California Billionaire Tax Act Explained

Raids replaced audits, and guns replaced spreadsheets. Blake and David connect the dots from Minnesota's sprawling public-assistance fraud to a decade of IRS budget cuts and ICE crackdowns. You'll learn why enforcement shifted from prevention to raids, what California's one-time billionaire tax really proposes, how new AICPA rules could hit PE-backed firms, and why a botched audit didn't cost PwC its client, plus one pro tip to level up your Excel game.

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• (00:00) - TAP 470
• (00:33) - Minnesota Fraud Scandal Overview
• (03:18) - Historical Context and IRS Budget Cuts
• (08:34) - IRS and ICE Collaboration Issues
• (10:39) - Impact of Budget Cuts on Fraud
• (20:56) - Current Events and Political Reactions
• (26:17) - California Billionaire Tax Act
• (27:58) - Billionaire Tax Proposal Discussion
• (29:01) - Challenges of Implementing Wealth Tax
• (29:58) - Practical Concerns and Comparisons
• (34:24) - VRBO's Legal Battle with Michigan
• (36:46) - Private Equity and CPA Firms
• (47:17) - UNC Master of Accounting Program
• (51:11) - Excel World Championships Insights
• (55:27) - Earmark App for CPE Credits

Show Notes

Judge hits pause on IRS sharing taxpayer information with ICE
https://www.nbcnews.com/politics/immigration/judge-issues-order-blocking-irs-sharing-taxpayer-information-ice-rcna245262

Federal Agents Pepper Spray Protesters During Tucson Taco Giro Raid
https://www.themarshallproject.org/2025/12/05/tucson-ice-raid-protests-taco-giro

Poll: Nearly Half of Americans Think Their Financial Security Is Worsening
https://www.cpapracticeadvisor.com/2025/12/29/poll-nearly-half-of-americans-think-their-financial-security-is-worsening/175587/

California Billionaire Tax Act (2026 Billionaire Tax Act - PDF)
https://oag.ca.gov/system/files/initiatives/pdfs/25-0024A1%20(Billionaire%20Tax%20).pdf

Vrbo Parent Company Sues Michigan Over $18.8 Million Tax Bill
https://www.cpapracticeadvisor.com/2026/01/02/vrbo-parent-company-sues-michigan-over-18-8-million-tax-bill/175675/

AICPA Seeks Comment on Ethics Rules Update for Alternative Practice Structures
https://www.aicpa-cima.com/news/article/aicpa-seeks-comment-on-ethics-rules-update-for-alternative-practice

WH Smith asks shareholders to support PwC despite audit error
https://www.internationalaccountingbulleteen.com/news/wh-smith-support-pwc-audit-error/

I won the Microsoft Excel World Championship. Here's what every office worker should know about Excel. https://www.yahoo.com/lifestyle/articles/won-microsoft-excel-world-championship-093001306.html

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Transcripts

The full transcript for this episode is available by clicking on the Transcript tab at the top of this page