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. Sponsors OnPay - http://accountingpodcast.promo/onpay Bluevine - http://accountingpodcast.promo/bluevine (Bluevine is a financial technology company, not a bank. Banking Services provided by Coastal Community Bank, Member FDIC.) RightWorks- http://accountingpodcast.promo/rightnow2025 (use code TAP15 for 15% OFF) 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 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   Need CPE? Get CPE for listening to podcasts with Earmark: https://earmarkcpe.com Subscribe to the Earmark Podcast: https://podcast.earmarkcpe.com Get in Touch 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. Sponsorships Are you interested in sponsoring the Cloud Accounting Podcast? For details, read the prospectus. Need Accounting Conference Info?  Check out our new website - accountingconferences.com Limited edition shirts, stickers, and other necessities TeePublic Store: http://cloudacctpod.link/merch SubscribeApple Podcasts: http://cloudacctpod.link/ApplePodcastsYouTube: https://www.youtube.com/@TheAccountingPodcastSpotify: http://cloudacctpod.link/SpotifyPodchaser: http://cloudacctpod.link/podch...