The Accounting Podcast

What happens when tax enforcement weakens? With 17% of millennials considering skipping their tax filing altogether, Blake and David dig into how IRS budget cuts might impact compliance and revenue. They analyze fascinating survey data revealing what taxpayers truly value when choosing between professional preparation and free options like Direct File. Plus, discover the accounting scandal forcing Financial Times to retract its Tesla analysis, exposing how GAAP complexity confounds even financial experts. You'll also learn why three major US cities face billion-dollar budget holes and the disturbing revelation that duplicate Medicaid payments are costing taxpayers billions—all while Tether still can't produce an audit after ten years of promises.

Chapters

• (00:00) - Introduction and Podcast Overview
• (00:42) - Top Stories of the Week
• (02:27) - Sponsor Messages and Event Announcements
• (04:52) - Interview with Christina Ho on PCAOB
• (07:57) - Discussion on IRS Cuts and Tax Compliance
• (19:44) - Survey on IRS Direct File
• (28:21) - AI's Impact on Tax Professionals
• (29:14) - Discrepancies in Tax Software Results
• (30:08) - Public Opinion on Tax Filing Services
• (31:23) - Challenges for Tax Professionals
• (33:56) - LA's Budget Crisis
• (37:41) - Federal Government Spending Issues
• (38:45) - Medicaid Duplicate Payments Scandal
• (47:12) - Tether's Audit Controversy
• (51:55) - Tesla's Financial Discrepancies
• (57:33) - Big Four Transparency Rankings
• (59:24) - Conclusion and Farewell

 

Tax Revenue Could Drop by 10 Percent Amid Turmoil at IRS

 

Survey: Some Americans Might Roll the Dice on Not Filing Their Taxes This Year Due to IRS Job Cuts

 

Most Americans Are Interested in Using IRS Direct File to Prepare and File Their Taxes

 

TurboTax vs Free Tax USA: A Shocking Price Comparison

 https://www.tiktok.com/@carolinesadventure/video/7482613418801859870

 

Survey: 91% of Americans Think Filing Taxes Should Be Free

 

Why you should think twice before claiming an income-tax extension. ‘This is not the year to do your normal procrastinating.’

 

LA Faces $1 Billion Budget Hole, Warns of Thousands of Layoffs

 

WSJ investigation: Medicaid paid health insurers billions by covering the same patients twice

 

Tether seeks Big Four firm for its first full financial audit — Report

 

Financial Times retracts report on Tesla’s alleged shady accounting

 

The Big 4 Transparency Accounting Awards

 

Get CPE for listening to podcasts with Earmark: https://earmarkcpe.com
Subscribe to the Earmark Podcast: https://podcast.earmarkcpe.com

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.

Are you interested in sponsoring the Cloud Accounting Podcast? For details, read the prospectus.

Check out our new website - accountingconferences.com

TeePublic Store: http://cloudacctpod.link/merch

Want to get the word out about your newsletter, webinar, party, Facebook group, podcast, e-book, job posting, or that fancy Excel macro you just created? Let the listeners of The Accounting Podcast know by running a classified ad. Go here to create your classified ad: https://cloudacctpod.link/RunClassifiedAd

The full transcript for this episode is available by clicking on the Transcript tab at the top of this page