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Intuit Stock Gets Hammered & Trump's Wild IRS Settlement
Description
Is AI about to break the billable hour? Blake and David unpack what they heard at a major AI tax summit, where new tools promise to prepare complex returns in minutes instead of hours. They also debate Intuit’s stock slide, Trump’s extraordinary IRS settlement, and what shrinking oversight at the PCAOB could mean. You’ll hear where AI is already changing accounting—and where humans still matter most.
Sponsors
Cloud Accountant Staffing - http://accountingpodcast.promo/cas
The Value Builder System - http://accountingpodcast.promo/value
OnPay - http://accountingpodcast.promo/onpay
Maxima. AI - http://accountingpodcast.promo/maxima
Chapters
- (00:00) - TAP 489
- (02:24) - Blackor AI Tax Summit
- (03:14) - AI Agents Disrupt Tax
- (07:16) - Billable Hour Pressure
- (09:00) - Advisory Future Forecast
- (10:14) - Intuit Stock Shock
- (12:29) - TurboTax vs Tax Pros
- (17:31) - Intuit Layoffs Strategy
- (20:04) - Trump IRS Settlement
- (24:59) - PCAOB SEC Shakeup
- (27:33) - OnPay Payroll Pitch
- (28:42) - IRS Mystery Payments
- (30:48) - Busy Season Burnout
- (33:35) - California SaaS Tax Plan
- (34:54) - Big Four AI Hallucinations
- (36:48) - Are Consultants Replaceable
- (40:03) - AI Job Loss Chart
- (43:50) - Maxima Close Automation
- (45:12) - Musk Tax Return Training
- (46:03) - SpaceX IPO Breakdown
- (50:11) - CPE and Listener Q&A
- (52:51) - Wrap Up and Shoutouts
Show Notes
Intuit Lays Off 3,000 Employees Amid AI Push
https://officechai.com/ai/intuit-lays-off-3000-employees-amid-ai-push/
U.S. Government Agrees to Drop Tax Claims Against Trump in Broadening of IRS Settlement
https://www.npr.org/2026/05/19/g-s1-122938/irs-trump-settlement-tax-returns-audit
DOJ Settlement 'Forever' Bars IRS Trump Audits, Sparks Backlash
https://tax.thomsonreuters.com/news/doj-settlement-forever-bars-irs-trump-audits-sparks-backlash/
U.S. Audit Watchdog Should Rescind Its Independence Rules, SEC Official Says
The SEC's New SOX Group – Potential Impacts for Audit Firms, Their Professionals, and Future PCAOB Enforcement
IRS to Develop System to Track Missing Payments, TIGTA Says
78% of Tax Pros Say Tax Season Negatively Impacts Personal and Professional Life