The HIRE Act Would Tax Firms 25% for Offshore Labor

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  https://www.moreno.senate.gov/press-releases/new-moreno-bill-would-crack-down-on-outsourcing-fund-american-workers/ 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  https://www.moreno.senate.gov/press-releases/moreno-bill-to-crackdown-on-foreign-outsourcing-blocked-by-senate-democrats/ Offshoring is Screwed If This HIRE Act Thing Goes Anywhere But Let's Not Get Too Excited Yet - Going Concern  https://www.goingconcern.com/offshoring-is-screwed-if-this-hire-act-thing-goes-anywhere-but-lets-not-get-too-excited-yet/ 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  https://fortune.com/2025/09/08/pwc-uk-chief-cutting-entry-level-junior-gen-z-jobs-ai-economic-headwinds-like-amazon-salesforce/ 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  https://www.irs.gov/newsroom/irs-assesses-162-million-in-penalties-over-false-tax-credit-claims-tied-to-social-media Social media claims cost taxpayers $162M, IRS says. See the 'tips' to avoid  https://thehill.com/homenews/5492263-social-media-claims-cost-taxpayers-162m-irs-says-see-the-tips-to-avoid/ IRS warns taxpayers: Social media advice can lead to costly penalties  https://www.journalofaccountancy.com/news/2025/sep/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  https://www.irs.gov/newsroom/dirty-dozen-taking-tax-advice-on-social-media-can-be-bad-news-for-taxpayers-inaccurate-or-misleading-tax-information-circulating Albania appoints world's first AI government 'minister' to root out corruption | Euronews  https://www.euronews.com/next/2025/09/12/albania-appoints-worlds-first-ai-government-minister-to-root-out-corruption 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  https://fortune.com/2024/06/04/cfo-weidong-bill-guan-falun-gong-epoch-times-arrested-67m-multinational-money-laundering-scheme/ The only recap of Red Lobster's downfall you need  https://thetakeout.com/red-lobster-endless-shrimp-private-equity-downfall-recap Need CPE? Get CPE for listening to podcasts with Earmark: https://earmarkcpe.com Subscribe to the Earmark Podcast: https://podcast.earmarkcpe.com Get in Touch Thanks for listening and the great reviews! We appreciate you! Follow and tweet @BlakeTOliver and @DavidLeary. Find us on Facebook and Instagram. If you like what you hear, please do us a favor and wr...