In episode 140 of the Woodard Report Podcast, hosts Joe Woodard and Heather Satterley unpacked two pressing issues for the accounting profession: the uncertain future of U.S. tariffs and Ernst & Young’s billion-dollar bet on artificial intelligence. This episode also features their trademark mix of cultural reflections, member spotlights, and lessons for both business and life.
Heather opened the episode with breaking news from Face the Nation: the Supreme Court has yet to rule on the legality of tariffs passed in 2025. With $70 billion in tariff revenue collected, the stakes are high. If overturned, the government could be forced to refund nearly half, creating significant administrative challenges for businesses.
Heather pointed listeners back to her June 18th interview with Damon Pike of BDO, who warned that companies need to prepare now. As Pike noted, firms must maintain detailed documentation proactively to qualify for refunds. “It’s not something that you can go back and do after the fact,” Heather emphasized.
If the Supreme Court follows lower court rulings and strikes down the tariffs, businesses may only have six months to file claims. Joe suggested inviting Pike back on the show to guide practitioners through the aftermath. He also flagged the broader uncertainty: “Regardless of how this shakes out, it’s going to be expensive either way.”
Joe then highlighted Ernst & Young’s announcement of a $1 billion investment in artificial intelligence, in partnership with Nvidia. The initiative focuses on building generative platforms to streamline tax, audit, and risk management tasks.
While some may see this as just another tech play, Joe pointed to the profession’s severe staffing shortage. Accounting graduates have dropped 18% in the last decade, and CPA exam takers are down 40% since 2010. Against this backdrop, AI may offer relief by reducing repetitive work and allowing practitioners to focus on client interaction.
EY’s framing also caught Joe’s attention: the promise to “make the accountant human again.” As he explained, “If you ignore artificial intelligence, it will disrupt you. If you embrace it incorrectly, it could dehumanize you. But if you embrace it correctly, Ernst and Young are arguing it will increase the human component of you.”
Heather offered a cautious note, pointing to recent layoffs at EY and Intuit. She suggested firms may be reallocating resources rather than simply growing. “It's just going to have to look so much different if we are really using technology to replace that entry-level position,” she said, emphasizing the need for mentorship and soft skills in developing future professionals.
Heather drew wisdom from RuPaul’s Drag Race: All Stars, quoting contestant Kylie Sonique: “It’s not about how you fall, it’s about how you get back up.” She linked the moment to resilience in business and failure, she noted, is inevitable, but recovery defines success.
Joe, revisiting Game of Thrones, shared the line: “The poor disgust us because they are us, shorn of our illusions.” He reflected on how judgments often stem from seeing our own vulnerabilities in others, and suggested curiosity as the antidote: “Asking why will evoke understanding at a minimum, empathy at times, and when you're truly enlightened by this question, truly curious, it might even evoke some solidarity.”
Heather reported from Zoho Balance in Salt Lake City, where she learned about small language models, which are lighter, specialized AI tools that use less energy, run locally, and reduce hallucinations compared to large language models. These innovations could make AI more sustainable and more practical in niche applications.
Joe shared insights from The JOLT Effect, a book analyzing 2.5 million sales calls. He distinguished between indecision (pushing regret into the future) and inaction (fearing immediate regret). His takeaway: to avoid stagnation, ask, “What will future me thank me for?”
In this episode’s edition of “Two Truths and a Lie,” Heather tested Joe’s seasonal knowledge with a fall-themed trio, while Joe brought the history of accounting into play. Both managed to stump each other, proving once again that even the most confident answers can turn out to be false.
Heather spotlighted Jane Watkins of Tax Time Services in San Diego. Known for her resilience and leadership, Watkins embraces innovation while staying ready to pivot when necessary. Heather praised her for defining “kill switches” in advance and not letting sunk costs cloud her judgment, all signs of an exceptional leader.
Heather closed with Jennifer Scott’s “Better Questions, Better Hires, Stronger Firms.” The article, a continuation of Scott’s series, challenges leaders to go beyond standard interview questions and uncover true problem-solving and cultural fit. “It’s about really getting to know someone in the short time you have,” Heather said.
This episode highlights both external disruptions, tariffs and AI, and the internal qualities accountants need to thrive: resilience, curiosity, and adaptability. Whether confronting Supreme Court rulings or new technologies, firms that prepare, pivot, and invest in people will be positioned for long-term success.
🎧 Listen to the full episode at woodard.com/podcast.
Enjoyed this episode? Subscribe to The Woodard Report Podcast on your favorite platform for weekly insights that move your practice—and your life—forward.
Thank you to our show sponsor, Zoho!
Zoho is a unique and powerful software suite to transform the way you work, designed for businesses of all sizes, built by a company that values your privacy. For more information about Zoho, please visit woodard.com/podcast.
This article was generated by AI and reviewed and edited by a human.