About this episode
The SEC charged Trump's audit firm with a massive fraud – 1,500 fake filings over 2.5 years! Plus, hundreds of small US banks are at risk due to commercial real estate loan exposure. We're also talking about the potential of AI tools like Claude and ChatGPT to automate various accounting and business tasks, the controversial Corporate Transparency Act's beneficial ownership reporting requirements, and the possibility of its repeal. We wrap with fintech and crypto news, including Mercury Bank's rapid growth and potential regulatory issues. Sponsors Zoho - http://accountingpodcast.promo/zoho Relay - http://accountingpodcast.promo/relay Keeper - http://accountingpodcast.promo/keeper Harbor Compliance - http://accountingpodcast.promo/harbor Chapters (09:04) - Anthropic launches Claude for teams (11:12) - More LLM models pass CPA exam (18:28) - Blake demonstrates AI's abiity to help with emails (32:56) - 28 AI prompts for small businesses (36:39) - Oregon Senator going after TurboTax to issue refunds to Oregonians (38:44) - The possibility of a regional banking crisis (48:12) - The Corporate Transparency Act might be repealed (54:15) - Tether claims they can't find a Big 4 firm to audit them (56:54) - Mecurity Bank being looked at by FDIC (01:02:05) - Square to allow users to transfer percent of daily sales to Bitcoin (01:03:26) - Download and sign up for the Earmark app Show Notes Anthropic launches a free Claude iOS app and Team, its first enterprise plan | ZDNET https://www.zdnet.com/article/anthropic-launches-a-free-claude-ios-app-and-team-its-first-enterprise-plan/ SEC.gov | SEC Charges Audit Firm BF Borgers and Its Owner with Massive Fraud Affecting More Than 1,500 SEC Filings https://www.sec.gov/news/press-release/2024-51 Oregon senator demands refunds for TurboTax customers over glitch | Accounting Today https://www.accountingtoday.com/news/oregon-senator-demands-refunds-for-turbotax-customers-over-glitch Can LLMs Pass the CPA Exam? Evaluating Large Language Model Performance on the Certified Public Accountant Test by Will Zacher, Sanmukh Kuppannagari :: SSRN https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4788096 Sam Altman says helpful agents are poised to become AI’s killer function | MIT Technology Review https://www.technologyreview.com/2024/05/01/1091979/sam-altman-says-helpful-agents-are-poised-to-become-ais-killer-function/ Why hundreds of U.S. banks may be at risk of failure https://www.cnbc.com/2024/05/01/why-hundreds-of-us-banks-may-be-at-risk-of-failure.html Tether CEO Says An Audit By A Big Four Giant Is Our Top Priority https://coingape.com/tether-ceo-says-an-audit-by-a-big-four-giant-is-our-top-priorit terrestrial Block lets Square merchants convert a part of their daily sales to bitcoin https://techcrunch.com/2024/04/24/block-now-lets-square-merchants-convert-a-part-of-their-daily-sales-to-bitcoin/ The 28 best AI prompts for small businesses https://www.sage.com/en-us/blog/the-28-best-ai-prompts-for-small-businesses/ Congress considers how to fix the Corporate Transparency Act https://www.accountingtoday.com/news/congress-considers-how-to-fix-the-corporate-transparency-act Article from www.congress.gov https://www.congress.gov/bill/118th-congress/house-bill/8147/cosponsors Binance founder Changpeng Zhao sentenced to 4 months in prison after plea deal https://www.cnbc.com/2024/04/30/binance-founder-changpeng-zhao-cz-sentenced-to-four-months-in-prison-.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: