Feds Target KPMG Polymarket Insider Trading, ComplYant Founder Charged with Wire Fraud

Is AI the real threat to accounting firms, or is it the client experience? Blake and David unpack a KPMG-linked Polymarket insider-trading investigation, AI-powered fraud, Xero’s influencer backlash, and a tax startup founder charged with defrauding investors. They also share their own experiments using Claude and ChatGPT to prepare tax returns, making the case that firms must eliminate frustrating back-and-forth if they want to keep clients. Sponsors Cloud Accountant Staffing - http://accountingpodcast.promo/cas OnPay - http://accountingpodcast.promo/onpay Thomson Reuters - http://accountingpodcast.promo/taxautomation Savant Labs - http://accountingpodcast.promo/savant Chapters (00:00) - Client Experience Threat (00:30) - Podcast Welcome Banter (02:05) - Week's News Rundown (04:17) - KPMG Polymarket Probe (11:46) - KPMG TaxSim Training (13:40) - KPMG OpenAI Headless UI (17:13) - Deepfake Defense Stakes (18:31) - Revolut Social Engineering (20:33) - Compliant CEO Fraud Case (25:31) - Xero Influencer Backlash (25:41) - Xero Claude Ad Backlash (28:57) - Apology and AI Framing (29:59) - DIY Taxes With AI (34:05) - Client Experience Problem (40:15) - IRS AI Fee Guidance (43:00) - PwC Leaves Downtown LA (44:48) - Wrap Up and CPE   Show Notes Polymarket Trader Won 41 of 42 Earnings Bets on Companies KPMG Audits https://www.financemagnates.com/forex/polymarket-trader-won-41-of-42-earnings-bets-on-companies-kpmg-audits/ SEC Charges Startup Founder with Fraud (Shiloh Luckey / ComplYant) https://www.sec.gov/enforcement-litigation/litigation-releases/lr-26424 KPMG Is Testing a New AI-Powered Tax Simulation Tool https://goodfest.westfield.com/2026/05/kpmg-is-testing-a-new-ai-powered-tax-simulation-tool/ KPMG working with OpenAI to advance new "headless" enterprise tech model https://www.accountingtoday.com/news/kpmg-working-with-openai-to-advance-new-headless-enterprise-tech-model KPMG LLP Takes Minority Stake in Deepfake Detection Leader Reality Defender https://kpmg.com/us/en/media/news/kpmg-llp-takes-minority-stake-in-deepfake-detection-leader-reality-defender.html Cybercriminals using AI for fraud are making far more profit, Interpol claims https://www.techradar.com/pro/security/cybercriminals-using-ai-for-fraud-are-making-4-5x-more-profit-interpol-says Revolut confirms customer data breach after fake government requests https://fstech.co.uk/fst/Revolut_Confirms_Customer_Data_Breach_After_Fake_Government_Requests.php Xero issues new apology to accountants, days after controversial social media post https://www.smartcompany.com.au/?p=344586 To our accountant and bookkeeper community https://blog.xero.com/uk/accountants-bookkeepers/to-our-accountant-and-bookkeeper-community/ AICPA seeks IRS clarity on AI guidelines, CPA fees https://www.thetaxadviser.com/news/2026/sep/aicpa-seeks-irs-clarity-on-ai-guidelines-cpa-fees/ Downtown L.A. Fixture PwC Will Move to Century City https://www.cpapracticeadvisor.com/2026/07/08/downtown-l-a-fixture-pwc-will-move-to-century-city/186368/ 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 write a review on Apple Podcasts or Podchaser. Call us and leave a voicemail; maybe we'll play it on the show. DIAL (202) 695-1040. Sponsorships Are you interested in sponsoring The Accounting Podcast? For details, read the prospectus. Need Accounting Conference Info?  Check out our new website - accountingconferences.com Limited edition shirts, stickers, and other necessities TeePublic Store: http://cloudacctpod.link/merch Subscribe Apple Podcasts: http://cloudacctpod.link/ApplePodcasts YouTube: https://www.youtube.com/@TheAccountingPodcast Spotify: http://cloudacctpod.link/Spotify Podchaser: http://cloudacctpod.link/podchaser Stitcher: http://cloudacctpod.link/Stitcher Overcast: http://cloudacctpod.link/Overcast Classifieds Fearless Foundry - www.advisoryamplified.com Expense Bot - https://www.expensebot.ai/accountant ProfitRoot - https://tryprofitroot.com/ Want to get the word out about your newsletter, webinar, party, Facebook group, podcast, e-book, job post...