IRS to Lay Off 50%, How Trump's Tariffs Are Working
The Accounting Podcast
Evolving Challenges in Auditing
This chapter addresses the challenges in the auditing profession, particularly regarding cost pressures and the disconnect between current practices and investor needs. It highlights the importance of adapting to modern demands by simplifying financial statements and focusing on audit quality, especially concerning intangible assets. The discussion advocates for innovation and reform in accounting practices to better serve the evolving economic landscape and investor interests.
How does a profession revitalize itself when salaries haven't budged since 2007? In this episode, Blake and David examine the shocking reality that Big Four audit associates in Chicago earn the same salary range today as they did nearly two decades ago. They also explore why accounting's value proposition has stagnated in a world where financial statements fail to capture what truly matters to modern investors, and you'll hear their take on the IRS's plan to cut 50% of its workforce, Social Security's future, and the economic impact of tariffs—including a surprising clip from Ronald Reagan himself. Plus, learn how over 30 states are now advancing legislation to eliminate the 150-hour rule that has long been blamed for declining CPA candidates.
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Chapters
- (00:49) - BOI Reporting Requirements Halted
- (02:00) - Impact of BOI Reporting Suspension
- (05:12) - IRS Layoffs and Their Implications
- (11:56) - Reagan's Take on Tariffs
- (15:58) - Trump's Tariffs and Fentanyl Production
- (19:59) - OnPay Updates
- (24:50) - Economic Optimism Among CPAs
- (27:10) - Strategic Crypto Reserve
- (30:30) - Elon Musk on Social Security
- (37:49) - Earmark Webinar Highlights on CPA Licensure Changes
- (40:17) - Audit Associate Salary Stagnation
- (43:32) - CPA Supervision and Work Experience Challenges
- (44:48) - Audit Quality and Firm Economics
- (47:46) - Intangible Assets and Financial Reporting
- (01:00:11) - Expense Card Industry Updates
- (01:05:34) - US Debt and Economic Power
Show Notes
The IRS Is Reportedly Planning to Cut Up to 45,000 Workers — Half of Its Workforce
President Reagan's Radio Address on Free and Fair Trade on April 25, 1987
https://www.youtube.com/watch?v=5t5QK03KXPc
Trump’s Tariffs Set Off Day of Anger, Retaliation and Market Unease
https://www.nytimes.com/live/2025/03/04/us/tariffs-us-canada-mexico-china
Domestic economic sentiment declines 20 percentage points among CPA execs
Trump signs order to establish strategic bitcoin reserve
Fact Sheet: President Donald J. Trump Establishes the Strategic Bitcoin Reserve and U.S. Digital Asset Stockpile
Elon Musk's Social Security Comments Called Out by Former Administrator
https://www.newsweek.com/elon-musk-social-security-comments-ponzi-scheme-martin-omalley-2042006
85% of Americans Willing to Raise Taxes to Save Social Security, Survey Shows
https://finance.yahoo.com/news/85-americans-willing-raise-taxes-133018876.html
Erica Goode’s LinkedIn Post on Salary Declines
Will Debt Sink the American Empire?
https://www.wsj.com/politics/policy/will-debt-sink-the-american-empire-8459096b
FASB Requests Feedback Related to Intangible Assets
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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.
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