Blake and David take a look at several significant developments in the accounting world, including Trump's controversial IRS Commissioner nomination of former Congressman Billy Long. They also dig into updates on the Macy's accounting scandal and explore Square's potential move into accounting software with their new head of Product Accounting Solutions hire. They also share insights from the AICPA's 2024 CAS benchmark survey showing significant growth in client accounting services practices and much more!

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Chapters

(00:28) - Welcome to The Accounting Podcast
(00:40) - Digital CPA Conference Highlights
(01:17) - CAS Practices on the Rise
(02:22) - IRS Commissioner Nominee: Billy Long
(03:42) - Employee Retention Tax Credit Controversy
(14:45) - Macy's Financial Misstatements
(28:30) - Intuit Assist: A Closer Look
(29:48) - The Evolution of Bill Scanning with AI
(31:25) - AI's Impact on Accounting Tools
(33:06) - AI and Tax Returns: The Future of Automation
(34:54) - Relay: The Ultimate Small Business Bank
(36:19) - Supermicro's Accounting Scandal
(40:48) - Square's Move into Accounting Solutions
(57:21) - The Rise of Client Advisory Services
(01:00:55) - Closing Remarks and Future Insights

Show Notes

He Promised Huge Tax Refunds. Now Trump Wants Him to Lead the I.R.S.

https://www.nytimes.com/2024/12/06/us/politics/billy-long-trump-irs-tax-credit.html

Brainsky Unleashed (Instagram) – Billy Long – December 6, 2024

https://www.instagram.com/brainskyunleashed/reel/DDQS_GjRn4P/

Macy’s employee who hid $151 million in delivery expenses was trying to mask initial mistake, sources say

https://www.cnbc.com/2024/12/11/macys-m-earnings-q3-2024.html

Macy’s Probe Found Employee Acted Alone in $151 Million Accounting Scandal

https://www.wsj.com/business/retail/macys-m-q3-earnings-report-2024-c7363662

LinkedIn – Andy Schwartz – Profit Labs Update – December 6, 2024

https://www.linkedin.com/posts/andy-schwartz-233b359_profit-labs-update-i-am-excited-to-share-activity-7269157016051298305-rYAW/

Amazon integrates QuickBooks for sellers

https://www.accountingtoday.com/news/amazon-integrates-intuit-quickbooks

AICPA and CPA.com Benchmark Survey: CAS Practices Report 17% Growth

https://insidepublicaccounting.com/2024/12/09/aicpa-and-cpa-com-benchmark-survey-cas-practices-report-17-growth/

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Transcripts

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

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The Accounting Podcast

New IRS Commissioner Was An ERTC Peddler