About this episode
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. Sponsors LiveFlow - http://accountingpodcast.promo/liveflow Relay - https://cloudaccountingpodcast.promo/relay Keeper - https://cloudaccountingpodcast.promo/keeper 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 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 Subscribe Apple Podcasts: http://cloudacctpod.link/ApplePodcasts YouTube: https://www.youtube.com/@TheAccountingPodcast Spotify: http://cloudacctpod.link/Spotify Podchaser: http://cloudacctpod.link/podchaser Stitcher: http://cloudacctpod.link/Stitcher Overcast: http://cloudacctpod.link/Overcast ...