My favorite story this week is about an accountant who couldn’t find the budgeting app he wanted for his clients, so he built it himself using developers hired on the freelancing site UpWork.
Laura Empson argues that professional services firms (looking at you, public accounting) deliberately recruit overachievers, then exploit their insecurity; new tax rules are speeding up automation; Thomson Reuters catches up... to the Xero and QBO of ten years ago; a terrible client experience caused by hourly billing; and more
IRS guidance is silent on which section of the tax code cryptocurrency falls into. This has major implications for the tax treatment of transactions involving Bitcoin. Read Craig Smalley's analysis on CPA Practice Advisor.
If you want to understand the value of blockchain and cryptocurrency, read this. It has nothing to do with the price of Bitcoin. That’s just a distraction. The true value is that it provides a distributed system for verifying claims of ownership — whatever they may be.