Why is AI failing at basic accounting tasks while claiming to outsmart PhD students? Blake and David dive into the stark reality of AI implementation in accounting, from Ramp's promising new expense management agents to QuickBooks' baffling suggestion to credit and debit the same account. You'll discover the critical security vulnerabilities in AI systems and learn why clients are increasingly using AI to fact-check their accountants' advice. Plus, get a comprehensive breakdown of the top 10 tax planning opportunities in the One Big, Beautiful Bill Act—from permanent 100% bonus depreciation to Trump accounts for children. The hosts also explore which companies will be AI's biggest losers and why the future of accounting lies in financial management, not advisory services.
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Chapters- (00:30) - The Big Beautiful Bill: Tax Provisions Overview
- (01:53) - AI in Accounting: RAMP's New AI Agents
- (02:56) - QuickBooks AI Agents: Frustrations and Feedback
- (06:05) - RAMP's AI Agents: Features and Benefits
- (14:38) - AI's Impact on Employment: Winners and Losers
- (20:54) - Grok 4: The Future of AI in Accounting
- (36:53) - Juno and Tax Prep Automation
- (37:52) - The Rise of AI in Cyber Attacks
- (38:26) - Social Engineering and AI
- (39:18) - Hidden AI Prompts in Academic Papers
- (41:25) - AI Security Risks and Internal Controls
- (45:45) - The Accountant's Labor Shortage
- (46:59) - Tax Planning Opportunities in the New Bill
- (56:29) - The Impact of the New Tax Bill
- (01:00:45) - Final Thoughts and Wrap-Up
Show Notes
Ramp agents: Let finance teams do finance
https://ramp.com/blog/ramp-agents-announcement
Microsoft shares $500M in AI savings internally days after cutting 9,000 jobs
https://techcrunch.com/2025/07/09/microsoft-shares-500m-in-ai-savings-internally-days-after-cutting-9000-jobs/
Indeed, Glassdoor to lay off 1300 staff amid AI push
https://techcrunch.com/2025/07/11/indeed-glassdoor-to-lay-off-1300-staff/
Workday Stock Takes A Hit After Piper Sandler Survey Flags AI-Driven Headwinds, But Retail's Optimistic
https://stocktwits.com/news-articles/markets/equity/workday-stock-takes-a-hit-after-piper-sandler-survey-flags-ai-driven-headwinds/ch8GfqaR5kY
Elon Musk's xAI launches Grok 4 alongside a $300 monthly subscription
https://techcrunch.com/2025/07/09/elon-musks-xai-launches-grok-4-alongside-a-300-monthly-subscription/
Hidden AI prompts in academic papers spark concern about research integrity
https://www.japantimes.co.jp/news/2025/07/04/japan/ai-research-prompt-injection/
Tax provisions in the One Big Beautiful Bill Act
https://www.journalofaccountancy.com/news/2025/jun/tax-changes-in-senate-budget-reconciliation-bill/
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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
