Description
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(48:12) - The Corporate Transparency Act might be repealed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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This week, Blake and David are puzzled by the results of a survey that shows 40% of tax professionals believe generative AI will allow them to charge clients higher rates. They also cover the sham audit firm BF Borgers and question why the firm's CPA is still licensed despite SEC charges. Blake...
Published 05/17/24
Cody Turley, CPA and Certified Fraud Examiner, joins Blake and David to discuss his SEC career path, describing what it's like to investigate securities law violations. He emphasizes that while Big Four experience is valuable, it's not the only way to have a successful and meaningful accounting...
Published 05/13/24