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The Accounting Podcast

Intuit Stock Gets Hammered & Trump's Wild IRS Settlement

May 29 · 53 min · Episode 489 · 51.7 MB
0:00-53:47

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Is AI about to break the billable hour? Blake and David unpack what they heard at a major AI tax summit, where new tools promise to prepare complex returns in minutes instead of hours. They also debate Intuit’s stock slide, Trump’s extraordinary IRS settlement, and what shrinking oversight at the PCAOB could mean. You’ll hear where AI is already changing accounting—and where humans still matter most.

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Chapters
  • (00:00) - TAP 489
  • (02:24) - Blackor AI Tax Summit
  • (03:14) - AI Agents Disrupt Tax
  • (07:16) - Billable Hour Pressure
  • (09:00) - Advisory Future Forecast
  • (10:14) - Intuit Stock Shock
  • (12:29) - TurboTax vs Tax Pros
  • (17:31) - Intuit Layoffs Strategy
  • (20:04) - Trump IRS Settlement
  • (24:59) - PCAOB SEC Shakeup
  • (27:33) - OnPay Payroll Pitch
  • (28:42) - IRS Mystery Payments
  • (30:48) - Busy Season Burnout
  • (33:35) - California SaaS Tax Plan
  • (34:54) - Big Four AI Hallucinations
  • (36:48) - Are Consultants Replaceable
  • (40:03) - AI Job Loss Chart
  • (43:50) - Maxima Close Automation
  • (45:12) - Musk Tax Return Training
  • (46:03) - SpaceX IPO Breakdown
  • (50:11) - CPE and Listener Q&A
  • (52:51) - Wrap Up and Shoutouts
 


Show Notes

Intuit Lays Off 3,000 Employees Amid AI Push

https://officechai.com/ai/intuit-lays-off-3000-employees-amid-ai-push/

U.S. Government Agrees to Drop Tax Claims Against Trump in Broadening of IRS Settlement

https://www.npr.org/2026/05/19/g-s1-122938/irs-trump-settlement-tax-returns-audit


DOJ Settlement 'Forever' Bars IRS Trump Audits, Sparks Backlash

https://tax.thomsonreuters.com/news/doj-settlement-forever-bars-irs-trump-audits-sparks-backlash/


U.S. Audit Watchdog Should Rescind Its Independence Rules, SEC Official Says

https://www.securitiesdocket.com/2026/05/08/u-s-audit-watchdog-should-rescind-its-independence-rules-sec-official-says-wsj/


The SEC's New SOX Group – Potential Impacts for Audit Firms, Their Professionals, and Future PCAOB Enforcement

https://www.kslaw.com/news-and-insights/the-secs-new-sox-group-potential-impacts-for-audit-firms-their-professionals-and-future-pcaob-enforcement


IRS to Develop System to Track Missing Payments, TIGTA Says

https://www.thetaxadviser.com/news/2026/may/irs-to-develop-system-to-track-missing-payments-tigta-says/


78% of Tax Pros Say Tax Season Negatively Impacts Personal and Professional Life

https://www.cpapracticeadvisor.com/2026/05/26/78-of-tax-pros-say-that-tax-season-negatively-impacts-personal-professional-life/183912/


California Proposes Tax on All Digital Software Sales

https://www.techtimes.com/articles/316734/20260516/californias-725-saas-tax-would-hit-every-business-running-microsoft-salesforce-workday.htm


EY Gets Busted and Yeets Cybersecurity Report Littered With AI Hallucinations

https://www.goingconcern.com/ey-gets-busted-and-yeets-cybersecurity-report-littered-with-ai-hallucinations/


Investigation: Hallucinations in Ernst & Young Report on Loyalty Fraud

https://gptzero.me/investigations/ey


Is AI Putting Graduates Out of Work Already?

https://www.economist.com/finance-and-economics/2025/03/27/is-ai-putting-graduates-out-of-work-already


Musk's xAI Fails to Pay Staff $420 for Giving Tax Returns to Grok

https://www.bloomberg.com/news/articles/2026-05-18/musk-s-xai-promised-staff-420-for-their-tax-returns-hasn-t-paid


SpaceX Files for IPO

https://spacenews.com/spacex-files-for-ipo/


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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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