Bad App Causes $900 Million Bill Pay Blunder

David trades his lottery winnings for Bitcoin - will he be the next zillionaire? We're talking tax, including why lawmakers are starting to complain about a slow start to tax season, and how proposed legislation will dramatically increase IRS audits on the wealthy and corporations. We're also examining how to take control of your calendar in busy season, and what CPAs would do if they had more time. In app news, we ponder how Citigroup accidentally paid off a $900 million loan due to a horrible app, and talk about tax zapper software that's costing states hundreds of millions in lost sales tax revenue. We'll check out PayPal's plan for world super-app domination, acquisitions by Amazon, and Cin7, and so much more!

Show Notes

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Show Notes

1:50 – David got bitten by the Bitcoin bug! 

6:25 - Tax season off to a slow start, lawmakers complain to IRS

https://www.accountingtoday.com/news/tax-season-off-to-a-slow-start-lawmakers-complain-to-irs

 

8:19 – Is an end to the pandemic in sight? 

 

12:27 - Take control of your calendar this busy season

https://www.accountingtoday.com/opinion/take-control-of-your-calendar-this-busy-season

 

14:58 - Democrat bills would help the IRS go after wealthy, corporations

https://www.accountingtoday.com/news/democrats-introduce-bills-to-increase-taxes-on-wealthy-and-corporations

 

22:00 - Screenshot of the Horrific UI Design That Led Citigroup to Accidentally Send $893 Million 

https://www.core77.com/posts/105540/Screenshot-of-the-Horrific-UI-Design-That-Led-Citigroup-to-Accidentally-Send-893-Million

 

What can we learn from Citi's $900 million mistake? - DEV Communityhttps://dev.to/feileacan/what-can-we-learn-from-citi-s-900-million-mistake-3p0j

 

29:20 - Sales-Hiding Software Outsmarts U.S. Tax Collectors (Podcast)

https://news.bloombergtax.com/financial-accounting/sales-hiding-software-outsmarts-u-s-tax-collectors-podcast

 

35:20 - Don’t Get Zapped: Enforcement against Businesses That Use Sales Suppression Software Is on the Upswing

https://www.blankrome.com/publications/dont-get-zapped-enforcement-against-businesses-use-sales-suppression-software-upswing

 

37:33 - Most Restaurants Couldn’t Pay December’s Renthttps://www.pymnts.com/news/retail/2021/survey-says-most-nyc-restaurants-couldnt-pay-december-rent/

 

39:28 - 32% of Small Businesses Have a Month or Less in Cash Reserveshttps://smallbiztrends.com/2021/02/alignable-small-business-cash-reserves-report-covid-recovery.html

 

43:01 - SURVEY: If Only We Had Time For…

https://cpatrendlines.com/2021/02/18/survey-if-only-we-had-time-for/

  

46:38 - Robinhood Fails to Meet Deadline to Give Customers Tax Forms

https://www.bloomberg.com/news/articles/2021-02-17/robinhood-misses-irs-deadline-to-give-customers-their-tax-forms

 

48:40 - Brex applies for bank charter, taps former Silicon Valley Bank exec as CEO of Brex Bank https://techcrunch.com/2021/02/19/brex-applies-for-bank-charter-taps-former-silicon-valley-bank-exec-as-ceo-of-brex-bank/

 

49:12 - Iwoca Integrates With Xero For Pay Later Option

https://www.pymnts.com/news/b2b-payments/2021/iwoca-integrates-with-xero-for-smb-pay-later-option/

 

50:35 - PayPal Wants To Become The Banking World's Next 'Super App'https://thefinancialbrand.com/107787/paypal-venmo-banking-super-mobile-app-payments/

 

54:14 -  PayPal - Pay touch-free with a QR code

https://www.paypal.com/us/webapps/mpp/qrcode

 

54:16 - Revolut Business Introduces QR Codes For Payments

https://www.pymnts.com/news/payment-methods/2021/revolut-business-introduces-qr-codes-for-payments/

 

55:41 – We’ve got VOICEMAIL! Thank you, Giuseppe for sharing your struggles with QuickBooks Cash! 

 

59:37 - Shopify Smashes Estimates With Q4 Resultshttps://www.pymnts.com/news/retail/2021/shopify-q4-results-smash-estimates-growth-could-slow-post-covid/

 

59:54 - Why Amazon Snapped Up Selzhttps://www.pymnts.com/amazon-acquisitions/2021/why-amazon-snapped-up-selz/

 

60:12 - Exciting News! DEAR Systems and Orderhive have joined Cin7 

https://www.cin7.com/blog/cin7/exciting-news-dear-systems-and-orderhive-have-joined-cin7/

https://www.orderhive.com/orderhive-has-joined-cin7

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Creators & Guests

Host

Blake Oliver

Founder and CEO of Earmark CPE

Host

David Leary

President and Founder, Sombrero Apps Company

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The Accounting Podcast (formerly the Cloud Accounting Podcast) is the world's #1 accounting, bookkeeping, and tax podcast! Join us weekly for a roundup of accounting news, analysis, and interviews. Plus, earn free NASBA-approved CPE credits for listening with the Earmark app. Learn more at https://earmarkcpe.com.