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IRS Officials Claim Cuts Will Widen Tax Gap by $500 Billion
Episode 429
What happens when tax enforcement weakens? With 17% of millennials considering skipping their tax filing altogether, Blake and David dig into how IRS budget cuts might impact compliance and revenue. They analyze fascinating survey data revealing what taxpayers truly value when choosing between professional preparation and free options like Direct File. Plus, discover the accounting scandal forcing Financial Times to retract its Tesla analysis, exposing how GAAP complexity confounds even financial experts. You'll also learn why three major US cities face billion-dollar budget holes and the disturbing revelation that duplicate Medicaid payments are costing taxpayers billions—all while Tether still can't produce an audit after ten years of promises.
Sponsors
Bluevine - http://accountingpodcast.promo/bluevine (Bluevine is a financial technology company, not a bank. Banking Services provided by Coastal Community Bank, Member FDIC.)
TeamUp - http://accountingpodcast.promo/teamup
RightWorks- http://accountingpodcast.promo/rightnow2025
Chapters
- (00:00) - Introduction and Podcast Overview
- (00:42) - Top Stories of the Week
- (02:27) - Sponsor Messages and Event Announcements
- (04:52) - Interview with Christina Ho on PCAOB
- (07:57) - Discussion on IRS Cuts and Tax Compliance
- (19:44) - Survey on IRS Direct File
- (28:21) - AI's Impact on Tax Professionals
- (29:14) - Discrepancies in Tax Software Results
- (30:08) - Public Opinion on Tax Filing Services
- (31:23) - Challenges for Tax Professionals
- (33:56) - LA's Budget Crisis
- (37:41) - Federal Government Spending Issues
- (38:45) - Medicaid Duplicate Payments Scandal
- (47:12) - Tether's Audit Controversy
- (51:55) - Tesla's Financial Discrepancies
- (57:33) - Big Four Transparency Rankings
- (59:24) - Conclusion and Farewell
Show Notes
Tax Revenue Could Drop by 10 Percent Amid Turmoil at IRS
https://www.washingtonpost.com/business/2025/03/22/irs-tax-revenue-loss-federal-budget/
Survey: Some Americans Might Roll the Dice on Not Filing Their Taxes This Year Due to IRS Job Cuts
Most Americans Are Interested in Using IRS Direct File to Prepare and File Their Taxes
TurboTax vs Free Tax USA: A Shocking Price Comparison
https://www.tiktok.com/@carolinesadventure/video/7482613418801859870
Survey: 91% of Americans Think Filing Taxes Should Be Free
Why you should think twice before claiming an income-tax extension. ‘This is not the year to do your normal procrastinating.’