New scams, old lessons
Plus: Smarter client intake tools and one very costly “best friend”
Before diving into IRS outreach surprises and LinkedIn soapboxes, let's pause: CNET has a list of 11 things you should not use ChatGPT for. Spoiler: spotting deepfakes didn't make the list, but you'll want to read why that matters in this week's newsletter.
From smarter client intake tools to training your team (without boring them to death) to one accountant's very expensive "best friend," we cover what's shaping the profession right now. Keep reading, you'll want the scoop before your next client call.
IRS outreach? Your clients might get calls—even unannounced visits—but verify first
LinkedIn lessons: Stop posting bookkeeping tips, start telling stories
Beautiful benefits for SMBs: A look at how the new tax law affects small businesses
Smarter client intake: New tools promise fewer forms and faster workflows
Train your team, grow your firm
Building a great accounting firm takes more than technical know-how. It takes a team that's skilled, engaged and constantly learning. Ongoing training matters, and it's not just about CPE hours.
From running a skills gap analysis to balancing technical, soft and service-specific training, you can build programs that actually work. Even small, consistent improvements can lead to a stronger, more motivated team that delivers better client experiences.
Why this matters: Your firm's future growth isn't in tax codes—it's in your people. (Karbon)
When fraud gets personal
Fraudsters don't just cook the books. They exploit trust, and that's what makes their schemes so dangerous. Just ask Johnathan Walton, who discovered his "best friend" had conned him out of nearly $100,000. Instead of keeping quiet, Walton went public, sharing his story on stage, in podcasts, and now in his new book, Anatomy of a Con Artist. His journey from victim to advocate is a masterclass in persistence and vigilance and a reminder that even savvy professionals can get duped.
Why this matters: Understanding the human side of fraud helps accountants sharpen their instincts and better protect clients from costly mistakes. (Oh My Fraud)
$536 Billion
What tax complexity costs the U.S. economy, including taxes paid, time spent completing returns, and out-of-pocket costs to comply. (Tax Foundation)
- PwC's new training fast-tracks juniors into managers, skipping the middle rung
- Sixth Circuit says 90-day Tax Court deadline isn't absolute
- IRS scraps payoffs, now asking former employees to please return
- Augusta accountant heads to prison for bogus refunds and IRS fraud
- CPA licensing changes could reshape half the states by year's end
Don't let deepfakes fool your firm
You hop on a video call with a CFO who instructs you to wire $25 million overseas. Everything looks and sounds legit, except it isn't. It's a deepfake, and the "CFO" is an AI-generated imposter. That's exactly what happened at Arup in Hong Kong, where fraudsters nearly pulled off a multimillion-dollar heist. These scams are no longer rare. Deloitte found 26% of executives have already encountered a deepfake attack, and more than half expect the problem to get worse.
Accountants are particularly juicy targets because of their access to money and sensitive data. Spotting fraud now means more than catching typos. Firms need updated training, tighter internal controls and even codewords or "tradecraft" checks to verify identities.
Why this matters: Your clients (and your firm) are only as secure as the people handling the money. Staying skeptical, updating controls and investing in detection tools could be the difference between business as usual and wiring millions into a scammer's pocket. (Financial Management)
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The Net Gains is curated and written by Janet Berry-Johnson and edited by Bianca Prieto.