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The HIRE Act Would Tax Firms 25% for Offshore Labor
About this Episode
Blake and David examine several major developments affecting the accounting profession, including the proposed HIRE Act that would impose a 25% excise tax on offshore labor payments to accounting firms. They also look at how AI is transforming hiring practices at major firms like PwC, which is cutting graduate recruitment due to advancing technology and explore practical AI implementation strategies for accounting firms, moving beyond basic chatbots to integrated workflows. The show wraps up with a story about fraud at The Epoch Times - a $67 million money laundering scheme - and the ongoing costs of bad social media tax advice.
Sponsors
OnPay - http://accountingpodcast.promo/onpay
Relay - http://accountingpodcast.promo/relay
TeamUp - http://accountingpodcast.promo/teamup
Chapters
- (00:00) - Introduction and Personal Updates
- (00:48) - AI in Accounting: Challenges and Opportunities
- (04:57) - The Higher Act: Taxing Offshore Labor
- (05:23) - Feel-Good Story: The Oldest Marching Band Member
- (10:23) - Impact of AI on Job Market
- (26:33) - Gambling Scandal and AI in Government
- (36:22) - Expense Management Simplified
- (38:29) - Supreme Court and Tariffs Update
- (42:37) - Red Lobster's Downfall: A Case Study
- (45:37) - The Role of AI in Accounting Firms
- (01:03:04) - Epic Times CFO Charged with Money Laundering
- (01:08:38) - Conclusion and Announcements
Show Notes
New Moreno Bill Would Crack Down on Outsourcing, Fund American Workers - Senator Bernie Moreno
HIRE Act - A BILL
https://www.moreno.senate.gov/wp-content/uploads/2025/09/The-HIRE-Act.pdf
Moreno Bill to Crackdown on Foreign Outsourcing Blocked by Senate Democrats - Senator Bernie Moreno
Offshoring is Screwed If This HIRE Act Thing Goes Anywhere But Let's Not Get Too Excited Yet - Going Concern
PwC's U.K. chief admits he's cutting back entry-level jobs and taking a 'watch and wait' approach to see how AI changes work | Fortune
AI takes entry-level jobs as Big Four slash graduate hiring
https://bmmagazine.co.uk/news/big-four-cut-graduate-jobs-ai/
PwC Cuts Graduate Hiring as AI Reshapes Entry-Level Careers - TechStory
https://techstory.in/pwc-cuts-graduate-hiring-as-ai-reshapes-entry-level-careers/
IRS assesses $162 million in penalties over false tax credit claims tied to social media | Internal Revenue Service
Social media claims cost taxpayers $162M, IRS says. See the 'tips' to avoid
IRS warns taxpayers: Social media advice can lead to costly penalties
Dirty Dozen: Taking tax advice on social media can be bad news for taxpayers; inaccurate or misleading tax information circulating | Internal Revenue Service
Albania appoints world's first AI government 'minister' to root out corruption | Euronews
Diella (AI system) - Wikipedia
https://en.wikipedia.org/wiki/Diella_(AI_system)
Epoch Times embroiled in alleged cryptocurrency money laundering scheme - The Washington Post
https://www.washingtonpost.com/style/media/2024/06/04/epoch-times-money-laundering-cryptocurrency/
CFO of Falun Gong-linked Epoch Times arrested and accused of role in $67m multinational money laundering scheme | Fortune
The only recap of Red Lobster's downfall you need
https://thetakeout.com/red-lobster-endless-shrimp-private-equity-downfall-recap
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