In this episode, we've got more PPP news, including the debate over accounting firms paying back PPP loans, the elusive and nonexistent deal on federal unemployment benefits, and how one Florida Man buys a Lambo with fraudulent PPP money to ease his pandemic burdens. In other news, we've got updates from Xero, FreshBooks, YayPay, Gusto, and big news from Intuit about their latest product, QuickBooks Cash. We'll also talk about Shopify's revenue nearly doubling, Enova's slated acquisition of OnDeck, Monzo's losses in the UK, and much more!
There's a lot to cover in this episode. We'll talk about McConnell’s stimulus waiting game becoming a race against clock, and just what Democrats and Republicans want in the next coronavirus relief package, and what Arizona's tenuous coronavirus plateau could teach us. We'll also focus on the demise of ScaleFactor, from the employees' perspective, talk about all the rescues ruining capitalism, and Modern Monetary Theory, and explore the reasons why the AICPA created a forgiveness tool for the masses. All this and more! Grab a LOT of snacks!
Faulty data collection raises questions about Trump’s claims on PPP program; New York City didn't get its fair share of PPP loans, says comptroller; Accountants predict 2020 will be worst year for economy since World War II; A surprising number of S&P 500 companies pull guidance; Under stress, accountants turn to technology to get through the pandemic; Firms commit to remote work; U.K. orders Big Four to separate audit practices (but not really) by 2024; and Zoom gets into the hardware game with an all-in-one home communications device for $599.
Much of the Paycheck Protection Program loan data is now public — Let the PPP shaming begin! Big banks pledge to donate PPP profits; Trump's tax returns may eventually become public, but not before the election; AICPA urges IRS to waive failure to file and late fee penalties; big jumps seen in tax prep fees; Turbo Tax Sucks Ass (according to Hasan Minhaj); What's new with Xero; Venmo releases business profiles feature; and more!
In today's episode, we're talking about how the IRS refuses to postpone the July 15 deadline, and why the AICPA won't argue the point, despite a survey of members finding that a plurality want another delay. In other news, Wirecard's COO is on the lam while the spotlight falls on auditor Ernst & Young; tax audits fall dramatically as coronavirus cripples the IRS, and millionaires face a near-zero chance of an audit. We'll also get into the Senate's extension of the PPP, and one estimate of PPP fraud exceeds $1 billion. All this, and more! Grab snacks!
We're covering lots of ground in this episode, with news about how ScaleFactor, the "accounting firm with software engineers" that raised $100 million from A-list venture capital firms, is abruptly shutting down, and how Wirecard's future in doubt after revealing missing $2.1B; Wirecard's CEO, Markus Braun, is arrested, and why EY failed to ask Wirecard for bank statements for three years. We'll also examine NASDAQ's suspension of trading of Luckin Coffee after its massive fraud. In other news, GE swaps KPMG for Deloitte, the SBA has exempted lawmakers, and federal officials from ethics rules for the Paycheck Protection Program, PPP recipients can now apply early for forgiveness, and the Treasury sent more than one million coronavirus stimulus payments to dead people. We've got app news, including how Intuit changed its tech development focus, while laying of 715, and much more!
In this episode, we dig into two massive, recent frauds: Luckin Coffee of China, and WireCard of Europe. We're continuing coverage of the Paycheck Protection Program, and talking about how the IRS is bringing employees back to the office (but not Tax Court). In other news, Receipt Bank acquires Xavier, a Toronto accounting firm gets hit by ransomware, and more!
Today, we're talking about how Wave releases small business banking features bundled with their accounting software, but it turns out QuickBooks already quietly launched a similar feature. Then, we'll dive into how some businesses hit by coronavirus are now being hit by holdbacks from their payment processors; and though CPA firms and societies are pledging to change following Black Lives Matter protests, will things actually change? We've got more on the PPP front, with Kudlow and Mnuchin walking back promises of transparency for the Paycheck Protection Program (PPP), how Senate Democrats are pressing for a simplified PPP forgiveness process. In other news, FreshBooks launches its Accounting Professionals Program, and much more!
In this episode, we're talking about how tax policy impacts social policy, how the U.S. PwC chief details "plan" to combat racism — is it just more talk? Also, after 50 years, there's still little progress for Black accountants. What should we make of the jobs report? CPA execs have a bleaker outlook thanks to coronavirus. In other news, Zoom crushes quarterly earnings estimates but Microsoft has taken notice, PPP forgiveness rules are eased by Congress, and which banking groups are calling for PPP forgiveness. We'll also touch on three ways to get the most out of Microsoft Teams, how Xero delays price increases and releases new business and cash flow dashboards, and more!
Uber tries the EBITDAC maneuver with its latest numbers, adding back expenses due to coronavirus; a case study of a firm that grew 15% during the last recession — what accounting firms today can learn from Grassi & Co.; the House passes a bill loosening the restrictions on PPP money for small businesses; despite working more hours, professionals say they prefer to continue working from home after the pandemic is over; Deloitte plans to lay off 5% of staff, and more.
We kick things off with an analysis of Intuit, Xero, and Sage earnings announcements, plus a roundup of new cloud accounting app features, and a new blockchain app from Grant Thornton. Then we return to the PPP with the latest guidance from the SBA. Plus: How Deloitte is (apparently) screwing up the UK effort to make more PPE for its national healthcare system, and what Congress going remote means for the future of working from home.
A reality star has been charged with fraud for using his $2 million PPP loan to buy a Rolls Royce and bling! We're back with more news about the latest PPP guidance, plus the impact of COVID-19 on accounting jobs, some follow-up on MyPayrollHR, and Senator Burr's alleged insider trading scandal.
Could the tax deadline get extended again? The White House is considering it! Also, demand for the Paycheck Protection Program among small businesses has suddenly cooled, in part due to worries about bad PR and potential issues with loan forgiveness. We've got a survey of accountants showing how firms are handling coronavirus. Furthermore, the SBA has halted new applications for EIDL loans and is capping the amount at a fraction of the former max, the IRS is asking people to send back stimulus checks mailed to dead people, and more.
Before it could even get started, round two of the Paycheck Protection Program (PPP) ran into problems with the SBA website failing to handle the deluge of applications from banks both big and small. The blame game intensifies, with private schools joining public companies on Sec. Mnuchin's naughty list. Meanwhile, the Justice Department is launching an investigation of possible PPP application fraud, and the IRS decided that PPP loan-related expenses will NOT qualify for tax deductions. Finally, the AICPA urges PPP loan forgiveness guidance and makes recommendations, and we've got a survey of small businesses showing how the PPP is working out for them.
Mike Whitmire of FloQast joins the show to preview his new book for accountants, "Controller's Code: The Secret Formula to a Successful Career in Finance". We discuss how accounting teams are holding up in quarantine, why so many first-time controllers struggle in the job, how the role of the controller has changed, how technology continues to change the job, how controllers can be more forward looking, and where we're headed as a profession.
In this episode, we cover a survey that shows the impact of COVID-19 on the accounting profession, why the second installment of Paycheck Protection Program money may already be spoken for, how federal CARES Act unemployment benefits are ruining PPP, and a half decade of SBA security lapses. We'll also talk about resources to track PPP loan forgiveness, how having a digital currency could spare us all of this stimulus payments pain, and how to decide who to let go.
On Thursday the U.S. Treasury announced that the SBA's Paycheck Protection Program had run out of money. Now Republicans and Democrats are squabbling about whether or not to add more money to the pot. But perhaps first we should ask, what did the first $349 billion get us, anyway? Then, we dive into the what-ifs, and discuss better ways to spend trillions of dollars on our country. Plus, we find some other things to talk about, like the latest accounting firm layoffs, some new news from Plaid, Tiller Money, and more!
Erik Asgeirsson, CEO at CPA.com, and Mark Koziel, EVP of Firm Services at the AICPA, join the show for an episode all about the Small Business Administration's Paycheck Protection Program (PPP), which was created by the CARES Act two weeks ago to help small businesses pay their employees through the COVID-19 pandemic. We ask: Is the PPP working? How much of the PPP's $349 billion has actually been disbursed? What is the AICPA doing to support accounting pros struggling through this difficult time? Why didn't Congress go with the AICPA's plan to use payroll processors to distribute funds? What's up with banks not paying agent fees, and much more.
Heather Smith, chartered accountant and host of the Cloud Stories podcast, "calls in" to the show and gives us an update on what's going on with coronavirus / COVID-19 in Australia. We'd love to hear how you're doing, too! Call our listener voicemail box at (202) 695-1040. Leave a message! We'll definitely listen, and we might even play it on the air.
There's nothing fast about the consumer, corporate, and small business protections that have been created to get us through the COVID-19 pandemic. We're covering a lot, including problems with the SBA Paycheck Protection Program (PPP); how the IRS can only print 5 million checks per week; and what makes Mnuchin's direct deposit website a fraud paradise. Then we'll touch on how fintech lenders are cutting credit with zero warning, WeWork's further troubles, accounting-industry layoffs, and how Lime screwed up laying off hundreds of employees. In addition, we'll check out what Intuit and other tech companies are doing to help small business, why some states have yet to get the COVID-19 memo when it comes to tax deadlines, and how David nearly got phished!
Michael Ly and Sabrina Parsons joined David and Blake to explain the Small Business Administration's Economic Injury Disaster Loan (EIDL) and Paycheck Protection Program (PPP). Michael Ly, is the founder of Reconciled, a remote bookkeeping firm that is currently advising and helping hundreds of small business clients navigate both EIDL and PPP loans. Sabrina Parsons, who is on the board of directors at an SBA lender, Oregon Pacific Bank, has been actively communicating with both the SBA, and the Small Business Development Center (SBDC) this week.
We ask: When will things go back to normal? Blake has some ideas thanks to a spreadsheet and some polls of experts • The founder of Paychex worries that "keeping the economy closed as it is could be worse than losing a few more people." • The AICPA has an idea to use payroll processors to distribute economic relief to SMBs • Why its unlikely that stimulus checks will actually go out in 3 weeks as promised • COVID-19 resources for accountants • Boston area CPA still making house calls • IRS shuts down practitioner priority line • Why you should ignore the "economic doom" numbers • Revolut launches in the US • Square gets a bank charter • How the Digital Dollar almost got snuck into the stimulus bill • The value of Zoom Happy Hours
We're joined by tax expert, tax attorney, author, and Forbes columnist Kelly Phillips Erb AKA @taxgirl. Kelly gives us the rundown of what's been going on in Congress with tax deadline extensions, small business relief due to coronavirus, and more. We also discuss the Senate stock sale scandal, potential job losses in accounting due to the recession we have almost certainly entered, accounting firms going remote, the challenges of remote work, and how we can more effectively communicate clients about COVID-19.
Congratulations to Practice Ignition's Top 50 Women in Accounting 2019! Also, the union representing IRS workers is concerned about the agency's coronavirus response, the impact of Covid-19 on remote work, Icahn is shorting commercial office space, tech tools for virtual accounting firms, a Turbotax phishing scam, GE is considering kicking KPMG to the curb, how much CPAs make, ways women can overcome CPA firm gender imbalance, follow-up to the Wells Fargo fake accounts scandal, and Amazon is opening bigger cashless stores.
BREAKING NEWS: David and Blake record a special episode to make sense of the rapidly changing coronavirus and COVID-19 news impacting the accounting industry.
We cover a lot of ground in this episode, starting off with what companies are disclosing about coronavirus risks. Then, we touch on the Wells Fargo fake accounts scandal, how Shark Tank 'Shark' Barbara Corcoran got her $400,000 back from scammers, and explore the LendingClub purchase of Radius Bank for $185 million - the first fintech takeover of a regulated US bank. In other news, there's the Robinhood outage, NetSuite's adaptation of bank feeds, Sage's departure from Latin America, and the closing of legal startup Atrium. What's more, we examine Deloitte's new VR platform, why QuickBooks Connect London is cancelled, and how the IRS expects to audit more wealthy taxpayers. Not last, and definitely not least, we explore the reasons why women leave accounting firms, what we can do about it, and more!
We've got a lot of news to keep you occupied this week, including how Shark Tank host, Barbara Corcoran, lost $400K due to invoice scam; Intuit's Q2 Earnings call & plans for Credit Karma; and how high housing costs contribute to the growth of remote work. We'll talk about Intuit partnering with Karbon for practice management, Revolut's plans to revolutionize banking in the United States, the best online banks for businesses, and what's new with QuickBooks Online. Then, we'll cover Pilot's new CFO services, the Drake Hosted outage, IRS confusion regarding virtual currency, how AI is coming for tax evaders, and the AICPA's thoughts on climate change.
We kick things off with the breaking news that Intuit is expected to acquire Credit Karma for $7 billion. Meanwhile, the Nevada Democrats used spreadsheets to caucus without a hitch, Bloomberg and the Democratic Primary debate becomes an advertisement for TurboTax, Warren Buffet again decries the 2018 mark-to-market accounting rule, another ransomware attack puts patient data at risk, plus follow up on the value of the PCAOB ( Public Company Accounting Oversight Board), a congressman who is taking on FASB, a new UX for QuickBooks Online, and more!
With Valentine's Day 2020 on the books, we're sharing the love with a wealth of news, including how the Trump Administration wants to kill the PCAOB — and we agree; how the ransomware industry is growing at startup pace; the latest trends in remote work; and why the UK is the next cloud accounting battleground. We'll also examine seven reasons to date a finance pro, Rhode Island's 1040 form emojis, updates from Xero, FreshBooks, Kashoo, Joust, and Receipt Bank. Wrapping things up, we've got updates on MyPayroll HR, news about an unfortunate phishing scam that hit the Puerto Rican government, and why people don't feel like leaving their hearts (or their companies) in San Francisco any more.
In this episode: How Intuit plans to recruit QuickBooks Live bookkeepers inside of QBO (could they be coming after your staff?); Chase's WePay could turn into a general ledger app; the MyPayroll HR bank gets sued; AICPA CEO Melancon says CPA licensing is under threat, but is it, really? And more!
David traveled into the future to retrieve the earworm from the TurboTax Super Bowl commercial and subject us all to its terrors. Meanwhile, here in the now, we're talking about how CCH tops tax software, the AICPA backs legislation to present report on nation’s economic health, and Warren Buffett's theory that complex accounting is a warning sign. We'll also dig into the reasons why fewer CPAs are becoming CFOs, Teller's $4M raise to take on Plaid, what happened with the Summit Hosting ransomware attack, and much more
We've got as full agenda of stupid financial, accounting, and digital tricks on today's episode, including how Google manipulates search results to trick you into clicking on ads, why goodwill is sparking division, KPMG's unveiling of a less-than-brilliant $450 million tech training center, and how audit fees continue to rise. We'll examine what CPAs should know about "tax zapper" software, how a former Wells Fargo CEO has been banned from banking, and share some updates on the continued fallout from the MyPayrollHR debacle, as Cachet Financial Services files for bankruptcy. Because that's not enough, we also explore the Pentagon's $35 trillion in accounting adjustments over a single year, how New Orleans is still suffering after malware attack, and why Mint budgeting software sucks. We'll also take a look at a new "Digital Dollar" project, and talk about Seattle's testing of mobile voting, and more!
Grab a snack, there's a lot to talk about in this episode! We talk about Visa's acquisition of Plaid, how Intuit has made ChronoBooks exclusive to QuickBooks Online Advanced, and Expensify's newest release - Karma Points. We'll also dig into the reasons why FASB is the villain, more consequences of California's Consumer Privacy Act, along with why email is the biggest threat to small business, how even more elaborate frauds are swindling big business, and check fraud. There's discussion about Walmart's attempt at warehouse automation, and why the "Buffet Indicator" may be a fairly reliable warning sign that the stock market is headed for another big crash.
It's Tax Season! In this episode, we talk about how much tax cheaters really cost everyone else, some IRS Free File updates, dealing with 1099s and how tax season might actually be the best time to boost your firm's business. We also examine a survey from AccountingWEB about implementing tech and advisory services, how Facebook lost its own employee data, Chase's directive to ban screen scraping, and the during and aftermath of the Thomson Reuters Virtual Office outage. All this and more cloud accounting news you need to know!
It's January and you know what that means... Everyone is making predictions! We cover the best and worst predictions for the profession, and make some of our own. In this episode: Accountex USA is no more, what's next for blockchain, what's next for gadgets, what Millennials want from your firm, accounting trends that will shape 2020, critical issues facing the profession, what regulators are up to in accounting, AI predictions, creepy applications that will change your business, and how big tech is coming for fintech.
We dive deep into two laws that took effect January 1: 1) California's Consumer Privacy Act and 2) AB-5, which reclassifies many independent contractors as employees. Even if you aren't based in California, these laws could affect you or your firm, especially if you do business or employ California residents. Also, Moss Adams reported a data breach, Receipt Bank raised $73 million, Google has developed an AI system that can match or outperform radiologists, how to keep your customers for a decade or longer, small businesses are generally getting hosed by terrible interest rates on business loans, what's up at FASB, and how much it should cost to run finance as a percentage of revenue.
We look back from the end of 2019 all the way to 2009 — a decade in which technology changed our lives and the accounting profession. Listen for what worked, as well as the tech predictions from the 2010s that aged badly. QR codes, anyone? Also, hear the new Ghostbusters-themed QuickBooks Live commercial, stories about businesses adapting to life in a post-Wayfair sales tax world, what's new with cloud computing accounting rules, how much firms are spending on tech vs. marketing, and what firm leaders can learn from Old Navy.
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