Tariff Refund Opportunity for Accountants & Taxpayers Don't Trust AI
The Accounting Podcast
Gambling Loss Deduction Cut and Implications
Blake explains the 90% deduction limit on gambling losses and why break-even gamblers may owe tax.
SCOTUS just struck down Trump’s global tariffs—so who gets the $133B back, and how can firms capture advisory fees helping clients claim refunds? Blake and David unpack importer-of-record refunds, contingency-fee questions, and why “that’s pure profit.” Plus: taxpayers’ trust in AI tax prep is falling, creators’ $205B economy is a prime niche, TurboTax’s Uber-to-the-office play, Big Law’s $3,400/hour AI squeeze, and Dawn Brolin’s nonprofit sending first-timers to conferences you can support.
Sponsors
Digits - http://accountingpodcast.promo/digits
Cloud Accountant Staffing - http://accountingpodcast.promo/cas
OnPay - http://accountingpodcast.promo/onpay
UNC - http://accountingpodcast.promo/unc
Chapters
- (00:00) - TAP 476
- (02:53) - Who Gets the Tariff Refunds? Importer of Record & Profit Impact
- (05:28) - Big Opportunity for Accounting Firms: Tariff Refund Advisory & Fees
- (08:55) - Flashback Clip: We Called the Tariff Ruling Months Ago
- (12:59) - Sponsors + Trump’s Next Move: New Tariff Authority Workarounds
- (15:04) - Live Q&A: If Tariffs Were Passed to Buyers, Who Gets Paid Back?
- (16:46) - IRS Update: Average Refunds Up, But Median Still Unknown
- (18:13) - Taxpayers Trust AI Less for Filing + Creator Economy Tax Niche
- (22:13) - TurboTax + Uber Rides: The Customer Experience Arms Race
- (27:12) - Sponsor Break + Business Tax Shift: FASB Country-by-Country Disclosures
- (30:19) - IRS Still Drowning in Paper: Digitization Goals Missed
- (31:41) - Gambling Loss Deduction Cut to 90%: Why Break-Even Gamblers Still Owe Tax
- (32:58) - Skims vs. New Jersey: Sales Tax ‘Technical Error’ and the $200K Penalty
- (34:06) - Big Law’s Billable Hour Squeeze: AI Cuts Hours, Partners Jack Up Rates
- (36:12) - DIY Legal Work with ChatGPT: When a $30 Subscription Replaces a Lawyer
- (37:51) - Big Tech’s AI Data Centers Create a Depreciation Blind Spot for Investors
- (41:50) - KPMG Partner Fined for Using AI to ‘Cheat’ on an AI Exam
- (43:21) - Congress Targets the Pentagon’s Audit Failures: The ‘RECEIPTS Act’
- (47:52) - Only 2–3 Hours of Deep Work a Day: Meetings, App Overload, and Hybrid Teams
- (50:17) - Interview: Accounting Cornerstone Foundation Helps First-Timers Attend Conferences
- (52:09) - How the Foundation Works: Funding, Emotional Support, and Picking Awardees
- (56:36) - Impact Stories & What’s Next: Alumni Mentorship, Fundraising, and Growing the Mission
- (01:00:16) - Wrap-Up: How to Support + Earn CPE/CE Credits in the Earmark App
Show Notes
Supreme Court Rules 6-3 That IEEPA Does Not Authorize the President to Impose Tariffs
https://www.supremecourt.gov/opinions/25pdf/24-1287_4gcj.pdf
Supreme Court Strikes Down Most of Trump's Tariffs in a Major Blow to the President
Supreme Court Strikes Down IEEPA Tariffs — What Now?
IRS Average Refunds Up $200 This Filing Season
https://www.accountingtoday.com/news/taxpayers-hesitant-to-trust-ai-to-prepare-tax-returns
Most Taxpayers Trust Tax Pros Over AI for Tax Preparation, Survey Finds
Online Creators Worried About Finances and Income Taxes — A Growing Opportunity for Tax and Accounting Pros
Intuit TurboTax Delivers the Ultimate "Done-For-You" Tax Experience Powered by AI and Human Intelligence With Uber Rides
US Companies Pay More Taxes Abroad Than Here
https://www.accountingtoday.com/news/us-companies-pay-more-taxes-abroad-than-here
IRS Falls Far Short on Paperless Processing Goal
https://www.accountingtoday.com/news/irs-falls-far-short-on-paperless-processing-goal
Will the OBBBA Gambling Deduction Change Be Reversed?
https://www.natptax.com/news-insights/blog/will-the-obbba-gambling-deduction-change-be-reversed/
Kim Kardashian's Clothing Company Settles New Jersey Sales Tax Allegations
Big Tech Accounting Creates a Blind Spot in the AI Boom
https://news.futunn.com/en/post/68828373/big-tech-accounting-creates-a-blind-spot-in-the-ai
KPMG Partner in Australia Fined Over Using AI to Pass AI Test
Lawmakers Seek to Penalize DoD if It Fails to Pass a Clean Audit
New Hubstaff Research Finds Workers Average Only 2–3 Hours of Focus Time Per Day
The AI-powered Podcast Player
