Happy 4th, everyone! Please try to not blow any fingers off should you be celebrating with fiery crackery explody things this weekend and go easy on the burgers OK? Enjoy this brief, completely unorganized Footnotes if you need some weekend reading. Comments are normally closed on Footnotes as a rule however we’ve left them open this time so feel free to air any grievances and/or opine on any of the articles below.
Although it’s a holiday weekend you can still reach out via email or text if you’ve got something to share with us, our shitposting processing center is open 24 hours a day, 365 days a year.
Generative AI: the risk of cognitive atrophy [Polytechnique Insights]
The widespread use of the internet and social media has already weakened our relationship with knowledge. Of course, these tools have tremendous applications in terms of access to information. But contrary to what they claim, they are less about democratising knowledge than creating a generalised illusion of knowledge. I don’t think it’s an exaggeration to say that they are driving intellectual, emotional and moral mediocrity on a global scale. Intellectual because they encourage overconsumption of content without any real critical analysis; emotional because they create an ever-deepening dependence on stimulation and entertainment; and moral because we have fallen into passive acceptance of algorithmic decisions.
Accounting’s talent shortage is undeniable—50% of industry leaders say it takes 60 days or more to fill jobs [Fortune]
A recent survey from accounting and finance talent outsourcing firm Personiv found that about nine in 10 finance leaders (87%) acknowledged a shortage exists, a rate that’s been on a steady upward climb from 63% back in 2020.
“A suitcase and a dream:” Maz Mwansa’s journey from English accountant to American football [Panthers.com]
He had a perfectly secure and hard-earned job with a good accounting firm. But once he learned about the NFL and that he might have a chance, even this slimmest one, his mind was made up. That’s what he wanted out of life. And now, he has that shot. That sounds like the American dream, never mind that it’s held by a guy who never played so much as high school football, since he grew up an ocean away from America. Of course, when you’re Panthers outside linebacker Mapalo Mwansa — call him Maz — and you grew up in Peterborough, England, never having an American football context, none of that matters. The dream is all that’s on his mind right now.
This Charlotte accountant prioritizes aiding immigrants. ‘We all want to be here.’ [Charlotte Observer]
At 12 years old, Lester Selby was walking to the kitchen in his home in Georgetown, Guyana, in search of a late-night glass of water, when he stumbled upon his older cousin holding a wad of cash. “I was like, ‘Wow, how come you have so much money,’ ” Selby recalled. His cousin said he earned it from his job as an accountant. In that moment, Selby set his sights on becoming just that.
Senator Hutchinson Applauds Passage and Signing of CPA Licensure Reform Bill [Pennsylvania Senate Republicans]
Senator Scott Hutchinson (R-21) today announced that his legislation to strengthen Pennsylvania’s accounting profession and address the growing shortage of certified public accountants (CPAs) has officially been signed into law as Act 27 of 2025. Senate Bill 719 passed unanimously in the House of Representatives on June 26 following a unanimous vote in the Senate and was signed by Governor Shapiro on June 30. “This legislation represents a critical step forward for Pennsylvania’s workforce and economy,” said Senator Hutchinson. “With fewer individuals entering the accounting profession and a significant portion of CPAs nearing retirement age, our state was in urgent need of reform. I’m proud that Act 27 will help reverse that trend by modernizing licensure requirements while maintaining the integrity and rigor of the profession.”
With Accounting Gimmick, Republicans Upend Senate Norms [New York Times]
Senate Republicans on Monday set a precedent that upended how the costs of tax cuts could be counted in federal budgeting, voting in favor of an accounting gimmick that erodes one of Washington’s last bulwarks against unchecked deficits. With a simple majority vote on Monday, Republicans declared that their new accounting method was valid. The chamber voted 53-47 to disregard a Democratic challenge to Republicans’ view of how the cost of tax cuts should be assessed.
The AI Backlash Keeps Growing Stronger [WIRED]
Before Duolingo wiped its videos from TikTok and Instagram in mid-May, social media engagement was one of the language-learning app’s most recognizable qualities. Its green owl mascot had gone viral multiple times and was well known to younger users—a success story other marketers envied. But, when news got out that Duolingo was making the switch to become an “AI-first” company, planning to replace contractors who work on tasks generative AI could automate, public perception of the brand soured. Young people started posting on social media about how they were outraged at Duolingo as they performatively deleted the app—even if it meant losing the precious streak awards they earned through continued, daily usage. The comments on Duolingo’s TikTok posts in the days after the announcement were filled with rage, primarily focused on a single aspect: workers being replaced with automation.
UHY Enters Ohio Market [INSIDE Public Accounting]
Farmington Hills, Mich.-based IPA 100 firm UHY LLP (FY23 net revenue of $346.6 million) has announced its expansion into the Ohio market with the addition of Cincinnati-based firm Flynn & Company. MP Richard T. Flynn will bring his team to UHY and transition to the firm’s first Cincinnati office.
Withum Announces its 2025 New Partner Class [INSIDE Public Accounting]
Fifteen team members were admitted as partners in Withum offices nationwide and join the dynamic corporate leadership team at the firm
The tax, audit & accounting firm mergers that work are the ones that start years in advance [Thomson Reuters]
In 2000, the 100th largest firm reported $6.5 million in revenue. By 2024, that number had jumped to $53.2 million, according to Accounting Today. In fact, half the Top 300 tax, audit & accounting firms have merged with others over the last decade.
Senate Bill Offers Interest Deduction for Buyers of American-Made Cars [New York Times]
According to the available legislative text, the tax break would apply to only some new cars, and most buyers would see far less than the $10,000 maximum deduction. The provisions are limited to new vehicle made or finally assembled in the United States, as part of President Trump’s push to bolster domestic manufacturing. The potential benefit comes as another one is set to be taken away: The G.O.P. bill would almost immediately end tax credits for electric cars.
Everything we know about how Wall Street giants are adopting AI, from JPMorgan to Blackstone [Business Insider]
Banks, hedge funds, asset managers, and private equity firms have been eager to use generative AI to boost productivity and reduce grunt work for workers. Since OpenAI introduced ChatGPT, finance firms have moved from pockets of experimentation to scaling these generative AI tools companywide. Such tech advancements have been met with a mix of enthusiasm and cynicism.
