Connect with us

Accounting

IRS Commissioner Billy Long plans implementation of Trump tax bill

Published

on

The new Internal Revenue Service commissioner, Billy Long, explained his plans for the IRS and the new tax bill during his first public talk as IRS commissioner Monday during the National Association of Enrolled Agents’ tax summit.

Long is the 51st commissioner of the IRS and was confirmed last month during a contentious period that saw massive layoffs at the IRS and a series of acting commissioners after former IRS commissioner Danny Werfel’s departure. Donald Trump had named Long as his pick for IRS even before taking office, prompting Werfel to announce his resignation as of Inauguration Day. 

He noted that this past tax season went well despite predictions of turmoil before he was confirmed and sworn in after a long wait. “We’ve got a lot of great people that work there,” he said. 

Long is a former congressman and auctioneer who plans to apply his skills to the IRS, although he doesn’t have a tax background. He grew up in Springfield, Missouri, and went to a real estate school. When he graduated, interest rates were so high that he found it was difficult to sell a house. He signed up for the Missouri Auction School, which he had read in a Newsweek article was referred to as the “Harvard of auctioneering.”

“I learned how to auction real estate, and I had a 32-year career as a real estate broker, and 31 years as an auctioneer,” he said.  “I come to the IRS with a diversified background. Then I ran for office because I thought it was important for somebody that’s actually signed the front of a check to go to Congress, not a career politician. I said, I’ll go six terms, go home, and that’s what I did. I did take a shot in the Senate because Roy Blunt was retiring the same year that I came out of Congress.” However, he admitted he came in last place among the 21 contenders.

Long was sworn in a little over a week ago and one of the first events he attended was a graduation ceremony in Georgia for IRS Criminal Investigation Unit agents. 

He was asked about his plans for implementing the massive new tax bill and joked about the name. 

“I bet you all never thought you’d meet Trump’s One Big Beautiful Bill in person, but here I am,” he joked. “They called it the One Big, Beautiful Bill after me.”

He has been consulting with officials in the Treasury Department such as Treasury Secretary Scott Bessent and Deputy Secretary Michael Faulkender and their employees on implementing the bill. “They had this thing going like a well oiled machine,” said Long. “They have the people in place for different parts and sections of the bill, and they have been there for a long time, and they know what they’re doing.”

He said he has been having conversations with Faulkender every week on implementation and he predicted they’re going to get it done. 

“There’s a lot of provisions in there, a lot of rulemaking needs to be done,” said Long. “Every day I walk in there and I feel like I’m on a tightrope juggling. I don’t know whether to drop the ball or fall off the rope myself, but implementation is going to be key to getting the tax season started on time. I talked to one of our top guys in the IRS last week while I was down on the Atlanta visit, and I said, what’s our start date? And he said that President’s Day historically is our start date.”

The employee predicted they would need every day until then. “They have this thing down pat,” said Long. “They know what they’re doing. They know how to do it. So I’m just going to hide and watch,” he joked.

Long hopes to change the culture of the IRS. “When you get nominated for a position like this, you don’t know what to do, what to ask, what to plan for,” said Long. “My plan was to watch old YouTube videos of former IRS commissioners. And after watching a lot of these, I called President Trump one day, and I said, I would like for my hearing to be on February 2. And he said, why is that? And I said, because it’s like Groundhog Day. I’ve been going back to 1997 with [former Commissioner] Charles Rossotti. Every year, it’s the same complaints over and over and over. A lot of it, I think, is that we’re not taking advantage of our employee partners.”

He has been meeting with employees one-on-one. “I thought, how many people have ever stopped and asked the 1,533 employee partners that work in the building where I work at 1111 Constitution, and how many times has someone stopped and said, ‘What do you think? How’s your life? How’s your kids? How’s your husband’s surgery coming?’ I want to know about their lives, but I also want to know what they think.”

He arrives at the office 90 minutes early every day and schedules 10-minute meetings with employees, in six slots a day. The first woman he met had worked there for 18 years and never been in the commissioner’s office before. 

“And to me, that’s stinking thinking,” said Long. “Why does the commissioner have to be the Wizard of Oz? Why does he have to be the man behind the curtain?”

He plans to open up the meetings to employees outside the building and at some point go virtual for meetings with remote employees.

He alluded to the reports of overcrowding at IRS facilities since a return-to-office order

“We’re going to put 500 people on the sixth floor, moving over from another building there in D.C.,” said Long. “I said I want to go up to the sixth floor. I want to see what it looks like. We’re going to move 500 people there. I went on that tour and I thought I went in and out of every office. I didn’t, but I tried to, and they were just shocked that the commissioner would take time to come.”

Nevertheless, the IRS has been implementing steep cutbacks, with approximately 25% of the workforce now gone as of May, according to a recent report from the Treasury Inspector General for Tax Administration, and others crowded into facilities. He compared it to the real estate business and the competition among real estate agents.

“In real estate, when we had too many agents, we’d take one plaque for agent of the month, put two of them in a conference room, and put that plaque in there, and only one of them would come out alive,” said Long. “That’s how we pared down our people. But when you build a culture and bring everybody along… It’s not my culture. I don’t want to ram my culture down their throat, but I want them to tell me what the culture at the Internal Revenue Service is going to be. And we’re off to a great start with these 10-minute meetings. People are loving them, and I’m getting a lot of good ideas.”

Long was asked about the role of enrolled agents. “Just stay in touch with your folks at the IRS,” he advised. He offered to provide his chief of staff’s email address to the NAEA.

“What I find is when people get a hold of me and say, ‘I’ve been under audit for four years, and they can’t tell me where my audit is, who has my audit or anything,'” he said. “I want people to be able to go and get that information. I want you all to be able to go and get that information for your clients. And it’s staggering how effective the people the IRS are when you get it to the right person. I’ve had things that have dragged along for two or three years, and they can’t get a simple answer.”

He said he was recently listening in on a taxpayer call in Atlanta on a second headset and felt like crying when he overheard one call with a widow who had been repeatedly calling the IRS for help five times about her refund check. “I said, when you call her, you tell her it was her lucky day,” said Long. The commissioner happened to be listening on the other line. And he called her and said, ‘Ma’am, it was your lucky day. The commissioner was listening. I’m here to help you. We have located your refund check, and we’re getting it in the mail to you.'”

He wants to provide similar help with tax audits and said Sam Corcos, a former DOGE employee who is reportedly now chief information officer at the Treasury, would be working on that.  

“I don’t want her to have the commissioner on the line,” said Long. “I don’t want to have to call back. I don’t care about Direct File. I care about Direct Audit.”

He said Corcos is building technology to be able to trace where audits are currently stuck. 

“Get our computers upgraded to where people can do that,” he said. “As far as building the culture, that’s what we need to do, is be able to get the employees where they’re in a better place, where they don’t feel like they have to look at their watch.”

He compared it to a Mickey Mouse watch with Walt Disney and Mickey Mouse holding hands. “If we can redesign it a little bit and make Walt the IRS and Mickey the taxpayer holding hands in partnership,” he said. “I want to be partners with my employees, and I want to be partners with the taxpayers. And that’s my goal.”

Long said he is an expert on UFOs and used to teach a class on them. He plans to bring a different variation of UFO to his job at the IRS. “UFO: upbeat, friendly and open,” he said. “And that’s how I want to operate with my employee partners and with taxpayers.”

Continue Reading

Accounting

AI-Driven Automation and Continuous Accounting Frameworks

Published

on

The accounting profession is undergoing a fundamental structural transition as enterprise finance departments shift from periodic month-end closes toward automated continuous accounting models. By integrating specialized machine learning algorithms directly into enterprise resource planning (ERP) platforms, chief accounting officers are transforming financial reporting from a retrospective exercise into a real-time operational asset.

The Shift from Periodic Close to Continuous Financial Reporting
Traditional accounting workflows heavily relied on manual data reconciliation, spreadsheet calculations, and multi-week closing cycles at the end of each fiscal period. In contrast, continuous accounting frameworks utilize automated software agents to process, validate, and post transactional data in real time as business activities occur.

Automated bank reconciliation tools cross-reference incoming bank feeds, invoice records, and purchase orders automatically. By resolving transactional variances instantly throughout the month, corporate accounting teams eliminate the traditional workload spikes associated with quarterly and annual closes.

Machine Learning in Audit Trails and Anomaly Detection
Advanced natural language processing (NLP) and machine learning tools are redefining internal audit and financial control environments. Automated systems analyze 100% of general ledger entries, identifying anomalous transactions, duplicate payments, and unauthorized journal entries in real time.

Rather than relying on random statistical sampling, corporate internal auditors can focus their attention on high-risk flags automatically surfaced by algorithmic monitoring platforms. This continuous risk assessment strengthens internal controls over financial reporting (ICFR) and significantly reduces fraud risk.

Evolving Roles for Accounting Professionals
As routine data entry and manual reconciliation tasks become fully automated, the skill set required for accounting professionals is shifting toward data analysis, system design, and strategic business advisory.
– Systems Governance: Accountants are increasingly responsible for monitoring algorithmic accuracy and managing data integration pipelines.
– Business Partnership: Finance professionals leverage real-time financial dashboards to advise operational leaders on margin management and working capital allocation.
– Regulatory Compliance Management: Accounting teams utilize automated platforms to ensure compliance with dynamic tax codes and international accounting standards.

Core Implementation Recommendations
1. Deploy Automated Reconciliation Tools: Integrate continuous transaction processing modules into existing enterprise ERP architectures.
2. Establish Algorithmic Governance Controls: Implement strict internal testing protocols to ensure automated accounting rules comply with GAAP/IFRS standards.
3. Reskill Accounting Teams: Invest in training finance staff on data analytics, workflow automation, and predictive financial modeling.

Continue Reading

Accounting

Global ESG Reporting Standards and Double Materiality Compliance

Published

on

Corporate accounting departments face expanding reporting expectations as international sustainability disclosure standards achieve regulatory enforcement across major global jurisdictions. Chief Accounting Officers (CAOs) and corporate controllers are establishing rigorous internal accounting controls to treat Environmental, Social, and Governance (ESG) metrics with the same data precision, auditability, and governance as traditional financial statements.

Regulatory Harmonization Under Global Sustainability Frameworks
The implementation of standardized sustainability reporting frameworks—notably rules established by international sustainability accounting boards—has created unified expectations for public and large private enterprises. Corporations must report standardized metrics covering greenhouse gas emissions (Scope 1, 2, and material Scope 3), energy utilization, workforce demographics, and supply chain governance.

In Europe and other participating international jurisdictions, double materiality principles are mandatory. Under double materiality, organizations must report both how external sustainability risks impact corporate financial performance, and how internal corporate operations affect surrounding environmental and social structures.

Integrating Sustainability Metrics into Core ERP Systems
To provide auditable non-financial data, enterprise organizations are integrating specialized carbon accounting and ESG management platforms directly into core ERP systems. Automated data collectors capture energy utility invoices, logistics fuel consumption metrics, and vendor compliance records in real time.

Establishing automated, traceable data pipelines ensures that non-financial reporting is supported by clear audit trails. This structured approach allows external financial auditors to provide reasonable assurance on sustainability disclosures during annual corporate reporting cycles.

Financial Impacts and Capital Market Disclosure
Accurate ESG reporting directly influences corporate cost of capital and institutional credit ratings. Commercial lenders and institutional asset managers systematically incorporate sustainability metrics into risk pricing models. Companies that demonstrate transparent, verifiable progress in operational energy efficiency and climate risk mitigation benefit from expanded access to green bond markets and lower debt pricing.

Action Steps for Accounting Leadership
1. Implement Double Materiality Frameworks: Conduct comprehensive assessments to identify material financial and operational sustainability metrics.
2. Build Auditable Non-Financial Data Pipelines: Automate ESG data collection within core accounting software to ensure data integrity.
3. Align Sustainability with Annual Financial Filings: Prepare non-financial disclosures concurrently with financial statements to satisfy regulatory audit expectations.

Continue Reading

Accounting

Modernizing Internal Controls: Machine Learning and Continuous Monitoring in Auditing

Published

on

Internal audit departments and corporate risk managers are modernizing internal control frameworks by shifting from periodic sampling techniques to continuous monitoring and machine learning analytics. As operational data volumes increase across enterprise organizations, automated control testing ensures financial integrity, prevents corporate fraud, and streamlines annual audit engagements.

The Limitation of Periodic Audit Sampling
Historically, internal and external auditors evaluated internal controls by reviewing random samples of financial transactions—often analyzing less than five percent of total ledger entries. In complex enterprise environments, periodic sampling methods carry inherent risks of overlooking localized financial misstatements, unauthorized disbursements, or operational control breakdowns.

In 2026, progressive internal audit functions are utilizing automated continuous monitoring platforms that evaluate one hundred percent of financial transactions in real time. Continuous control auditing systems continuously monitor general ledger entries, procurement approvals, and expense reimbursements across all operating subsidiaries.

AI-Powered Fraud Detection and Anomaly Identification
Machine learning models trained on historical corporate financial data excel at identifying subtle transactional anomalies that indicate potential fraud or operational error. Automated systems instantly flag duplicate invoice payments, unapproved vendor creation, unusual journal entry timing, and unauthorized override of authority thresholds.

When an anomaly is detected, the automated auditing platform generates an instant risk alert, allowing internal audit teams to investigate root causes immediately. Early detection prevents minor operational errors from escalating into material weaknesses in financial reporting.

Streamlining External Audit Preparation
Continuous internal control monitoring delivers significant benefits during annual external financial audits. External audit firms can review continuous audit logs and automated control testing documentation, reducing the time required for manual field testing.

This integrated approach lowers overall audit compliance fees, reduces administrative burdens on corporate accounting staff, and provides senior management and audit committees with real-time visibility into the organization’s overall risk profile.

Core Implementation Guidelines
1. Transition to 100% Data Testing: Replace legacy sampling methods with automated continuous audit monitoring systems.
2. Deploy Anomaly Detection Algorithms: Implement machine learning models to identify unauthorized transactions and operational control overrides.
3. Align Internal and External Audit Workflows: Coordinate continuous control testing protocols with external auditors to optimize annual compliance cycles.

Continue Reading

Trending