The Accounting Podcast Top Five TikTok Tax Myths (Guest: Heidi Henderson)
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!
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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
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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
The Problem With the IRS Vow to Avoid Stepping Up Audits of Earners Under $400,000
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
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
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