Aussies Want to Break up Big Four & Trump Accounts Go Live on the 4th

July 8 · 58 min · Episode 495 · 56.2 MB

0:00-58:28

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What if one tax break could give your child a head start or hand them a pile of money at 18? Blake and David unpack the new Trump accounts, who should use them, and why advisors are split. They also dig into Australia’s latest Big Four scandal, worsening IRS service, AI’s growing role in tax and training, and what these shifts mean for accountants, firms, and clients.

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Chapters

(00:00) - TAP 495
(01:40) - Sponsor Break OnPay
(03:11) - Trump Accounts Basics
(04:39) - Risks Versus 529 Plans
(08:46) - Roth Conversion Strategy
(11:27) - Big Four Scandals Australia
(15:02) - Sponsor Break Canopy
(16:26) - Coca-Cola Transfer Pricing Fight
(21:38) - IRS Data Sharing Mess
(23:41) - Tax Season Report Card
(26:25) - IRS Help Centers Secret Shop
(28:31) - Sponsor Break Value Builder
(29:47) - IRS Chatbots Gone Wrong
(30:36) - IRS Chatbot Failures
(31:37) - Nonprofit Enforcement Push
(33:29) - Is Nonprofit Fraud Real
(36:27) - Sponsor Cloud Staffing
(37:46) - California Billionaire Tax
(42:01) - Florida Property Tax Shakeup
(45:56) - AI Changes Teamwork
(49:12) - AI Automates CPE Reporting
(52:17) - KPMG Tax Training Simulator
(56:15) - Accounting Firms Robbed
(57:10) - Wrap Up and CPE Plug

Show Notes

Why advisors do and don't recommend Trump accounts

https://www.accountingtoday.com/news/why-advisors-do-and-dont-recommend-trump-accounts

The Trump Accounts rollout is the biggest advisory opportunity most accountants are missing

https://www.accountingtoday.com/opinion/the-trump-accounts-rollout-is-the-biggest-advisory-opportunity-most-accountants-are-missing

Australia weighs break-up of Big Four accounting firms after scandals

https://www.investing.com/news/stock-market-news/australia-weighs-breakup-of-big-four-accounting-firms-after-scandals-4769425

EY staffer fired after allegedly accessing Prime Minister's bank account

https://www.cyberdaily.au/security/13847-ey-staffer-fired-after-allegedly-accessing-prime-minister-s-bank-account

Coca-Cola Meets Sympathetic Judges in $20 Billion IRS Case

https://news.bloombergtax.com/daily-tax-report/coca-cola-meets-sympathetic-judges-in-transfer-pricing-dispute

TIGTA: IRS Has Data-Sharing Pacts with Over 1,120 Organizations, Some of Which It Can't Identify

https://www.cpapracticeadvisor.com/2026/07/06/tigta-irs-has-data-sharing-pacts-with-over-1120-organizations-some-of-which-it-cant-identify/186216/

National Taxpayer Advocate issues 2026 mid-year report to Congress

https://www.irs.gov/newsroom/national-taxpayer-advocate-issues-2026-mid-year-report-to-congress

IRS Taxpayer Assistance Centers provided wrong answers to tax questions

https://www.accountingtoday.com/news/irs-taxpayer-assistance-centers-provided-wrong-answers-to-tax-questions

IRS chatbot results may be wrong

https://www.accountingtoday.com/news/irs-chatbot-results-may-be-wrong

IRS gives tax-exempt groups closer scrutiny

https://www.accountingtoday.com/news/irs-gives-tax-exempt-groups-closer-scrutiny

2026 California billionaire tax initiative

https://en.wikipedia.org/wiki/2026_California_billionaire_tax_initiative

Semantic schism: Ron DeSantis rebukes Wall Street Journal jab at 'progressive' property tax measure

https://floridapolitics.com/archives/801396-desantis-wsj-progressive/

KPMG Turns to AI Simulations to Replace Years of Repetitive Tax Training as Automation Reshapes White-Collar Work

https://www.tekedia.com/kpmg-turns-to-ai-simulations-to-replace-years-of-repetitive-tax-training-as-automation-reshapes-white-collar-work/

Three suspects sought after accounting firm robbery in Markham

https://www.cp24.com/news/2026/06/30/three-suspects-sought-after-accounting-firm-robbery-in-markham/

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