The IRS may be losing up to $1 trillion per year due to tax cheats and a lack of tax collectors to go after them. Meanwhile, the AICPA is protecting the CPA license from deregulation in West Virginia. ACH payments have a record quarter. The IRS is set to roll out monthly Child Tax Credit payments this summer. PwC UK to allow 50% remote work. What's new in Oracle NetSuite. And more!
Blake interviews Ed Karl, CPA & Vice President of Taxation at the Association of International Certified Public Accountants about Internal Revenue Service funding levels and the impact on both IRS service levels and the Tax Gap (the difference between what taxpayers should pay and what they actually pay on time). For years, service levels have been declining while the Tax Gap has been increasing, mostly due to unreported business income. A 2019 analysis by the IRS estimated that Americans...
The SBA has an SVOG fail. Why stimulus checks can't arrive faster. There is still $1.3 billion in stimulus waiting to be distributed to taxpayers. China creates its own cryptocurrency. Facebook's Global State of Small Business Survey. CFOs are more optimistic. Is the IRS underfunded? David's 2021 accounting conference rundown, and more!
Why accounting needs to support #StopAsianHate, Blake reveals his fixed/value pricing methodology he used in his own firm, solutions for accountants facing QuickBooks Online ACH woes, Pilot as the "AWS for SMB backoffice," and more
Get a run down of what's new with stimulus programs from our friend Justin Elanjian, CPA, including the Paycheck Protection Program, Employee Retention Credit, Shuttered Venues Operators Grant, and Restaurant Revitalization Fund.
Slack backs off of direct connections across orgs, how firms prefer to communicate with clients and prospects, modern accounting firm Pilot gets an investment from Jeff Bezos that values it at $1.2 billion, Xero acquires e-invoicing company Tickstar, India now requiring audit trails on all GLs, how to collect $1.4 trillion in unpaid taxes, and more
With stimulus payments going out a survey shows over half of small businesses are now fully reopened. The federal tax deadline has been extended to May, but tax pros aren't happy about it. The PPP deadline is likewise extended. BDO partners with Xero, ProAdvisors are up-in-arms about having to pay higher ACH fees, a production payroll startup takes aim at payroll for the entertainment industry, and a study shows that CPA education is lagging behind tech and even the CPA exam. Lastly we...
Economic confidence recovers to near pre-pandemic levels for finance leaders, Scaling New Heights and AICPA ENGAGE rescheduled, Deloitte's role in the California unemployment debacle, a huge increase in demand for payroll services, the advantage accountants have over architects, Lightspeed acquires Vend, and raises by Karbon, Autobooks, and Zeni (another software company that wants to automate your bookkeeping work)
SPECIAL PREVIEW EPISODE: In this episode of the Accounting Salon Conversations podcast, Ryan Watson of Upsourced Accounting joins Amanda to chat about CAS, tax, apps, and the latest high-tech baby gear. Ryan talks about how he has grown his practice yearly and turned it into a sustainable engine. They also reflect on the history of Xero in the US market.
The IRS issues a confusing 1040 crypto FAQ, a rundown of what's in the latest stimulus bill that accountants need to know, AICPA calls for SBA to change unfair PPP guidance, updates from Freshbooks, QuickBooks, and Xero, robotic process automation (RPA) is featured in the New York Times, how Excel is the most important tool for at least one marijuana grower, and more!
Does the accounting profession have an image problem on TikTok? Also, Receipt Bank rebrands to Dext. PPP is paused for many by the Biden Administration and technical glitches. The Federal Reserve ACH system goes down but otherwise doesn't cause problems, how to value Bitcoin, QuickBooks, Xero, and Freshbooks updates. ADP releases "Roll," a new payroll app that appears to compete with Gusto, etc., and more!
David trades his lottery winnings for Bitcoin - will he be the next zillionaire? We're talking tax, including why lawmakers are starting to complain about a slow start to tax season, and how proposed legislation will dramatically increase IRS audits on the wealthy and corporations. We're also examining how to take control of your calendar in busy season, and what CPAs would do if they had more time. In app news, we ponder how Citigroup accidentally paid off a $900 million loan due to a...
Rachel Fisch returns to the show to discuss Deloitte Canada's sale of its small business accounting services practice to MNP, a Super Bowl ad by by Big 4 firm Ernst & Young, a new e-file identity theft scam tax preparers need to know about, PPP bottlenecks at the SBA, updates from Rippling and PayZen, online white-boarding apps, and more!
BNY Mellon, America's oldest bank, is making the leap into the market for Bitcoin. Meanwhile, Tesla has bought $1.5 billion in Bitcoin at the direction of Elon Musk, who says that he expects Tesla to also begin accepting payment in cryptocurrency in the future. It appears that Bitcoin and cryptocurrency are going mainstream. Is this the next big bubble, or the dawn of a new asset class? Shehan Chandrasekera, Head of Strategy for Tax at CoinTracker, and Dr. Sean Stein Smith, Assistant...
It’s looking more and more like 2021 is going to be another year of remote work, and flexible schedules are here stay. That makes this a perfect time to broadcast this interview originally recorded in June 2020 as part of the Sage Accountants Network quarterly call. Ed Kless and Blake Oliver discuss the impact of the pandemic on accounting firms and their relation to the physical office in this bonus episode.
The financial advice on social media is terrible. Let's do something about it! Also, let's do something about diversity in accounting, which is, frankly, terrible. In app news, lots from Intuit and QuickBooks this week. Bill.com stock pops on fantastic quarterly earnings, Xero gives Blake a treat for Valentine's Day, whistleblowing grows with remote work as employees become less engaged, and Deloitte is not looking good when it comes to the CDC's vaccine appointment system.
Why Blake sympathizes with r/wallstreetbets, the Multi-week Sage South Africa outage leads to massive discontent, Melio and Pilot raise big rounds, how CheckHQ could disrupt an industry with "payroll as an API," QuickBooks Online updates, TaxJar successfully lobbies to change sales tax regulation on behalf of clients, unemployment fraud dwarfs PPP fraud, and the IRS finally moves forms online
A new survey proves that remote work is more productive for accounting firms, which makes it all the more astounding that it took a global pandemic to make working from home the norm in this profession. Also: Sage Business Cloud suffered a multi-day outage in South Africa, Biden's financial watchdogs set new targets, Syndio raises millions for its pay equity app, Rewind (coincidentally our sponsor for this episode) raises a Series A, the best laptops for 2021, SMS apps you should consider for...
Blake gets his PPP loan forgiveness (and feels guilty about it), the Department of Justice convinces Visa and Plaid their merger is just not meant to be, Stripe and Shopify "cancel" Trump, the risks you should know about using a .CPA domain, Intuit is finally giving Mint some attention, and more.
Big 4 leaders reaction to the riot at the Capitol, how your firm can avoid the downside of being de-platformed like Trump, PPP 2.0 kicks off, Pennylane raises money to build software plus an accounting service, BKD makes a quite good film noir, FASB plans to tackle Goodwill in 2021, and more
A $2 billion tax fraud over 20 years is the largest in US history, stories of PPP winners and losers, how to get your CPA without spending a lot of money, NASBA offices narrowly avoided the Nashville bombing, Treasury says there's no evidence taxpayer data was stolen in IRS hack, lots of survey data, and more!
Blake and David look back on past years' predictions and make new ones for 2021. Plus: Survey results show the vast majority of bookkeepers now offer AP services, Zoom adds text messaging support and announces an email/calendar service, Square is buying a music streaming service, Expensify launches Expensify.cash, what Google's return-to-office strategy suggests about the future of remote work, 81% of firms expect more remote work post pandemic, the epic battle for income tax among the...
This is BIG NEWS for PPP borrowers: Business that received a PPP loan are now eligible for the Employee Retention Credit (assuming President Trump signs the Consolidated Appropriations Act of 2021 into law). Hear from Justin Elanjian, CPA and Partner at Aprio, what strategies you need to be considering when it comes to maximizing the benefit of PPP forgiveness paired with the ERC for your clients.
CAP NEWS EXCLUSIVE: LegalZoom has purchased an accounting firm and is growing it with bookkeeping, tax, and onboarding hires in Austin, Texas. With recent executive hires from Intuit, it seems clear that LegalZoom is intent on building a tax and accounting services business that could very well compete with your firm. David and Blake have the details. Also in this episode: How Bob Dylan’s catalog sale highlights a tax advantage for songwriters, how US customers’ attitudes to fintech are...
Blake interviews Justin Elanjian, CPA, nationally recognized PPP expert and a partner at top accounting firm Aprio, about the top 10 changes to the Paycheck Protection Program in the pending bipartisan Emergency COVID Relief Act of 2020.