Wake up with REM: Blockchain, tax fraud, and... Cheech & Chong?

  Richard "Cheech" Marin and Tommy Chong.  Source

Richard "Cheech" Marin and Tommy Chong. Source

Um, wow. The last few days have been pretty exciting: a new system promises to change the face of bookkeeping, Apple fails to avoid paying taxes in Ireland, and marijuana entrepreneurs find themselves holding the bag (literally). We’re always looking for ways to help our readers with their professional development, so we also have some conversational advice to bring your communication skills to the next level, as well as an emotional support velociraptor.

You’re welcome.

An Ohio tax preparer was acquitted on tax fraud charges after almost five years of investigation by the IRS, including a sting operation in which an undercover agent failed to get the defendant to include an erroneous Child Tax Credit claim. [Accounting Today]

10 ways to have a better conversation:
When your job hinges on how well you talk to people, you learn a lot about how to have conversations - and that most of us don't converse very well.

Artificial intelligence is coming to a ledger near you! PeaCounts, a blockchain-enabled bookkeeping system, is expected to launch this summer. “Business owners will no longer require a dual-entry system with manual reconciliations,” said PeaCounts co-founder Crystal Stranger, in a statement. “Combined with machine learning, PeaCounts has developed a system that makes manual entry a thing of the past.” [Accounting Today

Do you itemize your deductions? This might be a good time for a checkup on your taxes. [Forbes]

In our last Wake Up, we mentioned AllianceBernstein is moving to Nashville for local tax incentives. You’ll never guess who’s moving into their old building… [Globest.com]

Ireland takes a big bite out of Apple as the tech giant pays Ireland its first tranche of disputed taxes. [Reuters]

Cheech and Chong they’re not—marijuana entrepreneurs face unusual challenges in paying their taxes. Federal laws necessitate bags of cash and stealthy deliveries: this is how pot start-ups pay taxes. [New York Times]

 

My dinosaur is a service animal:
Just because it's a Velociraptor with knives for teeth doesn't mean it's not my best friend.

 

The Wake-Up Call is The REM Cycle’s biweekly compilation of newsworthy articles pertaining to taxation, accounting, and life in general. Got a hot tip? Email us at REMCycle@rem-co.com.