Can an AI reconcile your books while you sleep? Blake and David run a live experiment with ChatGPT-5’s Agent Mode in Xero—watching it match transactions, stumble on prepayments, and reveal what’s realistically automatable today. They also break down a flood of app news: Dext's bill pay, Ramp’s mega raise, Thomson Reuters and Deloitte’s agentic AI, plus Ignition–Financial Cents and Canopy portal moves. They dig into survey findings showing that 58% of employees are secretly using AI at work despite company bans, and take a look at how AI is disrupting the job market for college graduates.

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• (01:32) - Exploring AI in Accounting

Show Notes

Product Specialist-Accounting,AI - Xero

https://builtinlondon.uk/job/product-specialist-accounting-ai/6683466

Rillet raises $70M to replace 20th-century accounting software with AI-native ERP built by accountants

https://www.globenewswire.com/news-release/2025/08/06/3128328/0/en/Rillet-raises-70M-to-replace-20th-century-accounting-software-with-AI-native-ERP-built-by-accountants.html

AI accounting startup Rillet raises $70 million in Andreessen Horowitz, ICONIQ-led round

https://www.investing.com/news/economy-news/ai-accounting-startup-rillet-raises-70-million-in-andreessen-horowitz-iconiqled-round-4172975

Ramp Raises $500 Million at $22.5 Billion Valuation to Accelerate AI and Build the Future of Finance

https://www.prnewswire.com/news-releases/ramp-raises-500-million-at-22-5-billion-valuation-to-accelerate-ai-and-build-the-future-of-finance-302516953.html

Ramp hits $22.5B valuation just 45 days after reaching $16B

https://techcrunch.com/2025/07/30/ramp-hits-22-5b-valuation-just-45-days-after-reaching-16b/

IRS, White House clashed over immigrants' data before Billy Long was ousted

https://www.washingtonpost.com/business/2025/08/09/trump-administration-irs-data-dispute/

Trump replaces IRS Commissioner Billy Long with Scott Bessent

https://www.washingtonpost.com/business/2025/08/08/billy-long-irs-commissioner-bessent/

Trump ousts Billy Long as IRS commissioner, names Bessent acting head

https://www.cnn.com/2025/08/08/politics/billy-long-ousted-irs-commissioner

IRS Chief Forced Out After Immigrant Tax Data Pushback—Report

https://www.newsweek.com/irs-chief-forced-immigrant-tax-data-pushback-report-2111292

Billy Long's IRS ouster follows clashes with Treasury, sparks concern

https://thehill.com/homenews/administration/5449180-treasury-clashes-irs-commissioner/

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Blake and David discuss how both AICPA and NASBA have officially endorsed a 120-hour CPA licensure pathway in the ninth edition of the Uniform Accountancy Act, validating Blake's long-standing advocacy against the 150-hour requirement. They also examine Baker Tilly's policy, which requires CPAs to remove their designations from email signatures and LinkedIn profiles due to alternative practice structures. They move on to the launch of GPT-5, praising its improved integration but noting concerning chart errors in OpenAI's presentation and ongoing hallucination issues. Rounding things out, they also discuss Trump's firing of newly-appointed IRS Commissioner Billy Long after just weeks in office, comparing it to his dismissal of the Bureau of Labor Statistics head over unfavorable job revision data.

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• (00:41) - AICPA and NASBA owe Blake an apology

Show Notes

NASBA, AICPA give blessing to 120-hour CPA pathway

https://www.cfo.com/news/governing-bodies-of-accounting-give-blessing-to-120-hour-cpa-requirement/754033/
 
AICPA and NASBA Approve Model Legislation for New CPA Licensure Path

https://nasba.org/blog/2025/05/13/aicpa-and-nasba-approve-model-legislation-for-new-cpa-licensure-path/

NASBA and AICPA Publish Ninth Edition of the Uniform Accountancy Act (UAA)

https://nasba.org/blog/2025/07/22/nasba-and-aicpa-publish-ninth-edition-of-the-uniform-accountancy-act-uaa/

Alaska Becomes the Latest State to Offer an Alternate CPA Pathway, With No Help From the Governor

https://www.goingconcern.com/alaska-becomes-the-latest-state-to-offer-an-alternate-cpa-pathway-with-no-help-from-the-governor/

CPA requirements by state

https://www.cfo.com/news/cpa-requirements-by-state-cfo-accounting-updates-changes-150-hour/740328/

Baker Tilly Secures Private Equity Investment in Largest CPA Transaction to Date

https://insidepublicaccounting.com/2024/02/05/baker-tilly-secures-private-equity-investment-in-largest-cpa-transaction-to-date/

Trump ousts Billy Long as IRS commissioner, names Bessent acting head

https://www.cnn.com/2025/08/08/politics/billy-long-ousted-irs-commissioner

IRS Commissioner Billy Long replaced after less than two months

https://www.npr.org/2025/08/08/nx-s1-5496549/irs-billy-long-trump

Trump removes Billy Long as IRS commissioner, giving him the shortest-ever tenure in the role

https://federalnewsnetwork.com/management/2025/08/trump-removes-billy-long-as-irs-commisioner-less-than-2-months-after-his-confirmation/

OpenAI botches the charts in GPT-5 introduction

https://flowingdata.com/2025/08/07/openai-botches-the-charts-in-gpt-5-introduction/

GPT-5 Launch Demo Plagued With Catastrophically Dumb Errors

https://futurism.com/gpt-5-demo-dumb-errors

Sam Altman addresses 'bumpy' GPT-5 rollout, bringing 4o back, and the 'chart crime'

https://techcrunch.com/2025/08/08/sam-altman-addresses-bumpy-gpt-5-rollout-bringing-4o-back-and-the-chart-crime/

Introducing GPT-5

https://openai.com/index/introducing-gpt-5/

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What happens when the traditional path from college to accounting career gets disrupted by AI and automation? This week, Blake and David explore who's most likely to quit accounting firms (hint: it's the middle managers), why wages are rising while jobs disappear, and how one college is revolutionizing accounting education. You'll discover which employees are happiest and most miserable in accounting, learn why ChatGPT conversations could be used against you in court, and hear from Nicole Wetter about Green River College's innovative applied accounting program that puts students in real internships while teaching them AI tools alongside traditional skills.

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• (00:48) - AI in Accounting: Opportunities and Limitations

Show Notes

Who's most likely to leave your accounting firm?

https://www.accountingtoday.com/news/whos-most-likely-to-leave-your-accounting-firm

Sam Altman warns there's no legal confidentiality when using ChatGPT as a therapist

https://techcrunch.com/2025/07/25/sam-altman-warns-theres-no-legal-confidentiality-when-using-chatgpt-as-a-therapist/

OpenAI to appeal New York Times copyright case over user data preservation

https://www.foxbusiness.com/technology/openai-appeal-copyright-ruling-ny-times-case-altman-calls-ai-privilege

How we're responding to The New York Times' data demands in order to protect user privacy

https://openai.com/index/response-to-nyt-data-demands/

'I don't care about Direct File': IRS chief says agency plans to end free filing program

https://www.cnbc.com/2025/07/30/irs-chief-says-agency-plans-to-end-free-direct-file-program.html

IRS Chief Says Direct File Is 'Gone,' Other Audit Tech Is Coming

https://news.bloombergtax.com/daily-tax-report/irs-chief-says-direct-file-is-gone-other-audit-tech-is-coming

New commissioner confident IRS can implement OBBBA's tax provisions

https://www.journalofaccountancy.com/news/2025/jul/new-commissioner-confident-irs-can-implement-obbbas-tax-provisions/

Continuing Epstein Investigation, Wyden Probes IRS's Failure to Investigate Sex Trafficker's Highly Lucrative Tax Planning Work

https://www.finance.senate.gov/ranking-members-news/continuing-epstein-investigation-wyden-probes-irss-failure-to-investigate-sex-traffickers-highly-lucrative-tax-planning-work

Wyden probes IRS failure to investigate Jeffrey Epstein's tax planning

https://www.accountingtoday.com/news/wyden-probes-irs-failure-to-investigate-jeffrey-epsteins-tax-planning

As Trump Sits on Key Epstein Files, Wyden Lays Out "Follow the Money" Investigation for DOJ

https://www.finance.senate.gov/ranking-members-news/as-trump-sits-on-key-epstein-files-wyden-lays-out-follow-the-money-investigation-for-doj

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What happens when politicians threaten to cut funding from accounting standard-setters unless they eliminate specific rules? Blake and David explore unprecedented political interference in FASB and PCAOB operations, plus the IRS facing a 23% budget cut despite Trump's push for more customer service staff. They unpack Sam Altman's warning about AI breaking voice authentication at major banks, why accounting degrees deliver 261% ROI (fourth-best among all majors), and how $28.7 billion in private equity money is reshaping CPA firms. Plus, the economic reality behind Stephen Colbert's show cancellation, Bitcoin's institutional takeover, and how tariff uncertainty is creating impossible planning conditions for businesses.

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• (00:41) - The Decline of Late Night TV

Show Notes

CBS is ending 'The Late Show with Stephen Colbert' next year | CNN Business
https://www.cnn.com/2025/07/17/media/cbs-cancels-stephen-colbert

Stephen Colbert's 'Late Show' run will come to an end next year as CBS cancels franchise
https://www.nbcnews.com/pop-culture/tv/stephen-colbert-late-show-end-cbs-rcna219499

Inside CBS' 'agonizing decision' to cancel Colbert's top-rated late-night show | CNN Business https://www.cnn.com/2025/07/18/media/colbert-cbs-late-show-cancel-paramount-trump

SEC.gov | SEC Announces George Botic to Serve as Acting Chair of the Public Company Accounting Oversight Board
https://www.sec.gov/newsroom/press-releases/2025-100-sec-announces-george-botic-serve-acting-chair-public-company-accounting-oversight-board

George Botic Takes Over as Acting Chief of the PCAOB - CPA Practice Advisor
https://www.cpapracticeadvisor.com/2025/07/22/george-botic-takes-over-as-acting-chief-of-the-pcaob/165364/

SEC names George Botic as acting chair of PCAOB | Accounting Today
https://www.accountingtoday.com/news/sec-names-george-botic-as-acting-chair-of-pcaob

House Republicans propose to withhold funds from FASB unless income tax reporting standard is withdrawn | Accounting Today
https://www.accountingtoday.com/news/house-republicans-propose-to-withhold-funds-from-fasb

GOP Threatens Accounting Board Funding Over Tax Disclosure Rules
https://news.bloombergtax.com/financial-accounting/gop-threatens-accounting-board-funding-over-tax-disclosure-rules

Americans Want to Know Which Corporations Aren't Paying Taxes, but House Republicans Want to Keep this Information Secret
https://itep.org/corporate-tax-avoidance-house-republicans-spending-bill/

Trump wants to reverse the staffing cuts he's overseen for IRS customer service. House Republicans disagree. - Government Executive
https://www.govexec.com/workforce/2025/07/trump-wants-reverse-staffing-cuts-hes-overseen-irs-customer-service-house-republicans-disagree/407002/

Trump slashes 25% of IRS workforce with buyouts, firings of nearly 26,000 agency staff https://www.washingtontimes.com/news/2025/jul/22/trump-slashed-25-irs-workforce/

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What happens when a $2 trillion cryptocurrency market suddenly requires monthly audits? Blake and David break down the Genius Act, the new federal stablecoin legislation that just created a massive opportunity for auditors—but also potentially recreated the chaotic "wildcat banking" era of the 1800s. You'll learn why every stablecoin issuer now needs monthly attestation reports and annual audits, creating hundreds of new recurring revenue streams for accounting firms willing to take on the risk. Plus, they explore whether there are enough auditors to actually make this system work, and what happens if quantum computing breaks cryptocurrency security. The episode also covers PCAOB leadership changes under the new administration, live-tests AI agents trying to enter invoices (spoiler: it's messier than the hype suggests), and updates on the 23 states now offering alternative CPA pathways.

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• (01:17) - AI in Accounting: Browser Integration

Show Notes

Trump signs landmark GENIUS Act, hailing "exciting new frontier" for crypto - CBS News
https://www.cbsnews.com/news/trump-signs-genius-act-crypto-bill/

Fact Sheet: President Donald J. Trump Signs GENIUS Act into Law – The White House
https://www.whitehouse.gov/fact-sheets/2025/07/fact-sheet-president-donald-j-trump-signs-genius-act-into-law/

Stablecoin regulation bill heads to Trump's desk
https://www.axios.com/2025/07/17/house-passes-genius-act-stablecoins-trump

A 'Crypto Week' win: Congress passes 1st major crypto legislation in the U.S.
https://www.npr.org/2025/07/17/nx-s1-5451413/crypto-week-stablecoin-genius-act-trump

GENIUS Act Passes in US Congress: A Breakdown of the Landmark Stablecoin Law – Publications https://www.morganlewis.com/pubs/2025/07/genius-act-passes-in-us-congress-a-breakdown-of-the-landmark-stablecoin-law

Erica Williams Resigns as PCAOB Chair - CPA Practice Advisor
https://www.cpapracticeadvisor.com/2025/07/15/erica-williams-resigns-as-pcaob-chair/164956/

PCAOB chair Erica Williams steps down | Accounting Today
https://www.accountingtoday.com/news/pcaob-chair-erica-williams-steps-down

SEC.gov | Statement Regarding Tenure of Erica Williams at the PCAOB
https://www.sec.gov/newsroom/speeches-statements/atkins-statement-erica-williams-pcaob-071505

Southern District of New York | CaaStle Founder Charged In $300 Million Fraud Scheme | United States Department of Justice https://www.justice.gov/usao-sdny/pr/caastle-founder-charged-300-million-fraud-scheme

The surprising details of fashion entrepreneur Christine Hunsicker's fraud indictment- Fast Company https://www.fastcompany.com/91371881/the-surprising-details-of-fashion-entrepreneur-christine-hunsickers-fraud-indictment

Fashion startup founder Christine Hunsicker accused of cheating investors out of over $300 million - CBS News https://www.cbsnews.com/news/christine-hunsicker-charged-fraud-300-million-fashion-startup-founder/

States move beyond the 150-hour rule for CPA licensure | Accounting Today
https://www.accountingtoday.com/list/states-move-beyond-the-150-hour-rule-for-cpa-licensure

Tracking CPA licensure paths: Removing the 150-hour-rule hurdle | CFO Dive
https://www.cfodive.com/news/broadening-cpa-licensure-paths-marching-beyond-150-hour-rule-accounting-talent-shortage/745282/

The rise and fall of the 150-hour rule
https://www.cfobrew.com/stories/2025/04/10/the-rise-and-fall-of-the-150-hour-rule

AICPA, NASBA approve alternatives to the 150-hour rule
https://www.cfobrew.com/stories/2025/05/15/aicpa-nasba-approve-alternatives-to-the-150-hour-rule

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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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• (00:30) - The Big Beautiful Bill: Tax Provisions Overview

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

What happens when AI decides who gets promoted and who gets fired? Blake and David dive into the shocking reality that 60% of managers now use AI for HR decisions, with over 20% letting algorithms make final calls without human oversight. They explore a Stanford study revealing that tax preparers are the #1 profession seeking automation, but only for basic calendar scheduling. Plus, discover why young Americans now rank health over wealth as their top measure of success, and how this generational shift is reshaping talent recruitment in accounting.

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• (01:27) - Tax Prom: The Must-Attend Event

Show Notes

  
Half of Managers Use AI To Determine Who Gets Promoted and Fired

https://www.resumebuilder.com/half-of-managers-use-ai-to-determine-who-gets-promoted-and-fired/

Future of Work with AI Agents
https://futureofwork.saltlab.stanford.edu/

Future of Work with AI Agents: Auditing Automation and Augmentation Potential across the U.S. Workforce
https://arxiv.org/abs/2506.06576

What workers really want from artificial intelligence
https://hai.stanford.edu/news/what-workers-really-want-from-artificial-intelligence

Big 4 Firm Discovers That Bragging About AI Efficiencies Leads Clients to Expect a Discount
https://www.goingconcern.com/big-4-firm-discovers-that-bragging-about-ai-efficiencies-leads-clients-to-expect-a-discount/

Monday Morning Accounting News Brief: PwC Clients Ask For an AI Discount; Big 4 Firms Losing Hundreds of Partners
https://www.goingconcern.com/monday-morning-accounting-news-brief-pwc-clients-ask-for-an-ai-discount-big-4-firms-losing-hundreds-of-partners-6-30-25/

Armanino planning data warehouse service, used AI for development
https://www.accountingtoday.com/news/armanino-planning-data-warehouse-service-used-ai-to-help-development

Bolt’s millennial founder has just ‘killed’ its unlimited PTO perk because it was actually causing burnout
https://fortune.com/2025/07/02/bolt-millennial-founder-ceo-ryan-breslow-killed-unlimited-pto-burnout-mandatory-four-weeks-paid-vacation-fintech-startup/

Agentic Misalignment: AI Agents in Corporate Environments
https://www.anthropic.com/research/agentic-misalignment

Relationships, health and financial stability are the defining priorities for Gen Z, according to new EY survey
https://www.ey.com/en_gl/newsroom/2025/05/relationships-health-and-financial-stability-are-the-defining-priorities-for-gen-z-according-to-new-ey-survey

2025 Technology Perceptions Survey
https://www.intapp.com/2025-tech-perceptions-survey/

Trust, attitudes and use of artificial intelligence
https://kpmg.com/us/en/articles/2025/trust-attitudes-and-use-of-artificial-intelligence.html

Tax Foundation Tax Prom 2025
https://taxprom.com

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REFRAME 2025 - http://accountingpodcast.promo/reframe2025

Want to get the word out about your newsletter, webinar, party, Facebo...

What happens when AI agents promise to transform accounting but create more cognitive burden than productivity gains? Blake and David explore the reality behind the AI agent hype as QuickBooks, Digits, and Big Four firms launch their "digital teammates." They also dig into Xero's massive $2.5 billion acquisition of Melio and what it means for the payments landscape. You'll learn why managing AI agents might be like managing offshore contractors—you wake up to work that's 80% done but everyone has questions. Plus, they discuss how external investors are reshaping the profession, why traditional CPA protections might go the way of car dealership laws, and the ongoing problems with audit quality enforcement despite millions in PCAOB fines.

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• (00:00) - Introduction and Welcome

Show Notes

Xero to acquire Melio, a leading US SMB bill pay solution, to accelerate global growth
https://www.prnewswire.com/news-releases/xero-to-acquire-melio-a-leading-us-smb-bill-pay-solution-to-accelerate-global-growth-302490268.html

New Zealand's Xero to buy US fintech Melio for up to $3 billion | Reuters
https://www.reuters.com/legal/transactional/australia-listed-xero-acquire-fintech-melio-over-25-billion-deal-2025-06-24/

Intuit Introduces Ground-Breaking Virtual Team of AI Agents to Fuel Growth for Businesses
https://investors.intuit.com/news-events/press-releases/detail/1258/intuit-introduces-ground-breaking-virtual-team-of-ai-agents-to-fuel-growth-for-businesses

Intuit debuts AI agents for QuickBooks | Accounting Today
https://www.accountingtoday.com/news/intuit-debuts-ai-agents-for-quickbooks

How AI is improving accounting efficiency – without replacing jobs | Stanford Report
https://news.stanford.edu/stories/2025/06/ai-accounting-bookkeeping-benefits-jobs

AI Is Reshaping Accounting Jobs by Doing the "Boring" Stuff | Stanford Graduate School of Business
https://www.gsb.stanford.edu/insights/ai-reshaping-accounting-jobs-doing-boring-stuff

PCAOB fines Deloitte, PwC, EY Netherlands member firms for exam misconduct | Accounting Today
https://www.accountingtoday.com/news/pcaob-fines-deloitte-pwc-ey-netherlands-member-firms-for-exam-misconduct

PCAOB Imposes Fines Totaling $8.5 Million on Netherlands Member Firms of Deloitte, PwC, and EY After Widespread Exam Misconduct
https://pcaobus.org/news-events/news-releases/news-release-detail/pcaob-imposes-fines-totaling--8.5-million-on-netherlands-member-firms-of-deloitte--pwc--and-ey-after-widespread-exam-misconduct

How an Accounting Change Hit Store Prices - UCLA Anderson Review
https://anderson-review.ucla.edu/how-an-accounting-change-hit-store-prices

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Classifieds
REFRAME 2025 -

What happens when 19 states simultaneously abandon the 150-hour CPA requirement while tariffs create unprecedented uncertainty for CFOs? Blake and CFO.com reporter Adam Zaki explore the rapid transformation of CPA licensure—from New York's recent changes to the coordinated state-by-state rollout that followed Barry Melancon's AICPA retirement. You'll discover how political and economic volatility is driving demand for accounting services, why the PCAOB may disappear in the Senate's tax bill, and how AI is reshaping audit teams while raising questions about the future value of CPAs. Plus, insights on navigating everything from reciprocal tariffs to the SEC's new chief accountant.

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• (01:38) - Tariffs and Their Impact on CFOs

Show Notes

Supreme Court Challenge to Trump Tariffs by Toy Companies
https://www.reuters.com/legal/supreme-court-trump-tariffs-toy-companies-challenge

Consumer Price Index Impact of Current Tariffs
https://www.bls.gov/news.release/cpi.nr0.htm

New York State CPA Licensure Reform Legislation
https://www.nysscpa.org/news/publications/the-trusted-professional/article/new-york-cpa-licensure-reform-passes-legislature

Pennsylvania CPA Pathway Bill Senate Approval
https://www.picpa.org/articles/advocacy/cpa-pathway-legislation-senate-approval

Maine CPA Exam Requirements Change
https://www.maine.gov/pfr/professionallicensing/professions/accountants/cpa-exam-requirements

CFO.com State-by-State CPA Licensure Tracker
https://www.cfo.com/news/cpa-licensure-changes-state-tracker-2025

Kurt Hoel Appointed SEC Chief Accountant
https://www.sec.gov/news/press-release/2025-89

AICPA Barry Melancon Retirement Impact Analysis
https://www.journalofaccountancy.com/news/2025/01/melancon-retirement-cpa-pipeline-changes

Senate Modifications to Big Beautiful Bill
https://www.congress.gov/bill/119th-congress/house-bill/1/actions

Avalara 2025 Accountants Confidence Report
https://www.avalara.com/us/en/resources/reports/2025-accountants-confidence-report

PCAOB Elimination Implications Analysis
https://www.pcaobus.org/oversight/inspections/implications-elimination-analysis

KPMG Clara AI Audit Platform Interview
https://www.cfo.com/news/kpmg-thomas-mackenzie-clara-ai-audit-interview

PwC USA Tax Leader Agentic AI Implementation
https://www.cfo.com/news/pwc-tax-agentic-ai-implementation-2025

Bill.com Small Business Paperless Survey 2030
https://www.bill.com/resources/small-business-paperless-2030-survey

Universal Technical Institute CFO Interview
https://www.cfo.com/news/uti-cfo-future-higher-education-interview

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Website: https://www.cfo.com/editors/azaki/
LinkedIn: https://www.linkedin.com/in/adamzakinyc

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Thanks for listening and the great reviews! We appreciate you! Follow and tweet @BlakeTOliver and @DavidLeary. Find us on Facebook and Instagram. If you like what you hear, please do us a favor and write a review on Apple Podcasts or Podchaser. Call us and leave a voicemail; maybe we'll play it on the show. DIAL (202) 695-1040.

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What happens when venture capitalists spend billions on AI but need customers to buy it? In this episode, Blake and David explore how investment firms are now purchasing accounting firms to force-feed AI adoption, comparing it to Pepsi buying restaurants to sell more soda. They also dig into the massive gap between AI promises and reality, questioning bold claims that 80% of tax prep is now automated while basic bookkeeping tools still make obvious errors. You'll learn about the AICPA's surprising neutrality on eliminating the PCAOB, Billy Long's confirmation as IRS commissioner despite his controversial past, and why accountant optimism has plummeted 58 points in just four months. Plus, discover how Miley Cyrus hid drug purchases from her accountant and why audit reports get downloaded only 30 times despite millions of investors.

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OnPay - http://accountingpodcast.promo/onpay
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• (00:57) - Updates from AICPA Engage

Show Notes

CPAacademy 2025 AI and Accounting Report
https://www.cpaacademy.org/resources/ai-accounting-report-2025

How to Reimagine Audit Quality Beyond the PCAOB
https://www.cpajournal.com/2025/01/15/reimagining-audit-quality-beyond-pcaob/

Inflow Survey: 70% of US Businesses Open to Switching Audit Firms
https://www.inflowaudit.com/resources/audit-firm-switching-survey-2025

Gian Porzio LinkedIn Post on Tribal Tax Credit Investigation
https://www.linkedin.com/posts/gianporzio_tribal-tax-credits-investigation-billy-long

Economist-YouGov Poll on Big Beautiful Bill Public Opinion
https://www.economist.com/graphic-detail/2025/06/13/americans-support-musk-criticism-trump-tax-bill

CBO Analysis of Big Beautiful Bill Wealth Transfer Effects
https://www.cbo.gov/publication/61234

Avalara 2025 Accountants Confidence Report
https://www.avalara.com/us/en/resources/reports/2025-accountants-confidence-report.html

Center for Audit Quality Audit Partner Pulse Survey
https://www.thecaq.org/audit-partner-pulse-survey-2025

European Business Travel to US Drops 25% in April
https://www.businesstravelnews.com/Management/European-Business-Travel-US-Drops-Tariff-Concerns

Xero 2025 State of the Industry Report
https://www.xero.com/us/resources/small-business-insights/state-of-industry-report-2025/

Indiana CPA Society Survey on Firm Headcount Predictions
https://www.incpas.org/resources/surveys/firm-headcount-predictions-2025

BDO $1 Billion AI Strategy Investment Announcement
https://www.bdo.com/insights/business-financial-advisory/technology/bdo-ai-strategy-investment

RSM $1 Billion AI Investment Plan
https://rsmus.com/insights/rsm-ai-investment-strategy-2025

Create Professional Alliance CPA $500 Million Investment Plan
https://www.createprofessionalalliance.com/investment-strategy

Thrive Capital $1 Billion OpenAI Investment Details
https://www.techcrunch.com/2024/08/15/thrive-capital-openai-investment-billion

General Catalyst Accrual AI Startup and Accounting Firm Acquisitions
https://www.generalcatalyst.com/portfolio/accrual-ai-accounting-vertical-integration

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Thanks for listening and the great reviews! We appreciate you! Follow and tweet @BlakeTOliver and @DavidLeary. Find us on Facebook and Instagram. If you like what you hear, please do us a favor and write a review on Apple Podcasts or Podchaser. Call us and leave a voicemail; maybe we'll play it on the show. DIAL (202) 695-1040.

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