Imagine going to jail for forgetting to file a single document. Sound absurd? Well, that's the reality small business owners face under the Corporate Transparency Act (CTA). But change might be on the horizon... In episode 383 of The Accounting Podcast, we discussed how Roger Harris, the co-host of the Federal Tax Updates podcast, testified before Congress about the CTA. Roger always brings a valuable small business owner perspective to these discussions. After the hearing, he shared some intriguing news: a bill has been introduced to repeal the CTA. I know some of you might be thinking, "Bla ..read more

$109 billion. That's the market cap of Tether, the world's largest stablecoin. It's also the amount of money effectively backed by nothing more than a pinky promise. In a recent episode of The Accounting Podcast, my co-host David Leary and I delved into this topic. We discussed the staggering lack of transparency surrounding Tether and the potential ramifications for the entire cryptocurrency market. Tether is a cryptocurrency that's supposedly pegged 1-to-1 with the US dollar. In theory, this means that for every Tether in circulation, there's a real dollar sitting in a bank account somewher ..read more

Sam Altman says that helpful agents will be AI's "killer function," integrating deeply into our lives and acting as extensions of ourselves. It sounds like science fiction, but you can start doing this now! In this article, I show you how: https://www.linkedin.com/pulse/ais-killer-function-personal-agents-work-you-blake-oliver-cpa-kcbpc ..read more

Thinking about starting a podcast for your accounting firm? Not so fast! In my latest Accounting Today article, I share insights from the 2024 Digital Deep Dive conference, where Brandon Hall and I discussed the realities of podcasting. While our shows have seen remarkable success, we emphasize that podcasting isn't for everyone. Before diving in, carefully consider: ✅ The significant time commitment ✅ The need for a clear content strategy ✅ The challenges in measuring success Podcasting can be valuable for establishing thought leadership but requires a long-term commitment and realistic expec ..read more

With the "Silver Tsunami" of baby boomer business owner retirements upon us, it's crucial to understand employee ownership as a viable exit and succession planning strategy. Join me in learning about this important topic on the new Earmark channel Project Equity. The first course, "Introduction to Employee Ownership for CPAs, Exit Planners and Business Advisors," is available on-demand and offers 1 free CPE credit. In this course, you'll learn to: ✅ Identify employee ownership types, features, benefits, advantages, and limitations ✅ Recommend appropriate employee ownership options to clients ..read more

Picture this: You're on a flight, and the person beside you starts a conversation. They find out you're an accountant and ask, "Hey, don't you think an accountant should be running Boeing? Who better to whip that company into shape than someone who knows their way around a balance sheet?" You could be sitting next to Michael O'Leary, the CEO of Ryanair. O'Leary, a former KPMG accountant, says that Boeing's recent struggles can be traced back to a lack of focus on the nuts and bolts of running a business efficiently. In his view, the company needs a leader who understands the importance of del ..read more

Join me on May 08, 2024, at 10:30 am PST for a live-streamed podcast interview with Alan Whitman, the former CEO of Baker Tilly US. Alan will share his advice for how to transform traditional CPA firms into modern, sustainable, and innovative powerhouses. Topics we’ll cover: Identifying limitations and inefficiencies in traditional CPA firm models Leveraging modern tech and management practices to enhance service delivery and client satisfaction Formulating strategic growth plans for long-term sustainability and market responsiveness Prioritizing people development, ethics, and contin ..read more

A small audit firm with only one CPA on the website takes on a multi-billion dollar client. The client turns out to be a fraud. And the auditor? They face a measly $65,000 fine, less than the fees they earned from the audit. It's a true story that David and I shared on The Accounting Podcast. And it's just the tip of the iceberg when it comes to the lack of accountability in the auditing profession. In recent episodes, we delved into the cases of Gries and Associates and BF Borgers, two unknown firms that audited high-profile companies with questionable track records. The PCAOB found deficien ..read more

I'm honored to be quoted by Gene Marks, CPA, in his latest piece on The Hill, in which he brilliantly unpacks why investors should approach audit reports with a healthy dose of skepticism. Read it here ..read more

This week on the pod, we dive into valuations with accounting firm M&A expert Charles Bedard. Learn why moving to modern pricing models could mean big money for your exit strategy. Tune in here: https://share.transistor.fm/s/625cc0c3 Charles doesn't just stop at the why; he shares the how – offering invaluable insights and actionable tips for firm owners aiming to increase their valuation before they hit the market ..read more