Why Trump's Plan To Raise Tariffs Will Backfire

The Accounting Podcast

Blake and David Leary dive into several hot topics in the accounting world including the IRS's renewed focus on enforcement, targeting high-income individuals and non-filers, as well as the push to regulate non-credentialed tax preparers. They also explore the ongoing US CPA shortage and discuss potential solutions, including changes to education and recruitment strategies. Moving on, there's talk about emerging threats to traditional accounting software from industry-specific solutions like Clio's new accounting package for law firms. All this and more, right here, right now!
Sponsors
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Lendflow - http://accountingpodcast.promo/lendflow

Chapters

• (01:00) - Global IT Outage Chaos
• (02:48) - Guess the Company Game
• (05:04) - Accounting Salaries and Compensation
• (14:47) - PwC Cutting Chinese Partners Pay by 50%
• (16:24) - Relay: The Ultimate Banking Solution
• (18:50) - Payday Advance Apps Under Scrutiny
• (21:40) - Trump's Tax Plan and Tariffs
• (29:03) - Community Engagement and Election 2024
• (29:48) - Zoho Practice Management Overview
• (31:34) - IRS Enforcement and Tax Resolution Opportunities
• (39:40) - Regulating Non-Credentialed Tax Preparers
• (43:09) - Corporate Tax Rates and Economic Impact
• (48:49) - Thank you to MakersHub
• (50:45) - Clio Accounting and Legal Software Innovations
• (53:41) - Addressing the Accountant Shortage
• (01:02:31) - Thanks for Listening and Remember to Earn Your Free CPE

Show Notes

July 19, 2024, global tech outage news

https://www.cnn.com/business/live-news/global-outage-intl-hnk/index.html

AICPA & CIMA Achieves Global Recognition as a Great Place To Work

https://www.aicpa-cima.com/news/article/aicpa-and-cima-achieves-global-recognition-as-a-great-place-to-work

Just How Much Have Accounting Salaries Increased in the Last Five Years?

https://www.goingconcern.com/just-how-much-have-accounting-salaries-increased-in-the-last-five-years/

You Need to Make Six Figures to Buy a Home in Almost Half of the U.S.

https://www.cpapracticeadvisor.com/2024/04/04/you-need-to-make-six-figures-to-buy-a-house-in-almost-half-of-america/103541/

Number of the Day: $5.7 Billion - CPA Practice Advisor

https://www.cpapracticeadvisor.com/2024/06/24/number-of-the-day-5-7-billion/107099/

I.R.S. Crackdown on Delinquent Millionaires Yields $1 Billion - The New York Times

https://www.nytimes.com/2024/07/11/business/irs-crackdown-wealthy-taxpayers.html

The IRS Tidal Wave Is Here - CPA Trendlines

https://cpatrendlines.com/2024/07/07/the-irs-tidal-wave-is-here/

Tax pros: IRS improving, but getting the right answer takes too long

https://www.journalofaccountancy.com/news/2024/jul/tax-pros-irs-improving-but-getting-right-answer-takes-too-long.html

IRS advisory committee recommends regulating tax preparers | Accounting Today

https://www.accountingtoday.com/news/irs-advisory-committee-recommends-regulating-tax-preparers

Corporate Tax Rate Spurs Political Fight With More Than $1 Trillion at Stake - WSJ

https://www.wsj.com/politics/policy/corporate-tax-rate-election-53de5180?st=o43aay9xscjk9wt

Ohio's shortage of certified accountants is part of a national trend

https://www.10tv.com/article/news/local/ohio-shortage-of-cpas-part-of-national-trend/530-172bf0d5-0f6a-4037-817f-2a6ae4e12dbf

Accountants sound the alarm over high-income residents leaving Massachusetts – New Bedford Guide

https://www.newbedfordguide.com/accountants-sound-the-alarm-over-high-income-residents-leaving-massachusetts/2024/06/20

Trump floats tariff hikes to offset income tax cuts

https://www.accountingtoday.com/articles/trump-floats-tariff-hikes-to-offset-income-tax-cuts

The Accountant Shortage Highlights How Critical Accounting Is to Capital Markets | Smith School

https://www.rhsmith.umd.edu/research/accountant-shortage-highlights-how-critical-accounting-capital-markets

#stitch with @Shanna Morris | accounting major | TikTok

https://www.tiktok.com/@nycoleemccrary/video/7361440633531174186?_r=1&_t=8m1nZEORWQh

Best Song Ever???

https://www.tiktok.com/@thesavbananas/video/7366410624856837422?lang=en

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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 Podchas...