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!

  • (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'
ChatGPT Took Our CPA Public Accounting Test – Accountests Australia
The IRS reveals how it will spend its $80B               
GPT Predicts Which Jobs the AI will replace
CLA backs changes in 150-hour CPA requirement              
File your taxes in 10 minutes? TurboTax says it’s possible with AI-powered ‘express lanes’
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
Three ways AI chatbots are a security disaster  | MIT Technology Review
Accounting firm sets retirement age at 85 to avert staffing crisis | Accounting Today
CLA backs changes in 150-hour CPA requirement | Accounting Today
The IRS reveals how it will spend its $80B | Accounting Today
ChatGPT Took Our CPA Public Accounting Test – Accountests Australia
Get in Touch
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The full transcript for this episode is available by clicking on the Transcript tab at the top of this page

Creators and Guests

David Leary
David Leary
President and Founder, Sombrero Apps Company
Heidi Henderson
Heidi Henderson
I am a Tax Consultant and Real Estate Investor, and podcast host of Healthy, Wealthy & Wise. I advise clients on the application of Tax Efficiencies relating to their investments both directly and indirectly. My education is in Accounting but my entrepreneurial spirit has led me through many business ventures. But I love finding money for people who didn't know it was there! Cost Segregation, 179D deduction, 45L credits, R&D tax credits, Historical Tax Credits, Conservation Easements, Opportunity Zones, Alternative Investments, and Captive Insurance are a few tools we can help you with. As the Executive Vice President and Board Member of Engineered Tax Services I help plan for growth and operational improvements internally, while working externally with investment minded individuals to optimize their investment. I also teach over 30+ Continuing Education courses annually to CPA's, Design Build Professionals and Real Estate Professionals across the U.S. If synergies are apparent, please send me a connection request and let's see how we can work together.
Top Five TikTok Tax Myths (Guest: Heidi Henderson)
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