Podcast: The Accounting Podcast (LS 49 · 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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Chapters

• (00:49) - BOI Reporting Requirements Halted

 

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

https://www.whitehouse.gov/fact-sheets/2025/03/fact-sheet-president-donald-j-trump-establishes-the-strategic-bitcoin-reserve-and-u-s-digital-asset-stockpile/

 

Elon Musk's Social Security Comments Called Out by Former Administrator

https://www.newsweek.com/elon-musk-social-security-comments-ponzi-scheme-martin-omalley-2042006

 

85% of Americans Willing to Raise Taxes to Save Social Security, Survey Shows

https://finance.yahoo.com/news/85-americans-willing-raise-taxes-133018876.html

 

Erica Goode’s LinkedIn Post on Salary Declines

https://www.linkedin.com/posts/erica-goode-cpa-00205616_thisindustry-icanteven-activity-7300526290778869762-hqph/

 

Will Debt Sink the American Empire?

https://www.wsj.com/politics/policy/will-debt-sink-the-american-empire-8459096b

 

FASB Requests Feedback Related to Intangible Assets

https://dart.deloitte.com/USDART/home/news/all-news/2024/dec/fasb-invitation-to-comment-intangible-assets

 

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Thanks for listening and the great reviews! We appreciate you! Follow and tweet @BlakeTOliver and @DavidLeary. Find us on Facebook and Instagram. If you like what you hear, please do us a favor and write a review on Apple Podcasts or Podchaser. Call us and leave a voicemail; maybe we'll play it on the show. DIAL (202) 695-1040.

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