Blake and David delve into the accounting and bookkeeping aspects of Donald Trump's recent guilty verdict in New York. They discuss the charges related to falsifying business records and hush money payments and explore the potential implications for Trump's businesses and campaign. Their conversation also touches on the current state of AI in accounting, the retirement of AICPA president Barry Melancon, and the challenges facing the profession in attracting new talent.

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Chapters

(01:10) - Breaking Down Trump's Guilty Verdict
(02:56) - Analyzing the Charges
(04:52) - Legal Implications and Campaign Finance
(07:54) - Trump's Bookkeeping and Legal Strategies
(10:01) - Asking ChatGPT How This Entry Should Have Been Coded
(17:14) - Commercial Real Estate and Trump's Properties
(24:50) - Puzzle Accounting and AI Automation
(29:15) - Rose Financial's EASBY adds AI
(33:23) - Challenges in AI Categorization
(34:07) - Human Oversight in AI Accounting
(35:38) - Digits' AI Performance and Market Comparison
(39:10) - Live Listener Question: Career Path in Accounting
(42:28) - University of Scranton Brags About Number of Accounting Papers They've Published
(43:00) - AICPA's Future as President Barry Melancon Announces Retirement
(52:32) - App Review: Rose AI-Powered Spreadsheet
(54:34) - Watch Our TurboTax Business Assisted 2024 Review and Listen to the Best Metrics Podcast
(57:07) - Earn CPE For Listening To Our Podcast

Show Notes

"Who's the victim of Trump's Bookkeeping?" Washington Examiner

https://www.washingtonexaminer.com/daily-memo/3014100/who-is-the-victim-of-trumps-bookkeeping/

Trump May Owe $100 Million From Double-Dip Tax Breaks, Audit Shows

https://www.nytimes.com/2024/05/11/us/trump-taxes-audit-chicago.html

The Office-Market Meltdown Comes for Trump’s Prized Wall Street Building

https://www.wsj.com/real-estate/commercial/the-office-market-meltdown-comes-for-trumps-prized-wall-street-building-31b3a667

Profession Leader Humbly Requests You STFU About Long Hours, Busy Season, and Stress

https://www.goingconcern.com/profession-leader-humbly-requests-you-stfu-about-long-hours-busy-season-and-stress/

New AICPA chair: ‘We need to promote the cool work we do’

https://www.journalofaccountancy.com/issues/2024/jun/new-aicpa-chair-we-need-to-promote-the-cool-work-we-do.html

Rose Financial Solutions Sets Goal to Automate 85% of Finance and Accounting Activities by 2030

https://www.prnewswire.com/news-releases/rose-financial-solutions-sets-goal-to-automate-85-of-finance-and-accounting-activities-by-2030-302145576.html

TAP: TurboTax Business Assisted Review 2024 (for Tax Year 2023)

https://www.youtube.com/watch?v=zaaMIV1lyns

Check out Best Metrics here:

https://bestmetrics.transistor.fm/

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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

What's the Journal Entry for a Hush Money Payment?

The Accounting Podcast

What's the Journal Entry for a Hush Money Payment?