Episode Details

We’re joined by Heidi Henderson, EVP at Engineered Tax Services, for our weekly roundup of news at the intersection of accounting and technology. Topics include: How the IRS plans to spend $80 billion over the next 10 years; the top five TikTok tax myths; security issues with AI chatbots; CLA voices support for MNCPA’s 150-hour alternative; why revenue is up 20% in the top 100 firms, and more!

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• (00:00) - CAP 327
• (00:24) - PREVIEW: Breast implants are a tax write off?
• (01:08) - Welcome Heidi Henderson to the show and some background
• (06:36) - How did you get into tax credits?
• (08:32) - Heidi's take on ERC mills
• (11:56) - How will the IRS spend their $80 billion?
• (13:59) - Breakdown on how the IRS plans to spend that money
• (24:01) - Tax advice from TikTok
• (34:39) - What is the accounting pro's role in advising a client on taxes
• (37:47) - Accounting Today's April Fools Day post
• (39:40) - Minnestoa CPA Society gets a big supporter in CLA on the 150 rule
• (45:39) - Should we move the tax deadlines?
• (49:56) - SBF student fund for improving humanity has run dry
• (51:06) - Revenue for the top 100 firms was up almost 20%
• (54:54) - What impact will AI make on accounting?
• (01:01:11) - What are the potential risks of AI for accountants
• (01:05:38) - Wrap up and where to reach everyone

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Show Notes

The accounting pipeline: 'Above all, try something'

https://www.accountingtoday.com/opinion/the-accounting-pipeline-above-all-try-something

ChatGPT Took Our CPA Public Accounting Test – Accountests Australia

https://www.au.accountests.com/blogs/news/chatgpt-took-our-cpa-public-accounting-test

The IRS reveals how it will spend its $80B               

https://www.accountingtoday.com/news/the-irs-reveals-how-it-will-spend-its-80b

GPT Predicts Which Jobs the AI will replace

https://www.reddit.com/r/Futurology/comments/128xl05/gpt_predicts_which_jobs_the_ai_will_replace/

CLA backs changes in 150-hour CPA requirement              

https://www.accountingtoday.com/news/cla-backs-changes-in-150-hour-cpa-requirement

File your taxes in 10 minutes? TurboTax says it’s possible with AI-powered ‘express lanes’

https://www.fastcompany.com/90875480/turbotax-irs-ai-file-taxes-phone-fast-lane

Collapse of FTX deprives academics of grants, stokes fears of forced repayment

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