The Accounting Podcast

Beware of E-Filing Your Tax Return

Feb 15, 2024

The podcast discusses the risks of e-filing taxes, deepfake video calls causing theft, AI accounting startups raising money, major accounting firms turning to private equity, the impact of 150-hour rule on diversity in the accounting profession, and Google's Gemini AI release.

01:05:38

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Quick takeaways

Obtaining both the CMA and CPA certifications can lead to an average annual salary increase of $38,000 for accountants.

Google's new AI language model, Gemini, offers improved capabilities compared to its predecessor, Bard, and is comparable to GPT-4 in performance.

Baker Tilly's acceptance of private equity funding raises questions about the future of traditional partnership models in the accounting industry.

Deep dives

Dual certifications mean big bucks for accountants

Accountants who hold both the CMA and CPA certifications earn an average of $38,000 more annually compared to their non-certified peers. The dual certification demonstrates a higher level of expertise and can lead to increased job opportunities and higher salaries. Obtaining both certifications may require additional education and passing exams, but the potential financial benefits make it a worthwhile investment for accountants.

Introduction

2min

The Dangers of Audio and Video Deep Fakes

13min

The Importance of Tax Professionals and the Influence of Intuit, followed by Introduction to Relay Banking Solution

3min

The Rise of Penny Lane and Data Snipper in the Accounting Industry

12min

Low Lobbying Spending, Sponsor Introduction, and Critique of Anti E-Filing Opinion Piece

3min

The Argument Against E-Filing Tax Returns

12min

The Financial Benefits of Dual Certifications for Accountants

4min

Success, Parental Involvement, and Google's Gemini

11min

Podcast Listener Survey and Snowfall in Southwest Colorado

5min

Blake and David discuss a wealth of timely topics, including the risks of filing taxes electronically versus by mail, the impact of the 150-hour rule on diversity in the accounting profession, and how major accounting firms are turning to private equity funding to accelerate growth. They also explore news from the artificial intelligence space, including Google's unveiling of Gemini, as well as ADP's new AI assistant, and examine how deepfake video calls enabled the theft of $25 million.

Sponsors
Relay - http://accountingpodcast.promo/relay
FreshBooks - http://accountingpodcast.promo/freshbooks
Airbase - http://accountingpodcast.promo/airbase

Chapters

(00:29) - Welcome to the show
(03:24) - Finance worker pays $25 million after video call with a deep fake of company CFO
(08:54) - Is QuickBook taking tax accountants' jobs?
(16:23) - Three AI accounting startups raise money funding round
(25:14) - Baker Tilly is now private-equity-owned
(27:32) - How much do the Big 4 spend on lobbying?
(31:52) - The Wall Street Journal's terrible opinion piece of E-filing
(38:25) - 13 states are suing the IRS for direct file system
(40:15) - MIT study on effects of 150-hour rule
(46:28) - Dual licensed CPAs and CMAs earn almost $40k more per year
(49:17) - Google releases Gemini and is retiring BARD
(53:33) - ADP launches ADP Assist
(56:48) - Gemini also now does AI art
(59:25) - Thanks for listening and please fill out our survey