Intuit Stock Gets Hammered & Trump's Wild IRS Settlement

Is AI about to break the billable hour? Blake and David unpack what they heard at a major AI tax summit, where new tools promise to prepare complex returns in minutes instead of hours. They also debate Intuit’s stock slide, Trump’s extraordinary IRS settlement, and what shrinking oversight at the PCAOB could mean. You’ll hear where AI is already changing accounting—and where humans still matter most.SponsorsCloud Accountant Staffing - http://accountingpodcast.promo/casThe Value Builder System - http://accountingpodcast.promo/valueOnPay - http://accountingpodcast.promo/onpayMaxima. AI - http://accountingpodcast.promo/maximaChapters(00:00) - TAP 489 (02:24) - Blackor AI Tax Summit (03:14) - AI Agents Disrupt Tax (07:16) - Billable Hour Pressure (09:00) - Advisory Future Forecast (10:14) - Intuit Stock Shock (12:29) - TurboTax vs Tax Pros (17:31) - Intuit Layoffs Strategy (20:04) - Trump IRS Settlement (24:59) - PCAOB SEC Shakeup (27:33) - OnPay Payroll Pitch (28:42) - IRS Mystery Payments (30:48) - Busy Season Burnout (33:35) - California SaaS Tax Plan (34:54) - Big Four AI Hallucinations (36:48) - Are Consultants Replaceable (40:03) - AI Job Loss Chart (43:50) - Maxima Close Automation (45:12) - Musk Tax Return Training (46:03) - SpaceX IPO Breakdown (50:11) - CPE and Listener Q&A (52:51) - Wrap Up and Shoutouts  Show NotesIntuit Lays Off 3,000 Employees Amid AI Pushhttps://officechai.com/ai/intuit-lays-off-3000-employees-amid-ai-push/U.S. Government Agrees to Drop Tax Claims Against Trump in Broadening of IRS Settlementhttps://www.npr.org/2026/05/19/g-s1-122938/irs-trump-settlement-tax-returns-auditDOJ Settlement 'Forever' Bars IRS Trump Audits, Sparks Backlashhttps://tax.thomsonreuters.com/news/doj-settlement-forever-bars-irs-trump-audits-sparks-backlash/U.S. Audit Watchdog Should Rescind Its Independence Rules, SEC Official Sayshttps://www.securitiesdocket.com/2026/05/08/u-s-audit-watchdog-should-rescind-its-independence-rules-sec-official-says-wsj/The SEC's New SOX Group – Potential Impacts for Audit Firms, Their Professionals, and Future PCAOB Enforcementhttps://www.kslaw.com/news-and-insights/the-secs-new-sox-group-potential-impacts-for-audit-firms-their-professionals-and-future-pcaob-enforcementIRS to Develop System to Track Missing Payments, TIGTA Sayshttps://www.thetaxadviser.com/news/2026/may/irs-to-develop-system-to-track-missing-payments-tigta-says/78% of Tax Pros Say Tax Season Negatively Impacts Personal and Professional Lifehttps://www.cpapracticeadvisor.com/2026/05/26/78-of-tax-pros-say-that-tax-season-negatively-impacts-personal-professional-life/183912/California Proposes Tax on All Digital Software Saleshttps://www.techtimes.com/articles/316734/20260516/californias-725-saas-tax-would-hit-every-business-running-microsoft-salesforce-workday.htmEY Gets Busted and Yeets Cybersecurity Report Littered With AI Hallucinationshttps://www.goingconcern.com/ey-gets-busted-and-yeets-cybersecurity-report-littered-with-ai-hallucinations/Investigation: Hallucinations in Ernst & Young Report on Loyalty Fraudhttps://gptzero.me/investigations/eyIs