SEC Charges Trump's Audit Firm with Massive Fraud The Accounting Podcast

The SEC charged Trump's audit firm with a massive fraud – 1,500 fake filings over 2.5 years! Plus, hundreds of small US banks are at risk due to commercial real estate loan exposure. We're also talking about the potential of AI tools like Claude and ChatGPT to automate various accounting and business tasks, the controversial Corporate Transparency Act's beneficial ownership reporting requirements, and the possibility of its repeal. We wrap with fintech and crypto news, including Mercury Bank's rapid growth and potential regulatory issues.

Sponsors Zoho - http://accountingpodcast.promo/zohoRelay - http://accountingpodcast.promo/relayKeeper - http://accountingpodcast.promo/keeperHarbor Compliance - http://accountingpodcast.promo/harbor
Chapters(09:04) - Anthropic launches Claude for teams

(11:12) - More LLM models pass CPA exam

(18:28) - Blake demonstrates AI's abiity to help with emails

(32:56) - 28 AI prompts for small businesses

(36:39) - Oregon Senator going after TurboTax to issue refunds to Oregonians

(38:44) - The possibility of a regional banking crisis

(48:12) - The Corporate Transparency Act might be repealed

(54:15) - Tether claims they can't find a Big 4 firm to audit them

(56:54) - Mecurity Bank being looked at by FDIC

(01:02:05) - Square to allow users to transfer percent of daily sales to Bitcoin

(01:03:26) - Download and sign up for the Earmark app

 
Show Notes
Anthropic launches a free Claude iOS app and Team, its first enterprise plan | ZDNET
https://www.zdnet.com/article/anthropic-launches-a-free-claude-ios-app-and-team-its-first-enterprise-plan/
 
SEC.gov | SEC Charges Audit Firm BF Borgers and Its Owner with Massive Fraud Affecting More Than 1,500 SEC Filings
https://www.sec.gov/news/press-release/2024-51
 
Oregon senator demands refunds for TurboTax customers over glitch | Accounting Today
https://www.accountingtoday.com/news/oregon-senator-demands-refunds-for-turbotax-customers-over-glitch
 
Can LLMs Pass the CPA Exam? Evaluating Large Language Model Performance on the Certified Public Accountant Test by Will Zacher, Sanmukh Kuppannagari :: SSRN           
https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4788096
 
Sam Altman says helpful agents are poised to become AI’s killer function | MIT Technology Review    
https://www.technologyreview.com/2024/05/01/1091979/sam-altman-says-helpful-agents-are-poised-to-become-ais-killer-function/
 
Why hundreds of U.S. banks may be at risk of failure   
https://www.cnbc.com/2024/05/01/why-hundreds-of-us-banks-may-be-at-risk-of-failure.html
 
Tether CEO Says An Audit By A Big Four Giant Is Our Top Priority            
https://coingape.com/tether-ceo-says-an-audit-by-a-big-four-giant-is-our-top-prioritterrestrial
Block lets Square merchants convert a part of their daily sales to bitcoin
https://techcrunch.com/2024/04/24/block-now-lets-square-merchants-convert-a-part-of-their-daily-sales-to-bitcoin/
 
The 28 best AI prompts for small businesses    
https://www.sage.com/en-us/blog/the-28-best-ai-prompts-for-small-businesses/
 
Congress considers how to fix the Corporate Transparency Act
https://www.accountingtoday.com/news/congress-considers-how-to-fix-the-corporate-transparency-act
 
Article from www.congress.gov              
https://www.congress.gov/bill/118th-congress/house-bill/8147/cosponsors
 
Binance founder Changpeng Zhao sentenced to 4 months in prison after plea deal
https://www.cnbc.com/2024/04/30/binance-founder-changpeng-zhao-cz-sentenced-to-four-months-in-prison-.html
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