BOI On Again Off Again, Bench Shuts Down, Dying Language of Accounting

Rounding out 2024, Blake and David tackle tons of accounting news, including bookkeeping startup Bench's shutdown and the ongoing BOI reporting requirements saga. They also examine concerns about IRS Commissioner nominee Billy Long's credentials, including his "Certified Tax and Business Advisor" designation from a three-day seminar. Wrapping up, they review some of 2024's hottest stories, including declining CPA candidates, audit quality issues, and KPMG CEO Paul Knopp's Wall Street Journal op-ed about the "dying language of accounting." Sponsors LiveFlow - http://accountingpodcast.promo/liveflow Suralink - http://accountingpodcast.promo/suralink Cloud Accountant Staffing - http://accountingpodcast.promo/cas TaxBandits - http://accountingpodcast.promo/taxbandits Chapters (01:36) - Beneficial Ownership Information Reporting (BOI) (03:39) - Bench Accounting Shutdown (12:35) - Automated Bookkeeping Challenges (18:35) - Tax Fraud Case: The Magician (28:20) - IRS Commissioner Nominee Controversy (33:55) - Tax Refunds and Lifetime Advisors (36:16) - The Dying Language of Accounting (37:44) - CPA Licensure Reform (39:05) - Working Conditions in Accounting (42:28) - Reflecting on 2024: Key Themes and Events (55:34) - AI and the Future of Accounting (01:00:59) - San Francisco's Tax Controversies (01:04:03) - IRS Special Payments and Predictions for 2025 (01:06:25) - Bitcoin and Quantum Computing Risks (01:09:13) - Closing Remarks and CPE Information   Show Notes Bench shuts down, leaving thousands of businesses without access to accounting and tax docs https://techcrunch.com/2024/12/27/bench-shuts-down-leaving-thousands-of-businesses-without-access-to-accounting-and-tax-docs/ New York tax preparer called ‘the Magician’ charged for tax fraud of $145m https://www.theguardian.com/us-news/2024/dec/17/new-york-magician-tax-fraud Billy Long, Trump’s Nominee to Lead the IRS, Touts a Credential That Tax Experts Say Is Dubious https://www.propublica.org/article/billy-long-irs-trump-certified-tax-business-advisor-missouri How a Consulting Firm and Trump’s I.R.S. Pick Pushed a Problematic Tax Credit https://www.nytimes.com/2024/12/24/business/billy-long-irs-tax-credit.html The Dying Language of Accounting https://www.wsj.com/opinion/the-dying-language-of-accounting-cpa-licensing-fede2e74 CPAs Deliberate on the Decline of Accounting https://www.wsj.com/opinion/cpas-deliberate-on-the-demise-of-accounting-kpmg-business-language-c0be3e68 Most Americans say a salary of $270K deems financial success https://www.cfo.com/news/most-americans-say-salary-of-270k-deems-financial-success-gen-z-boomers-inflation/734019/ CFPB Sues Walmart and Branch Messenger for Illegally Opening Deposit Accounts for More Than One Million Delivery Drivers https://www.consumerfinance.gov/about-us/newsroom/cfpb-sues-walmart-and-branch-messenger-for-illegally-opening-deposit-accounts-for-more-than-one-million-delivery-drivers/ Lyft Accuses San Francisco of $100 Million Tax Overcharge https://www.bloomberg.com/news/articles/2024-12-24/lyft-accuses-san-francisco-of-overcharging-100-million-in-taxes IRS announces special payments going this month to 1 million taxpayers who did not claim 2021 Recovery Rebate Credit; encourages non-filers about approaching deadline to claim credits https://www.irs.gov/newsroom/irs-announces-special-payments-going-this-month-to-1-million-taxpayers-who-did-not-claim-2021-recovery-rebate-credit-encourages-non-filers-about-approaching-deadline-to-claim-credits Need CPE? Get CPE for listening to podcasts with Earmark: https://earmarkcpe.com Subscribe to the Earmark Podcast: https://podcast.earmarkcpe.com Get in Touch 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. Sponsorships Are you interested in sponsoring the Cloud Accounting Podcast? For details, read the prospectus. Need Accounting Conference Info?  Check out our new website - accountingconferences.com Limited edition shirts, stickers, and other necessities TeePublic Store: http://cloudacctpod.link/merch SubscribeApple Podcasts: http://cloudacctpod.link/ApplePodcastsYouTube: https://www.youtube.com/@TheAccountingPodcastSpotify: http://cloudacctpod.link/SpotifyPodchaser: http://cloudacctpod.link/podchaserStitcher: http://cloudacctpod.link/StitcherOvercast: http://cloudacctpod.link/Overcast