Crypto, Cash, or Chaos? The Fallout of an IRS-Free America | ARC

If visions of the new administration come to fruition, the IRS could also be on the chopping block.  

Accounting ARC

With Liz Mason, Byron Patrick, and Donny Shimamoto

Center for Accounting Transformation

In a recent episode of Accounting ARC, hosts Donny Shimamoto, CPA.CITP, CGMA; Liz Mason, CPA; and Byron Patrick, CPA.CITP and CGMA explore the provocative question, "What if the IRS was shut down?" This discussion aligns with current political movements considering the downsizing or elimination of various government agencies, including the IRS.

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The Fair Tax Act of 2025, introduced by GOP lawmakers, seeks to abolish the IRS and replace income taxes with a national sales tax. Proponents argue that this would simplify the tax system, while critics contend it could disproportionately affect lower-income individuals.  

Patrick emphasizes the critical role of the IRS in funding government operations. He questions the feasibility of maintaining government functions without a tax collection agency, stating, "You need money to operate a government, and if you have no mechanism for collecting revenue... there has to be a mechanism for revenue to do anything to pay people to have services, to care for a population of people."