AccountingWEB Live #5: Marketing that Works w/ Lee Frederiksen

We're celebrating surpassing 10,000 YouTube subscribers! Thank you! Blake and David look into H&R Block's new reality show about teaching people life skills like doing their taxes. They also talk about workflow automation challenges for accounting firms, how the IRS is contacting wealthy non-filers, and the Trump Organization CFO pleading guilty to perjury. They also break down the SEC's extensive new climate disclosure rules and the job opportunities this could create for accountants.

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• (03:04) - H&R Block is creating a reality TV show
• (08:51) - WSJ Op-Ed says IRS agents shouldn't work from home
• (12:21) - The Accountant 2 gets a big tax credit
• (14:42) - South Carolina finds $2 billion in bank account
• (20:49) - Bloomberg article on the lack of accountants
• (23:18) - Regional banks in trouble?
• (27:00) - Lyft being sued by their shareholders
• (29:39) - Is bad workflow automation the cause of bad work/life balances?
• (37:42) - CPA Trendlines: "Which Niche is the Best Niche?"
• (46:28) - TurboTax and H&R Block are using AI giving awful tax advice
• (50:12) - Blake shares new SEC rule's GPT he made
• (53:19) - AI and data privacy concerns
• (55:48) - Can AI predict when you'll die?
• (01:01:37) - Former Trump CFO Allen Weisselberg pleads guilty to perjury
• (01:03:56) - Thanks for listening and remember to subscribe

Show Notes

2024 Report: The State of Accounting Workflow Automation

https://financial-cents.com/resources/articles/2024-report-state-of-accounting-workflow-automation/

Gartner Survey Shows That a Third of Accountants Make Several Financial Errors Per Week due to Capacity Constraints       

https://www.gartner.com/en/newsroom/press-releases/2024-02-21-gartner-survey-shows-that-a-third-of-accountants-make-several-error-per-weeo-due-to-capacity-constraints

The U.S. is short 340,000 accountants-just look at the wave of earnings report mistakes

https://fortune.com/2024/03/01/accounting-shortage-earnings-report-mistakes/

Intuit, H&R Block tax AIs critiqued on accuracy

https://www.accountingtoday.com/news/intuit-h-r-block-tax-ais-critiqued-on-accuracy-of-answers-many-inaccurate

SC accounting error gets renewed focus over $1.8B sitting in state bank account

https://www.southcarolinapublicradio.org/sc-news/2024-03-05/legis-treasurermoney

Ex-Trump Org CFO Pleads Guilty to Perjury in Fraud Case

https://www.cpapracticeadvisor.com/2024/03/05/ex-trump-org-cfo-pleads-guilty-to-perjury-in-fraud-case/102306/

H&R Block to Release Short Format Comedy Streaming Series, “Responsibility Island”

https://www.cpapracticeadvisor.com/2024/02/29/hr-block-to-release-short-format-comedy-streaming-series-responsibility-island/102172/

Federal court holds Corporate Transparency Act unconstitutional

https://www.journalofaccountancy.com/news/2024/mar/federal-court-holds-corporate-transparency-act-unconstitutional.html

Lyft earnings report error prompts shareholder lawsuit              

https://finance.yahoo.com/news/lyft-earnings-report-error-prompts-150849490.html

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Blake and David meet with Chris Vanover, President of CPAClub, about the recent $2 million PCAOB fine against Withum for poor audit quality on many 2021 SPAC audits. They examine Withum's 500% increase in audits with minimal staff growth, leading to overworked teams and partners working 100+ hour weeks. They also debate whether the fines are large enough to change behavior or just a cost of doing business.

Meet Our Guest, Chris Vanover

LinkedIn: https://www.linkedin.com/in/chrisvcpa/

Learn more about CPAClub

Website: https://cpaclub.cpa/

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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

Fast food chain Wendy's considers demand pricing – should your firm, too? We discuss the potential for surge pricing tax returns to smooth workload and raise revenue. We also dive into new AI-powered accounting productivity tools from Sage and Xero, Zoho's $5 per user practice management suite, and analyze the results of our listener survey.

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• (06:40) - What can accountants learn and try in pricing?
• (13:59) - The IRS debuts free file system
• (26:47) - Xero announces their AI tool JAX
• (34:12) - QuickBooks new offering, Solopreneur
• (40:11) - Zoho is getting into practice management
• (44:52) - FTC goes after H&R Block over free filing claims
• (47:15) - Can AI teach accounting?
• (55:41) - TAP Listener Survey results
• (01:00:40) - Blake asks AI to generate an image of the average listener
• (01:05:09) - Thanks for listening and remember to subscribe

Show Notes

Just Ask Xero | Xero US
 

Introduction to QuickBooks Solopreneur (intuit.com)

Practice software features for businesses | Zoho practice

FTC alleges H&R Block deleted customer tax data, used deceptive advertising             

IRS Direct File free tax system moves into public test phase

Intuit introduces QuickBooks Solopreneur for one-person businesses

Intuit Introduces QuickBooks Solopreneur, an Easy-to-Use Financial Tool Built for One-Person Businesses   

H&R Block’s online tax prep tricked customers into paying more money, FTC claims

AI will 'change nature' of accounting, says Sage boss   

Sage launches generative AI copilot assistant for SME accounting

H&R Block ‘Data Wiping’ and Upgrade Policies Harm Taxpayers, FTC Says

Expert Examines AI's Role in Accounting Education      

Sage Intacct Unveils New Features to Streamline Operations and Boost Productivity

Zoho dives into practice management with Zoho Practice

Xero's AI Leap: Unveiling 'Just Ask Xero' to Revolutionize Small Business Accounting

How GenAI will shape the future for our customers      

IRS reopens Direct File testing after pause

Study: ChatGPT Won’t Be Replacing Accounting Professors In the Near Future

ChatGPT in Education: Study Reveals Utility and Limits in Financial Accounting Learning

Xero wants to use AI to help your SMB solve all its accounting woes

Wendys surge pricing ai backlash internet        

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Aaron Harris joins Blake and David to discuss Sage's new AI offering, Sage Copilot, which brings generative intelligence into Sage Intacct to eliminate routine accounting work. They discuss specific use cases Copilot handles, like chasing people for approvals/documents, drafting emails, and answering ad hoc questions without running reports. Aaron also shares his perspective on AI’s impact on the accounting profession and why increased automation will make human review and trust even more essential.

Meet Our Guest, Aaron Harris, CTO, Sage

LinkedIn: https://www.linkedin.com/in/aaron-harris-7407b2/
Twitter: https://twitter.com/i/flow/login?redirect_after_login=%2FAaronRHarris

Learn more about Sage
http://www.sage.com

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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 the Lyft financial typo that sent its stock price soaring. They also examine how AI-powered help desks and customer service are improving efficiency by 10-20%, and look at some alternatives to the pesky 150-hour rule. Other news includes the future of commercial real estate taxes, the use of AI tools to monitor employee communications, and how the IRS plans to collect over $500 billion more in owed taxes.

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• (00:39) - David asks Blake to guess the profession
• (07:25) - Lyft's earnings report typo
• (14:36) - Trump found guilty!
• (23:08) - The City of Boston could lose over $1 billion from commercial real estate taxes
• (29:24) - How are some companies using generative AI to improve their businesses?
• (37:11) - Companies using AI to monitor employee messaging
• (40:20) - New Jersey CPA Society talks 150-hour rule
• (52:21) - The IRS is collecting $500 billion more in taxes
• (54:04) - Thanks for listening, leave us a review and Earn Free CPE

Show Notes

How Walmart, Delta, Chevron and Starbucks are using AI to monitor employee messages

Lyft's Extra Zero Puts Focus on Corporate Controls: Explained

$1,741 Is the Average Tax Refund So Far, IRS Says

IRS aims to close 'inequity gap' for unpaid taxes. How the agency targets top earners for audit

As A New Tax Filing Season Kicks Off, We Look at the IRS Efforts to Improve Customer Service and the Audits of Two Very Different Kinds of Taxpayers               

Trump civil fraud case: Judge fines Trump $354 million, says frauds 'shock the conscience'                

How WeWork became the largest tenant in Boston           

In biggest office lease of the year, Deloitte plans move to Winthrop Center             

Lyft CEO addresses major typo in earnings report 

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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 meet with Geoffrey Brown of the Illinois CPA Society to examine some key findings from ICPAS's recent retention report, including top reasons for turnover, where departing accountants are going, and ideas for improving work-life balance.

Meet Our Guest, Geoffrey Brown

LinkedIn: https://www.linkedin.com/in/geoffrey-brown-cae-9039484/
Twitter: https://twitter.com/IllinoisCPA
Facebook: https://www.facebook.com/ICPAS
Instagram: https://www.instagram.com/illinoiscpasociety/

Learn more about the Illinois CPA Society (ICPAS)

Website: https://www.icpas.org/

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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 break down the IRS's $99 million paper-check limit, how states use tax credits to attract movie productions (sometimes unsuccessfully) and give their take on actor Kenan Thompson losing $1.5 million to fraud as a child. They also cover couples arguing over finances, AI answering tax questions in California, accounting rules hiding commercial real estate loan losses on bank balance sheets, and the lack of action from accounting standards boards to change these rules.

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• (00:40) - What's the largest check you can write to the IRS?
• (05:38) - Jeff Bezos could be saving $600 million from moving to Florida
• (14:44) - Why movie studios are throwing out projects for tax breaks
• (20:54) - Keenan Thompson's accountant stole $1.5 million from him
• (26:18) - How much of relationship problems are finance-related?
• (31:29) - California plans to use AI to help answer people's tax questions
• (35:42) - PwC UK boss says AI is why workers should be in the office
• (40:36) - Silicon Valley Bank collapse follow-up and why it could happen again
• (51:00) - Thanks for listening and check out the Unofficial Quickbooks Accountants Podcast

Show Notes

Warner Bros.' Disgusting Accounting Trick May Find an Opponent in the U.S. Government

IRS Seeks More Than $1 Billion From SVB for Taxes

IRS sues FDIC to get $1.45B in SVB back taxes       

Mayweather’s $18 Million Check To The IRS Packs A Punch, But Is Under The $100 Million Weight Limit

California plans to use AI to answer your tax questions

Jeff Bezos will save over $600 million in taxes by moving to Miami

The Indicator from Planet Money : NPR  

Mayweather’s $18 Million Check To The IRS Packs A Punch,
But Is Under The $100 Million Weight Limit

Jeff Bezos reaps Florida tax benefit with $4B Amazon
share sale

Young staff need to be in the office because of AI, says
PwC's UK boss | Accounting Today

Money is the Biggest Relationship Hurdle for 1 in 4
Couples, Survey Reveals - CPA Practice Advisor

Kenan Thompson Reveals a Crooked Accountant Stole $1.5
Million From Him During His Nickelodeon Days | Video

When accountants attack: why Netflix is cancelling Halle
Berry’s new sci-fi movie

Ben Affleck Reportedly Filming The Accountant 2 This Year

FASB Won’t Consider Changes in Securities Accounting
After Bank Failures - WSJ

New York Community Bank’s Commercial Real Estate Loan
Problem May Be Isolated, Experts Say

Banking Crisis Plays Out at America’s Smallest Lenders

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• Overcast:...

Blake and David talk with Chayton Farlee, an accounting student at the University of the Pacific, about his journey into accounting and his thoughts on the profession. They discuss his inspiring path from cleaning carpets during the pandemic to pursuing his CPA and CMA, the disconnect many students feel between accounting theory and real-world application, the importance of bookkeeping skills, and considerations around starting his career at a Big Four firm or a smaller, more lifestyle-friendly firm.

Meet Our Guest, Chayton Farlee

LinkedIn: https://www.linkedin.com/in/chaytonfarlee/

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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 a wealth of timely topics, including the risks of filing taxes electronically versus by mail, the impact of the 150-hour rule on diversity in the accounting profession, and how major accounting firms are turning to private equity funding to accelerate growth. They also explore news from the artificial intelligence space, including Google's unveiling of Gemini, as well as ADP's new AI assistant, and examine how deepfake video calls enabled the theft of $25 million.

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• (00:29) - Welcome to the show
• (03:24) - Finance worker pays $25 million after video call with a deep fake of company CFO
• (08:54) - Is QuickBook taking tax accountants' jobs?
• (16:23) - Three AI accounting startups raise money funding round
• (25:14) - Baker Tilly is now private-equity-owned
• (27:32) - How much do the Big 4 spend on lobbying?
• (31:52) - The Wall Street Journal's terrible opinion piece of E-filing
• (38:25) - 13 states are suing the IRS for direct file system
• (40:15) - MIT study on effects of 150-hour rule
• (46:28) - Dual licensed CPAs and CMAs earn almost $40k more per year
• (49:17) - Google releases Gemini and is retiring BARD
• (53:33) - ADP launches ADP Assist
• (56:48) - Gemini also now does AI art
• (59:25) - Thanks for listening and please fill out our survey

Show Notes

Finance Employee Defrauded for $25M by Deepfake CFO

Dual Certifications Mean Big Bucks for Accountants - CPA Practice Advisor

Baker Tilly US gets PE investment | Accounting Today

Big Four Lobby Congress on Accounting Pipeline, AI, Crypto

Beware of E-Filing Your Tax Return

QuickBooks Live Tax Update: Understanding QuickBooks customers use of tax prep services

Accounting software startup Pennylane becomes France’s latest unicorn | TechCrunch

Google’s Gemini is now in everything. Here’s how you can try it out.

Accounting body tells members to make annual pledge to be ethical    

Platform Accounting Group gets $85M funding round   

Finally, now with $10M, adds AI for better insight into small business accounting    

AI Will Be Doing More Accounting If Startup Investors Have Their Way    

ADP launches ADP Assist genAI assistant    

Republican attorneys general denounce IRS free file pilot as rival to products like TurboTax    

Higher tax filing costs could take a bite out of your refund    

DataSnipper, startup that uses AI to eliminate some of the ‘dread’ in accounting, is valued at $1 billion in latest funding round    

Platform Accounting Group Secures $85 million in Funding Led by Cynosure Group    

Finally Raises $10 Million to Expand Small Business Automation Solutions    

Finally, the AI-Powered Accounting & Finance Suite, Closes $10M Raise to Propel SMB Growth Forward    

France gains a new unicorn as Pennylane raises €40m    

QuickBooks Live Tax Update     

Beware of E-Filing Your Tax Return    

DataSnipper Raises $100M at $1B Valuation to Empower Auditors with AI    

Big Four Lobby Congress on Accounting Pipeline, AI, Crypto    

Finance worker pays out $25 million after video call with deepfake ‘chief financial officer’    

I'm an Accountant and Here's Why I'd Never File My Taxes Online — Best Life 

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Yoseph West joins Blake and David to examine Relay Financial's background and their ambition to solve banking problems by becoming a bank themselves, designing the ideal user experience, and overcoming regulatory challenges. West also outlines Relay's redesigned accountant partner program, its many benefits, and upcoming features like receipt capture. The discussion turns to best practices for incorporating technology like Relay into accounting practices to solve client problems and the importance of understanding client pain points.

Meet Our Guest, Yoseph West

LinkedIn: https://www.linkedin.com/in/yosephwest/
Twitter: https://twitter.com/bankwithrelay
Facebook: https://www.facebook.com/bankwithrelay
Instagram: https://instagram.com/bankwithrelay

Learn more about the Relay Partner Program: 

https://www.relayfi.com/advisor-partner-program?referralcode=acctpod&utm_source=ab&utm_medium=podcast&utm_campaign=abpartnerprogram

Disclaimer:
Relay is a financial technology company, not an FDIC-insured bank. Banking services and FDIC insurance are provided through Thread Bank; Member FDIC. The Relay Visa® Debit Card is issued by Thread Bank pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa® debit cards are accepted

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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