The Accounting Podcast

Raids replaced audits, and guns replaced spreadsheets. Blake and David connect the dots from Minnesota's sprawling public-assistance fraud to a decade of IRS budget cuts and ICE crackdowns. You'll learn why enforcement shifted from prevention to raids, what California's one-time billionaire tax really proposes, how new AICPA rules could hit PE-backed firms, and why a botched audit didn't cost PwC its client, plus one pro tip to level up your Excel game.SponsorsOnPay - http://accountingpodcast.promo/onpayTaxBandits - http://accountingpodcast.promo/taxbanditsUNC - http://accountingpodcast.promo/uncChapters(00:00) - TAP 470 (00:33) - Minnesota Fraud Scandal Overview (03:18) - Historical Context and IRS Budget Cuts (08:34) - IRS and ICE Collaboration Issues (10:39) - Impact of Budget Cuts on Fraud (20:56) - Current Events and Political Reactions (26:17) - California Billionaire Tax Act (27:58) - Billionaire Tax Proposal Discussion (29:01) - Challenges of Implementing Wealth Tax (29:58) - Practical Concerns and Comparisons (34:24) - VRBO's Legal Battle with Michigan (36:46) - Private Equity and CPA Firms (47:17) - UNC Master of Accounting Program (51:11) - Excel World Championships Insights (55:27) - Earmark App for CPE Credits  Show NotesJudge hits pause on IRS sharing taxpayer information with ICE https://www.nbcnews.com/politics/immigration/judge-issues-order-blocking-irs-sharing-taxpayer-information-ice-rcna245262Federal Agents Pepper Spray Protesters During Tucson Taco Giro Raid https://www.themarshallproject.org/2025/12/05/tucson-ice-raid-protests-taco-giroPoll: Nearly Half of Americans Think Their Financial Security Is Worsening https://www.cpapracticeadvisor.com/2025/12/29/poll-nearly-half-of-americans-think-their-financial-security-is-worsening/175587/California Billionaire Tax Act (2026 Billionaire Tax Act - PDF) https://oag.ca.gov/system/files/initiatives/pdfs/25-0024A1%20(Billionaire%20Tax%20).pdfVrbo Parent Company Sues Michigan Over $18.8 Million Tax Bill https://www.cpapracticeadvisor.com/2026/01/02/vrbo-parent-company-sues-michigan-over-18-8-million-tax-bill/175675/AICPA Seeks Comment on Ethics Rules Update for Alternative Practice Structures https://www.aicpa-cima.com/news/article/aicpa-seeks-comment-on-ethics-rules-update-for-alternative-practiceWH Smith asks shareholders to support PwC despite audit error https://www.internationalaccountingbulleteen.com/news/wh-smith-support-pwc-audit-error/I won the Microsoft Excel World Championship. Here's what every office worker should know about Excel. https://www.yahoo.com/lifestyle/articles/won-microsoft-excel-world-championship-093001306.htmlNeed 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 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/OvercastWant 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

Think AI will free you from ‘mundane bookkeeping’ so you can do advisory? Blake and David say it’s the opposite. Hear how owners already use AI as a de facto CFO, why drafting narratives—not matching bank feeds—is the real win, what the ‘AI premium’ means in a billable-hour world, and the two numbers firm owners should track in 2026: monthly recurring revenue and bottom-line profit.SponsorsUNC - http://accountingpodcast.promo/uncOnPay - http://accountingpodcast.promo/onpayTaxBandits - http://accountingpodcast.promo/taxbanditsChapters(01:35) - News Highlights and Sponsor Acknowledgements (03:56) - AI in Small Business Accounting (07:04) - AI's Impact on Accounting Tasks (10:01) - Thought Leader Survey on AI in Accounting (19:56) - AI Premium and Job Automation (25:27) - Survey Answers from Accounting Thought Leaders (25:54) - AI's Role in Strategy and Decision Making (28:24) - Impact of AI on Competitive Landscape (30:50) - AI's Effect on Costs in Accounting Firms (31:54) - AI Replacing Staff Accountants (33:24) - Personal Job Security and AI (41:05) - AI Influencers and Future Experiments (49:24) - Conclusion and CPE Information  Show NotesThese Small-Business Owners Are Putting AI to Good Use https://www.wsj.com/tech/ai/small-business-ai-chatgpt-prompts-0c9a95c4 AI Thought Leaders Survey 2026: Process Predictions https://www.accountingtoday.com/list/ai-thought-leaders-survey-2026-process-predictions Tech Spending Outpacing People Spending as Firms Adopt AI https://www.accountingtoday.com/list/tech-spending-outpacing-people-spending-as-firms-adopt-ai How Much is the 'AI Premium?' https://www.accountingtoday.com/list/how-much-is-the-ai-premium AI Can't Replace Accountants. When Could It? https://www.accountingtoday.com/list/ai-cant-replace-accountants-when-could-it Accounting in 2026: The Year Ahead in Numbers https://www.accountingtoday.com/list/accounting-in-2026-the-year-ahead-in-numbers AI Vending Machine Lost $1,000 to Social Engineering https://www.wsj.com/tech/ai/anthropic-ai-claude-vending-machine-c7baef6f Anthropic's Project Vend Phase 2 https://www.anthropic.com/research/project-vend-2 Trump Commutes Sentence of Private Equity CEO Convicted of Fraud https://www.cnn.com/2025/12/01/politics/david-gentile-trump-pardon Trump Commutes 7-Year Prison Sentence of Former Private Equity CEO David Gentile https://www.nbcnews.com/politics/white-house/trump-commutes-7-year-prison-sentence-former-private-equity-ceo-david-rcna246744 California's Controversial Wealth Tax Proposal Leaves Billionaires With Little Way Out https://www.cnbc.com/2026/01/08/california-wealth-tax-proposal-leaves-billionaires-with-little-way-out.html California Could Impose a Billionaire Tax. Here's How It Would Work https://www.cbsnews.com/news/california-billionaire-tax-ballot-initiative-how-it-works/ New Tax on the Wealth of Billionaires https://lao.ca.gov/BallotAnalysis/Initiative/2025-024Need 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 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/OvercastWant 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

How does $95 million go missing at a bank—and still get a clean audit? Blake and David unpack the Evolve Bank/Synapse meltdown, what auditors missed, and how SOC reports fall short. Plus: the penny shortage pushing cash rounding at the register, the shocking stat that even 29% of partners don’t know partner pay, and the case for semiannual reporting. Walk away with practical takeaways for clients, staff, and your own firm.SponsorsCloud Accountant Staffing - http://accountingpodcast.promo/casOnPay - http://accountingpodcast.promo/onpayChapters(00:44) - The Penny Shortage Crisis (03:52) - Evolve Bank's $95 Million Scandal (17:12) - Earmark CPE and Other Podcast Recommendations (22:00) - Partner Salaries and Compensation Transparency (28:27) - Data Breach at SAX Accounting Firm (33:28) - Semi-Annual Reporting Debate (36:25) - Debating Semi-Annual Reporting (37:38) - Quarterly Reporting Games (38:25) - LinkedIn Comment: The Case for Quarterly Reports (39:11) - The Value of Financial Statements (39:58) - Challenges in Modern Accounting (46:57) - 2026 Accounting Predictions (52:01) - AI's Impact on Bookkeeping (01:09:08) - Closing Thoughts and Farewell  Show NotesSquare Enables Penny Rounding https://squareup.com/us/en/press/penny-rounding CFPB Allocates $46 Million To Synapse/Evolve Victims In First-Ever Fintech Bailout https://fintechbusinessweekly.substack.com/p/cfpb-allocates-46-million-to-synapseevolve The 2025 Accounting Today Salary Survey https://www.accountingtoday.com/list/the-2025-accounting-today-salary-survey The Ultimate 2026 Accounting Salary Guide https://blog.workday.com/en-us/ultimate-2026-accounting-salary-guide.html Deloitte's CTO: companies are spending 93% on tech and only 7% on people and that has to change https://fortune.com/2025/12/15/deloitte-cto-bill-briggs-what-really-scares-ceos-about-ai-human-resources/ Accounting firm waited 18 months to announce breach https://cybernews.com/security/sax-data-breach-quarter-million-exposed/ Should Public Companies Move to Semi-Annual Reporting? https://www.cpajournal.com/2025/12/19/should-public-companies-move-to-semi-annual-reporting/ United States Mint Hosts Historic Ceremonial Strike for Final Production of the Circulating One-Cent Coin https://www.usmint.gov/news/press-releases/united-states-mint-hosts-historic-ceremonial-strike-for-final-production-of-the-circulating-one-cent-coinNeed 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 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

Is private equity turning firms into a 'dumpster fire'? Blake and David unpack Accounting Today's survey showing partners are upbeat while staff are sour on PE. They hit Andersen's $176M IPO, why Big Four ties to Big Tech raise independence questions, and how AI could finally kill the billable hour. Plus, what tax pros really charge in 2025 - and the wild 'Middle Finger Ranch' fraud.SponsorsOnPay - http://accountingpodcast.promo/onpay Cloud Accountant Staffing - http://accountingpodcast.promo/casChapters(00:56) - Private Equity in Accounting Firms (01:51) - Sponsor Message: OnPay Payroll Solutions (04:15) - Arthur Andersen's Legacy and IPO (07:45) - Private Equity Survey Results (21:04) - Big Four and Tech Giants (28:25) - Pricing Models for CAS Engagements (30:22) - Tax Preparers' Fees Breakdown (36:12) - Cloud Accountant Staffing (37:34) - Economic Growth and Consumer Spending (40:26) - Fraud Stories: Middle Finger Ranch and More (43:24) - PCAOB Budget Cuts and Enforcement Actions (52:29) - IRS Readiness for Tax Season (53:43) - Conclusion and Upcoming Topics  Show NotesPE in accounting firms: From 'dumpster fire' to excitementhttps://www.accountingtoday.com/news/pe-in-accounting-firms-from-dumpster-fire-to-excitement Andersen Group Shares Gain 47% After $176 Million US IPOhttps://www.bloomberg.com/news/articles/2025-12-17/andersen-group-shares-jump-34-after-176-million-us-ipo Andersen goes public, hits $2.6B valuationhttps://thefinancestory.com/andersen-group-ipo-2-6b-valuation The Big Four consulting firms are embedded in Big Tech. Here's who audits each of the Magnificent 7 companieshttps://www.businessinsider.com/big-four-accounting-audits-magnificent-seven-financial-records-2025-12 What do tax preparers charge? https://www.accountingtoday.com/news/what-do-tax-preparers-charge How much do tax professionals charge in 2025? Insights from NATP's Fee Studyhttps://www.natptax.com/news-insights/blog/how-much-do-tax-professionals-charge-in-2025-insights-from-natp-s-fee-study/ U.S. economic growth surges in third quarter to 4.3%https://www.washingtonpost.com/business/2025/12/23/gdp-economy-consumer-spending/ The US economy expanded at the fastest pace in two years as wealthier Americans kept spending https://www.cnn.com/2025/12/23/economy/us-gdp-q3 Kansas accountant diverted family funds to fictitious 'Middle Finger Ranch'https://kansasreflector.com/briefs/kansas-accountant-diverted-family-funds-to-fictitious-middle-finger-ranch/ Kansas Accountant, Who Created Fictitious 'Middle Finger Ranch' for Fraud Scheme, Sentenced to 4 Years in Jailhttps://www.cpapracticeadvisor.com/2025/12/04/kansas-accountant-who-created-fictitious-middle-finger-ranch-for-fraud-scheme-sentenced-to-4-years/174381/ PCAOB to tighten budget in 2026 https://www.accountingtoday.com/news/pcaob-to-tighten-budget-in-2026 PCAOB Approves 2026 Budget https://pcaobus.org/news-events/news-releases/news-release-detail/pcaob-approves-2026-budget Accounting Firms Must Stop Charging for Timehttps://cpatrendlines.com/2025/12/02/accounting-firms-must-stop-charging-for-time/ Dirty money gangster jailed over plot worth almost £12mhttps://www.dailyrecord.co.uk/news/scottish-news/dirty-money-gangster-jailed-over-36410033 PCAOB Sanctions CPA for Violations Related to Audit Evidence and Her Former Audit Firm for Quality Control Issueshttps://pcaobus.org/news-events/news-releases/news-release-detail/pcaob-sanctions-cpa-for-violations-related-to-audit-evidence-and-her-former-audit-firm-for-quality-control-issues Ahead of Tax Filing Season, Warren, King, 15 Senators Warn of Tax Filing Chaos After Trump Admin Attacks on IRShttps://www.warren.senate.gov/newsroom/press-releases/ahead-of-tax-filing-season-warren-king-15-senators-warn-of-tax-filing-chaos-after-trump-admin-attacks-on-irsNeed 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 Accounting Podcast? For details, read the prospectus.Need Accounting Conference Info?&n...

Chapters(00:47) - Jeffrey Epstein's CPA and Lawyer (03:10) - Wall Street Journal Article on Epstein's Associates (05:58) - Discussion on Epstein's Financial Operations (14:25) - Trump's Executive Order on Cannabis Businesses (18:16) - Tax Implications for Gambling and Prediction Markets (20:47) - IRS Criminal Investigations Unit Record Year (25:13) - Lawyer Sues IRS to Recognize Dog as Dependent (28:09) - Trump's New US Tech Force (29:27) - Trump's Hiring Plans and Tech Startups (30:22) - Startup Fraud in Tax Accounting (34:23) - Intuit and Circle Partnership (36:38) - AI and Stablecoin Payments (44:16) - AI's Impact on Accounting Jobs (51:24) - AI-Powered Fraud in Finance (55:59) - Closing Remarks and Announcements  Show NotesThe CPA and the Lawyer Who Served Jeffrey Epstein—and Control His Fortune and Secrets https://www.wsj.com/articles/the-cpa-and-the-lawyer-who-served-jeffrey-epstein-and-control-his-fortune-and-secretsTaking a gamble on prediction market taxation https://www.accountingtoday.com/news/taking-a-gamble-on-prediction-market-taxationLawyer sues IRS to recognize pets as dependents https://www.accountingtoday.com/news/lawyer-sues-irs-to-recognize-pets-as-dependentsSEC Charges Shiloh Luckey https://www.sec.gov/enforcement-litigation/litigation-releases/lr-26424The FBI is investigating a startup founder accused of using VC money to pay for her house and a Caribbean wedding https://techstartups.com/2025/12/16/the-fbi-is-investigating-a-startup-founder-accused-of-spending-5-5-million-in-vc-funding-on-a-house-and-caribbean-wedding/Intuit taps Circle's USDC to add stablecoin payments across TurboTax and QuickBooks https://www.theblock.co/post/383184/intuit-circle-usdc-stablecoin-payments-turbotax-quickbooksIntuit and Circle Partner to Unlock the Future of Money Movement with Stablecoins https://investors.intuit.com/news-events/press-releases/detail/1292/intuit-and-circle-partner-to-unlock-the-future-of-money-movement-with-stablecoinsAI Is Reshaping Accounting Jobs by Doing the "Boring" Stuff https://www.gsb.stanford.edu/insights/ai-reshaping-accounting-jobs-doing-boring-stuffHuman + AI in Accounting: Early Evidence from the Field https://www.gsb.stanford.edu/faculty-research/working-papers/human-ai-accounting-early-evidence-fieldIRS-CI issues fiscal year 2025 annual report showcasing banner investigative results https://www.irs.gov/newsroom/irs-ci-issues-fiscal-year-2025-annual-report-showcasing-banner-investigative-resultsIRS Criminal Investigation uncovers $10.6B in financial crimes https://www.accountingtoday.com/news/irs-criminal-investigation-uncovers-10-6b-in-financial-crimesDext warns businesses over losses from ChatGPT-style financial advice https://fintech.global/2025/12/18/dext-warns-businesses-over-losses-from-chatgpt-style-financial-advice/ChatGPT tax advice already costing UK firms, say accountants https://itbrief.co.uk/story/chatgpt-tax-advice-already-costing-uk-firms-say-accountantsTrump admin to hire 1,000 specialists for 'Tech Force' to build AI, finance projects https://www.cnbc.com/2025/12/15/trump-ai-tech-force-amazon-apple.htmlOPM Launches US Tech Force to Implement President Trump's Vision for Technology Leadershiphttps://www.opm.gov/news/news-releases/opm-launches-us-tech-force-to-implement-president-trumps-vision-for-technology-leadership/Double Raises $6.5 Million Series A from Album Ventures, Jack Altman, and Y Combinator to Double Accountants' Productivity https://www.businesswire.com/news/home/20251210027851/en/Double-Raises-$6.5-Million-Series-A-from-Album-Ventures-Jack-Altman-and-Y-Combinator-to-Double-Accountants-ProductivityZoho announces enterprise billing, spend management products https://www.accountingtoday.com/news/zoho-announces-enterprise-billing-spend-management-productsZoho Announces Zoho Spend and Zoho Billing Enterprise Edition https://www.businesswire.com/news/home/20251218170986/en/Zoho-Announces-Zoho-Spend-and-Zoho-Billing-Enterprise-Edition-Offering-Large-Businesses-Greater-Control-and-Flexibility-Over-Billing-Operations-and-Company-Spend-as-They-ScaleAI giving scammers new tricks, enhancing old ones https://www.accountingtoday.com/news/ai-giving-scammers-new-tricks-enhancing-old-onesFrom secure to spooked: White-collar workers face rising job fears https://www.businessreport.com/article/from-secure-to-spooked-white-collar-workers-face-rising-job-fearsNeed 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 r...