The Accounting Podcast

Latest Episodes:

IRS Officials Claim Cuts Will Widen Tax Gap by $500 Billion Apr 01, 2025

Show notes

What happens when tax enforcement weakens? With 17% of millennials considering skipping their tax filing altogether, Blake and David dig into how IRS budget cuts might impact compliance and revenue. They analyze fascinating survey data revealing what taxpayers truly value when choosing between professional preparation and free options like Direct File. Plus, discover the accounting scandal forcing Financial Times to retract its Tesla analysis, exposing how GAAP complexity confounds even financial experts. You'll also learn why three major US cities face billion-dollar budget holes and the disturbing revelation that duplicate Medicaid payments are costing taxpayers billions—all while Tether still can't produce an audit after ten years of promises.

Sponsors
Bluevine - http://accountingpodcast.promo/bluevine (Bluevine is a financial technology company, not a bank. Banking Services provided by Coastal Community Bank, Member FDIC.)
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Chapters

(00:00) - Introduction and Podcast Overview
(00:42) - Top Stories of the Week
(02:27) - Sponsor Messages and Event Announcements
(04:52) - Interview with Christina Ho on PCAOB
(07:57) - Discussion on IRS Cuts and Tax Compliance
(19:44) - Survey on IRS Direct File
(28:21) - AI's Impact on Tax Professionals
(29:14) - Discrepancies in Tax Software Results
(30:08) - Public Opinion on Tax Filing Services
(31:23) - Challenges for Tax Professionals
(32:39) - LA's Budget Crisis
(36:24) - Federal Government Spending Issues
(37:28) - Medicaid Duplicate Payments Scandal
(45:55) - Tether's Audit Controversy
(50:38) - Tesla's Financial Discrepancies
(56:16) - Big Four Transparency Rankings
(58:07) - Conclusion and Farewell

Show Notes

Tax Revenue Could Drop by 10 Percent Amid Turmoil at IRS

https://www.washingtonpost.com/business/2025/03/22/irs-tax-revenue-loss-federal-budget/

Survey: Some Americans Might Roll the Dice on Not Filing Their Taxes This Year Due to IRS Job Cuts

https://www.cpapracticeadvisor.com/2025/03/26/survey-some-americans-might-roll-the-dice-on-not-filing-their-taxes-this-year-due-to-irs-job-cuts/157877/

Most Americans Are Interested in Using IRS Direct File to Prepare and File Their Taxes

https://taxpolicycenter.org/briefs/most-americans-are-interested-using-irs-direct-file-prepare-and-file-their-taxes

TurboTax vs Free Tax USA: A Shocking Price Comparison

https://www.tiktok.com/@carolinesadventure/video/7482613418801859870

Survey: 91% of Americans Think Filing Taxes Should Be Free

https://www.cpapracticeadvisor.com/2025/03/11/survey-91-of-americans-think-filing-taxes-should-be-free/157176/

Why you should think twice before claiming an income-tax extension. ‘This is not the year to do your normal procrastinating.’

https://www.marketwatch.com/story/why-you-should-think-twice-before-claiming-an-income-tax-extension-this-is-not-the-year-to-do-your-normal-procrastinating-89937e0d

LA Faces $1 Billion Budget Hole, Warns of Thousands of Layoffs

https://www.bloomberg.com/news/articles/2025-03-20/la-faces-1-billion-budget-hole-warning-thousands-of-layoffs

WSJ investigation: Medicaid paid health insurers billions by covering the same patients twice

https://www.risehealth.org/insights-articles/wsj-investigation-medicaid-paid-health-insurers-billions-by-covering-the-same-patients-twice/

Tether seeks Big Four firm for its first full financial audit — Report

https://cointelegraph.com/news/stablecoin-issuer-tether-big-four-firm-full-reserve-audit-report

Financial Times retracts report on Tesla’s alleged shady accounting

https://www.teslarati.com/financial-times-retracts-report-tesla-shady-accounting/

The Big 4 Transparency Accounting Awards

https://big4transparency.beehiiv.com/p/the-big-4-transparency-accounting-awards

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Thanks 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.

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Fired IRS Workers Reinstated, Rippling v. Deel, DOGE Cuts Consultants Mar 25, 2025

Show notes

Blake and David dive straight into the headlines, starting with the controversial IRS workforce cuts and their potential impact on tax collections. They examine corporate espionage allegations between payroll companies Rippling and Deel, including a complex web of legal battles, Russian connections, and political involvement, and go on to discuss how AI is rapidly improving at handling longer tasks. All this and much more, right now!

Sponsors
RightWorks- http://accountingpodcast.promo/rightnow2025 (use code TAP15 for 15% OFF)
TeamUp - http://accountingpodcast.promo/teamup
Bluevine - http://accountingpodcast.promo/bluevine (Bluevine is a financial technology company, not a bank. Banking Services provided by Coastal Community Bank, Member FDIC.)

Chapters

(00:31) - Exciting Stories and Headlines
(03:07) - Live Stream Shoutouts
(05:08) - Earmark Podcast and CPE Credits
(10:56) - IRS Workforce Cuts and Tax Gap
(30:13) - Rippling vs. Deel Espionage Saga
(41:20) - Evolve Bank and Trust Controversies
(42:39) - Rippling and Deal Lawsuit Drama
(42:57) - Political Connections and Scandals
(44:31) - The Future of AI in Accounting
(46:36) - AI Performance and Moore's Law
(50:42) - AI's Impact on Accounting Tasks
(54:43) - Live Demonstration with Claude AI
(01:08:27) - The Future of Accountants in an AI World
(01:20:45) - Conclusion and Upcoming Events

Show Notes

7,000 IRS workers ‘reinstated’ — but not yet returning to work

https://www.journalofaccountancy.com/news/2025/mar/7000-irs-workers-reinstated-but-not-yet-returning-to-work/

IRS Retreats From Some Audits as Agency Slashes Workforce

https://www.wsj.com/politics/policy/internal-revenue-service-doge-taxes-f00ac956

Opinion | With IRS cuts, DOGE would lose far more money ...

https://www.washingtonpost.com/opinions/2025/03/13/doge-irs-cuts-tax-revenue/

Former Defense Contractor and his Wife Indicted for Evading U.S. Taxes on Profits from Selling Jet Fuel to the U.S. Military

https://www.irs.gov/pub/irs-ci/j5-media-release-7-3-2024.pdf

Lawsuit Alleges $12 Billion "Unicorn" Deel Cultivated Spy, Orchestrated Long-Running Trade-Secret Theft & Corporate Espionage Against Competitor

https://www.rippling.com/blog/lawsuit-alleges-12-billion-unicorn-deel-cultivated-spy-orchestrated-long-running-trade-secret-theft-corporate-espionage-against-competitor

IRS in Crisis: Tax Professionals Bear the Brunt

https://cpatrendlines.com/2019/02/26/taxpayer-advocate-lambastes-irs/

Measuring AI Ability to Complete Long Tasks

https://metr.org/blog/2025-03-19-measuring-ai-ability-to-complete-long-tasks/

Earmark Podcast – Ep. 87 - How to Use AI to Analyze Data and Draft Financial Reports in Minutes

https://share.transistor.fm/s/c86818f5

Earmark’s Screening of The Accountant 2

https://www.eventbrite.com/e/screening-of-the-accountant-2-tickets-1225264421869?aff=EarmarkApp

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Transcripts

The full transcript for this episode is available by clicking on the Transcript tab at the top of this page

The Broken CPA Exam: Why Pass Rates Are Collapsing and How to Fix It Mar 17, 2025

Show notes

Is the CPA exam fundamentally flawed? With FAR section pass rates plummeting to a 15-year low of 36% and a staggering 40-point gap between discipline section pass rates, something isn't adding up. Dr. Josh McGowan of Troy University joins Blake Oliver to dissect these troubling statistics and explore how the 2024 CPA Evolution model may be inadvertently pushing candidates toward "easier" disciplines. They tackle the growing movement to drop the 150-hour requirement and propose a provocative solution: splitting the credential into specialized tax and financial/audit pathways. Whether you're preparing for the exam or leading a firm, this conversation reveals how accounting's licensing system might finally evolve beyond its one-size-fits-all approach.

Meet Our Guest, Dr. Josh McGowan, CPA
LinkedIn: https://www.linkedin.com/in/dr-josh-mcgowan-cpa-503846b7/
X: https://x.com/Jmcgowan3838

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Check out our new website - accountingconferences.com

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Transcripts

The full transcript for this episode is available by clicking on the Transcript tab at the top of this page

How Trump's Pick to Run Medicare Paid No Medicare Taxes in 2023 Mar 14, 2025

Show notes

This week on the pod: Judge orders 6 agencies (including IRS?) to rehire fired probationary workers, we dig into the tax trick Dr. Oz used to pay no Medicare taxes, AICPA in pointless talks with the IRS, Digits takes on QuickBooks with AI-powered GL, remote accounting jobs in retreat, and more!

Sponsors
OnPay - http://accountingpodcast.promo/onpay
Relay - http://accountingpodcast.promo/relay
RightWorks- http://accountingpodcast.promo/rightnow2025 (use code TAP15 for 15% OFF)

Chapters

(01:29) - Listener Feedback and Criticism
(02:37) - Political Discussions and Their Impact on Accounting
(12:34) - IRS Workforce Cuts and Technology Issues
(20:44) - Dr. Oz and the Limited Partner Tax Strategy
(33:15) - Viewer Comments and AI Discussion
(33:56) - Digits and AI
(52:29) - Remote Accounting Jobs: Trends and Insights
(58:32) - Deloitte's Audit Integrity
(01:00:53) - IRS Drama: Chief Counsel Clash
(01:02:03) - Podcast Wrap-Up and Listener Engagement

Show Notes

Dr. Mehmet Oz may have underpaid Medicare and Social Security taxes, Senate Democratic memo finds

https://www.nbcnews.com/politics/congress/dr-mehmet-oz-medicare-social-security-taxes-democrats-memo-rcna196237

DOGE proposes cutting IRS workforce by a total of nearly 20%

https://www.cnn.com/2025/03/13/politics/doge-irs-workforce-cuts-downsizing/index.html

Judge orders Trump administration to reinstate thousands of fired employees at VA, Defense Department and other agencies

https://www.cnn.com/2025/03/13/politics/judge-opm-probationary-employees-fired-hearing/index.html

AICPA CEO Releases Statement on IRS Services for this Tax Season

https://www.aicpa-cima.com/news/article/aicpa-ceo-releases-statement-on-irs-services-for-this-tax-season

Introducing Autonomous General Ledger

https://digits.com/blog/agl-announcement/

Building AI that Actually Works: 10 Key Lessons from Calendly’s CPO and Head of UX

https://www.saastr.com/10-key-lessons-from-calendlys-cpo-and-head-of-ux-on-building-ai-that-actually-works/

Only 9% of SMB finance teams are still working fully remote

https://www.cfo.com/news/only-9-of-small-medium-SMB-cfos-are-still-working-fully-remote-return-to-office-strategies/740312/

Opportunity to Attract and Retain Highly Motivated Working Parents via Enhanced Flexibility, Stronger Support Systems

https://kpmg.com/us/en/media/news/kpmg-working-parents-survey-2025.html

Steak n Shake's parent company gets an adverse opinion from auditor

https://www.expressnews.com/business/article/steaknshake-biglari-auditor-adverse-opinion-20204740.php

The IRS just demoted its chief counsel who clashed with Elon Musk’s DOGE

https://fortune.com/2025/03/13/irs-chief-counsel-doge-elon-musk/

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Need Accounting Conference Info?

Check out our new website - accountingconferences.com

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Transcripts

The full transcript for this episode is available by clicking on the Transcript tab at the top of this page

IRS to Lay Off 50%, How Trump's Tariffs Are Working Mar 11, 2025

Show notes

How does a profession revitalize itself when salaries haven't budged since 2007? In this episode, Blake and David examine the shocking reality that Big Four audit associates in Chicago earn the same salary range today as they did nearly two decades ago. They also explore why accounting's value proposition has stagnated in a world where financial statements fail to capture what truly matters to modern investors, and you'll hear their take on the IRS's plan to cut 50% of its workforce, Social Security's future, and the economic impact of tariffs—including a surprising clip from Ronald Reagan himself. Plus, learn how over 30 states are now advancing legislation to eliminate the 150-hour rule that has long been blamed for declining CPA candidates.

Sponsors
OnPay - http://accountingpodcast.promo/onpay
Bluevine - http://accountingpodcast.promo/bluevine (Bluevine is a financial technology company, not a bank. Banking Services provided by Coastal Community Bank, Member FDIC.)
RightWorks- http://accountingpodcast.promo/rightnow2025 (use code TAP15 for 15% OFF)

Chapters

(00:49) - BOI Reporting Requirements Halted
(02:00) - Impact of BOI Reporting Suspension
(05:12) - IRS Layoffs and Their Implications
(11:56) - Reagan's Take on Tariffs
(15:58) - Trump's Tariffs and Fentanyl Production
(19:59) - OnPay Updates
(24:50) - Economic Optimism Among CPAs
(27:10) - Strategic Crypto Reserve
(30:30) - Elon Musk on Social Security
(37:49) - Earmark Webinar Highlights on CPA Licensure Changes
(40:17) - Audit Associate Salary Stagnation
(43:32) - CPA Supervision and Work Experience Challenges
(44:48) - Audit Quality and Firm Economics
(47:46) - Intangible Assets and Financial Reporting
(59:03) - Expense Card Industry Updates
(01:04:26) - US Debt and Economic Power

Show Notes

The IRS Is Reportedly Planning to Cut Up to 45,000 Workers — Half of Its Workforce

https://www.entrepreneur.com/business-news/irs-planning-mass-layoffs-cutting-half-of-workforce-report/487974

President Reagan's Radio Address on Free and Fair Trade on April 25, 1987

https://www.youtube.com/watch?v=5t5QK03KXPc

Trump’s Tariffs Set Off Day of Anger, Retaliation and Market Unease

https://www.nytimes.com/live/2025/03/04/us/tariffs-us-canada-mexico-china

Domestic economic sentiment declines 20 percentage points among CPA execs

https://www.journalofaccountancy.com/news/2025/mar/domestic-economic-sentiment-declines-20-percentage-points-among-cpa-execs.html

Trump signs order to establish strategic bitcoin reserve

https://www.reuters.com/technology/trump-signs-order-establish-strategic-bitcoin-reserve-white-house-crypto-czar-2025-03-07/

Fact Sheet: President Donald J. Trump Establishes the Strategic Bitcoin Reserve and U.S. Digital Asset Stockpile

https://www.whitehouse.gov/fact-sheets/2025/03/fact-sheet-president-donald-j-trump-establishes-the-strategic-bitcoin-reserve-and-u-s-digital-asset-stockpile/

Elon Musk's Social Security Comments Called Out by Former Administrator

https://www.newsweek.com/elon-musk-social-security-comments-ponzi-scheme-martin-omalley-2042006

85% of Americans Willing to Raise Taxes to Save Social Security, Survey Shows

https://finance.yahoo.com/news/85-americans-willing-raise-taxes-133018876.html

Erica Goode’s LinkedIn Post on Salary Declines

https://www.linkedin.com/posts/erica-goode-cpa-00205616_thisindustry-icanteven-activity-7300526290778869762-hqph/

Will Debt Sink the American Empire?

https://www.wsj.com/politics/policy/will-debt-sink-the-american-empire-8459096b

FASB Requests Feedback Related to Intangible Assets

https://dart.deloitte.com/USDART/home/news/all-news/2024/dec/fasb-invitation-to-comment-intangible-assets

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Sponsorships

Are you interested in sponsoring the Cloud Accounting Podcast? For details, read the prospectus.

Need Accounting Conference Info?

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Top 10 College Accounting Programs, PwC Israel Fined, Trump Names Crypto Reserve Coins Mar 07, 2025

Show notes

What happens when the US government considers creating a cryptocurrency reserve? In this episode, Blake and David dive into Trump's surprising announcement about establishing a crypto strategic reserve and the immediate market reaction. They explore this proposal's potential consequences and skepticism, from security vulnerabilities to valuation challenges.

You'll also hear about PwC Israel's $2.8 million fine for exam cheating, Connecticut's push to create alternative CPA licensure pathways, and how accounting firms are expanding into legal services. They also dissect the outcry over federal employees being asked to submit weekly accomplishment reports and break down Citigroup's jaw-dropping $81 trillion transfer error caused by poor software design.

Whether you're tracking regulatory changes, interested in the evolution of professional services firms, or simply fascinated by the intersection of finance and technology, this episode delivers insights into the forces reshaping the accounting profession today.

Sponsors
Bluevine - http://accountingpodcast.promo/bluevine (Bluevine is a financial technology company, not a bank. Banking Services provided by Coastal Community Bank, Member FDIC.)
RightWorks- http://accountingpodcast.promo/rightnow2025 (use code TAP15 for 15% OFF)
CPA.com - http://accountingpodcast.promo/cpa

Chapters

(00:00) - Introduction and Welcome
(00:29) - Crypto's Legitimacy and Trump's Announcement
(01:44) - Crypto Market Reactions and Speculations
(04:07) - Personal Updates and Hiking Adventure
(05:36) - Crypto Reserve Concerns and Security Issues
(08:00) - PWC Fined for Cheating Scandal
(11:42) - Top Collegiate Accounting Programs
(16:52) - FinCEN and Beneficial Ownership Reporting
(17:59) - Fyre Festival 2 Announcement
(20:46) - CPA Licensure Pathways and Reforms
(25:33) - Accounting Firms Expanding into Legal Services
(30:45) - Consulting Firms and Government Contracts
(36:30) - Government Spending and Nonprofits
(37:49) - Consulting Costs and Middlemen
(40:18) - The Penny Debate
(41:53) - Federal Employee Accountability
(58:46) - Elon Musk's OpenAI Offer
(01:03:50) - Citigroup's $81 Trillion Error
(01:07:36) - Self-Driving Cars and AI
(01:10:11) - Conclusion and CPE Message

Show Notes

Trump names cryptocurrencies in strategic reserve, sending prices up

https://www.reuters.com/world/us/trump-says-cryptocurrency-strategic-reserve-includes-xrp-sol-ada-2025-03-02/

Crypto's biggest hacks and heists after $1.5 billion theft from Bybit

https://www.reuters.com/technology/cybersecurity/cryptos-biggest-hacks-heists-after-15-billion-theft-bybit-2025-02-24/

PCAOB Sanctions PwC Israel for Quality Control Violations Related to Widespread Improper Answer Sharing

https://pcaobus.org/news-events/news-releases/news-release-detail/pcaob-sanctions-pwc-israel-for-quality-control-violations-related-to-widespread-improper-answer-sharing

CPA Success Index: Ranking the top collegiate accounting programs

https://www.accountingtoday.com/opinion/cpa-success-index-ranks-top-collegiate-accounting-programs

FinCEN Not Issuing Fines or Penalties in Connection with Beneficial Ownership Information Reporting Deadlines

https://www.fincen.gov/news/news-releases/fincen-not-issuing-fines-or-penalties-connection-beneficial-ownership

Fyre Festival 2 tickets are on sale for up to $1.1 million after founder served prison time for defrauding investors of the first event

https://fortune.com/2025/02/26/fyre-festival-2-tickets-billy-mcfarland-prometheus-pass-music-lineup/

Progress: Tracking the conversation in all licensing jurisdictions

https://www.mncpa.org/involvement/legislative/broadening-pathways-to-cpa/national/

Aprio Aims to Enter Legal Industry by Combining with Law Firm in Arizona

https://www.cpapracticeadvisor.com/2025/02/13/aprio-aims-to-enter-legal-industry-by-combining-with-law-firm-in-arizona/156043/

McKinsey Estimates Advisor Shortage of 100,000 by 2034

https://www.wealthmanagement.com/wealth-management-industry-trends/mckinsey-estimates-advisor-shortage-of-100-000-by-2034

Saudi Wealth Fund Blocks PwC from Advisory Work for One Year

https://www.bloomberg.com/news/articles/2025-02-28/saudi-wealth-fund-blocks-pwc-from-advisory-work-for-one-year

A message from SecVA Doug Collins

https://www.youtube.com/watch?v=r8Z_RkqSAzo

Everyone Hates Pennies, Except This Guy

https://www.wsj.com/business/mark-weller-penny-defender-trump-d543a9de?mod=business_lead_pos1

Federal workers get a new email demanding their accomplishments

https://www.npr.org/2025/03/01/g-s1-51490/federal-workers-new-email-accomplishments

Fact Sheet: President Donald J. Trump Proceeds with Tariffs on Imports from Canada and Mexico

https://www.whitehouse.gov/fact-sheets/2025/03/fact-sheet-president-donald-j-trump-proceeds-with-tariffs-on-imports-from-canada-and-mexico/

Sam Altman Rejects Elon Musk’s Offer To Buy OpenAI Control—And Mocks X

https://www.forbes.com/sites/mollybohannon/2025/02/10/sam-altman-rejects-elon-musks-offer-to-buy-openai-control-and-mocks-x/

Former U.S. Senator Robert M...

Federal Funds Freeze Hurts Nonprofits Mar 05, 2025

Show notes

Billions in federal funds for nonprofits were abruptly frozen by the Trump administration, leaving organizations scrambling to stay afloat. Blake speaks with Jerilyn Dressler and Harriet "Hatsy" Cutshall from YPTC about how these freezes disrupted essential services, the complex flow of federal grants, and the rigorous compliance requirements nonprofits must meet. With a judge ordering the funds to be reinstated, they discuss what’s next for nonprofits and the ongoing challenges of government funding oversight.

Meet Our Guests:
Jerilyn Dressler, CPA : https://www.linkedin.com/in/jerilynkeitdresslercpacfe
Harriet "Hatsy" Cutshall, CPA : https://www.linkedin.com/in/hatsycutshallcpa-yptc

Get in Touch

Sponsorships

Are you interested in sponsoring the Cloud Accounting Podcast? For details, read the prospectus.

Need Accounting Conference Info?

Check out our new website - accountingconferences.com

Limited edition shirts, stickers, and other necessities

TeePublic Store: http://cloudacctpod.link/merch

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Apple Podcasts: http://cloudacctpod.link/ApplePodcasts
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The Case Against a Crypto Reserve Mar 04, 2025

Show notes

Dr. Jack Castonguay, CPA and Hofstra University professor, provides a critical analysis of proposed legislation to create a Strategic Bitcoin Reserve. He challenges the notion that the government should invest taxpayer money in a highly volatile, speculative asset that lacks the practical applications of traditional reserves like oil or foreign currencies. The discussion explores concerns about buying at record-high prices, the unknown identities of Bitcoin holders, and the potential risks of states allocating public funds to cryptocurrency investments.

Meet Our Guest, Jack Castonguay
https://www.linkedin.com/in/jack-castonguay-phd-cpa
https://www.hofstra.edu/faculty-staff/faculty-profile.html?id=6751

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Sponsorships

Are you interested in sponsoring the Cloud Accounting Podcast? For details, read the prospectus.

Need Accounting Conference Info?

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Building a $200K Accounting Firm in Just 15 Hours a Week (from the Earmark Podcast) Mar 03, 2025

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This episode originally appeared on the Earmark Podcast. Listen and subscribe at https://podcast.earmarkcpe.com.

Erica Goode, CPA, reveals how she built a thriving $200K accounting firm working just 15 hours a week. Discover the power of niching, efficient processes, and work-life balance in this candid discussion. Erica will share her journey from corporate burnout to entrepreneurial success, offering practical insights on pricing strategies, time management, and building authority in your niche. Whether you're considering starting your own firm or optimizing your existing practice, this webinar will inspire and equip you to reimagine what's possible in your accounting career.
Get CPE for this episode here: https://www.earmark.app/c/1802

Show Notes

The 15-Hour Accounting eBook:
https://mailchi.mp/ericagoode/15-hr-accountant-ebook

Meet Our Guest, Erica Goode

LinkedIn: https://www.linkedin.com/in/erica-goode-cpa-00205616/

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Transcripts

The full transcript for this episode is available by clicking on the Transcript tab at the top of this page

IRS Layoffs, BOI Is Back, PCAOB Under Threat Feb 27, 2025

Show notes

Is the U.S. heading toward a financial cliff? In this eye-opening episode, Blake and David unpack the Government Accountability Office's sobering projection that federal debt will double the size of the economy by 2047. While exploring recent DOGE initiatives and IRS layoffs, they examine whether drastic government spending cuts are inevitable—and necessary.

Meanwhile, Virginia and Tennessee join the growing movement to reform CPA licensure requirements by offering pathways that don't require 150 credit hours. Could these changes be the key to increasing diversity more effectively than corporate DEI programs?

You'll also discover why the $400 million PCAOB budget might be on the chopping block, how AI research tools like Perplexity Deep Research are revolutionizing tax research, and get the latest update on the ever-shifting BOI reporting deadlines. Whether you lean left, right, or stay strictly in the debits and credits, this episode offers practical insights for navigating the changing professional landscape.

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OnPay - http://accountingpodcast.promo/onpay
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Bluevine - http://accountingpodcast.promo/bluevine (Bluevine is a financial technology company, not a bank. Banking Services provided by Coastal Community Bank, Member FDIC.)

Chapters

(02:16) - Apologies and Clarifications
(04:14) - IRS Layoffs and Government Spending
(05:09) - Live Stream Interactions and Sponsorships
(06:24) - Federal Debt and Fiscal Health
(16:35) - BOI Reporting Deadline Extension
(18:42) - Deloitte's DEI Changes
(23:03) - CPA Licensure Pathways
(28:14) - DOGE Dividend Proposal
(32:51) - Social Security and Medicare Funding Challenges
(35:17) - Impact of IRS Layoffs
(37:50) - Audit Rates and Tax Compliance
(41:53) - Regulatory Burdens and Economic Growth
(49:46) - PCAOB and Audit Quality
(57:50) - AI in Tax Research
(01:03:34) - Listener Engagement and Final Thoughts

Show Notes

GAO-24-106987, The Nation's Fiscal Health

https://www.gao.gov/assets/d24106987.pdf

Corporate Transparency Act Enforcement Injunction Stayed, FinCEN Extends the Beneficial Ownership Information Reporting Deadline to March 21, 2025, and Announces Intention to Revise the Reporting Rule

https://www.sidley.com/en/insights/newsupdates/2025/02/corporate-transparency-act-enforcement-injunction-stayed

Trump Demands Apple Ditch DEI After It Rejects Proposal: Here Are All The Companies Cutting Diversity Programs

https://www.forbes.com/sites/conormurray/2025/02/26/trump-demands-apple-ditch-dei-after-it-rejects-proposal-here-are-all-the-companies-cutting-diversity-programs/

Breaking down Virginia's new CPA requirements: What you need to know

https://www.blakeoliver.com/blog/breaking-down-virginias-new-cpa-requirements-what-you-need-to-know

Virginia General Assembly passes legislation widening pathways to CPA licensure effective Jan. 1, 2026

https://boa.virginia.gov/2025/02/virginia-general-assembly-passes-legislation-widening-pathways-to-cpa-licensure-effective-jan-1-2026/

Bridging the Gap: New CPA Licensure Legislation To Address the CPA Shortage

https://www.tscpa.com/news/1490-bridging-the-gap-new-cpa-licensure-legislation-to-address-the-cpa-shortage

$5,000 DOGE check? Trump backs idea to send some savings to Americans

https://www.fox9.com/news/5000-doge-dividend-check-trump-backs-savings-americans

IRS plans to lay off 7,000 probationary workers beginning Thursday, AP source says