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

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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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

https://www.entrepreneur.com/business-news/irs-planning-mass-layoffs-cutting-half-of-workforce-report/487974

 

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-china

 

Domestic economic sentiment declines 20 percentage points among CPA execs

https://www.journalofaccountancy.com/news/2025/mar/domestic-economic-sentiment-declines-20-percentage-points-among-cpa-execs.html

 

Trump signs order to establish strategic bitcoin reserve

https://www.reuters.com/technology/trump-signs-order-establish-strategic-bitcoin-reserve-white-house-crypto-czar-2025-03-07/

 

Fact Sheet: President Donald J. Trump Establishes the Strategic Bitcoin Reserve and U.S. Digital Asset Stockpile

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