Going Concern

When accounting goes unaccounted for. Tips: 202-505-8885 • [email protected]

[Going Concern @going_concern]

Tips are the lifeblood of GC, without them it's hard for us to make fun of your firm for doing stupid things. Share those stupid things with the class so we can all laugh.

[Going Concern @going_concern]

You will have to pry the Excel sheets from accountants' cold, dead hands

[Bull Theory @BullTheoryio]

BREAKING: Microsoft $MSFT falls 3% in just 30 minutes after Anthropic launches Claude Sheets, Claude Whiteboards and Claude Data.

Excel has owned the spreadsheet market for over 40 years. Now an AI company is coming straight for it.

[Going Concern @going_concern]

@IraGilligan lmao got community noted 🤣

[JournalofAccountancy @AICPA_JofA]

AICPA agrees with SEC’s proposal to recognize CPAs as accredited investors, commenting that CPAs “possess sufficient financial sophistication to evaluate investment opportunities and risks without the protections associated with registered offerings.” https://t.co/kW63aFhvxP

[Going Concern @going_concern]

ANR: PwC Hyping GTA VI • PwC Will Teach Thinking (Seriously) • Accounting Shortage Desperation - https://t.co/nxvqfvqTan

[Going Concern @going_concern]

Just in Case You Were Unsure, IRS Official Clarifies AI Is Not a Person Under Circular 230

https://t.co/KFiCSkwZkI

[Bloomberg Tax @tax]

More tax professionals are getting referred to the IRS for questionable conduct related to artificial intelligence use, an agency official said. https://t.co/05AqqEi3H8

[Andrea Carr @andreacpa0]

when someone calls their refund their tax return, i experience a level of irritation that is completely disproportionate to the situation and entirely consistent with my profession.

[Greg Marx, CPA @CPAintheD]

On this international accounting day, it is important to remember the legacy that William Welch Deloitte set.

Work until 79 and die at 80

#tax #InternationalAccountingDay

[unusual_whales @unusual_whales]

White-collar jobs bounced back in October.

Professional and business services, which includes law, consulting and scientific research, added 70,000 jobs last month, per the October jobs report. That’s well above the sector’s average of 15,000 a month over the past year.

[Going Concern @going_concern]

Via @Reuters: Investors settle with KPMG over Silicon Valley Bank collapse

https://t.co/hoaSMGIHrG

[Going Concern @going_concern]

@AuditorMaestas @nmhighered @NMWorkforce @DebHaalandNM Congrats on your reelection! Reach out any time if you need some help getting the word out on pipeline initiatives.

[Going Concern @going_concern]

Factory farm accountants sounds terrible tbh

[Ben Bortner @Slackwatercap]

Guys, Anthropic is going to replace (or greatly reduce the need for) the vast majority of financial advisors, lawyers, accountants, architects, engineers, coders, and other white collar professionals.

The ones that survive will become experts at taking unique situations, providing the appropriate context to AI and their propritary skills/templates, before reviewing and signing off on the finished product from the AI.

At least for the short and medium term.

Longer term, the AI will continue to get better, and everyone will just learn to trust the models with minimal human review.

The professionals that survive will do this work for a fraction of the cost that they historically did. But they will do a much greater volume of it.

Just like modern agriculture greatly reduced the need for farmers, and allowed a smaller number of famers produce vastly more food, AI will do the same for white collar professionals.

It's OK, life will go on. We will find new ways to make a living. The nature of work will change.

[Going Concern @going_concern]

ANR: Robots Want Your Emails, AICPA Concerned • Offshoring Not The Cheap Forever Solution • IRS Employees Told Not To Choose Mediocrity - https://t.co/nNLiL625m0

[Ralph Mendoza, EA @CryptoTaxesGuy]

The IRS is using Artificial Intelligence to select tax returns for audit and they are fighting in federal court to keep their algorithm a secret.

A major legal battle just unfolded in federal court over how the IRS targets complex partnerships. Tax Analysts, a nonprofit tax publisher, filed a Freedom of Information Act (FOIA) lawsuit demanding the IRS release the "data cards" detailing how their AI models select which returns get audited.

Here is where the case stands and what it means for high-net-worth taxpayers:

1. The IRS flatly refused the FOIA request, citing Exemption 7(E). This rule allows federal agencies to withhold information compiled for law enforcement purposes if its release would disclose techniques and procedures for investigations. The IRS argued that if the public knows exactly what the AI looks for, taxpayers and practitioners will simply adjust their reporting behavior to evade detection.

2. The federal court agreed with the IRS. The judge ruled that Exemption 7(E) applies and the AI targeting models are exempt from full public disclosure because releasing them could reasonably be expected to risk circumvention of the law (tax evasion).

3. The IRS isn't entirely off the hook yet. The court is requiring the agency to prove why it cannot release at least part of the documents with the sensitive AI algorithms redacted. The IRS was given a strict deadline of November 4, 2026, to justify keeping the entire dataset hidden.

[Wealthy Accountant @wlthyaccountant]

The next client that prints out 20 pages from ChatGPT for me to review is fired.

[Going Concern @going_concern]

The Robots Want Your Emails, and the AICPA Has Concerns

https://t.co/nRuCbno9Qc

[Going Concern @going_concern]

A meticulously thorough read on the TaxDome situation:

[Josh Youngblood, EA, USTCP @JoshYoungblood]

TaxDome changed its pricing, and the pitchforks came out. But the bill isn’t the only thing worth reading. The updated data terms deserve attention, too. I ran the numbers and read the fine print.

https://t.co/pBSExszrFL

[Going Concern @going_concern]

Turns Out Offshoring Isn’t a Cheap Forever Solution to Talent Problems

https://t.co/BkV7Jw4iAF

[Going Concern @going_concern]

ANR: Deloitte Guy's Love Life Now Federal Matter • PwC Boss Hates Work From Home • Accountants, Robots Need Your Help! - https://t.co/OA7GlaeOLH

[Tori Sari @hellotorisari]

The person who invented the open-concept office should be required to complete a tax return while three coworkers discuss a television show behind them.