How To Turn $2,000 Into $5 Billion Tax-Free

In this episode, we dive into the brilliant tax avoidance strategy Peter Thiel used to amass a $5 billion in a Roth IRA so that it will never be taxed, and also examine why Bobby Bonilla's "exit" strategy wasn't so brilliant. We asked, and you answered! We've got voicemail about why accountants chose to not take the CPA path. In acquisitions, VISA bought Tink, and in app news, we've got an overview of QuickBooks Online updates for June, and new accounts receivable management features from Wave, Venmo's updated pricing policies, and more!

Show Notes

1:20 – David is LIVE (well, recorded) from the brand-new Accounting Podcast Network recording studio! Check out our Instagram for a pictorial view -@cloudacctpod 

2:20 – Welcome to all our new listeners from the BKX conference!  
5:45 – SuiteWorld will be back in Las Vegas -
6:15 – Find all the latest, greatest accounting conference news here:
8:10 – How Tech Mogul Peter Thiel Turned a Retirement Account for the Middle Class Into a $5 Billion Tax-Free Piggy Bank — ProPublica
10:25 – ProPublica Tells Only Half the Story on Taxes
11:38 – Antivirus software pioneer John McAfee dies in prison
26:00 - Bobby Bonilla Day

Bobby Bonilla Day: 10 other athletes who are getting big checks from deferred payments 
28:47 – Listener Voicemails – Why I didn’t get a CPA. Thank you, Mr. Three Cents, and Carla (sp?) from Lewisville, TX! 
35:04 – The Accounting Profession Is Running Low on CPAs, But There’s an Obvious (and Completely Ignored) Fix For That
41:13 – Visa Buys Swedish Fintech Tink for More Than $2 Billion
Visa Acquiring Swedish Open Banking Platform Tink
42:31 – What’s new in QuickBooks Online: June 2021
45:20 – H&R Block’s Wave unit plans new AR abilities
47:58 – Announcing the first payroll products built on Check - Check
50:14 – Tech news: FloQast releases request management tool for monthly close, and more
51:40 – Venmo Is About to Get More Expensive for Millions to Use
56:40 – This Bachelor Fan Figured Out Who Won Colton Underwood’s Season With Venmo
57:33 – PwC Restructures for Future of Bots, Post-Covid Advisory Boom
58:29 – Deloitte tells its 20,000 UK employees they can work from home forever

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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