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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