The Accounting Podcast

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Accounting Firm Revenues, Profits, Compensation Rise Sep 24, 2025

Show notes

Are accounting firms quietly having their best year ever? Blake and David break down why revenues and partner comp are rising—despite AI anxiety—and what it means for pricing and staffing. They unpack Gusto Money’s Melio-powered bill pay, Relay’s $1B milestone, Drake’s new workflow, and AI tools that actually help (note-takers, agents, research). Plus: Trump’s biannual reporting idea, peer review for PE-backed firms, BOI reversal, and the messy ‘no tax on tips’ proposal.

Sponsors
OnPay - http://accountingpodcast.promo/onpay
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Chapters

(00:00) - Introduction and Revenue Insights
(00:43) - Welcome to the Accounting Podcast
(01:00) - Gusto Showcase Event Highlights
(04:18) - The Importance of Long-Term Relationships in FinTech
(08:58) - Advisory Amplified Tour Announcement
(11:06) - AI in Accounting: Honest Reflections from a Tech Founder
(16:48) - AI Meeting Assistants for Accounting Firms
(21:03) - Comparing AI Tools: Blue Jay vs. ChatGPT
(29:43) - Accounting Firms' Revenue and Compensation Growth
(31:12) - Rising Costs and Accounting Firm Strategies
(32:25) - NASBA's New Mobile App for CPA Exam Candidates
(33:50) - Drake Software's Workflow Automation Launch
(37:13) - AI in the Workplace: Surveys and Trends
(41:16) - Fiverr's Shift to AI and Layoffs
(44:09) - Trump's Proposal on Financial Reporting
(50:01) - Private Equity and Peer Review Oversight
(52:28) - Tax-Free Tips and Proposed Regulations
(54:13) - AICPA and NASBA's Earn and Learn Program Shutdown
(55:20) - Conclusion and Listener Engagement

Show Notes

CPA Firms Report Steady Growth in Revenue and Profit, AICPA Research Finds
https://www.aicpa-cima.com/news/article/cpa-firms-report-steady-growth-in-revenue-and-profit-aicpa-research-finds

Vinyl Raises $2M to Build the Future of AI Meeting Assistants for Accountants
https://www.usevinyl.com/insights/blog/vinyl-seed-funding-announcement

Drake Software Unveils Powerful New Tax Workflow Automation Tools
https://www.prnewswire.com/news-releases/drake-software-unveils-powerful-new-tax-workflow-automation-tools-302558230.html

NASBA Releases CPA Mobile App for Future CPAs
https://www.accountingtoday.com/news/nasba-releases-cpa-mobile-app

AICPA Seeks Comment on Peer Review Proposal for Firms with Private Equity Backing
https://www.cpapracticeadvisor.com/2025/09/16/aicpa-seeks-comment-on-peer-review-proposal-for-firms-with-private-equity-backing/169014/

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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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Transcripts

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

The HIRE Act Would Tax Firms 25% for Offshore Labor Sep 18, 2025

Show notes

Blake and David examine several major developments affecting the accounting profession, including the proposed HIRE Act that would impose a 25% excise tax on offshore labor payments to accounting firms. They also look at how AI is transforming hiring practices at major firms like PwC, which is cutting graduate recruitment due to advancing technology and explore practical AI implementation strategies for accounting firms, moving beyond basic chatbots to integrated workflows. The show wraps up with a story about fraud at The Epoch Times - a $67 million money laundering scheme - and the ongoing costs of bad social media tax advice.

Sponsors
OnPay - http://accountingpodcast.promo/onpay
Relay - http://accountingpodcast.promo/relay
TeamUp - http://accountingpodcast.promo/teamup

Chapters

(00:00) - Introduction and Personal Updates
(00:48) - AI in Accounting: Challenges and Opportunities
(04:57) - The Higher Act: Taxing Offshore Labor
(05:23) - Feel-Good Story: The Oldest Marching Band Member
(10:23) - Impact of AI on Job Market
(26:33) - Gambling Scandal and AI in Government
(36:22) - Expense Management Simplified
(38:29) - Supreme Court and Tariffs Update
(42:37) - Red Lobster's Downfall: A Case Study
(45:37) - The Role of AI in Accounting Firms
(01:03:04) - Epic Times CFO Charged with Money Laundering
(01:08:38) - Conclusion and Announcements

Show Notes

New Moreno Bill Would Crack Down on Outsourcing, Fund American Workers - Senator Bernie Moreno

https://www.moreno.senate.gov/press-releases/new-moreno-bill-would-crack-down-on-outsourcing-fund-american-workers/

HIRE Act - A BILL

https://www.moreno.senate.gov/wp-content/uploads/2025/09/The-HIRE-Act.pdf

Moreno Bill to Crackdown on Foreign Outsourcing Blocked by Senate Democrats - Senator Bernie Moreno

https://www.moreno.senate.gov/press-releases/moreno-bill-to-crackdown-on-foreign-outsourcing-blocked-by-senate-democrats/

Offshoring is Screwed If This HIRE Act Thing Goes Anywhere But Let's Not Get Too Excited Yet - Going Concern

https://www.goingconcern.com/offshoring-is-screwed-if-this-hire-act-thing-goes-anywhere-but-lets-not-get-too-excited-yet/

PwC's U.K. chief admits he's cutting back entry-level jobs and taking a 'watch and wait' approach to see how AI changes work | Fortune

https://fortune.com/2025/09/08/pwc-uk-chief-cutting-entry-level-junior-gen-z-jobs-ai-economic-headwinds-like-amazon-salesforce/

AI takes entry-level jobs as Big Four slash graduate hiring

https://bmmagazine.co.uk/news/big-four-cut-graduate-jobs-ai/

PwC Cuts Graduate Hiring as AI Reshapes Entry-Level Careers - TechStory

https://techstory.in/pwc-cuts-graduate-hiring-as-ai-reshapes-entry-level-careers/

IRS assesses $162 million in penalties over false tax credit claims tied to social media | Internal Revenue Service

https://www.irs.gov/newsroom/irs-assesses-162-million-in-penalties-over-false-tax-credit-claims-tied-to-social-media

Social media claims cost taxpayers $162M, IRS says. See the 'tips' to avoid

https://thehill.com/homenews/5492263-social-media-claims-cost-taxpayers-162m-irs-says-see-the-tips-to-avoid/

IRS warns taxpayers: Social media advice can lead to costly penalties

https://www.journalofaccountancy.com/news/2025/sep/irs-warns-taxpayers-social-media-advice-can-lead-to-costly-penalties/

Dirty Dozen: Taking tax advice on social media can be bad news for taxpayers; inaccurate or misleading tax information circulating | Internal Revenue Service

https://www.irs.gov/newsroom/dirty-dozen-taking-tax-advice-on-social-media-can-be-bad-news-for-taxpayers-inaccurate-or-misleading-tax-information-circulating

Albania appoints world's first AI government 'minister' to root out corruption | Euronews

https://www.euronews.com/next/2025/09/12/albania-appoints-worlds-first-ai-government-minister-to-root-out-corruption

Diella (AI system) - Wikipedia

https://en.wikipedia.org/wiki/Diella_(AI_system)

Epoch Times embroiled in alleged cryptocurrency money laundering scheme - The Washington Post

https://www.washingtonpost.com/style/media/2024/06/04/epoch-times-money-laundering-cryptocurrency/

CFO of Falun Gong-linked Epoch Times arrested and accused of role in $67m multinational money laundering scheme | Fortune

https://fortune.com/2024/06/04/cfo-weidong-bill-guan-falun-gong-epoch-times-arrested-67m-multinational-money-laundering-scheme/

The only recap of Red Lobster's downfall you need

https://thetakeout.com/red-lobster-endless-shrimp-private-equity-downfall-recap

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Who Gets No Tax on Tips, Why Firms Struggle With Tech, Xero Updates Sep 10, 2025

Show notes

Are AI “super agents” like Xero’s Jax actually useful—or just shiny chatbots? Blake and David unpack Xerocon announcements, why embedded agents lack context, smarter way to automate bank feeds with rules, the leaked “no tax on tips” job list and planning opportunities, IRS staffing whiplash, plus what billion‑dollar AI pledges from big firms really mean. Walk away with practical steps to deploy AI that saves hours without losing control.

Sponsors
TeamUp - http://accountingpodcast.promo/teamup
Rippling - http://accountingpodcast.promo/rippling
Digits - http://accountingpodcast.promo/digits

Chapters

(00:00) - Introduction and Podcast Overview
(00:45) - Continuing Professional Education (CPE) Credits
(03:20) - Live Stream Interactions and Coffee Talk
(04:09) - Upcoming Deadlines and Tax Season Tips
(05:52) - Upcoming Conferences and Events
(14:48) - Blake's New Book Announcement
(24:27) - No Tax on Tips Discussion
(28:57) - IRS Workforce Challenges
(31:41) - State Tax Implications for NFL Players
(36:22) - Xero Con and AI Financial Super Agent
(37:51) - Analyzing Gross Profit Trends
(39:43) - Limitations of AI in Accounting
(42:12) - AI-Powered Bank Reconciliation
(49:47) - Automating Invoice Creation with AI
(55:01) - Grant Thornton's AI Investment
(01:02:16) - The Future of AI in Accounting
(01:13:03) - AI's Impact on Accounting Jobs
(01:21:26) - Implementing AI in Accounting Firms

Show Notes

Treasury names jobs for Trump's 'no tax on tips' deduction
https://www.cnbc.com/2025/09/03/treasury-trump-no-tax-on-tips-jobs.html

Scoop: List of jobs covered by Trump's "no tax on tips" (See if you qualify)
https://www.axios.com/2025/09/01/no-tax-on-tips-jobs-trump-bill

Workers in 68 occupations may soon be exempt from paying taxes on tips, including some surprising jobs
https://www.cbsnews.com/news/no-tax-on-tips-trump-big-beautiful-bill-68-occupations-heres-who/

IRS is canceling its layoff plans, will ask some it fired or pushed out to return
https://www.govexec.com/workforce/2025/08/irs-canceling-its-layoff-plans-will-ask-some-it-fired-or-pushed-out-return/407620/

The IRS is Downsizing: Key Divisions Most Affected in 2025
https://sandbergphoenix.com/the-irs-is-downsizing-key-divisions-most-affected-in-2025/

Grant Thornton Advisors investing $1 billion to arm the multinational workforce across its platform with powerful AI tools and technology
https://www.businesswire.com/news/home/20250904414830/en/Grant-Thornton-Advisors-investing-$1-billion-to-arm-the-multinational-workforce-across-its-platform-with-powerful-AI-tools-and-technology

Grant Thornton Advisors to Sink $1 Billion Over Three Years on AI
https://www.cpapracticeadvisor.com/2025/09/05/grant-thornton-advisors-to-sink-1-billion-over-three-years-on-ai/168500/

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

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

Excel Gets AI, FP&A Pros Under Threat, QBO AI Feeds Blowback Sep 03, 2025

Show notes

Are AI bank feeds helping—or just creating more work? Blake and David unpack Intuit’s missteps, why “use AI to make the rules” matters, and how a no‑code agent now posts multi‑line bills to Xero. They demo Excel’s new "copilot()" function, share how FP&A roles are shifting, and hit headlines from Barstool’s lawsuit to tariffs and Gusto’s Guideline deal. You’ll leave with practical ways to deploy AI, avoid hidden risks, and boost margins.

Sponsors
OnPay - http://accountingpodcast.promo/onpay
TeamUp - http://accountingpodcast.promo/teamup
Digits - http://accountingpodcast.promo/digits

Chapters

(00:43) - Planning with AI
(02:03) - The Threat of AI to Consultants
(04:41) - AI in QuickBooks: A Double-Edged Sword
(06:19) - AI's Limitations and Future in Accounting
(27:02) - Excel's New AI Copilot
(28:22) - Introducing the Copilot Function in Excel
(33:50) - AI in the Workplace: Challenges and Opportunities
(37:44) - Barstool Sports vs. Omega Accounting Solutions
(41:29) - New Tariff Policies and Their Impact
(53:45) - Gusto Acquires Guideline for Retirement Services
(54:26) - Conclusion and CPE Information

Show Notes

Bring AI to your formulas with the COPILOT function in Excel
https://techcommunity.microsoft.com/blog/microsoft365insiderblog/bring-ai-to-your-formulas-with-the-copilot-function-in-excel/4443487

FP&A pros anticipate AI-driven headcount reductions
https://www.accountingtoday.com/news/fp-a-pros-anticipate-ai-driven-headcount-reductions

President Trump Ends Unfair "De Minimis" Tariff Exemption, A Major Victory in Securing the Homeland https://www.dhs.gov/news/2025/07/31/president-trump-ends-unfair-de-minimis-tariff-exemption-major-victory-securing

Fact Sheet: President Donald J. Trump is Protecting the United States' National Security and Economy by Suspending the De Minimis Exemption for Commercial Shipments Globally
https://www.whitehouse.gov/fact-sheets/2025/07/fact-sheet-president-donald-j-trump-is-protecting-the-united-states-national-security-and-economy-by-suspending-the-de-minimis-exemption-for-commercial-shipments-globally/

Barstool Sports Sues Accounting Firm Over Unpaid Advertising Bills
https://www.sportico.com/law/analysis/2025/barstool-omega-accounting-solutions-advertising-lawsuit-1234868719/

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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

AI Shakes Up Big Four Accounting Job Market Aug 27, 2025

Show notes

Can AI agents actually reduce your workload—or just add hype? Blake demos how he rebuilt bill-entry “Hubdoc-style” in about an hour with Zapier Agents, then maps out why most AI pilots fail without documented workflows and human approvals. Plus: PwC’s plan to hire one-third fewer grads, juniors supervising AI, HMRC scanning social posts for tax gaps, and fresh salary and pricing benchmarks. Learn where AI truly fits—and how to price with confidence.

Sponsors
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TeamUp - http://accountingpodcast.promo/teamup
Human at Scale - http://accountingpodcast.promo/human
Digits - http://accountingpodcast.promo/digits

Chapters

(05:36) - AI Agents: Hype vs. Reality
(07:49) - AI's Impact on Corporate America
(10:28) - Challenges in AI Integration
(19:11) - PWC and AI: Training the Next Generation
(21:43) - Building AI Agents with Zapier
(41:00) - Human at Scale: Transforming Accounting Firms
(42:34) - Live Stream Chat and AI Future
(45:14) - Outsourcing vs. AI in Business
(46:37) - AI in Accounting: Supervision and Customization
(48:33) - Intuit's Q4 Earnings and QuickBooks Live
(51:00) - AI's Impact on Accounting Jobs and Tools
(59:48) - UK's AI Tax Fraud Detection
(01:03:27) - Accounting Salary Survey Results
(01:13:40) - Client Relationships and Free Speech Issues
(01:18:18) - Conclusion and CPE Information

Show Notes

The GenAI Divide: State of AI in Business 2025 (MIT NANDA Report)
https://fortune.com/2025/08/18/mit-report-95-percent-generative-ai-pilots-at-companies-failing-cfo/

Getting a job at PwC out of college will be a lot tougher. It plans to recruit a third fewer grads by 2028
https://www.aol.com/getting-job-pwc-college-lot-120316405.html

HMRC uses AI to spot tax fraud on social media
https://www.accountancyage.com/2025/08/12/hmrc-uses-ai-to-spot-tax-fraud-on-social-media/

The 2025 Accounting Today Salary Survey: Sweetening the deal
https://www.accountingtoday.com/news/the-2025-accounting-today-salary-survey-sweetening-the-deal

2025 U.S. Accounting and Tax Pricing Benchmark (Ignition)
https://www.ignitionapp.com/us/2025-accounting-tax-pricing-benchmark

TaxDome Releases First-of-Its-Kind 2025 Niche Business Accounting Report
https://www.morningstar.com/news/pr-newswire/20250819ph53815/taxdome-releases-first-of-its-kind-2025-niche-business-accounting-report

2025 Niche Business Accounting Report (TaxDome)
https://taxdome.com/niche-report-2025

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Need Accounting Conference Info?

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Classifieds

Transcripts

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

Can ChatGPT Agent Mode Reconcile My Checking Account? Aug 20, 2025

Show notes

Can an AI reconcile your books while you sleep? Blake and David run a live experiment with ChatGPT-5’s Agent Mode in Xero—watching it match transactions, stumble on prepayments, and reveal what’s realistically automatable today. They also break down a flood of app news: Dext's bill pay, Ramp’s mega raise, Thomson Reuters and Deloitte’s agentic AI, plus Ignition–Financial Cents and Canopy portal moves. They dig into survey findings showing that 58% of employees are secretly using AI at work despite company bans, and take a look at how AI is disrupting the job market for college graduates.

Sponsors
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Relay - http://accountingpodcast.promo/relay
Human at Scale - http://accountingpodcast.promo/human
Missive - http://accountingpodcast.promo/missive

Chapters

(01:32) - Exploring AI in Accounting
(02:20) - Testing ChatGPT for Accounting Tasks
(05:26) - Reconciling Transactions with AI
(10:27) - App News
(18:34) - AI and Automation in Accounting
(23:29) - Recent Raises and Acquisitions
(31:10) - Government and Regulatory Updates
(35:14) - AI Agent Struggles with Prepayment
(35:39) - VC Investments in Accounting Firms
(37:43) - Ignition and Financial Sense Integration
(40:13) - Canopy's Smart Intake and AI Innovations
(42:58) - AI in the Workplace: Surveys and Insights
(44:39) - AI Agent Finally Figures Out Prepayment
(52:36) - AI's Limitations and Future Potential
(01:01:55) - Fundraising and AI in Accounting Apps
(01:12:28) - Impact of AI on the market
(01:13:42) - Conclusion and CPE Information

Show Notes

Product Specialist-Accounting,AI - Xero

https://builtinlondon.uk/job/product-specialist-accounting-ai/6683466

Rillet raises $70M to replace 20th-century accounting software with AI-native ERP built by accountants

https://www.globenewswire.com/news-release/2025/08/06/3128328/0/en/Rillet-raises-70M-to-replace-20th-century-accounting-software-with-AI-native-ERP-built-by-accountants.html

AI accounting startup Rillet raises $70 million in Andreessen Horowitz, ICONIQ-led round

https://www.investing.com/news/economy-news/ai-accounting-startup-rillet-raises-70-million-in-andreessen-horowitz-iconiqled-round-4172975

Ramp Raises $500 Million at $22.5 Billion Valuation to Accelerate AI and Build the Future of Finance

https://www.prnewswire.com/news-releases/ramp-raises-500-million-at-22-5-billion-valuation-to-accelerate-ai-and-build-the-future-of-finance-302516953.html

Ramp hits $22.5B valuation just 45 days after reaching $16B

https://techcrunch.com/2025/07/30/ramp-hits-22-5b-valuation-just-45-days-after-reaching-16b/

IRS, White House clashed over immigrants' data before Billy Long was ousted

https://www.washingtonpost.com/business/2025/08/09/trump-administration-irs-data-dispute/

Trump replaces IRS Commissioner Billy Long with Scott Bessent

https://www.washingtonpost.com/business/2025/08/08/billy-long-irs-commissioner-bessent/

Trump ousts Billy Long as IRS commissioner, names Bessent acting head

https://www.cnn.com/2025/08/08/politics/billy-long-ousted-irs-commissioner

IRS Chief Forced Out After Immigrant Tax Data Pushback—Report

https://www.newsweek.com/irs-chief-forced-immigrant-tax-data-pushback-report-2111292

Billy Long's IRS ouster follows clashes with Treasury, sparks concern

https://thehill.com/homenews/administration/5449180-treasury-clashes-irs-commissioner/

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

Need Accounting Conference Info?

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GPT-5 Launch & Charting Fail, Crazy $$$ Going Into AI Accounting Tech Aug 13, 2025

Show notes

Blake and David discuss how both AICPA and NASBA have officially endorsed a 120-hour CPA licensure pathway in the ninth edition of the Uniform Accountancy Act, validating Blake's long-standing advocacy against the 150-hour requirement. They also examine Baker Tilly's policy, which requires CPAs to remove their designations from email signatures and LinkedIn profiles due to alternative practice structures. They move on to the launch of GPT-5, praising its improved integration but noting concerning chart errors in OpenAI's presentation and ongoing hallucination issues. Rounding things out, they also discuss Trump's firing of newly-appointed IRS Commissioner Billy Long after just weeks in office, comparing it to his dismissal of the Bureau of Labor Statistics head over unfavorable job revision data.

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Chapters

(00:41) - AICPA and NASBA owe Blake an apology
(02:35) - AI and GPT-5 Launch
(04:17) - CPA License Controversy
(13:04) - IRS and BLS Firings
(24:54) - Tariffs and Economic Impact
(37:13) - Impressive Results with GPT-5
(41:13) - Private Equity and Accounting Firms
(45:16) - AI Errors in High-Stakes Presentations
(56:41) - SEC's New Stable Coin Regulations
(59:56) - China's Response to US Stable Coin Regulations
(01:01:16) - KPMG and the Silicon Valley Bank Collapse
(01:03:20) - Macy's Executive Bonuses Clawed Back
(01:05:33) - Luckin Coffee's Auditor Penalized
(01:08:34) - Mike Lynch's Estate Hit with $1 Billion Judgment
(01:09:51) - Match Group's Stock Surge and Economic Optimism
(01:12:58) - Final Thoughts and Continuing Education

Show Notes

NASBA, AICPA give blessing to 120-hour CPA pathway

https://www.cfo.com/news/governing-bodies-of-accounting-give-blessing-to-120-hour-cpa-requirement/754033/
AICPA and NASBA Approve Model Legislation for New CPA Licensure Path

https://nasba.org/blog/2025/05/13/aicpa-and-nasba-approve-model-legislation-for-new-cpa-licensure-path/

NASBA and AICPA Publish Ninth Edition of the Uniform Accountancy Act (UAA)

https://nasba.org/blog/2025/07/22/nasba-and-aicpa-publish-ninth-edition-of-the-uniform-accountancy-act-uaa/

Alaska Becomes the Latest State to Offer an Alternate CPA Pathway, With No Help From the Governor

https://www.goingconcern.com/alaska-becomes-the-latest-state-to-offer-an-alternate-cpa-pathway-with-no-help-from-the-governor/

CPA requirements by state

https://www.cfo.com/news/cpa-requirements-by-state-cfo-accounting-updates-changes-150-hour/740328/

Baker Tilly Secures Private Equity Investment in Largest CPA Transaction to Date

https://insidepublicaccounting.com/2024/02/05/baker-tilly-secures-private-equity-investment-in-largest-cpa-transaction-to-date/

Trump ousts Billy Long as IRS commissioner, names Bessent acting head

https://www.cnn.com/2025/08/08/politics/billy-long-ousted-irs-commissioner

IRS Commissioner Billy Long replaced after less than two months

https://www.npr.org/2025/08/08/nx-s1-5496549/irs-billy-long-trump

Trump removes Billy Long as IRS commissioner, giving him the shortest-ever tenure in the role

https://federalnewsnetwork.com/management/2025/08/trump-removes-billy-long-as-irs-commisioner-less-than-2-months-after-his-confirmation/

OpenAI botches the charts in GPT-5 introduction

https://flowingdata.com/2025/08/07/openai-botches-the-charts-in-gpt-5-introduction/

GPT-5 Launch Demo Plagued With Catastrophically Dumb Errors

https://futurism.com/gpt-5-demo-dumb-errors

Sam Altman addresses 'bumpy' GPT-5 rollout, bringing 4o back, and the 'chart crime'

https://techcrunch.com/2025/08/08/sam-altman-addresses-bumpy-gpt-5-rollout-bringing-4o-back-and-the-chart-crime/

Introducing GPT-5

https://openai.com/index/introducing-gpt-5/

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Who's Most Likely to Quit Your Firm? & Higher Wages, Fewer Jobs Aug 05, 2025

Show notes

What happens when the traditional path from college to accounting career gets disrupted by AI and automation? This week, Blake and David explore who's most likely to quit accounting firms (hint: it's the middle managers), why wages are rising while jobs disappear, and how one college is revolutionizing accounting education. You'll discover which employees are happiest and most miserable in accounting, learn why ChatGPT conversations could be used against you in court, and hear from Nicole Wetter about Green River College's innovative applied accounting program that puts students in real internships while teaching them AI tools alongside traditional skills.

Sponsors
Keeper - http://accountingpodcast.promo/keeper
TeamUp - http://accountingpodcast.promo/teamup
Human at Scale - http://accountingpodcast.promo/human
Missive - http://accountingpodcast.promo/missive

Chapters

(00:48) - AI in Accounting: Opportunities and Limitations
(02:11) - Impact of AI on Accounting Jobs
(04:07) - Interview with Nicole Wetter: Applied Science in Accounting
(04:57) - ChatGPT and Legal Concerns
(05:29) - Accounting Industry Updates and Opinions
(06:55) - Employee Satisfaction in Accounting Firms
(12:12) - Mergers and Acquisitions in Accounting
(13:38) - Sponsor Messages and Livestream Welcome
(17:40) - Conflicting Survey Data on Tech Adoption
(25:16) - ChatGPT Study Mode: A New Way to Learn
(31:13) - Second Sponsor Message: Team Up
(32:10) - Free Resources for Listeners
(32:29) - Billy Long's IRS Leadership
(36:02) - Jeffrey Epstein's Tax Planning Scandal
(38:03) - Rant on Tariffs and Economic Policies
(47:04) - Interview with Nicole Wetter on Applied Accounting Education
(01:10:04) - Final Thoughts and Upcoming Events

Show Notes

Who's most likely to leave your accounting firm?

https://www.accountingtoday.com/news/whos-most-likely-to-leave-your-accounting-firm

Sam Altman warns there's no legal confidentiality when using ChatGPT as a therapist

https://techcrunch.com/2025/07/25/sam-altman-warns-theres-no-legal-confidentiality-when-using-chatgpt-as-a-therapist/

OpenAI to appeal New York Times copyright case over user data preservation

https://www.foxbusiness.com/technology/openai-appeal-copyright-ruling-ny-times-case-altman-calls-ai-privilege

How we're responding to The New York Times' data demands in order to protect user privacy

https://openai.com/index/response-to-nyt-data-demands/

'I don't care about Direct File': IRS chief says agency plans to end free filing program

https://www.cnbc.com/2025/07/30/irs-chief-says-agency-plans-to-end-free-direct-file-program.html

IRS Chief Says Direct File Is 'Gone,' Other Audit Tech Is Coming

https://news.bloombergtax.com/daily-tax-report/irs-chief-says-direct-file-is-gone-other-audit-tech-is-coming

New commissioner confident IRS can implement OBBBA's tax provisions

https://www.journalofaccountancy.com/news/2025/jul/new-commissioner-confident-irs-can-implement-obbbas-tax-provisions/

Continuing Epstein Investigation, Wyden Probes IRS's Failure to Investigate Sex Trafficker's Highly Lucrative Tax Planning Work

https://www.finance.senate.gov/ranking-members-news/continuing-epstein-investigation-wyden-probes-irss-failure-to-investigate-sex-traffickers-highly-lucrative-tax-planning-work

Wyden probes IRS failure to investigate Jeffrey Epstein's tax planning

https://www.accountingtoday.com/news/wyden-probes-irs-failure-to-investigate-jeffrey-epsteins-tax-planning

As Trump Sits on Key Epstein Files, Wyden Lays Out "Follow the Money" Investigation for DOJ

https://www.finance.senate.gov/ranking-members-news/as-trump-sits-on-key-epstein-files-wyden-lays-out-follow-the-money-investigation-for-doj

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Colbert's Losing P&L, Impending AI Fraud Crisis, House Holds FASB Hostage Jul 31, 2025

Show notes

What happens when politicians threaten to cut funding from accounting standard-setters unless they eliminate specific rules? Blake and David explore unprecedented political interference in FASB and PCAOB operations, plus the IRS facing a 23% budget cut despite Trump's push for more customer service staff. They unpack Sam Altman's warning about AI breaking voice authentication at major banks, why accounting degrees deliver 261% ROI (fourth-best among all majors), and how $28.7 billion in private equity money is reshaping CPA firms. Plus, the economic reality behind Stephen Colbert's show cancellation, Bitcoin's institutional takeover, and how tariff uncertainty is creating impossible planning conditions for businesses.

Sponsors
Human at Scale - http://accountingpodcast.promo/human
Keeper - http://accountingpodcast.promo/keeper
Missive - http://accountingpodcast.promo/missive
Cloud Accountant Staffing - http://accountingpodcast.promo/cas

Chapters

(00:41) - The Decline of Late Night TV
(03:02) - The Shift to Digital Media
(12:35) - AI in Accounting Firms
(15:30) - PCOB Leadership Changes
(18:50) - Legislation to Eliminate PCOB
(19:50) - FASB Funding Threats
(23:38) - IRS Budget Cuts
(30:40) - Deloitte's Audit Investigation
(31:39) - Uncovering Glencore Energy's Bribery Scandal
(33:03) - The ROI of an Accounting Degree
(36:45) - Private Equity's Surge in Accounting Firms
(53:30) - The Immigration Debate and Economic Consequences
(59:41) - Alternative Pathways in Accounting: Alaska's New Law
(01:00:32) - Conclusion Final Thoughts

Show Notes

CBS is ending 'The Late Show with Stephen Colbert' next year | CNN Business
https://www.cnn.com/2025/07/17/media/cbs-cancels-stephen-colbert

Stephen Colbert's 'Late Show' run will come to an end next year as CBS cancels franchise
https://www.nbcnews.com/pop-culture/tv/stephen-colbert-late-show-end-cbs-rcna219499

Inside CBS' 'agonizing decision' to cancel Colbert's top-rated late-night show | CNN Business https://www.cnn.com/2025/07/18/media/colbert-cbs-late-show-cancel-paramount-trump

SEC.gov | SEC Announces George Botic to Serve as Acting Chair of the Public Company Accounting Oversight Board
https://www.sec.gov/newsroom/press-releases/2025-100-sec-announces-george-botic-serve-acting-chair-public-company-accounting-oversight-board

George Botic Takes Over as Acting Chief of the PCAOB - CPA Practice Advisor
https://www.cpapracticeadvisor.com/2025/07/22/george-botic-takes-over-as-acting-chief-of-the-pcaob/165364/

SEC names George Botic as acting chair of PCAOB | Accounting Today
https://www.accountingtoday.com/news/sec-names-george-botic-as-acting-chair-of-pcaob

House Republicans propose to withhold funds from FASB unless income tax reporting standard is withdrawn | Accounting Today
https://www.accountingtoday.com/news/house-republicans-propose-to-withhold-funds-from-fasb

GOP Threatens Accounting Board Funding Over Tax Disclosure Rules
https://news.bloombergtax.com/financial-accounting/gop-threatens-accounting-board-funding-over-tax-disclosure-rules

Americans Want to Know Which Corporations Aren't Paying Taxes, but House Republicans Want to Keep this Information Secret
https://itep.org/corporate-tax-avoidance-house-republicans-spending-bill/

Trump wants to reverse the staffing cuts he's overseen for IRS customer service. House Republicans disagree. - Government Executive
https://www.govexec.com/workforce/2025/07/trump-wants-reverse-staffing-cuts-hes-overseen-irs-customer-service-house-republicans-disagree/407002/

Trump slashes 25% of IRS workforce with buyouts, firings of nearly 26,000 agency staff https://www.washingtontimes.com/news/2025/jul/22/trump-slashed-25-irs-workforce/

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The $2T Stablecoin Opportunity for CPAs & Agentic AI in the Browser Jul 23, 2025

Show notes

What happens when a $2 trillion cryptocurrency market suddenly requires monthly audits? Blake and David break down the Genius Act, the new federal stablecoin legislation that just created a massive opportunity for auditors—but also potentially recreated the chaotic "wildcat banking" era of the 1800s. You'll learn why every stablecoin issuer now needs monthly attestation reports and annual audits, creating hundreds of new recurring revenue streams for accounting firms willing to take on the risk. Plus, they explore whether there are enough auditors to actually make this system work, and what happens if quantum computing breaks cryptocurrency security. The episode also covers PCAOB leadership changes under the new administration, live-tests AI agents trying to enter invoices (spoiler: it's messier than the hype suggests), and updates on the 23 states now offering alternative CPA pathways.

Sponsors
Missive - http://accountingpodcast.promo/missive
Relay - http://accountingpodcast.promo/relay
Cloud Accountant Staffing - http://accountingpodcast.promo/cas

Chapters

(01:17) - AI in Accounting: Browser Integration
(02:35) - Major News: The Genius Act and Its Implications
(03:38) - Sponsor Shoutouts and Livestream Interaction
(05:06) - Audit News: Erica Williams and PCAOB Changes
(08:27) - Federal Audit Failures and OMB's Strategic Reset
(09:48) - AICPA's New Fraud Detection Standards
(12:52) - Sponsor Highlight: Missive
(15:38) - Fraud Case Study: Christine Hunsicker's $300M Scam
(20:08) - Deep Dive: The Genius Act and Stablecoins
(41:21) - The Risk of Stablecoins and Financial Contagion
(42:07) - Quantum Computing Threat to Bitcoin
(42:38) - The Challenge of Upgrading Cryptocurrency Systems
(43:22) - Summary and Predictions for Accounting Firms
(43:38) - Fraud in the Traditional Banking System
(44:08) - Relay: The Small Business Banking Solution
(45:43) - Pig Butchering: A Growing Fraud Problem
(48:05) - The Case for a Federal Stablecoin
(50:26) - Alternative Pathways for CPA Licensure
(52:02) - Decline in CPA Licenses and Modernizing Education
(54:59) - Cloud Accountant Staffing: Solving the Labor Shortage
(56:01) - Agentic AI: The Future of Automation
(59:13) - Challenges and Potential of AI in Accounting
(01:02:31) - The Role of AI in Data Entry and Research
(01:17:53) - Conclusion and Final Thoughts

Show Notes

Trump signs landmark GENIUS Act, hailing "exciting new frontier" for crypto - CBS News
https://www.cbsnews.com/news/trump-signs-genius-act-crypto-bill/

Fact Sheet: President Donald J. Trump Signs GENIUS Act into Law – The White House
https://www.whitehouse.gov/fact-sheets/2025/07/fact-sheet-president-donald-j-trump-signs-genius-act-into-law/

Stablecoin regulation bill heads to Trump's desk
https://www.axios.com/2025/07/17/house-passes-genius-act-stablecoins-trump

A 'Crypto Week' win: Congress passes 1st major crypto legislation in the U.S.
https://www.npr.org/2025/07/17/nx-s1-5451413/crypto-week-stablecoin-genius-act-trump

GENIUS Act Passes in US Congress: A Breakdown of the Landmark Stablecoin Law – Publications https://www.morganlewis.com/pubs/2025/07/genius-act-passes-in-us-congress-a-breakdown-of-the-landmark-stablecoin-law

Erica Williams Resigns as PCAOB Chair - CPA Practice Advisor
https://www.cpapracticeadvisor.com/2025/07/15/erica-williams-resigns-as-pcaob-chair/164956/

PCAOB chair Erica Williams steps down | Accounting Today
https://www.accountingtoday.com/news/pcaob-chair-erica-williams-steps-down

SEC.gov | Statement Regarding Tenure of Erica Williams at the PCAOB
https://www.sec.gov/newsroom/speeches-statements/atkins-statement-erica-williams-pcaob-071505

Southern District of New York | CaaStle Founder Charged In $300 Million Fraud Scheme | United States Department of Justice https://www.justice.gov/usao-sdny/pr/caastle-founder-charged-300-million-fraud-scheme

The surprising details of fashion entrepreneur Christine Hunsicker's fraud indictment- Fast Company https://www.fastcompany.com/91371881/the-surprising-details-of-fashion-entrepreneur-christine-hunsickers-fraud-indictment

Fashion startup founder Christine Hunsicker accused of cheating investors out of over $300 million - CBS News https://www.cbsnews.com/news/christine-hunsicker-charged-fraud-300-million-fashion-startup-founder/

States move beyond the 150-hour rule for CPA licensure | Accounting Today
https://www.accountingtoday.com/list/states-move-beyond-the-150-hour-rule-for-cpa-licensure

Tracking CPA licensure paths: Removing the 150-hour-rule hurdle | CFO Dive
https://www.cfodive.com/news/broadening-cpa-licensure-paths-marching-beyond-150-hour-rule-accounting-talent-shortage/745282/

The rise and fall of the 150-hour rule
https://www.cfobrew.com/stories/2025/04/10/the-rise-and-fall-of-the-150-hour-rule

AICPA, NASBA approve alternatives to the 150-hour rule
https://www.cfobrew.com/stories/2025/05/15/aicpa-nasba-approve-alternatives-to-the-150-hour-rule

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