The Accounting Podcast

Happy Almost Thanksgiving! Before we stuff ourselves senseless on socially distanced turkey, we're talking remote work, and compensation for all those work-from-home expenses. We'll also discuss why women are less likely than men to feel fairly compensated for those expenses. Then we'll dig into PPP news, with talks about how the IRS plans to increase audits on small businesses by 50% — and how that's a joke based on the latest numbers. Meanwhile, since the IRS is investigating fewer tax preparers, is fraud declining? We'll also hit on the various and sundry confusion points regarding PPP loan forgiveness, the AICPA's contentions with the IRS on penalty relief, and the PPP loan necessity questionnaires by the SBA, all while Mnuchin pulls the plug on some pandemic lending programs. In other news, we'll examine some of the top challenges of accounting firms in 2020, and ponder why over a third of Americans won't move to rural areas due to slow internet speeds. In app-ish news, we'll talk all things QuickBooks Connect (Virtual) 2020, QuickBooks Live, Intuit earnings, and why Xero investors should forget about the United States market. Enjoy!

Show Notes

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Show Notes

07:58 – 36% of Americans Won't Move to Rural Areas Due to Slow Internet Speeds
https://smallbiztrends.com/2020/11/rural-internet-speeds-urban-sprawl.html

11:09 – Women less likely to feel fairly comped for WFH expenses
 https://www.accountingtoday.com/news/women-less-likely-to-feel-fairly-compensated-for-work-from-home-expenses-during-pandemic

17:01 – Congress blasts IRS for limits on forgiven PPP loan tax breaks
 https://www.accountingtoday.com/articles/congress-blasts-irs-for-limits-on-forgiven-ppp-loan-tax-breaks

17:23 – IRS clarifies deductibility of PPP loan expenses, as AICPA criticizes forgiveness questionnaire
 https://www.accountingtoday.com/news/irs-and-treasury-clarify-deductibility-of-ppp-loan-expenses-as-aicpa-criticizes-forgiveness-questionnaire

17:50 – IRS Crushes Hopes Of Deducting PPP-Paid Expenses Before Forgiveness Approval; But Questions Remainhttps://www.forbes.com/sites/anthonynitti/2020/11/19/irs-crushes-hopes-of-deducting-ppp-paid-expenses-before-forgiveness-approval-but-questions-remain/

19:13 – Letters signed by AICPA raise concerns about PPP Loan Necessity Questionnaires
 https://www.journalofaccountancy.com/news/2020/nov/aicpa-signed-letters-raise-concerns-ppp-loan-necessity-questionnaires.html

20:01 – PODCAST: How Fraud and Waste Seeped into a COVID Stimulus Program (WSJ’s The Journal)
https://podcasts.apple.com/us/podcast/the-journal/id1469394914?i=1000499272495

23:22 – Evidence of PPP Fraud Mounts, Officials Say
https://www.wsj.com/articles/ppp-was-a-fraudster-free-for-all-investigators-say-11604832072

24:55 – Mnuchin pulls plug on some pandemic lending programs that Fed considers essential
 https://de.reuters.com/article/us-usa-fed-mnuchin-idUSKBN27Z34P

25:54 – IRS plans a 50% ramp-up in small-biz audits next year
https://www.accountingtoday.com/articles/irs-plans-a-50-ramp-up-in-audits-of-small-businesses-next-year

27:57 – AICPA disagrees with IRS commissioner Rettig on penalty relief
https://www.accountingtoday.com/news/aicpa-disagrees-with-irs-commissioner-rettig-on-penalty-relief

30:10 – IRS investigating fewer tax preparers
https://www.accountingtoday.com/news/irs-investigating-fewer-tax-preparers

31:35 – Top Challenges? Staffing, Staffing, Staffing
https://cpatrendlines.com/2020/11/19/web-portals-are-here-to-stay/

33:18 – PayPal Gives Employees Early Paycheck Access
https://www.pymnts.com/news/payments-innovation/2020/paypal-gives-employees-early-access-to-paychecks-though-evens-app/

34:48 – QuickBooks Connect 2020 Hosts Thousands Virtually
https://www.intuitiveaccountant.com/general-ledger/quickbooks-connect-2020-hosts-thousands-virtually/

39:28 – QuickBooks Live Bookkeeping update: November 2020
https://www.firmofthefuture.com/content/quickbooks-live-bookkeeping-update-november-2020/

41:36 – Intuit has Launched HubSpot for QuickBooks
https://www.intuitiveaccountant.com/general-ledger/intuit-has-launched-hubspot-for-quickbooks/

47:28 – Intuit (INTU) Q1 Earnings & Revenues Top Estimates, Increase Y/Y
https://finance.yahoo.com/news/intuit-intu-q1-earnings-revenues-131201694.html

51:19 – Why Xero investors should forget the US market
https://www.afr.com/technology/why-xero-investors-should-forget-the-us-market-20201110-p56d8y

54:41 – A Review! Thank you, B Stoltzfus! 

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Creators & Guests

Host
Blake Oliver
Founder and CEO of Earmark CPE
Host
David Leary
President and Founder, Sombrero Apps Company

What is The Accounting Podcast?

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.