Live Business experience
(09:46) - Mackenzie's voicemail re: accounting shortage
(18:18) - BDO USA is shifting from a partnership to a corporation
(20:36) - EY officially announces it has called off "Project Everest" but is still the number one US audit firm for public companies
(22:43) - M365 Co-Pilot updates
(28:08) - Thomson Reuters announces $100 million per year AI investment
(29:06) - Avalara launches a sales tax calculator in ChatGPT
(33:19) - Gusto hires former head of data science and analytics from Google
(34:11) - Taxfyle releases AI tax-prep bot
(36:06) - New York announces new AI law for hiring
(40:10) - A few more quick tech stories and the problems with client portals
(43:01) - Wrapbook wrap-up
(47:40) - Where to reach David and Blake

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Show Notes

Tech News: TaxFyle releases AI tax prep bot

https://www.accountingtoday.com/list/tech-news-taxfyle-releases-generative-ai-tax-prep-bot

Why everyone is mad about New York’s AI hiring law

https://www.technologyreview.com/2023/07/10/1076013/new-york-ai-hiring-law/

Mississippi youth passes CPA Exam – at Age 15

https://www.journalofaccountancy.com/news/2023/jun/mississippi-youth-passes-cpa-exam-at-age-15.html

BDO USA is Shifting From a Partnership to a Corporation - CPA Practice Advisor

https://www.cpapracticeadvisor.com/2023/06/26/bdo-usa-is-shifting-from-a-partnership-to-a-corporation/81445/

Gusto hires former Google exec to add AI to products | Accounting Today

https://www.accountingtoday.com/news/gusto-hires-former-google-exec-to-add-ai-to-products

KPMG cuts 5% of U.S. workforce | Accounting Today

https://www.accountingtoday.com/news/kpmg-cuts-5-of-u-s-workforce

KPMG’s Big Four Dominance on Bank Audits Shaken by Failures

https://news.bloombergtax.com/financial-accounting/kpmgs-big-four-dominance-on-bank-audits-shaken-by-failures

Thomson Reuters adding AI to tax software | Accounting Today

https://www.accountingtoday.com/news/thomson-reuters-adding-ai-to-tax-software

EY Tops Rival Audit Firms in Public Company Clients - CPA Practice Advisor

https://www.cpapracticeadvisor.com/2023/06/20/ey-tops-rivals-in-public-company-audit-clients/81193/

Shopify vows to fight CRA request to hand over records from more than 121,000 Canadian businesses

https://www.ctvnews.ca/business/shopify-vows-to-fight-cra-request-to-hand-over-records-from-more-than-121-000-canadian-businesses-1.6454822

Accounting firm EY calls off ‘Project Everest’ to break up firm ...

https://www.dailymirror.lk/business/Accounting-firm-EY-calls-off-Project-Everest-to-break-up-firm/215-261867

Finance Automation Platform Ramp Acquires AI Startup Cohere.io

https://www.pymnts.com/artificial-intelligence-2/2023/finance-automation-platform-ramp-acquires-ai-startup-cohere-io/

BDO USA is Shifting From a Partnership to a Corporation

https://www.cpapracticeadvisor.com/2023/06/26/bdo-usa-is-shifting-from-a-partnership-to-a-corporation/81445/

M365 Copilot, Microsoft’s generative AI tool, explained

https://www.computerworld.com/article/3700709/m365-copilot-microsofts-generative-ai-tool-explained.html

Intuit Supercharges Intuit GenOS with OpenAI’s Large Language Models to Bring GenAI Experiences to Customers

https://investors.intuit.com/news/news-details/2023/Intuit-Supercharges-Intuit-GenOS-with-OpenAIs-Large-Language-Models-to-Bring-GenAI-Experiences-to-Customers/default.aspx

Wrapbook Expands its Payroll Platform to Enable Seamless ...

https://www.businesswire.com/news/home/20230629819270/en/Wrapbook-Expands-its-Payroll-Platform-to-Enable-Seamless-Collaboration-Across-Production-and-Accounting-Teams

Kraken ordered to turn over its users' information to the IRS

https://www.accountingtoday.com/articles/kraken-ordered-to-turn-over-its-users-information-to-the-irs

How Much Should A CPA Charge For A Business Tax Return? (with Roger Knecht) Jun 28, 2023

Show notes

In this episode of the Accounting Podcast, Blake and David talk to CPA Roger Knecht about how much CPAs should charge for business tax returns. They also touch on the latest news, including Hunter Biden's plea deal for tax charges, the Pentagon overestimating supplies sent to Ukraine by $6.2 billion, and the SEC charging Marcum with quality control failures. They also dig into sports gamblers losing more money as parlays gain popularity, Roger's five pricing strategies, and AI in accounting.

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Chapters

(00:23) - Preview: CPAs are pricing themselves too low
(00:54) - Welcome Roger to the show and a little background on what he does
(03:01) - What topics we'll cover in this episode
(04:06) - Hunter Biden takes plea deal in tax charges
(09:01) - Pentagon overestimates supplies sent to Ukraine by $6.2 billion
(12:08) - Who will win: Elon Musk vs Mark Zuckerberg
(15:48) - CPA Ontario and CPA Quebec sever ties with CPA Canada
(19:14) - The SEC charges Marcum with quality control failures
(28:54) - Yahoo Finance article on how much people should expect to pay for a CPA
(35:35) - Sports bettors losing more money as parlays gain popularity
(41:01) - Roger's 5 pricing strategies
(44:42) - Some updates on AI in accounting
(53:07) - Wrap up and where to reach Roger

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Meet Our Guest, Roger Knecht:
Website: https://universalaccounting.com/
LinkedIn: https://www.linkedin.com/in/rogerknecht/
Twitter: https://twitter.com/universalacct
Facebook: https://www.facebook.com/universalaccountingschool
Instagram: https://www.instagram.com/rogerknecht/

Show Notes

Even by the standards of billionaire-versus-billionaire tiffs, the proposed cage fight between Elon Musk and Mark Zuckerberg stands out

https://www.wsj.com/articles/elon-musk-mark-zuckerberg-cage-fight-b71fa4ff

Marcum, the SEC said, audited nearly half of the roughly 860 SPAC IPOs in 2020 and 2021. The firm agreed to pay the SEC $10 million in fines for widespread failures in its audits.

https://www.wsj.com/articles/marcum-to-settle-sec-pcaob-claims-over-widespread-failures-in-spac-audits-bb8f3d48

Accounting Mistake Caused Pentagon to Overestimate Cost of Weapons Sent to Ukraine by $6.2B - CPA Practice Advisor

https://www.cpapracticeadvisor.com/2023/06/21/accounting-error-caused-pentagon-to-overestimate-cost-of-weapons-sent-to-ukraine-by-6-2b/81322/

I'm a Small Business Owner. How Much Will a CPA Cost Me?

https://finance.yahoo.com/news/im-small-business-owner-much-130149992.html

4 in 5 Australians want PwC banned from new government work | Accountants Daily

https://www.accountantsdaily.com.au/regulation/18685-four-in-five-australians-want-pwc-banned-from-new-government-work

CPA Quebec, Ontario bodies sever ties with national organization

https://financialpost.com/fp-finance/cpa-quebec-ontario-sever-ties-national-organization

Hunter Biden expected to plead guilty to tax-related misdemeanor crimes as part of a plea agreement

https://www.nbcnews.com/news/amp/rcna90144

How much did Congress lose by defunding the IRS

https://www.washingtonpost.com/opinions/interactive/2023/irs-enforcement-costs-congress-funding/

Parlay bets are becoming a bigger part of online sports betting—which is good news for the house

https://www.wsj.com/articles/sports-better-win-lose-ddcaae24

BDO to Convert to a Corporation, Replacing US Partnership (2)

https://news.bloombergtax.com/financial-accounting/bdo-to-convert-to-a-corporation-replacing-its-us-partnership

New bookkeeping platform Thriday says AI is on its way to save you from taxes and accountants

https://stockhead.com.au/tech/new-bookkeeping-platform-thriday-says-ai-is-on-its-way-to-save-you-from-taxes-and-accountants/

CLA launches high school summer intern program

https://www.accountingtoday.com/news/cla-launches-high-school-summer-intern-program

Jeff Seibert, CEO and Co-Founder of Digits – Interview Series

https://www.unite.ai/jeff-seibert-ceo-and-co-founder-of-digits-interview-series/

KPMG's Banking Troubles Give Accounting a Black Eye (Podcast)

https://news.bloombergtax.com/daily-tax-report/kpmgs-banking-troubles-give-accounting-a-black-eye-podcast

Digits AI Debuts as World's First Secure, Accurate, Business Finance AI

https://www.prnewswire.com/news-releases/digits-ai-debuts-as-worlds-first-secure-accurate-business-finance-ai-301857407.html

Pentagon's Ukraine ac...

The ROI of IRS Audits | FedNow Payment Network Launching in July Jun 20, 2023

Show notes

In this episode, Blake and David talk about the lack of audits hurting the profession, alternatives to tracking hours, whether to pursue a CPA or EA, and salary advice for new accountants. Next, they tackle a ton of news including AI integration in Mailchimp, the launch of FedNow Payment Network, the ROI of IRS audits, and the UK's Making Tax Digital rollout. Remote work, the ESG startup Omnevue securing $3 million in funding, Xero's third price increase in two years and Intuit's response, and more round out the show!

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Accountests - https://cloudaccountingpodcast.promo/accountests
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Chapters

(00:00) - PREVIEW: Lack of audits is hurting the accounting profession
(00:50) - Welcome to The Accounting Podcast
(02:22) - Listener mail: Audits are just checking a box
(06:39) - Listener mail: David asks for alternatives to tracking hours
(12:58) - Listener mail: Courtney asks if they should pursue a CPA or EA
(23:23) - Listener mail: William asks how new accountants should approach their starting salary at firms
(26:33) - Is QBO starting to integrate AI into Mailchimp?
(27:46) - FedNow is launching in July
(32:59) - The ROI of IRS audits
(42:32) - UK's Making Tax Digital rollout is struggling
(48:01) - Latest on remote work
(51:32) - ESG startup Omnevue secures $3 million in funding
(54:32) - Xero announces third price increase in two years and Intuit's response
(56:10) - Some final thoughts and where to reach David and Blake

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Show Notes

How much did Congress lose by defunding the IRS? Way more than we thought.

https://www.washingtonpost.com/opinions/interactive/2023/irs-enforcement-costs-congress-funding/

Elon Musk Calls Remote Work Morally Wrong 'Bullshit'

https://www.businessinsider.com/elon-musk-remote-work-morally-wrong-get-off-high-horse-2023-5

ESG accounting startup Omnevue secures $3.1 million in Seed funding

https://www.finextra.com/pressarticle/97225/esg-accounting-startup-omnevue-secures-31-million-in-seed-funding

Credit Unions Gear Up to Build Instant Payments Ecosystems as FedNow Looms

https://www.pymnts.com/credit-unions/2023/credit-unions-prepare-build-instant-payments-ecosystems-fednow-looms/

FedNow’s Rollout Will Spur ‘Major Shift’ for Businesses and Digital Wallets, Says Trustly

https://www.pymnts.com/news/faster-payments/2023/fednows-rollout-will-spur-major-shift-for-businesses-and-digital-wallets-says-trustly/

Fintech ForwardAI, An Aggregated Direct Data Access Provider To Accounting And ERP Platforms, Launches

https://www.crowdfundinsider.com/2023/06/208515-fintech-forwardai-an-aggregated-direct-data-access-provider-to-accounting-and-erp-platforms-launches-forwardly/

Rethinking the CPA 150-hour requirement: There must be a change

https://www.firmofthefuture.com/training-and-certification/rethinking-150-hour-requirement/

Government execution of MTD ‘out of control’ as costs spiral

https://www.accountancyage.com/2023/06/16/government-execution-of-mtd-out-of-control-as-costs-spiral/

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Introducing "The Accounting Podcast" (why we changed our name) Jun 15, 2023

Show notes

Welcome to the new era of "The Accounting Podcast," formerly known as "The Cloud Accounting Podcast." Why the name change? This show was born out of a passion for technology's role in accounting, and over the last five years, as cloud-based tools became the norm, we broadened our scope to cover a wide range of topics. We're now delving into everything from PPP and the talent crisis to artificial intelligence, fraud, the business models of accounting firms, the IRS, politics, and much more. Our aim is to provide the best audio-based news and analysis in the accounting profession.

Celebrating an incredible milestone of 1 million downloads, we extend our heartfelt thanks to all our listeners and guests who have supported us over the years. As we step into this exciting new phase, we encourage you to engage with us - whether you're a longtime listener or just tuning in. Please send us your feedback, story ideas, or even a voicemail that we might play on the air at cloudaccountingpodcast@earmarkcpe.com.

Remember, you can earn free CPE for listening with the Earmark app. Visit earmarkcpe.com for more information. We're thrilled to have you on this journey with us, and we look forward to bringing you quality content for many more years to come! Enjoy the show.

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