The Accounting Podcast

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.

Sponsors
TaxBandits - http://accountingpodcast.promo/taxbandits
Relay - http://accountingpodcast.promo/relay
BoomTax - http://accountingpodcast.promo/boomtax
Basil - http://accountingpodcast.promo/basil

(01:23) - Bench Accounting Bankruptcy Deep Dive

(02:17) - Venture Capital's Interest in Accounting

(02:42) - JP Morgan's Return to Office Policy

(04:04) - Continuing Professional Education Credits

(05:05) - Bench Bankruptcy Filing Details

(05:50) - Bench's Financial Breakdown

(07:42) - Bench's Customer Acquisition Strategy

(10:55) - Bench's Development and Management Costs

(13:17) - Operations and Outsourcing at Bench

(16:07) - Service Delivery and Refunds

(19:47) - Venture Capital and AI in Accounting

(29:16) - Relay: The Small Business Bank

(35:28) - AI-Powered Bookkeeping: A New Frontier

(36:44) - Debating the Future of Software Costs

(41:14) - AI's Impact on Job Markets

(45:15) - Challenges in Replacing Human Jobs with AI

(50:57) - The Remote Work Debate

(01:02:05) - Corporate Accountability and Legal Issues

(01:12:03) - Closing Remarks and Future Topics

Show Notes

AI Has Venture Investors Excited About (Yes) Accounting Firms

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

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

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

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

Work From Home Policies and Practices

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

Workplace Policies and Pay Transparency

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

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

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

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

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

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

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

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Transcripts

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

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

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

(01:03) - Private Equity in Accounting Firms

(03:14) - Personal Update: Blake's Hand Injury

(05:18) - California's Insurance Crisis

(13:57) - Ohio Ends the 150-Hour Rule

(22:02) - App News: OnPay, SafeSend, and More

(30:16) - Carvana's Questionable Accounting Practices

(36:36) - Return to Office Policies

(40:01) - RTO Policies and Office Leases

(41:15) - Client Satisfaction and Net Promoter Score

(42:53) - Debate on the Effectiveness of NPS

(44:20) - Implementing NPS in Accounting Firms

(52:03) - PCAOB Fines and Audit Quality

(01:03:15) - Bitcoin and Government Policies

(01:06:54) - Private Equity in Accounting Firms

(01:15:07) - Earmark App and CPE Credits

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

(05:01) - Sponsors and H1B Visa Discussion

(11:14) - H1B Visa Impact on Accounting

(26:53) - Bench Accounting Shutdown

(45:17) - VCs and the Tough Decisions

(47:42) - Challenges in Automating Bank Transactions

(48:58) - H1B Visa Workers and Financial Misconduct

(52:19) - Predictions for 2025 and Beyond

(58:12) - Private Equity's Impact on Accounting Firms

(01:08:15) - Barry Melanson's Legacy and the Future of CPA

(01:15:23) - Conclusion and CPE Credits

(01:16:45) - Bitcoin and Quantum Computing

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

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."

Sponsors
LiveFlow - http://accountingpodcast.promo/liveflow
Suralink - http://accountingpodcast.promo/suralink
Cloud Accountant Staffing - http://accountingpodcast.promo/cas
TaxBandits - http://accountingpodcast.promo/taxbandits

(01:36) - Beneficial Ownership Information Reporting (BOI)

(03:39) - Bench Accounting Shutdown

(12:35) - Automated Bookkeeping Challenges

(18:35) - Tax Fraud Case: The Magician

(28:20) - IRS Commissioner Nominee Controversy

(33:55) - Tax Refunds and Lifetime Advisors

(36:16) - The Dying Language of Accounting

(37:44) - CPA Licensure Reform

(39:05) - Working Conditions in Accounting

(42:28) - Reflecting on 2024: Key Themes and Events

(55:34) - AI and the Future of Accounting

(01:00:59) - San Francisco's Tax Controversies

(01:04:03) - IRS Special Payments and Predictions for 2025

(01:06:25) - Bitcoin and Quantum Computing Risks

(01:09:13) - Closing Remarks and CPE Information

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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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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Suralink - http://accountingpodcast.promo/suralink
SmartVault - http://accountingpodcast.promo/smartvault
TaxBandits - http://accountingpodcast.promo/taxbandits

(00:59) - Introducing ChatGPT as Co-Host

(01:58) - Hot Topics in Accounting News

(04:05) - Private Equity in Accounting Firms

(07:35) - Debating the Impact of Private Equity

(22:40) - DirectFile Controversy

(28:02) - App News and Updates

(34:23) - Enron's Return?

(38:28) - Fraudsters and Presidential Pardons

(42:00) - Accounting Errors on the Rise

(44:52) - The Daylight Savings Debate

(50:04) - AI Tools: The Good, The Bad, and The Ugly

(58:26) - Final Thoughts and Announcements

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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Want to get the word out about your newsletter, webinar, party, Facebook group, podcast, e-book, job posting, or that fanc...

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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RoboDebit - http://accountingpodcast.promo/robodebit
Relay - http://accountingpodcast.promo/relay
Cloud Accountant Staffing - http://accountingpodcast.promo/cas
TaxBandits - http://accountingpodcast.promo/taxbandits

(00:28) - Welcome to The Accounting Podcast

(00:40) - Digital CPA Conference Highlights

(01:17) - CAS Practices on the Rise

(02:22) - IRS Commissioner Nominee: Billy Long

(03:42) - Employee Retention Tax Credit Controversy

(14:45) - Macy's Financial Misstatements

(28:30) - Intuit Assist: A Closer Look

(29:48) - The Evolution of Bill Scanning with AI

(31:25) - AI's Impact on Accounting Tools

(33:06) - AI and Tax Returns: The Future of Automation

(34:54) - Relay: The Ultimate Small Business Bank

(36:19) - Supermicro's Accounting Scandal

(40:48) - Square's Move into Accounting Solutions

(57:21) - The Rise of Client Advisory Services

(01:00:55) - Closing Remarks and Future Insights

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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Transcripts

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

Congratulations to Blake for making Accounting Today's Top 100 Most Influential People list!  Today, Blake and David dig into several significant developments in accounting, including a federal court's decision to block BOI reporting nationwide. They also examine which of the 57% of accounting firms plan to raise fees in 2025 and take a look at the AICPA's Experience Learn and Earn (ELE) program. There's also talk about new PCAOB reporting requirements for audit firms and the recent acquisition of Dext by Iris Software Group.

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OnPay - http://accountingpodcast.promo/onpay
Zoho - http://accountingpodcast.promo/zoho
SmartVault - http://accountingpodcast.promo/smartvault

(00:31) - Celebrating Achievements and Social Media Impact

(03:16) - Key News Stories: Price Increases and Regulatory Changes

(04:17) - BOI Reporting Requirement Blocked

(14:21) - Raising Prices in Accounting Firms

(17:39) - Experience, Learn, and Earn Program

(22:26) - AICPA and Overtime Pay Ruling

(30:12) - PCAOB's New Reporting Requirements

(34:48) - Debating the Future of Auditing

(35:50) - Impact of AI on Auditing

(37:21) - Evaluating PCAOB's Effectiveness

(38:32) - PCAOB Sanctions and Penalties

(45:00) - Macy's Financial Controversy

(48:31) - EY's AI Interview Bot

(53:29) - AI's Impact on Productivity

(58:14) - Dext Acquisition by Iris

(01:01:58) - Closing Remarks and Future Topics

Show Notes

Accounting Today - The 2024 Top 100 Most Influential People https://arizent.brightspotcdn.com/c3/0f/2649ee17493eab95634bbc91f5f7/top-100-most-influential-people-updated.pdf

Federal Court Enjoins Enforcement of the CTA Nationwide; Reporting Companies “Need Not Comply” with January 1 Deadline

https://natlawreview.com/article/texas-federal-court-blocks-corporate-transparency-act-halts-nationwide-enforcement

Survey Says 57% of Firms Are Raising Prices Next Year

https://cpatrendlines.com/2024/11/14/survey-says-57-of-firms-are-raising-prices-next-year/

Experience, Learn, and Earn
 https://experiencelearnearn.org/

Expanded Access Now Available for AICPA-NASBA ELE Program

https://nasba.org/blog/2024/11/15/expanded-access-aicpa-nasba-ele-program/

Texas Judge Tosses Biden Overtime Expansion for Millions

https://news.bloomberglaw.com/daily-labor-report/overtime-expansion-for-4-million-workers-tossed-by-texas-judge

Follow up to the "AICPA is illegally hiding salary info on job postings". After several emails, I convinced them to comply with the law

https://www.reddit.com/r/Accounting/comments/1g0ib4z/follow_up_to_the_aicpa_is_illegally_hiding_salary/

PCAOB Adopts Auditor Performance Metrics, Increased Firm Reporting Rules https://tax.thomsonreuters.com/news/pcaob-adopts-auditor-performance-metrics-increased-firm-reporting-rules

Critics see chance to close down US audit regulator under Trump

https://www.ft.com/content/e9a7247f-84fd-4df7-8163-6518954470e9

Macy’s says employee hid up to $154 million in expenses, delaying Q3 earnings

https://apnews.com/article/macys-accounting-quarter-b1cb0927d9b6a58ee4396838df7973c9

KPMG Survey: AI Adoption Across US Finance Functions Reaches Highest Levels, with ROI Exceeding Expectations

https://kpmg.com/us/en/media/news/ai-adoption-across-us-finance-functions-reaches-highest-levels.html

IRIS Software Group Announces Intent to Acquire Dext Software Ltd.

https://dext.com/us/iris-announces-intent-to-acquire-dext

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Blake and David examine the mysteries and motives surrounding the recent Macy's accounting scandal, where a single employee allegedly concealed $132-154 million through improper accrual entries. They also examine Trump's proposed 25% tariff plan on imports from Mexico and Canada (plus an additional 10% on China), discussing its potential impact on American businesses and consumers.
 

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(00:46) - Macy's Accounting Error: Breaking News

(01:40) - Understanding the Impact of Macy's Error

(02:46) - The Mystery Behind Macy's Accounting Error

(02:53) - Join the Live Discussion

(03:42) - Upcoming Topics and Teasers

(05:15) - Thanking Our Sponsors

(06:42) - Diving Deeper into Macy's Accounting Mystery

(19:29) - Exploring the Fraud Triangle

(27:54) - Auditors and Materiality Standards

(32:04) - Auditors' Role in Detecting Fraud

(33:25) - Impact of Fraud on Macy's Stock

(33:47) - Challenges in Auditing Practices

(34:08) - Internal Controls and Their Limitations

(38:53) - Expense Fraud: A Growing Concern

(44:01) - AI in Auditing: The Future of Fraud Detection

(52:28) - Trump Tariffs and Their Economic Impact

(01:03:13) - Thanksgiving Reflections and Closing Remarks

Show Notes

Macy’s says employee hid up to $154 million in expenses, delaying Q3 earnings

https://apnews.com/article/macys-accounting-quarter-b1cb0927d9b6a58ee4396838df7973c9

Macy’s says accountant hid as much as $154M in expenses

https://www.cfodive.com/news/macys-says-accountant-hid-as-much-as-154m-in-expenses-retail-retailing-consumers/733960/

UPS to Pay $45 Million SEC Penalty Over Improper Valuation

https://finance.yahoo.com/news/ups-hit-45-million-penalty-144424675.html

Strippers, Christmas gifts and an RV: Workers push it with company cards

https://abcdpf.livemint.com/industry/strippers-christmas-gifts-and-an-rv-workers-push-it-with-company-cards-11732157906943.html

Ex-Jaguars employee who stole $22 million from team files lawsuit against FanDuel

https://www.nytimes.com/athletic/5809925/2024/10/01/jaguars-lawsuit-fanduel-amit-patel/

Trump's Truth Social tariffs pledge is a teachable moment for America

https://www.msnbc.com/opinion/msnbc-opinion/trump-truth-social-tariffs-deportation-thanksgiving-rcna182079

What does Trump’s latest tariff plan mean for the U.S.?

https://www.pbs.org/newshour/politics/what-does-trumps-latest-tariff-plan-mean-for-the-u-s

Walmart CFO Says They Don't Want To Raise Prices, But 'Prices Will Go Up For Consumers' Due To Upcoming Tariffs

https://finance.yahoo.com/news/walmart-cfo-says-dont-want-161640110.html

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Transcripts

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

Blake and David discuss Trump's proposed Department of Government Efficiency (DOGE) and its potential impact on tax filing and federal remote work policies. They analyze the Pentagon's seventh consecutive failed audit and examine Intuit's ambitious plans to expand its enterprise offerings. The duo also explores a groundbreaking study showing ChatGPT-4 outperforming human doctors in medical diagnoses, highlighting AI's growing capabilities in professional decision-making.

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(00:00) - Welcome to the Accounting Podcast

(01:52) - DOGE's Impact on H&R Block and TurboTax Stocks

(02:57) - IRS Free File Program

(04:49) - Intuit's Response to DOGE Initiative

(10:43) - Remote Work for Federal Employees

(16:25) - Pentagon's Audit Failures

(22:36) - AI Outperforms Doctors in Diagnosing Illnesses

(32:12) - Boosting Productivity with ChatGPT

(36:09) - Salesforce's AI Irony

(38:15) - Anthropic's AI in Action

(45:34) - Intuit's AI Strategy and TurboTax

(48:36) - Intuit Enterprise Suite and Market Expansion

(55:27) - Closing Remarks and Future Topics

Show Notes

Coming soon!

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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

Blake and David dive into the economic implications of Trump's election victory, including proposed tariffs that could significantly impact businesses and inflation. They explore potential tax changes under a new Trump administration, from corporate rate reductions to the elimination of the SALT cap. They also examines an alarming $47 million IRS fraud scheme targeting tax practitioners and debate the future of Bitcoin as speculation grows about a potential national Bitcoin reserve.

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(00:00) - Welcome to The Accounting Podcast

(03:05) - Avalara Crush Conference Insights

(07:48) - AI and the Future of Tax Compliance

(13:21) - Trump's Economic Impact

(17:26) - Tariffs and Global Trade

(25:40) - Tax Proposals and Implications

(36:53) - Bitcoin's Meteoric Rise and Market Speculations

(47:43) - AI Adoption in the Workforce

(49:53) - IRS PPS Fraud: A Deep Dive

(01:00:49) - PCAOB Drama and Audit Deficiencies

(01:06:49) - BOI Reporting and AICPA's Response

(01:10:33) - Closing Remarks and CPE Information

Show Notes

How Trump Won the Economy-is-Everything Election

https://www.livemint.com/politics/news/how-trump-won-the-economy-is-everything-election-11730973573508.html

How Will Trump’s Universal and China Tariffs Impact the Economy?

https://taxfoundation.org/blog/trump-tariffs-impact-economy/

Which Workers Are Embracing AI?

https://www.chicagobooth.edu/review/which-workers-are-embracing-ai

Actions Were Not Taken to Timely Strengthen Practitioner Priority Service Telephone Line Authentication Controls

https://www.tigta.gov/sites/default/files/reports/2024-10/2025ier001fr.pdf

Fraudsters get $47 million from practitioner priority service line scheme

https://www.journalofaccountancy.com/news/2024/nov/fraudsters-get-47-million-from-practitioner-priority-service-line-scheme

Freddie Freeman on World Series MVP, Ohtani Media Mayhem and His Surprising Backup Career | Ep 109

https://www.youtube.com/watch?v=ZimDH_hW7LU

PCAOB board member complains of persecution by senators

https://www.accountingtoday.com/news/pcaob-board-member-complains-of-persecution-by-senators

AICPA to Congress: Delay needed in BOI reporting deadline

https://www.thetaxadviser.com/news/2024/nov/aicpa-to-congress-delay-needed-in-boi-reporting-deadline

New Development Re: BOI Reporting – 44 Congressmen Seek to Delay FinCEN Beneficial Ownership Reporting

https://gpwcpas.com/new-development-re-boi-reporting-44-congressmen-seek-to-delay-fincen-beneficial-ownership-reporting/

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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