Intuit Attacks Tax Pros & IRS Can't Measure Audit Rate
The Accounting Podcast
AI Revolution in Accounting
This chapter delves into the impact of a recent U.S. Justice Department investigation on Super Micro stock and explores the current state of AI adoption in the accounting industry. It highlights the potential benefits of AI in improving efficiency, automating workflows, and enhancing communication, despite many accountants lagging in training and implementation.
Blake and David discuss a controversial TurboTax ad campaign encouraging people to "break up" with their tax professionals, analyze survey data on AI adoption in accounting firms, and critically examine proposed changes to CPA licensure requirements. They also explore NASBA's influence on the profession end debate the merits of automatic mobility for CPAs across states.
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Chapters
- (01:32) - Intuit's Controversial NFL Commercial
- (03:52) - TurboTax's Pricing Strategy
- (06:32) - Intuit's Market Strategy and Tax Pro Reactions
- (12:55) - IRS Audit Rates and Challenges
- (20:25) - EY India Tragedy and Work Culture
- (27:18) - AI in Accounting: Adoption and Applications
- (34:02) - Introduction to Perplexity
- (37:09) - Empowering Your Team with AI
- (39:11) - Challenges in CPA Firms
- (42:30) - WorkflowCon 2024 Announcement
- (44:15) - Changes to CPA Licensure
- (49:06) - Critique of NASBA and AICPA
- (57:02) - The Future of CPA Mobility
- (01:10:44) - Conclusion and Call to Action
Show Notes
TurboTax 2024 Beat Your Price Commercial "Tax Break-Up" (Official TV Ad :30)
https://www.youtube.com/watch?v=GW7rfwO6_is
Intuit Hosts Investor Day, Reaffirms First-Quarter and Fiscal 2025 Guidance
The State of AI in Accounting Report 2024
https://karbonhq.com/resources/state-of-ai-accounting-report-2024/
AICPA, NASBA propose a new pathway to CPA licensure
https://www.journalofaccountancy.com/news/2024/sep/cpa-competency-based-licensure-pathway.html
AICPA and NASBA Propose Changes to the Uniform Accountancy Act
The Hazards of Redefining Mobility
https://nasba.org/blog/2024/09/19/the-hazards-of-redefining-mobility/
How Accounting Firms Can Overcome the Profit Plateau
https://www.accountingtoday.com/opinion/how-accounting-firms-can-overcome-the-profit-plateau
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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
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