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I've got follow up on Wirecard, the Ernst & Young audit that apparently did not detect $2 billion in money that was missing. David Leary: [00:04:18] I've got some Wirecard, as well. Blake Oliver: [00:04:19] IRS news, appropriate for Tax Day coming up. Did you know you could be using Synder to automatically do this for you?
The SBA will the auditing banks, so they do want preference for underserved entrepreneurs - entrepreneurs of color, women, and rural entrepreneurs need to get preference. Want to get the word out about your newsletter, webinar party, Facebook group, podcast, or that fancy Excel macro you just created? You don't want cherry picking.
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Blake Oliver: [00:21:59] So, all this real-time deposits thing is getting bigger and bigger because we were just talking about this last episode. Right now, it looks like it's just a couple Xero leaders that are gonna do some sort of speech or keynote/webinar type thing. It's called a Xero On Air.
You finished the week up with a big, huge webinar, or something? So, we planned a series of webinars, and we did one on Friday. We did it on CPAacademy, and 1,758 people attended this webinar. My conclusion, after doing this webinar and a bunch of research around it, is we're gonna peak in May, probably. 1,200 people?
If you've ever tried to get your clients' Stripe, Square, or PayPal transactions into QuickBooks or Xero, you've probably pulled your hair out a few times trying to get income and fees recorded correctly so that the deposit amounts match the bank statement so you can reconcile. Cash is easy to audit. They're faking their books."
Yes, they sent out $155 billion, but there are still $36 billion that they haven't mailed yet or deposited that they're just sitting on. Five years ago, the inspector general's office did audits of the SBA and found that they have longstanding security weaknesses and identified 35 open-information technology audit recommendations.
I got a deposit from the IRS in my bank account for $32.12, and I thought, oh, no, is this my stimulus payment? I didn't even know- it didn't feel like my refund was any more delayed or less than it has been in previous years, but that's the deposit everybody got. All right let's talk about what's going on with tax, IRS, payroll tax.
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It Felt Like a Black Mirror Episode' The Inside Account of How Bird Laid off 406 People in Two Minutes via a Zoom Webinar" [link] - dot.LA She had a webinar on PPP and the emergency loan, and I attended her webinar. So, if you're one of the people that have used TurboTax, you probably don't have the deposit yet.
A2X posts tidy summaries of sales, returns, and fees from Shopify and Amazon directly into QuickBooks, or Xero that will exactly match the deposits that appear in your bank account. We've also got Batch-Create Bank Deposits. Now, you can reduce the time spent entering multiple individual bank deposits. Business management.
What he did, is he- somewhere along the line, he crossed the line, and he rerouted payroll direct deposit money that was supposed to go into employees' bank accounts, and the money to pay taxes. David Leary: [00:25:01] I mean, the trouble here is you have to have the cash to deposit in people's accounts. That's what I'm not following.
If you've ever tried to get your clients' Stripe, Square, or PayPal transactions into QuickBooks or Xero, you've probably pulled your hair out a few times trying to get income and fees recorded correctly so that the deposit amounts match the bank statement so you can reconcile. I [00:35:00] don't know the audit process.
Direct deposit volumes are surging three times, up to 14 million customers. Thankfully, during coronavirus, all of that thought leadership about how blockchain is going to eliminate the audit profession has disappeared. Blake Oliver: [00:26:36] Yes. This is the direct peer-to-peer payments app. David Leary: [00:26:39] That's correct.
listed Chinese firms that fail to meet audit standards. Chinese companies should have to do so as well and have rigorous audits. Big news in the international audit world, if that actually comes to be. It's way too complicated. [00:35:24] What else do we got here in the politics world? This is really interesting. regulators.
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