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17 February 2025

DOGE Chaos, Reciprocal Tariffs, Deloitte Backs off DEI, AICPA Caves on 150

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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

14 February 2025

Accounting Majors Up 12% & IRS Delays Buyout Offer

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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

01 February 2025

Will IRS Agents Take White House Buyout & TaxDome Leak Explained

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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Chapters

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

24 January 2025

TikTok & IRS Direct File Saved; Trump Issues Own Currency

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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Chapters

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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21 January 2025

JPMorgan's RTO Drama, VC Love for Accounting and the Fall of Bench

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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Chapters

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

18 January 2025

Ohio Killed The 150-Hour Rule - Who's Next?

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.

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Chapters

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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11 January 2025

How H1-B Visas Suppress Accounting Salaries

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.

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Chapters

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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Transcripts

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

03 January 2025

BOI On Again Off Again, Bench Shuts Down, Dying Language of Accounting

Rounding out 2024, Blake and David tackle tons of accounting news, including bookkeeping startup Bench's shutdown and the ongoing BOI reporting requirements saga. They also examine concerns about IRS Commissioner nominee Billy Long's credentials, including his "Certified Tax and Business Advisor" designation from a three-day seminar. Wrapping up, they review some of 2024's hottest stories, including declining CPA candidates, audit quality issues, and KPMG CEO Paul Knopp's Wall Street Journal op-ed about the "dying language of accounting."

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Chapters

Show Notes

Bench shuts down, leaving thousands of businesses without access to accounting and tax docs

https://techcrunch.com/2024/12/27/bench-shuts-down-leaving-thousands-of-businesses-without-access-to-accounting-and-tax-docs/

New York tax preparer called ‘the Magician’ charged for tax fraud of $145m

https://www.theguardian.com/us-news/2024/dec/17/new-york-magician-tax-fraud

Billy Long, Trump’s Nominee to Lead the IRS, Touts a Credential That Tax Experts Say Is Dubious

https://www.propublica.org/article/billy-long-irs-trump-certified-tax-business-advisor-missouri

How a Consulting Firm and Trump’s I.R.S. Pick Pushed a Problematic Tax Credit

https://www.nytimes.com/2024/12/24/business/billy-long-irs-tax-credit.html

The Dying Language of Accounting

https://www.wsj.com/opinion/the-dying-language-of-accounting-cpa-licensing-fede2e74

CPAs Deliberate on the Decline of Accounting

https://www.wsj.com/opinion/cpas-deliberate-on-the-demise-of-accounting-kpmg-business-language-c0be3e68

Most Americans say a salary of $270K deems financial success

https://www.cfo.com/news/most-americans-say-salary-of-270k-deems-financial-success-gen-z-boomers-inflation/734019/

CFPB Sues Walmart and Branch Messenger for Illegally Opening Deposit Accounts for More Than One Million Delivery Drivers

https://www.consumerfinance.gov/about-us/newsroom/cfpb-sues-walmart-and-branch-messenger-for-illegally-opening-deposit-accounts-for-more-than-one-million-delivery-drivers/

Lyft Accuses San Francisco of $100 Million Tax Overcharge

https://www.bloomberg.com/news/articles/2024-12-24/lyft-accuses-san-francisco-of-overcharging-100-million-in-taxes

IRS announces special payments going this month to 1 million taxpayers who did not claim 2021 Recovery Rebate Credit; encourages non-filers about approaching deadline to claim credits

https://www.irs.gov/newsroom/irs-announces-special-payments-going-this-month-to-1-million-taxpayers-who-did-not-claim-2021-recovery-rebate-credit-encourages-non-filers-about-approaching-deadline-to-claim-credits

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21 December 2024

How Private Equity Could Hurt the Accounting Profession

Blake, David, and special guest ChatGPT examine the impact of private equity on accounting firms, looking at how PE ownership affects compensation and firm structures. They dig into recent data showing record numbers of accounting errors in public companies, linking these issues to the broader talent shortage crisis. They explore CalCPA's pushback against proposed licensing changes, the surprising economic costs of Daylight Savings Time, and more.

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Chapters

Show Notes

Accounting errors force US companies to pull statements in record numbers

https://www.ft.com/content/716c4ad5-e8fa-4a34-afba-9fb2d1db019d

Republican lawmakers ask Trump to kill IRS Direct File

https://www.nextgov.com/digital-government/2024/12/republican-lawmakers-ask-trump-kill-irs-direct-file/401595/

IRIS to buy Dext in £500m deal

https://www.accountingweb.co.uk/tech/accounting-software/iris-to-buy-dext-in-ps500m-deal

How Private Funds Could Hurt Americans Under Trump

https://www.nytimes.com/2024/12/03/opinion/trump-presidency-billionaires.html

LegalZoom and 1-800Accountant Join Forces to Deliver Full-Service Tax and Bookkeeping Solutions for Small Business Owners

https://investors.legalzoom.com/news-releases/news-release-details/legalzoom-and-1-800accountant-join-forces-deliver-full-service

Zoho Releases New Payroll Solution in the U.S.

https://www.cpapracticeadvisor.com/2024/12/13/zoho-releases-new-payroll-solution-in-the-u-s/152935/

BILL Unveils 1099 Form Filing Solution for SMBs

https://investor.bill.com/news/news-details/2024/BILL-Unveils-1099-Form-Filing-Solution-for-SMBs/default.aspx

Is Enron back? Here’s what we know …

https://www.houstonchronicle.com/news/houston-texas/trending/article/is-enron-back-houston-19953844.php

CalCPA Submits Comments on Exposure Draft on CPA Licensure

https://www.calcpa.org/whats-happening/articles/calcpa-submits-comments-on-exposure-draft-on-cpa

CEOs Want Trump to Change Course on Tariffs. He Isn’t Budging.

https://www.wsj.com/economy/trade/trump-tariff-plan-business-lobbying-8f02ccea

Donald Trump vows to end daylight saving time

https://www.youtube.com/watch?v=EDR1IURzO1Q

More Than a Lost Hour of Sleep: The True Cost of Daylight Saving Time

https://www.chmura.com/blog/dst#:~:text=our%20methodology%20below.-,Results,was%20approximately%20%24672.02%20million%20annually

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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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14 December 2024

New IRS Commissioner Was An ERTC Peddler

Blake and David take a look at several significant developments in the accounting world, including Trump's controversial IRS Commissioner nomination of former Congressman Billy Long. They also dig into updates on the Macy's accounting scandal and explore Square's potential move into accounting software with their new head of Product Accounting Solutions hire. They also share insights from the AICPA's 2024 CAS benchmark survey showing significant growth in client accounting services practices and much more!

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Chapters

Show Notes

He Promised Huge Tax Refunds. Now Trump Wants Him to Lead the I.R.S.

https://www.nytimes.com/2024/12/06/us/politics/billy-long-trump-irs-tax-credit.html

Brainsky Unleashed (Instagram) – Billy Long – December 6, 2024

https://www.instagram.com/brainskyunleashed/reel/DDQS_GjRn4P/

Macy’s employee who hid $151 million in delivery expenses was trying to mask initial mistake, sources say

https://www.cnbc.com/2024/12/11/macys-m-earnings-q3-2024.html

Macy’s Probe Found Employee Acted Alone in $151 Million Accounting Scandal

https://www.wsj.com/business/retail/macys-m-q3-earnings-report-2024-c7363662

LinkedIn – Andy Schwartz – Profit Labs Update – December 6, 2024

https://www.linkedin.com/posts/andy-schwartz-233b359_profit-labs-update-i-am-excited-to-share-activity-7269157016051298305-rYAW/

Amazon integrates QuickBooks for sellers

https://www.accountingtoday.com/news/amazon-integrates-intuit-quickbooks

AICPA and CPA.com Benchmark Survey: CAS Practices Report 17% Growth

https://insidepublicaccounting.com/2024/12/09/aicpa-and-cpa-com-benchmark-survey-cas-practices-report-17-growth/

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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