About this episode
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! Sponsors Zoho - https://cloudaccountingpodcast.promo/zoho LiveFlow - https://cloudaccountingpodcast.promo/liveflow Client Hub - https://cloudaccountingpodcast.promo/clienthub Chapters (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 Need CPE? Subscribe to the Earmark Accounting Podcast: https://podcast.earmarkcpe.com Get CPE for listening to podcasts with Earmark CPE: https://earmarkcpe 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 https://www.reuters.com/technology/collapse-ftx-deprives-academics-grants-stokes-fears-forced-repayment-2023-04-06/ The Problem With the IRS Vow to Avoid Stepping Up Audits of Earners Under $400,000 https://www.wsj.com/articles/the-problem-with-the-irs-vow-to-avoid-stepping-up-audits-of-earners-under-400-000-6ffa5185 Healthy Wealthy & Wise Accountants https://healthywealthywise.show/5 Three ways AI chatbots are a security disaster | MIT Technology Review https://www.technologyreview.com/2023/04/03/1070893/three-ways-ai-chatbots-are-a-security-disaster/ Accounting firm sets retirement age at 85 to avert staffing crisis | Accounting Today https://www.accountingtoday.com/opinion/accounting-firm-sets-retirement-age-at-85-to-avert-staffing-crisis CLA backs changes in 150-hour CPA requirement | Accounting Today https://www.accountingtoday.com/news/cla-backs-changes-in-150-hour-cpa-requirement The IRS reveals how it will spend its $80B | Accounting Today https://www.accountingtoday.com/news/the-irs-reveals-how-it-will-spend-its-80b ChatGPT Took Our CPA Public Accounting Test – Accountests Australia https://www.au.accountests.com/blogs/news/chatgpt-took-our-cpa-public-accounting-test Connect with Heidi Henderson Website: http://engineeredtaxservices.com LinkedIn: https://www.linkedin.com/in/heidihendersonets/ Get in Touch Thanks for listening and for the great reviews! We appreciate you! Follow and tweet @BlakeTOliver and @DavidLeary . Find us on Facebook and, if you like what you hear, please do us a favor and write a review on iTunes , or Podchaser . Interested in sponsoring the Cloud Accounting Podcast? For details, read the prospectus , and NOW, you can see our smiling faces on Instagram ! You can now call us and leave a voicemail, maybe we'll play it on the show. DIAL (202) 695-1040 Need Accounting Conference Info? Check out our new website - accountingconferences.com Limited edition shirts, stickers, and other necessities TeePublic Store: