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IRS Layoffs, BOI Is Back, PCAOB Under Threat
Episode 424
Is the U.S. heading toward a financial cliff? In this eye-opening episode, Blake and David unpack the Government Accountability Office's sobering projection that federal debt will double the size of the economy by 2047. While exploring recent DOGE initiatives and IRS layoffs, they examine whether drastic government spending cuts are inevitable—and necessary.
Meanwhile, Virginia and Tennessee join the growing movement to reform CPA licensure requirements by offering pathways that don't require 150 credit hours. Could these changes be the key to increasing diversity more effectively than corporate DEI programs?
You'll also discover why the $400 million PCAOB budget might be on the chopping block, how AI research tools like Perplexity Deep Research are revolutionizing tax research, and get the latest update on the ever-shifting BOI reporting deadlines. Whether you lean left, right, or stay strictly in the debits and credits, this episode offers practical insights for navigating the changing professional landscape.
Sponsors
OnPay - http://accountingpodcast.promo/onpay
CPA.com - http://accountingpodcast.promo/cpa
Bluevine - http://accountingpodcast.promo/bluevine (Bluevine is a financial technology company, not a bank. Banking Services provided by Coastal Community Bank, Member FDIC.)
Chapters
- (02:16) - Apologies and Clarifications
- (04:37) - IRS Layoffs and Government Spending
- (05:32) - Live Stream Interactions and Sponsorships
- (06:47) - Federal Debt and Fiscal Health
- (16:58) - BOI Reporting Deadline Extension
- (19:05) - Deloitte's DEI Changes
- (23:26) - CPA Licensure Pathways
- (28:37) - DOGE Dividend Proposal
- (33:14) - Social Security and Medicare Funding Challenges
- (35:40) - Impact of IRS Layoffs
- (38:13) - Audit Rates and Tax Compliance
- (42:16) - Regulatory Burdens and Economic Growth
- (51:50) - PCAOB and Audit Quality
- (59:54) - AI in Tax Research
- (01:05:38) - Listener Engagement and Final Thoughts
Show Notes
GAO-24-106987, The Nation's Fiscal Health
https://www.gao.gov/assets/d24106987.pdf
Corporate Transparency Act Enforcement Injunction Stayed, FinCEN Extends the Beneficial Ownership Information Reporting Deadline to March 21, 2025, and Announces Intention to Revise the Reporting Rule
Trump Demands Apple Ditch DEI After It Rejects Proposal: Here Are All The Companies Cutting Diversity Programs
Breaking down Virginia's new CPA requirements: What you need to know
https://www.blakeoliver.com/blog/breaking-down-virginias-new-cpa-requirements-what-you-need-to-know
Virginia General Assembly passes legislation widening pathways to CPA licensure effective Jan. 1, 2026