Episode 185 - Surviving or Thriving? The Future of Accounting in an AI-Driven Profession - The Woodard Report Podcast

Yeah, so Joe, I was reading Accounting Today this morning, and yesterday they posted an article about the BOI.

Remember our good old BOI that we talked about a couple of years

ago? Oh, PTSD on BOI.

Thank

you.

Exactly.

Well, here's the final ruling has happened, and they've thrown it out.

So they've taken pressure from the current administration and the AICPA, who said this is really causing too much pressure on small business.

So they've thrown it out.

So you no longer are required to file BOI.

And another really interesting thing is they're going to be deleting all of that data.

So apologies to, I'm sure there's apologies, not my personal apologies, Joe, but apologies to everybody that put so much effort into this.

bringing their clients to compliance, we no longer have to do this.

So it's a nature of our profession.

What I find

very interesting about this too, and I was never a fan of BOI.

I didn't think it should have happened.

I think it was trying to solve a problem with the wrong medication, and that was money laundering.

And it was not just over medication, it was the wrong medication for that problem.

However, what I find interesting about this politically is it was passed by Congress and in a bipartisan way, in a way that would have broken any veto.

I can't remember the exact numbers, but it was well over two-thirds.

yet it was still reversed.

So it's interesting to see, I guess that's the checks and balances of our government because it was tied up in so many legal suits.

We do have a check on Congress, but it's just usually when Congress does something that strongly, it is locked in.

There's nothing you can do about it.

Yeah, so Joe, I was reading Accounting Today this morning, and yesterday they posted an article about the BOI.

Remember our good old BOI that we talked about a couple of years

ago? Oh, PTSD on BOI.

Thank

you.

Exactly.

Well, here's the final ruling has happened, and they've thrown it out.

So they've taken pressure from the current administration and the AICPA, who said this is really causing too much pressure on small business.

So they've thrown it out.

So you no longer are required to file BOI.

And another really interesting thing is they're going to be deleting all of that data.

So apologies to, I'm sure there's apologies, not my personal apologies, Joe, but apologies to everybody that put so much effort into this.

bringing their clients to compliance, we no longer have to do this.

So it's a nature of our profession.

What I find

very interesting about this too, and I was never a fan of BOI.

I didn't think it should have happened.

I think it was trying to solve a problem with the wrong medication, and that was money laundering.

And it was not just over medication, it was the wrong medication for that problem.

However, what I find interesting about this politically is it was passed by Congress and in a bipartisan way, in a way that would have broken any veto.

I can't remember the exact numbers, but it was well over two-thirds.

yet it was still reversed.

So it's interesting to see, I guess that's the checks and balances of our government because it was tied up in so many legal suits.

We do have a check on Congress, but it's just usually when Congress does something that strongly, it is locked in.

There's nothing you can do about it.