Cloud Accounting Podcast David Leary & Blake Oliver, CPA

The Federal Tax Updates podcast is a recent addition to the Earmark Media network of accounting-focused podcasts. In this episode, Roger and Annie discuss the most recent IRS updates and recommendations for tax preparers dealing with the surge of inaccurate ERC claims. They also provide some detailed insights into filing extensions for clients.
Want to hear more Federal Tax Updates episodes? Listen and subscribe at federaltaxupdates.com Follow the Federal Tax Updates podcast on Social Media:twitter.com/FedTaxPodfacebook.com/FedTaxPodlinkedin.com/showcase/fedtaxpod

This Week's Guest: Terrell Turner, CPA; 85% of MNCPA members working in public accounting support an alternative to 150 hours; The Silicon Valley Bank Balance Sheet Time Bomb "Sitting In Plain Sight"; Senator Warren complains to PCAOB about sham crypto "audits"; JPMorgan Chase’s nickel bags turn out to be full of stones; PwC introduces AI chatbot for 4,000 lawyers to speed up work; Xero kills WorkflowMax

SponsorsSuiteFiles - https://cloudaccountingpodcast.promo/suitefilesZoho - https://cloudaccountingpodcast.promo/zohoKeeper - https://cloudaccountingpodcast.promo/keeper
Chapters
(00:00) - Cloud Accounting Podcast Episode 325
(00:26) - Preview: Accountants aren't eating their own dog food
(01:10) - Introduction and welcome Terrell Turner to the show
(03:31) - What does Terrell's practice do and who do they serve?
(05:11) - South Carolina's comptroller resigns due to $3.5 billion error
(11:30) - Blake and David talked to Linda about alternative CPA pathway
(15:37) - Blog Post on NASBA website on CPA pipeline problem
(19:11) - Are salaries the bigger issue?
(21:24) - Clip from the Financial Executive podcast
(27:15) - A little bit about Sillicon Valley Bank
(43:07) - The issue with non-profits finding auditors and throwing accountants under the bus
(48:02) - Elizabeth Warren writes letter to PCAOB about scam crypto "audits"
(49:32) - JPMorgan Chase's nickel bags turn out to be full of stones
(51:33) - OpenAI is connecting ChatGPT to the internet
(01:02:11) - Xero kills WorkflowMax
(01:03:54) - PwC introduces AI chatbot for 4,000 lawyers to speed up work
(01:10:23) - Wrap up and where to reach Terrell, Blake, & David
Need CPE? Subscribe to the Earmark Accounting Podcast: https://podcast.earmarkcpe.comEarn CPE for listening to podcasts with Earmark CPE: https://earmarkcpe
TranscriptThe transcript of this episode is available by clicking on the Transcript tab at the top of this page.
Show NotesTexas Close to Allowing CPA Candidates to Test with 120 Credits
https://www.cpapracticeadvisor.com/2023/03/22/texas-close-to-allowing-cpa-candidates-to-test-with-120-credits/78123/
 
South Carolina's Top Accountant to Step Down After $3.5 Billion Error
https://www.cpapracticeadvisor.com/2023/03/23/south-carolinas-top-accountant-to-resign-after-3-5-billion-error/78209/
 
MNCPA to Educators: "We Do Not Need New CPAs Who Have Additional College Credits; We Need More CPAs, Period."               
https://www.goingconcern.com/mncpa-to-educators-we-do-not-need-new-cpas-who-have-additional-college-credits-we-need-more-cpas-period/
 
Banks and investors are reviving a push for changes to securities accounting after the SVB collapse
https://www.wsj.com/articles/banks-investors-revive-push-for-changes-to-securities-accounting-after-svb-collapse-99caa9ce
 
PwC introduces AI chatbot for 4,000 lawyers to speed up workhttps://gulfbusiness.com/pwc-introduces-ai-chatbot-for-4000-lawyers/
 
The More Things Change, the More They Stay the Same: Addressing the CPA Pipeline Crisis | NASBA
https://nasba.org/blog/2023/03/14/addressing-the-cpa-pipeline-crisis/
 
QuickBooks leans into AI in 2023 | Accounting Today
https://www.accountingtoday.com/news/quickbooks-plans-to-go-all-in-on-ai-in-2023
 
SVB's balance-sheet time bomb was 'sitting in plain sight' 
https://www.accountingtoday.com/articles/svbs-balance-sheet-time-bomb-was-sitting-in-plain-sight-short-seller-says

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
Need Accounting Conference Info? 
Check out our new website - accountingconferences.com
Limited

Join us for an exclusive interview with Linda Wedul from the MNCPA! We'll dive deep into the pressing issues surrounding the 150-hour rule, the talent shortage facing CPA firms in Minnesota, and how MNCPA is exploring alternative pathways to licensure. Tune in as we explore innovative solutions for keeping the CPA career path competitive and bridging the gap for aspiring professionals.
Broadening Pathways to the CPA Credential: https://www.mncpa.org/involvement/legislative/broadening-pathways-to-cpa/
Meet Our Guest, Linda WedulLinkedIn: https://www.linkedin.com/in/lindawedul/
Learn more about the Minnesota Society of CPAshttp://mncpa.org
Need CPE? 
Subscribe to the Earmark Accounting Podcast: https://podcast.earmarkcpe.comGet CPE for listening to podcasts with Earmark CPE: https://earmarkcpe

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
Need Accounting Conference Info? 
Check out our new website - accountingconferences.com

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The full transcript for this episode is available by clicking on the Transcript tab at the top of this page

Matt Foreman explains what tax lawyers do; KPMG in the spotlight for signing off on SVB's books; digital bank apps benefit from SVB collapse; CLA launches paid high school accounting internships; Zoho's 10 most-installed CRM extensions of 2022; accounting talent shortage may cause city credit ratings to drop
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Need CPE? Subscribe to the Earmark Accounting Podcast: https://podcast.earmarkcpe.comGet CPE for listening to podcasts with Earmark CPE: https://earmarkcpe


(00:00) - CAP 324
(00:17) - Preview: The job of a lawyer in setting up businesses
(00:49) - Introduction and welcome Matt to the show
(04:18) - What does a tax lawyer do?
(09:08) - What do you do for me as a client?
(13:26) - What is the biggest mistake you see businesses make?
(18:15) - The IRS is underfunded
(23:08) - How often and when are clients meeting with Matt?
(25:28) - How will the IRS ever agree how to spend their $80 billion
(31:19) - Digital bank apps have benefited from SVB collapse
(35:46) - Auditors under scrutiny for SVB collapse
(39:16) - Blake's take on why auditors aren't the ones to blame
(45:11) - Ron Baker's audit insurance idea
(50:19) - CLA launches paid high school accounting internships
(51:34) - Zoho lists their 10 most installed CRM extensions of 2022
(53:58) - Accounting talent shortage can cause city credit ratings to drop
(01:00:17) - Wrap up and how to reach everyone

Show Notes
10 most-installed Zoho CRM extensions of 2022 
https://www.zoho.com/blog/marketplace/10-most-installed-Zoho-CRM-extensions-of-2022.html
SVB and Signature Bank Passed KPMG Audits Days Before Collapses https://www.pymnts.com/digital-first-banking/2023/svb-and-signature-bank-passed-kpmg-audits-days-before-collapses/
CLA Launches Paid High School Accounting Internships in 15 ...
https://www.cpapracticeadvisor.com/2023/03/14/cla-launches-paid-high-school-accounting-internships-in-15-locations/77932/
For Banks, Guaranteeing 100% of Everyone’s Money Threatens Moral Hazard 
https://www.pymnts.com/news/regulation/2023/for-banks-guaranteeing-100percent-of-everyones-money-threatens-moral-hazard/
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
Need Accounting Conference Info? 
Check out our new website - accountingconferences.com
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The full transcript for this episode is available by clicking on the Transcript tab at the top of this page

We're talking about the release of GPT-4 and Microsoft's Copilot built into Office 365. Both will have a huge impact on accountants in the near future. Tune in to learn how!
Show Notes: 
Introducing Microsoft 365 Copilot | Microsoft 365 Bloghttps://www.microsoft.com/en-us/microsoft-365/blog/2023/03/16/introducing-microsoft-365-copilot-a-whole-new-way-to-work/
GPT-4 Developer Livestream - YouTubehttps://www.youtube.com/watch?v=outcGtbnMuQ
OpenAI releases GPT-4, artificial intelligence that can 'see' and do taxeshttps://www.nbcnews.com/tech/tech-news/openai-gpt-4-rcna74916
Need CPE? 
Subscribe to the Earmark Accounting Podcast: https://podcast.earmarkcpe.comGet CPE for listening to podcasts with Earmark CPE: https://earmarkcpe
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
Need Accounting Conference Info? 
Check out our new website - accountingconferences.com

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Join us for a conversation with Ken Bishop, President and CEO of NASBA, as he shares his insights into the shrinking CPA pipeline. We'll be discussing the controversial 150-hour rule and possible solutions to the growing accounting talent shortage.
Meet Ken BishopLinkedIn: https://www.linkedin.com/in/ken-l-bishop-5a142414/
Learn more about NASBAWebsite: http://nasba.orgNeed CPE? 
Subscribe to the Earmark Accounting Podcast: https://podcast.earmarkcpe.comGet CPE for listening to podcasts with Earmark CPE: https://earmarkcpe

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) 695-1040Need Accounting Conference Info? 
Check out our new website - accountingconferences.com
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Subscribe

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YouTube: https://www.youtube.com/c/CloudAccountingPodcast


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