Monday Morning Accounting News Brief: It’s Tiktok * Tax * Council, Not Grammar Council; Naba gets a new ally | 2.10.25

On By Littum

Good morning, opposite. It’s Monday again, here’s some news for you to start your week.

It’s the season to get tax advice from Tiktok. Ps it is They areBuddy.

Something to chew on as both sides discuss about fraud and waste:

And on the topic of fraud and waste, I suppose Tesla’s VP for Finance rejects the claim that Tesla commits fraud just because the tax rules are easily best of giant companies that can afford an army of professionals to best them.

Former Secretary and Berkeley -Professor Robert Reich Tweetet on February 7:

Tesla earned $ 2.3 billion in the United States in 2024.

You would think it paid a lot in taxes, right?

Well, it paid exactly $ 0 in federal income taxes last year.

Do you want garbage and fraud? Look at what some big companies and the rich get rid of.

Sendil Palani Answer:

Professor, respectful, Tesla’s income taxes are not an example of fraud. Tesla complies with all tax rules in all the regions of the world we operate in. Details of 2024 income taxes were passed on to last month in our 10-K. Remarkably-we outline our net operating losses, which results from the fact that Tesla has been unnecessary for the significant majority of its 20+ year old history. This has been a very, very difficult business to build. Looking at a recently year isolated will not give the full picture.

He is not wrong.

Zdnet brings you 5 ways AI can help with your taxes – and 10 major mistakes to avoid:

In a recent test of Chatgpt’s deep research feature, AI was asked to identify 20 jobs that Openai’s new O3 model was likely to replace. As Zdnet’s Sabrina Ortiz reported: “Just in time with tax return, it was to bring the table the role of ‘tax preparation’ with a probability of 98% replacement, which Chatgpt considered ‘almost a fixed automation.’

There is no doubt that retail tax preparation services are using a certain level of AI to reduce their workload, but although tax preparers may well be replaced by a machine, I am not convinced that it will lead to accurate or reliable tax returns – certainly not yet.

Yes OK. Good luck with it, taxpayers.

Here is A figure from Hartford Business Journal In an article About Berrydunn buys an accounting policies in Maine:

According to a August 2024 report from Boston-based investment banking company Capstone Partners, there were 70 merger-and-acquisition agreements in the accounting service sector through the first half of last year. Activity in the sector topped the post-pandemic in 2023 with 160 offers.

These numbers will be fun to revise in a few years when accounting in the middle of the level begins to look like grocery stores:

Catherine Hyodo, Market Managing Principal by Grant ThorntonS Downtown Los Angeles Office -s answer An important question asked by Los Angeles Business Journal:

What do you do to increase accounting storage in your office?

I think deep, meaningful connections are driving better business results. To strengthen these connections, we have deliberately created team belts that promote conditions from the staff’s level to partners. Our Los Angeles Leadership Team recognizes the importance of commitment and has proactively associated with all team members – not just their designated coaches – regardless of project assignments.

In addition, we established an advisory council composed of professionals from different service lines and experience levels. This group meets to discuss challenges that employees face and provide insight and action solutions.

A central initiative they introduced was Speed ​​Networking sessions to improve interventions across service line through specialized discussion topics. They also suggested a reward system for employees who facilitate introductions between colleagues and clients who not only drive cross -sale but also demonstrate our deep understanding of clients’ businesses and how we can better support their needs.

Other places in labj, This guy explains Why is there a lack of accounting educated:

Younger people are not drawn to the long hours, lower wages and stiff deadlines for the accounting profession. The repeated and often boring tasks involved in the preparation of a tax return do not lure to new talent, and we need to make efforts to develop, train and retain the next generation of accounting people.

Ok, but how if none of the things you mention will change?

KPMG Canada fought in its latest PCAOB -Inspection:

KPMG Canada had several deficiencies in five out of 10 audits inspected by the public company’s accounting supervisor in the United States. In a very detailed inspection report, consisting of 21 pages, the US audit watchdog also marked 10 cases across three audit tasks where the company’s independence may have been set up.

And independence also took a few hits:

KPMG Canada even identified 32 cases across 14 issuers where the company or its staff seemed to have impaired the company’s independence. In ten revisions reviewed and in two other audits, PCAOB identified another 10 cases across three issuers of potential non -compliance:

“Of these cases, nine was related to investments in audit customers and one related to another financial relationship with an audit client. Four of these financial conditions were cases where a partner in the company’s command chain had a financial relationship with an audit client, and three of these financial conditions were cases where a partner in the same office as engagement partner for an issuer had a financial financial relationship with it Issuer. Three of these cases related to a member of an engagement team. “

Indiana Society of CPAS collaborates with the National Association of Black Accountants To attract more black students, Naba opens an office in Indianapolis as part of the partnership:

(Indiana Society of CPAS CEO Courtney) Kincaid says the program will tackle the talent pipes and development questions for workforce for the region’s CPA business and postpone students in the Indianapolis area with different backgrounds to the profession.

Indiana CPA Society has been working to tackle the problem for several years, and Kincaid highlighted their accounting careers awareness program (ACAP). She says the program is targeted at colleges and college students with an in -depth week -long focus on the profession.

Last thing ... Take our 2025 predictions for the Accounting Survey So I can close it. Thanks.

If you need me, e -mail or text. Tipsters are always anonymous blah blah. Be good and have a good week!