Blake and David discuss Intuit's announcement that QuickBooks Desktop will no longer be sold as new subscriptions after July 2024. They also talk about the need for changes in the accounting profession, such as simplifying financial reporting requirements and revising the 150-hour rule. In other news, they cover sanctions against China-based accounting firms, incorrect IRC claims by businesses, and the Adidas-Kanye West fallout. They also explore how AI can help explain complex concepts to clients clearly and accurately.

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Chapters

(01:13) - Accounting has been in the news a lot recently
(04:03) - QuickBooks Desktop is dead
(11:32) - Blake's thoughts from The Digital CPA Conference
(16:24) - CPA Journal - eliminate the 150-hour rule
(18:32) - The Accountant 2 film confirmed
(21:11) - Blake went to Kentucky
(22:46) - The PCAOB sanctioned 3 China-based firms
(25:40) - The IRS sends 20,000 letters regarding ERC claims
(30:09) - Kanye West and Adidas fallout
(38:48) - Earmark updates and the IRS releasing taxpayer business accounts
(40:55) - CFO.com: 61% of finance executives are not using AI
(45:01) - Can AI trim years off of the partner path?
(46:32) - The traditional CPA firm structure
(50:17) - Blake asks AI to explain basis to a non-accountant
(56:34) - AccountingWeb tricks to help detect AI-written articles
(59:16) - Wrap up and how to reach us

Show Notes

Twitter: Any good plain-English way to explain basis?

https://x.com/wtfoote/status/1725193933410668755?s=12

61% of Finance Execs Not Using AI Yet: Weekly Stat | CFO

https://www.cfo.com/news/artificial-intelligence-implementation-adoption-gartner-survey/699082/

The Yeezy standard for accounting | Financial Times

https://www.ft.com/content/8b094370-f7e7-492b-b56d-6c0096be7784

BST & Co. Got Sick of Hounding Rudy Giuliani to Pay His Bill So Now They’re Suing Him

https://www.goingconcern.com/bst-co-got-sick-of-hounding-rudy-giuliani-to-pay-his-bill-so-now-theyre-suing-him/

PCAOB sanctions three Chinese firms, including PwC affiliates

https://www.accountingtoday.com/news/pcaob-sanctions-three-chinese-firms-including-pwc-affiliates

The Accounting Profession Is in Crisis

https://www.cpajournal.com/2023/12/01/the-accounting-profession-is-in-crisis/

BREAKING NEWS: QuickBooks Desktop Product Changes

https://insightfulaccountant.com/accounting-tech/general-ledger/breaking-news-quickbooks-desktop-product-changes/

What Can the Profession Do?

https://www.cpajournal.com/2023/12/04/what-can-the-profession-do/

Supreme Court could make massive tax impact — or none at all

https://www.accountingtoday.com/news/supreme-court-to-hear-arguments-in-moore-v-u-s

Billionaire Tax Rests on a Disputed $14,729 Refund at the Supreme Court

https://www.cpapracticeadvisor.com/2023/12/04/billionaire-tax-rests-on-a-disputed-14729-refund-at-the-supreme-court/98782/

Some of the Big 4 consulting giants already think AI could trim years off the path to partner

https://fortune.com/2023/12/04/big-4-consulting-giants-pwc-kpmg-ai-trim-years-path-partner/

Opioid trust transparency questioned after accounting firm choice

https://www.thecentersquare.com/pennsylvania/article_c7977d42-9515-11ee-8bd6-3b90276d4b6b.html

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Thanks for listening and the great reviews! We appreciate you! Follow and tweet @BlakeTOliver and @DavidLeary. Find us on Facebook and Instagram. If you like what you hear, please do us a favor and write a review on Apple Podcasts or Podchaser. Call us and leave a voicemail; maybe we'll play it on the show. DIAL (202) 695-1040.

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QuickBooks Desktop Is Dead. Long Live Online!

The Accounting Podcast

QuickBooks Desktop Is Dead. Long Live Online!