The Accounting Podcast (formerly the Cloud Accounting Podcast) is the world's #1 accounting, bookkeeping, and tax podcast! Join us weekly for a roundup of accou...
DOGE Chaos, Reciprocal Tariffs, Deloitte Backs off DEI, AICPA Caves on 150
SponsorsCPA.com - http://accountingpodcast.promo/cpaRelay - http://accountingpodcast.promo/relayCloud Accountant Staffing - http://accountingpodcast.promo/casRho - http://accountingpodcast.promo/rhoChapters(00:00) - Welcome to The Accounting Podcast
(00:54) - Chaos Created by Doge
(01:32) - Top Stories of the Week
(02:17) - Listener Mail and Additional Topics
(05:09) - Live Stream Interaction
(06:42) - DOJ and Treasury Payment Freeze
(17:40) - Young Engineers at DOJ
(24:15) - Automation Features for Seamless Transactions
(24:44) - Addressing Viewer Questions on Treasury Policies
(25:34) - Debate on Federal Fund Vetting and Spending
(27:57) - Government Bureaucracy and Political Battles
(33:31) - The Role of Young Auditors in Government Agencies
(40:38) - Adobe's Tax Tips: Helpful or Harmful?
(43:54) - Final Thoughts on Government Efficiency and Partisanship
Show NotesComing soon!Need CPE?Get CPE for listening to podcasts with Earmark: https://earmarkcpe.comSubscribe to the Earmark Podcast: https://podcast.earmarkcpe.comGet in TouchThanks 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.SponsorshipsAre you interested in sponsoring the Cloud Accounting Podcast? For details, read the prospectus.Need Accounting Conference Info? Check out our new website - accountingconferences.comLimited edition shirts, stickers, and other necessitiesTeePublic Store: http://cloudacctpod.link/merchSubscribeApple Podcasts: http://cloudacctpod.link/ApplePodcastsYouTube: https://www.youtube.com/@TheAccountingPodcastSpotify: http://cloudacctpod.link/SpotifyPodchaser: http://cloudacctpod.link/podchaserStitcher: http://cloudacctpod.link/StitcherOvercast: http://cloudacctpod.link/OvercastClassifiedsWant to get the word out about your newsletter, webinar, party, Facebook group, podcast, e-book, job posting, or that fancy Excel macro you just created? Let the listeners of The Accounting Podcast know by running a classified ad. Go here to create your classified ad: https://cloudacctpod.link/RunClassifiedAdTranscriptsThe full transcript for this episode is available by clicking on the Transcript tab at the top of this page
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48:23
Accounting Majors Up 12% & IRS Delays Buyout Offer
SponsorsOnPay - http://accountingpodcast.promo/onpayKeeper - http://accountingpodcast.promo/keeperCloud Accountant Staffing - http://accountingpodcast.promo/casRho - http://accountingpodcast.promo/rhoChapters(00:00) - Welcome to The Accounting Podcast
(03:37) - Government Employee Buyout Offer Update
(09:24) - Undergraduate Accounting Enrollment Surge
(12:38) - Illinois Proposes New CPA Pathways
(14:25) - Elon Musk and IRS Direct File Controversy
(18:16) - Doge's Access to Treasury Systems
(26:53) - Tax Exemption on Tips: A Double-Edged Sword
(30:19) - The Hidden Costs of Automation
(38:03) - AI in Accounting: Current Innovations
(47:03) - BDO Lawsuit: Inflated Revenues and ESOP
(50:57) - Closing Remarks and Announcements
Show NotesComing soon!Need CPE?Get CPE for listening to podcasts with Earmark: https://earmarkcpe.comSubscribe to the Earmark Podcast: https://podcast.earmarkcpe.comGet in TouchThanks 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.SponsorshipsAre you interested in sponsoring the Cloud Accounting Podcast? For details, read the prospectus.Need Accounting Conference Info? Check out our new website - accountingconferences.comLimited edition shirts, stickers, and other necessitiesTeePublic Store: http://cloudacctpod.link/merchSubscribeApple Podcasts: http://cloudacctpod.link/ApplePodcastsYouTube: https://www.youtube.com/@TheAccountingPodcastSpotify: http://cloudacctpod.link/SpotifyPodchaser: http://cloudacctpod.link/podchaserStitcher: http://cloudacctpod.link/StitcherOvercast: http://cloudacctpod.link/OvercastClassifiedsWant to get the word out about your newsletter, webinar, party, Facebook group, podcast, e-book, job posting, or that fancy Excel macro you just created? Let the listeners of The Accounting Podcast know by running a classified ad. Go here to create your classified ad: https://cloudacctpod.link/RunClassifiedAdTranscriptsThe full transcript for this episode is available by clicking on the Transcript tab at the top of this page
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52:54
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.SponsorsKeeper - http://accountingpodcast.promo/keeperCloud Accountant Staffing - http://accountingpodcast.promo/casBasil - http://accountingpodcast.promo/basilChapters(00:24) - Introduction and Episode Overview
(01:41) - Listener Shoutouts and Engagement
(02:31) - Sports Banter and Mood Check
(03:22) - Live Stream Interaction
(05:11) - TaxDome Data Incident Discussion
(22:24) - White House Buyout Offer for Federal Employees
(31:26) - DeepSeek AI Model and Market Impact
(36:24) - Exploring Perplexity's New DeepSeek R1 Model
(36:58) - Comparing Reasoning Capabilities: R1 vs. ChatGPT
(38:10) - The Google Search Analogy
(39:16) - Concerns Over Unverified Financial Information
(40:32) - Running AI Models on Personal Hardware
(41:00) - Cost Implications for Businesses Using AI
(42:59) - Innovation in Large vs. Small Firms
(45:33) - Reforming the IRS: A New Approach
(48:36) - Addressing the Accountant Labor Shortage
(49:32) - Accounting Trends for 2025
(57:00) - The Role of AI in Accounting Tools
(59:56) - Frustrations with Current Accounting Software
(01:05:33) - Final Thoughts
Show NotesDeepseek R1 Explained by a Retired Microsoft Engineerhttps://www.youtube.com/watch?v=r3TpcHebtxMChina’s DeepSeek AI dethrones ChatGPT on App Store: Here’s what you should knowhttps://www.cnbc.com/2025/01/27/chinas-deepseek-ai-tops-chatgpt-app-store-what-you-should-know.htmlTaxDome reports security incident, says no sensitive data exposedhttps://www.accountingtoday.com/news/taxdome-reports-data-breach Reporting system error official post-mortemhttps://community.taxdome.com/c/resources/reporting-system-incident-official-post-mortem-794aebba-618b-4857-8aab-debca4e644ee TaxDome Post from Caleb Jenkins’ LinkedInhttps://www.linkedin.com/posts/calebjenkins1994_so-taxdome-can-you-tell-us-more-about-activity-7288762022882594816-X9eS?utm_source=share&utm_medium=member_desktopTrump administration offers roughly 2 million federal workers a buyout to resignhttps://www.nbcnews.com/politics/white-house/trump-administration-offer-federal-workers-buyouts-resign-rcna189661Trump suggests sending IRS agents to the borderhttps://www.yahoo.com/news/trump-suggests-sending-irs-agents-233900348.htmlAccounting in 2025: The year ahead in numbershttps://www.accountingtoday.com/list/accounting-in-2025-the-year-ahead-in-numbersTop 10 AI accounting tools every business needs in 2025https://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-superchargedNeed CPE?Get CPE for listening to podcasts with Earmark: https://earmarkcpe.comSubscribe to the Earmark Podcast: https://podcast.earmarkcpe.comGet in TouchThanks 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.SponsorshipsAre you interested in sponsoring the Cloud Accounting Podcast? For details, read the prospectus.Need Accounting Conference Info? Check out our new website - accountingconferences.comLimited edition shirts, stickers, and other necessitiesTeePublic Store: http://cloudacctpod.link/merchSubscribeApple Podcasts: http://cloudacctpod.link/ApplePodcastsYouTube: https://www.youtube.com/@TheAccountingPodcastSpotify: http://cloudacctpod.link/SpotifyPodchaser: http://cloudacctpod.link/podchaserStitcher: http://cloudacctpod.link/StitcherOvercast: http://cloudacctpod.link/OvercastClassifiedsWant to get the word out about your newsletter, webinar, party, Facebook group, podcast, e-book, job posting, or that fancy Excel macro you just created? Let the listeners of The Accounting Podcast know by running a classified ad. Go here to create your classified ad: https://cloudacctpod.link/RunClassifiedAdTranscriptsThe full transcript for this episode is available by clicking on the Transcript tab at the top of this page
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1:12:38
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.SponsorsRelay - http://accountingpodcast.promo/relayKeeper - http://accountingpodcast.promo/keeperTaxBandits - http://accountingpodcast.promo/taxbanditsBasil - http://accountingpodcast.promo/basilChapters(00:48) - Trump's TikTok Saga
(03:35) - Live Stream and CPE Credits
(04:48) - Trump's Cryptocurrency Launch
(06:54) - Sage AI Data Leak Incident
(12:27) - Relay Sponsorship and Banking Solutions
(14:13) - Trump's Cryptocurrency Impact
(28:06) - Direct File and IRS Developments
(32:45) - KPMG Enters Legal Services
(38:51) - Tax Bandits: Streamlining Your Tax Season
(39:50) - Legal Document Automation with AI
(41:04) - South Carolina's $1.8 Billion Accounting Error
(45:56) - Trump's External Revenue Service Proposal
(49:54) - Chinese Hackers Breach U.S. Treasury
(56:51) - FDIC Sues Silicon Valley Bank Executives
(01:04:39) - American Express Settles for $230 Million Over Bad Tax Advice
(01:08:28) - Testing Google's Gemini Advanced for Tax Research
(01:12:17) - Earn Free CPE Credits with Earmark
(01:14:22) - Conclusion and Live Stream Announcement
Show NotesTikTok 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 Landscapehttps://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 seasonhttps://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 misbehaviorhttps://www.theregister.com/2025/01/20/sage_copilot_data_issue/ FDIC sues 17 former Silicon Valley Bank executives over collapesehttps://www.cnn.com/2025/01/16/business/fdic-sues-svb-executives-directors-intl-hnk/index.htmlFDIC sues former SVB execs over bank closurehttps://bankingjournal.aba.com/2025/01/fdic-sues-former-svb-execs-over-bank-closure/ SoftBank-Backed Fish Firm Allegedly Faked Most of Its Saleshttps://finance.yahoo.com/news/softbank-backed-fish-startup-allegedly-141253969.html American Express to pay $230 million to settle US charges over deceptive sales practiceshttps://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 Typhoonhttps://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 errorhttps://www.wistv.com/2025/01/23/sc-auditor-resigns-after-outside-audit-found-18-billion-surplus-was-actually-an-accounting-error/Need CPE?Get CPE for listening to podcasts with Earmark: https://earmarkcpe.comSubscribe to the Earmark Podcast: https://podcast.earmarkcpe.comGet in TouchThanks 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.SponsorshipsAre you interested in sponsoring the Cloud Accounting Podcast? For details, read the prospectus.Need Accounting Conference Info? Check out our new website - accountingconferences.comLimited edition shirts, stickers, and other necessitiesTeePublic Store: http://cloudacctpod.link/merchSubscribeApple Podcasts: http://cloudacctpod.link/ApplePodcastsYouTube: https://www.youtube.com/@TheAccountingPodcastSpotify: http://cloudacctpod.link/SpotifyPodchaser: http://cloudacctpod.link/podchaserStitcher: http://cloudacctpod.link/StitcherOvercast: http://cloudacc...
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1:15:20
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.SponsorsTaxBandits - http://accountingpodcast.promo/taxbanditsRelay - http://accountingpodcast.promo/relayBoomTax - http://accountingpodcast.promo/boomtaxBasil - http://accountingpodcast.promo/basilChapters(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 NotesAI Has Venture Investors Excited About (Yes) Accounting Firmshttps://www.wsj.com/articles/ai-has-venture-investors-excited-about-yes-accounting-firms-3b9b3226Bench Accounting, Inc. and 10Sheet Services, Inc. https://www.ksvadvisory.com/experience/case/bench JPMorgan tells all its employees they must return to office full-timehttps://finance.yahoo.com/news/jpmorgan-tells-employees-must-return-140000800.html Work From Home Policies and Practiceshttps://pearlmeyer.com/insights-and-research/research-report/work-from-home-policies-and-practices Workplace Policies and Pay Transparencyhttps://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 Easierhttps://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 rateshttps://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 Violationshttps://pcaobus.org/news-events/news-releases/news-release-detail/imposing-a--500-000-fine--pcaob-sanctions-baker-tilly-us--llp-for-quality-control-violationsNeed CPE?Get CPE for listening to podcasts with Earmark: https://earmarkcpe.comSubscribe to the Earmark Podcast: https://podcast.earmarkcpe.comGet in TouchThanks 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.SponsorshipsAre you interested in sponsoring the Cloud Accounting Podcast? For details, read the prospectus.Need Accounting Conference Info? Check out our new website - accountingconferences.comLimited edition shirts, stickers, and other necessitiesTeePublic Store: http://cloudacctpod.link/merchSubscribeApple Podcasts: http://cloudacctpod.link/ApplePodcastsYouTube: https://www.youtube.com/@TheAccountingPodcastSpotify: http://cloudacctpod.link/SpotifyPodchaser: http://cloudacctpod.link/podchaserStitcher: http://cloudacctpod.link/StitcherOvercast: http://cloudacctpod.link/OvercastClassifiedsWant to get the word out about your newsletter, webinar, party, Facebook group, podcast, e-book, job posting, or that fancy Excel macro you just created? Let the listeners of The Accounting Podcast know by running a classified ad. Go here to create your classified ad: https://cloudacctpod.link/RunClassifiedAdTranscriptsThe full transcript for this episode is available by clicking on the Transcript tab at the top of this page
The Accounting Podcast (formerly the Cloud Accounting Podcast) is the world's #1 accounting, bookkeeping, and tax podcast! Join us weekly for a roundup of accounting news, analysis, and interviews. Plus, earn free NASBA-approved CPE credits for listening with the Earmark app. Learn more at https://earmarkcpe.com.
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