SEC Charges Trump's Audit Firm with Massive Fraud

The SEC charged Trump's audit firm with a massive fraud – 1,500 fake filings over 2.5 years! Plus, hundreds of small US banks are at risk due to commercial real estate loan exposure. We're also talking about the potential of AI tools like Claude and ChatGPT to automate various accounting and business tasks, the controversial Corporate Transparency Act's beneficial ownership reporting requirements, and the possibility of its repeal. We wrap with fintech and crypto news, including Mercury Bank's rapid growth and potential regulatory issues.Sponsors Zoho - http://accountingpodcast.promo/zohoRelay - http://accountingpodcast.promo/relayKeeper - http://accountingpodcast.promo/keeperHarbor Compliance - http://accountingpodcast.promo/harborChapters(09:04) - Anthropic launches Claude for teams (11:12) - More LLM models pass CPA exam (18:28) - Blake demonstrates AI's abiity to help with emails (32:56) - 28 AI prompts for small businesses (36:39) - Oregon Senator going after TurboTax to issue refunds to Oregonians (38:44) - The possibility of a regional banking crisis (48:12) - The Corporate Transparency Act might be repealed (54:15) - Tether claims they can't find a Big 4 firm to audit them (56:54) - Mecurity Bank being looked at by FDIC (01:02:05) - Square to allow users to transfer percent of daily sales to Bitcoin (01:03:26) - Download and sign up for the Earmark app  Show NotesAnthropic launches a free Claude iOS app and Team, its first enterprise plan | ZDNEThttps://www.zdnet.com/article/anthropic-launches-a-free-claude-ios-app-and-team-its-first-enterprise-plan/ SEC.gov | SEC Charges Audit Firm BF Borgers and Its Owner with Massive Fraud Affecting More Than 1,500 SEC Filingshttps://www.sec.gov/news/press-release/2024-51 Oregon senator demands refunds for TurboTax customers over glitch | Accounting Todayhttps://www.accountingtoday.com/news/oregon-senator-demands-refunds-for-turbotax-customers-over-glitch Can LLMs Pass the CPA Exam? Evaluating Large Language Model Performance on the Certified Public Accountant Test by Will Zacher, Sanmukh Kuppannagari :: SSRN           https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4788096 Sam Altman says helpful agents are poised to become AI’s killer function | MIT Technology Review    https://www.technologyreview.com/2024/05/01/1091979/sam-altman-says-helpful-agents-are-poised-to-become-ais-killer-function/ Why hundreds of U.S. banks may be at risk of failure   https://www.cnbc.com/2024/05/01/why-hundreds-of-us-banks-may-be-at-risk-of-failure.html Tether CEO Says An Audit By A Big Four Giant Is Our Top Priority            https://coingape.com/tether-ceo-says-an-audit-by-a-big-four-giant-is-our-top-prioritterrestrialBlock lets Square merchants convert a part of their daily sales to bitcoinhttps://techcrunch.com/2024/04/24/block-now-lets-square-merchants-convert-a-part-of-their-daily-sales-to-bitcoin/ The 28 best AI prompts for small businesses    https://www.sage.com/en-us/blog/the-28-best-ai-prompts-for-small-businesses/ Congress considers how to fix the Corporate Transparency Acthttps://www.accountingtoday.com/news/congress-considers-how-to-fix-the-corporate-transparency-act Article from www.congress.gov              https://www.congress.gov/bill/118th-congress/house-bill/8147/cosponsors Binance founder Changpeng Zhao sentenced to 4 months in prison after plea dealhttps://www.cnbc.com/2024/04/30/binance-founder-changpeng-zhao-cz-sentenced-to-four-months-in-prison-.htmlNeed CPE?Get CPE for listening to podcasts with Earmark: https://earmarkcpe.comSubscribe to the Earmark Podcast: https://podcast.earmarkcpe.comGet in TouchThanks 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 Podchaser. Call us and leave a voicemail; maybe we'll play it on the show. DIAL (202) 695-1040.SponsorshipsAre you interested in sponsoring the Cloud Accounting Podcast? For details, read the prospectus.Need Accounting Conference Info? Check out our new website - accountingconferences.comLimited edition shirts, stickers, and other necessitiesTeePublic Store: http://cloudacctpod.link/merchSubscribeApple Podcasts: http://cloudacctpod.link/ApplePodcastsYouTube: https://www.youtube.com/@TheAccountingPodcastSpotify: http://cloudacctpod.link/SpotifyPodchaser: http://cloudacctpod.link/podchaserStitcher: