The Accounting Podcast

IRS to Lay Off 50%, How Trump's Tariffs Are Working

5 snips
Mar 11, 2025
Discover how accounting salaries have stagnated since 2007, leaving many professionals questioning their future. Delve into the IRS's controversial plan to cut its workforce by 50%, raising concerns about tax audits. Explore the surprising historical context of tariffs, featuring insights from Ronald Reagan, and their unexpected effects on the fentanyl trade. Lastly, learn about the legislative advancements aimed at easing CPA licensure requirements as the profession faces modern challenges in meeting investors' needs.
Ask episode
AI Snips
Chapters
Transcript
Episode notes
ADVICE

BOI Reporting Repeal

  • The Treasury halting BOI reporting is good, but incomplete.
  • Congress needs to formally repeal the law to prevent future reimplementation.
INSIGHT

IRS Layoffs Impact

  • The IRS plans to lay off half its workforce, impacting wealthy taxpayer audits.
  • Frontline phone service levels are expected to remain unaffected.
ANECDOTE

Reagan on Tariffs

  • Ronald Reagan used tariffs against Japan's semiconductor subsidies in the 1980s.
  • He warned against long-term tariff use, as it reduces competition and innovation.
Get the Snipd Podcast app to discover more snips from this episode
Get the app