This week, ProPublica got its hands on an internal video from Intuit CEO Sasan Goodarzi to his 9,000 employees defending the company's actions before and after the Free File fiasco. Meanwhile, Wolters Kluwer negotiated on behalf of its customers with the IRS for a 7-day extension to file tax returns due to the CCH outage. Also, Intuit is increasing its QuickBooks Live workforce in anticipation of a June launch date, and Xero hired a new President to lead their Americas operation. All this and more on this episode of the Cloud Accounting Podcast!
This past week, Wolters Kluwer's CCH tax software division suffered a malware attack. In response, the company took offline a number of CCH products for 3 to 4 days, causing significant disruption to accounting firms, especially midsize and large ones. In other news, a Firm of the Future finalist firm loses a client to QuickBooks Live, the Vermont House voted for a new "cloud tax" that would tax Software-as-a-Service (SaaS), the Los Angeles City Attorney dues Intuit and H&R Block, and more.
We go in-depth on ProPublica's IRS Free File investigation that has implicated H&R Block and Intuit in misleading schemes to push taxpayers who could have gotten their taxes done for free into paid offerings. Also, follow-up on QuickBooks with Live Bookkeeping (which goes live in June), Divvy's gigantic $200 million fundraising round, OnDeck's concerns about small business credit worthiness, NetSuite's new analytics tool, why accidents like the Notre-Dame fire happen, and more
David found some more Visor reviews (they aren’t so great); how personalized service is one way traditional accounting firms can compete against these new “accounting startups;” we mourn the passing ofHenry Bloch, the “H” in H&R Block; Blake recalls his article about why there won’t be an Uber for Bookkeeping, given the upcoming QuickBooks Live offering; more on QuickBooks Advanced rate limits; now you can get next-day funding with QuickBooks Payments; TurboTax reports revenue numbers; the top 10 cities for accountants, and three ways to charge $25k to your clients
Rachel Fisch joins the podcast as our special guest! We discuss David’s investigation of Visor, which did NOT have a great busy season. In other news, Zoom is about to go public, online tax filing is on the rise, Pilot (the AI accounting startup) raised $40 million, Eide Bailly is acquiring a data analytics service, the IRS released a plan to modernize its computer systems, and we wonder if the CPA license is loosing its luster.
The house passed a bill permanently banning the IRS from creating its own free online tax preparation software; as cashless stores grow, so does the backlash; at least one educator is still teaching people how to use Quicken for business accounting; updates from Xero, Canopy, TaxJar, and QuickBooks; a hack for avoiding the new rate limits on QuickBooks Online, stats on how many CPA firms permit remote work and/or flexible schedules; how people who work from home are more productive; and why people have a reason to be paranoid when it comes to smart speakers
Intuit is hiring in West Virginia; a new study says the top benefit employees want is unlimited paid time off, but not many CPA firms offer it; what accountants and bookkeepers can learn from taxi companies; NetSuite announces Brainyard, a free benchmarking and research service; how California spent $1B on an accounting system that still doesn't work right; and more
In this week’s accounting news roundup: how tax season could be extended by 5 weeks, the latest QuickBooks updates and problems with new usage limits, Louisiana gave out $26 million in extra tax refunds by accident, why you need to be concerned about tech companies offshoring your client data, Canopy laid off 40% of its workforce, and more