Writer l Content at @GustoHQ | Co-host @ohmyfraud | Founding editor @going_concern | Former @CCDedu prof | @JeffSymphony board member | Trying to pay attention.
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Articles by Caleb Newquist
Learn Your Big 4 Lore: The Failed Merger of Ernst & Young and KPMG
Accountancy Age reports today that smaller firms in the UK are cleaning up at the expense of the Big 4, specifically audit clients. The Four Horsemen are claiming cost pressure but small firms see it a little differently. More, after the jump Melissa Bowers, partner with Macclesfield-based firm Harts LLP, points to the Big Four’s practice of using senior partners to ‘seal the deal’ while leaving junior employees to do the grunt work, which has alienated smaller clients.
Here’s How to Fill Out the 2025 W-4 Form
Run payroll and benefits with Gusto Update for 2025: Review the updates to the Form W-4 below for 2025 or watch this short video: The standard deductions are as follows: Single, Married Filing Separate: $15,000 Married Filing Jointly: $30,000 Head of Household: $22,500 For tax year 2021 and later, use Schedule 8812 (Form 1040) to figure your child tax credit and credit for other dependents.
This…is American EIDL Fraud! | Oh My Fraud | Episode 39
Warning: This is a machine-generated transcript. As such, there may be spelling, grammar, and accuracy errors throughout. Thank you for your understanding! Caleb: Once upon a time there was a world when there was no Covid 19. It was a magical era before anyone knew what an N95 mask was or the president told people to drink bleach. Yes, it was a different time indeed. But bad things still happened. Hurricanes and tornadoes, wildfires and floods, blizzards and earthquakes still ravaged the land.
The Worst Fan Club President Ever | The Selena Quintanilla Embezzlement (and Murder) Case | Oh My Fraud | Episode 36
Attention: This is a machine-generated transcript. As such, there may be spelling, grammar, and accuracy errors throughout. Thank you for your understanding! Greg: [00:00:00] March 31st, 1995, Corpus Christi, Texas police surround a red pickup in a Days Inn parking lot. Yolanda Saldivar sits inside, hysterical and holding a 38 caliber revolver to her head. 9.5 hours later, she's taken into custody for the murder of a woman she describes as her best friend.
Rumors Archives
Let’s start off with a little anecdote: Well! That’s quite a busy accountant. J��������������������rying to sleep up the ladder and offering up “favors” that may or may not include a pool cue and/or an 8-ball gag. Sexual activity aside, our tipster is curious as to just how…curious some of you are: Wait, are you asking if sex is normal? Or if accountants having sex with each other is normal? OR if accountants swinging both ways or engaging in other adventurous activity is normal?
Global Firms Archives
PwC Is the Winner of the 2022 Auditor Rankings, European Edition Ideagen Audit Analytics released a nifty new report on the European audit market — the […] Former PwC Employee Latest Star of “Auditor Mishandles Sensitive Client Information” I haven’t been a Big 4 auditor in quite some time, which means I haven’t […] Grant Thornton Admits 39 New Partners and Principals Who are the new Grant Thornton partners? Glad you asked.
Dishonest, Remarkably Stupid Conduct | Oh My Fraud | Episode 29
Speaker1: [00:00:00] On June 28th, 2022, the Securities and Exchange Commission, we know it as the SEC. They issued a press release that announced that Ernst and Young's US firm had to pay $100 million fine because its employees were cheating on their ethics exams. And Ernst and Young was also, like, misleading. They were Ernst.
Editor's Notes Archives
With just seconds left in 2022 (this is scheduled to publish on 11:59 PM on December 31st), let’s take a quick look back on the ten stories that seemed to have the most buzz this past year. Some may be surprising, EY gets way too many mentions, and a lot of people were interested in […]
Fraud Bytes | Oh My Fraud | Episode 21
What is Oh My Fraud? "Oh My Fraud" is an irreverent podcast from CPA/comedian Greg Kyte and blogger/former CPA Caleb Newquist. The two come together to unpack their favorite frauds and explore the circumstances, psychology, and interpersonal dynamics involved. They also fully indulge in victim-blaming the defrauded widows, orphans, infirm and feeble-minded—because who can resist?
"The Fraud Speaks for Itself”: Revisiting Rita Crundwell and Dixon, Illinois with Kelly Richmond Pope | Oh My Fraud | Episode 20
What is Oh My Fraud? "Oh My Fraud" is an irreverent podcast from CPA/comedian Greg Kyte and blogger/former CPA Caleb Newquist. The two come together to unpack their favorite frauds and explore the circumstances, psychology, and interpersonal dynamics involved. They also fully indulge in victim-blaming the defrauded widows, orphans, infirm and feeble-minded—because who can resist?
Blow the Whistle with Jason Zuckerman and Matt Stock | Oh My Fraud | Episode 18
"We go after bad guys, and once in a while our clients get paid" - In this episode Caleb and Greg talk to Matt Stock and Jason Zuckerman from Zuckerman Law. Hear all about whistleblowers and the lawyers that represent them.
There’s No Fraud like Show Business Fraud | Oh My Fraud | Episode 17
What is Oh My Fraud? "Oh My Fraud" is an irreverent podcast from CPA/comedian Greg Kyte and blogger/former CPA Caleb Newquist. The two come together to unpack their favorite frauds and explore the circumstances, psychology, and interpersonal dynamics involved. They also fully indulge in victim-blaming the defrauded widows, orphans, infirm and feeble-minded—because who can resist?
"The Fraud Came First” Remembering Crazy Eddie with Gary Weiss | Oh My Fraud | Episode 16
What is Oh My Fraud? "Oh My Fraud" is an irreverent podcast from CPA/comedian Greg Kyte and blogger/former CPA Caleb Newquist. The two come together to unpack their favorite frauds and explore the circumstances, psychology, and interpersonal dynamics involved. They also fully indulge in victim-blaming the defrauded widows, orphans, infirm and feeble-minded—because who can resist?
Is There a Such Thing as Corporate Bonding Exercises That AREN'T Objectively Terrible?
So r/accounting decided they wanted to remind of us of PwC’s horrifying Shabooya incident and discuss corporate bonding exercises that are somehow worse than that which I didn’t think was possible. Because I hate to cringe alone, I figured I’d share in case you missed it. First, Shabooya for the unfamiliar (TW: cringing, unnecessary enthusiasm): PwC, you will never live this down.
Letters to the Editor: CPAs Give Their Perspectives on Why No One Wants to Be an Accountant Anymore
Last week, we published a letter written to Fortune by a former CPA who pivoted to driving 18-wheelers and found far more career happiness than he ever would have in accounting (good for him). It seems his words resonated with a few people who felt compelled to reach out and offer their own perspectives. Here are two of the emails we received in response to that article. We won’t argue with you there, dear reader.
Crazy Eddie: They Don’t Fraud ‘Em Like That Anymore
Whenever I meet someone who grew up on the east coast in the late 70s or early 80s, I ask if they remember Crazy Eddie. I have yet to hear a response other than, “Of course!” To many, the story of Crazy Eddie is a story of loving to hate a television commercial. The Crazy Eddie pitchman, Jerry Carroll, typically wore a turtleneck under a dark blazer or a Santa Claus suit, sans the fake beard.
Un-Payday | Oh My Fraud | Episode 15
Thank you to our sponsor, Dark Horse CPAs. Dark Horse CPAs has built a platform-style CPA firm that will transform your practice. It has the technology, resources, staffing, qualified inbound leads, and community that will enable you to spend your time growing your practice, serving clients and doing more of what you love.
Double, Double OIL and Trouble | Oh My Fraud | Episode 14
Thank you to our sponsor, Dark Horse CPAs. Dark Horse CPAs has built a platform-style CPA firm that will transform your practice. It has the technology, resources, staffing, qualified inbound leads, and community that will enable you to spend your time growing your practice, serving clients and doing more of what you love.
Small Archives
Letter to the Editor: Small Firms Are Suffering in This Market, Does Anyone Care? We received the following from a small firm owner who is suffering under the weight of talent shortages, massive workloads, and hoards of would-be clients shopping around because their accountant (rightly) raised their fees. What’s a small firm to do? I have a small firm in [redacted].
A Plethora of Pandemic PPP Fraud | Oh My Fraud | Episode 13
What is Oh My Fraud? "Oh My Fraud" is an irreverent podcast from CPA/comedian Greg Kyte and blogger/former CPA Caleb Newquist. The two come together to unpack their favorite frauds and explore the circumstances, psychology, and interpersonal dynamics involved. They also fully indulge in victim-blaming the defrauded widows, orphans, infirm and feeble-minded—because who can resist?
Rooting Out Emperor Palpatine with Professor Daniel J. Taylor | Oh My Fraud | Episode 12
Professor Daniel J. Taylor is an accounting professor at The Wharton School of the University of Pennsylvania. Just don’t ask him about debits and credits. Professor Taylor is one of the most prolific and renowned researchers on fraud today. Caleb and Greg talk with Professor Taylor about how he chose fraud as a research focus, why the SEC is good at catching Dr. Evil, and why privatizing the enforcement of securities law could be the wave of the future.
ANR Archives
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A Priest, Rabbi, and a Nun walk into a Fraud | Oh My Fraud | Episode 11
What is Oh My Fraud? "Oh My Fraud" is an irreverent podcast from CPA/comedian Greg Kyte and blogger/former CPA Caleb Newquist. The two come together to unpack their favorite frauds and explore the circumstances, psychology, and interpersonal dynamics involved. They also fully indulge in victim-blaming the defrauded widows, orphans, infirm and feeble-minded—because who can resist?
Aloha Fraud | Oh My Fraud | Episode 9
What is Oh My Fraud? "Oh My Fraud" is an irreverent podcast from CPA/comedian Greg Kyte and blogger/former CPA Caleb Newquist. The two come together to unpack their favorite frauds and explore the circumstances, psychology, and interpersonal dynamics involved. They also fully indulge in victim-blaming the defrauded widows, orphans, infirm and feeble-minded—because who can resist?
Severely Disorganized Crime | Oh My Fraud | Episode 8
[00:00:00] Earn free CPE Blake: If you'd like to earn CPE credit for listening to this episode, visit earmarkcpe.com, download the app, take a short quiz, and get your CPE certificate. Continuing education has never been so easy. And now, onto the episode. [00:00:24] Introduction and Caleb's old work story Greg: Hey, everybody. Welcome to another episode of Oh My Fraud. We got a true crime podcast, but our bad guys fill duffel bags with cash, instead of filling them with severed heads.
The Golden Age Of Fraud : An Interview with Francine McKenna | Oh My Fraud | Episode 7
If you’ve spent any time in the last 15 years employed by a Big 4 audit firm, you’ve almost certainly read Francine McKenna’s writing. Enjoy this freewheeling episode of Oh My Fraud, where Caleb and Greg talk to Francine about many topics, including auditing in a pandemic, Big 4 impunity, and why we’re in the golden age of fraud.
With Great Check Writing Power Comes Great Responsibility | Oh My Fraud | Episode 4
February 23, 2022 by Greg Kyte & Caleb Newquist Visit Website Listen On Apple Podcasts Listen On Google Podcasts Listen On Spotify Subscribe RSS Feed Episode Details Would you tell your significant other if you were stealing money? What excuse would you use for all your extra cash? The one Nathan Mueller came up with directly led to him getting caught. Hear how Nathan's $8 million check-fraud scheme came crashing down from his wife’s loose lips.
Don't Look a Fraud Horse in the Mouth | Oh My Fraud | Episode 3
February 8, 2022 by Greg Kyte & Caleb Newquist Visit Website Listen On Apple Podcasts Listen On Google Podcasts Listen On Spotify Subscribe RSS Feed Episode Details Dixon, Illinois is a small town with a population of 15,000 people. Hear how one woman, Rita Crundwell, managed to pull off the largest municipal fraud in history - by stealing over $53 million dollars before anyone noticed it was gone! Show Notes A WORD FROM OUR SPONSOR Thank you to our sponsor, Avalara.
Compensation Watch ’22: It Appears EY Employees Who Work In FAAS (Only?) Are Not Getting a Salary Adjustment
News started circulating on the usual chatter sites yesterday afternoon that EYers who work in financial accounting advisory services (FAAS) were told during an all-hands call that they would not be receiving a mid-year-ish bump in pay. That was confirmed in a little more detail by an EY employee today in a post on r/accounting: There was a lot of bitching from EYers in the comments of that post, and rightly so.
Promotion Watch ’22: The Queen's PwC Adds 22 to the Partnership
Hello. Yes, long time no speak. Since there’s been a global pandemic going on, I’ve been taking it extra easy. No need to exert myself when no one else is. Oh, you have been exerting yourselves? I get that being stuck home hasn’t been great for a lot of people, and lots of accountants don’t […]
ICYMI: The AICPA Legacy Scholarship Application Period Is Open Until March 1 (IOW Free Money For School)
According to the cute little countdown on the AICPA Legacy Scholarships page, as of right now (right now as in the date this post is published) you have 35 days remaining to apply for the 2022-2023 AICPA Legacy Scholars program scholarships. They include: AICPA Foundation Scholarship for Future CPAs $3,000 – $10,000 AICPA Scholarship Award for Minority Accounting Students $3,000 – $10,000 AWSCPA Scholarship Award $5,000 AICPA John L.
Half-Assed, Half-Baked, Better-Late-Than-Never Predictions For Accounting In 2022
Hello. Yes, long time no speak. Since there’s been a global pandemic going on, I’ve been taking it extra easy. No need to exert myself when no one else is. Oh, you have been exerting yourselves? I get that being stuck home hasn’t been great for a lot of people, and lots of accountants don’t know what to do without work, so you’re saying lots of you have just been working the whole time? Am I in the ballpark? Oh, man. That makes me sad.
Printer Toner Pirate King | Oh My Fraud | Episode 1
January 11, 2022 by Greg Kyte & Caleb Newquist Visit Website Listen On Apple Podcasts Listen On Google Podcasts Listen On Spotify Subscribe RSS Feed Episode Details Join Caleb and Greg as they dig into a scam involving one of the most valuable (and loathed) commodities on Earth — printer toner. Gilbert N. Michaels, AKA "the California Toner Pirate Godfather," defrauded thousands of small businesses and charities over decades by overcharging them for toner they didn't need.
Going Concern Jobs Archives
If you are interested in a fully remote professional opportunity, apply today using the links below! Talent search for all positions is managed by Accountingfly on behalf of the client firms. Remote Audit Jobs Remote Audit Manager CPA – CPA firm located in Northern Virginia is hiring an Audit Manager responsible for supervising, directing, and reviewing […] Looking for a truly remote accounting job—one that doesn’t transform into an in-office grind after a few months?
Art Archives
Schapiro Aide Said to Be Leaving SEC for PwC Accounting Firm [Bloomberg] Kayla J. Gillan, a senior adviser to U.S. Securities and Exchange Commission Chairman Mary Schapiro, is resigning to take a job at PricewaterhouseCoopers LLP, according to people familiar with the matter. Gillan will be a principal in a new group at the firm focusing on regulations affecting auditing firms, according to one of the people, who spoke on condition of anonymity because the move hasn’t been announced.
M&A Archives
In early August, EisnerAmper announced a “strategic investment” in the firm courtesy of investment management firm TowerBrook Capital Partners, the first of its kind for a firm of that size. The door is now wide open for private equity to get a piece of the accounting pie.
Announcements Archives - Going Concern
It’s the Holiday Season and that means two things: 1) Big Surprises; 2) Big Disappointments. With that in mind, I’m here to share with you, first, a surprise. Tomorrow, barring any unforeseen sabotage by internal detractors, we’ll be launching a redesigned look and feel for Going Concern. We’ve been sporting our current layout for quite awhile and the feeling amongst us (and many of you that participated in our fall survey) was that we need to update things a bit.
An Accounting Firm Sans April 15
April 15, 2021 Help your small business clients stay up to date with Gusto’s weekly SMB newsletter. It includes the latest news, legislation, and compliance updates small business owners need to know, with expert advice in their inbox every week. Introduce your clients to payroll they’ll actually love. April 15 I don’t recall when I first understood that April 15 was a thing. Certainly long before I knew that it would be a thing for me due to a career choice.
What Is Accounting’s Next Act?
April 8, 2021 Help your small business clients stay up to date with Gusto’s weekly SMB newsletter. It includes the latest news, legislation, and compliance updates small business owners need to know, with expert advice in their inbox every week. Introduce your clients to payroll they’ll actually love. Now what? Last week I mentioned how WFH had been good for me. It gave me lots to write about, especially within the confines of the accounting world, which was mostly new to it.
Working From Home Never Ends
April 1, 2021 Help your small business clients stay up to date with Gusto’s weekly SMB newsletter. It includes the latest news, legislation, and compliance updates small business owners need to know, with expert advice in their inbox every week. WFH: We’re doing it wrong I have to confess: The GREAT WFH EXPERIMENT has been good to me. Since most accounting firms had never allowed WFH before, it was on the minds of many, and so it gave me plenty to write about.
Can We Say “No” Again Yet?
March 18, 2021 Did you know? Gusto now offers a bulk invoice report. This allows accountants to generate a master invoice across all of their partner-billed clients for the month of their choice, saving hours in administrative time. The more clients a partner manages on Gusto, the more time they save! Get it by signing into GustoPro and going to the reports page. Programming note On the Margins will be off next week. In the meantime, go check out the archive. We’ll return April 1. No joke.
Robot Accountants Are Fine with Scope Creep
March 11, 2021 Did you know? Gusto now offers a bulk invoice report. This allows accountants to generate a master invoice across all of their partner-billed clients for the month of their choice, saving hours in administrative time. The more clients a partner manages on Gusto, the more time they save! Get it by signing into GustoPro and going to the reports page. Accountants vs.
PPP Tweaks and Email Misery
March 4, 2021 Help your clients stay up to date with Gusto’s weekly SMB newsletter. It includes the latest news, legislation, and compliance updates small business owners need to know, with expert advice in their inbox every week. PPP tweaks A while back, we talked about the confusion—or perhaps generous reading—that some people had with the definition of small business with regard to the Paycheck Protection Program (PPP).
Accounting Still on the Diversity Struggle Bus
February 25, 2021 Enjoying On the Margins? Share it with a friend. They can sign up here and read our past editions in the archive. How’s diversity in accounting going? A recent report from the Institute of Management Accountants and the California Society of CPAs found something that will come as a surprise to virtually no one: The accounting profession’s efforts at diversity, equity, and inclusion are not getting any results.
Not Everyone Should Start a Business
February 18, 2021 To support your client’s unique needs, they can now create policies for different categories of time off, like bereavement, floating holiday, jury duty, and more. Admins can assign employees to a policy in each category and set a maximum number of accruable hours per policy. Learn more by going to the ‘Time Off Tab’ on your client’s dashboard. Starting businesses I’ve started a couple businesses.
Small Business Feelings and Annoying Clients
February 11, 2021 Job costing with Gusto: We’ve got it. Have you tried it? Get more granular control with two new features. Workforce costs are now based on employees’ hours tracked to a project, rather than an auto-allocation. Admins can also add tasks to each project to better understand team productivity and provide more detailed invoicing. Check out this and more by tapping on the Time Tracking tab in your client’s dashboard. How are small businesses doing?
PCAOB Archives - Going Concern
While there is a consensus that the PCAOB’s existence has improved audit quality, it is also clear that the PCAOB has contributed an unhealthy level of hysteria to the auditing profession. That hysteria has led some professionals to make horrible choices (as seen in the KPMG inspection selection leak scandal).
PPP Can’t Do Everything
Round 2 of PPP is here. New Gusto bulk reports let you customize the date range and select clients who are now eligible for additional relief. If you downloaded the PPP report before January 19, 2021, redownload it to ensure you have the latest version, updated with the new US Treasury Guidance. Go to the COVID-19 tab in Gusto Pro. Did PPP work? We’ve discussed various aspects of the Paycheck Protection Program (PPP), and it’s fair to say that it’s been far from perfect.
PPP Advice 2.0 and WFH Paranoia
January 28, 2021 Round 2 of PPP is here. New Gusto bulk reports let you customize the date range and select clients who are now eligible for additional relief. If you downloaded the PPP report before January 19, 2021, redownload it to ensure you have the latest version, updated with new US Treasury Guidance. Go to the Covid-19 tab in Gusto Pro. PPP (advisory) 2.0 Last summer, we talked about whether accounting firms should be charging for Paycheck Protection Program (PPP) services.
On the Margins Archives
Good news in 2021 - Gusto offers more benefits than ever before.See all See all
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