IRS to Lay Off 50%, How Trump's Tariffs Are Working
The Accounting Podcast
IRS Layoffs and Employment Uncertainties
This chapter examines the recent shifts within the IRS, especially regarding the potential layoffs of new hires intended for auditing higher-income taxpayers as a result of the Inflation Reduction Act. It also highlights the uncertainties surrounding job security for these employees and discusses the possibility of transferring IRS staff to different federal departments.
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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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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