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IRS to Lay Off 50%, How Trump's Tariffs Are Working
Podcast: The Accounting Podcast (LS 50 · TOP 0.5% what is this?)
Episode: IRS to Lay Off 50%, How Trump's Tariffs Are Working
Pub date: 2025-03-11
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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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OnPay - http://accountingpodcast.promo/onpay
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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
Published on 9 months, 2 weeks ago