The Accounting Podcast Trailer Bonus Episode 429 Season 1

IRS Officials Claim Cuts Will Widen Tax Gap by $500 Billion

IRS Officials Claim Cuts Will Widen Tax Gap by $500 BillionIRS Officials Claim Cuts Will Widen Tax Gap by $500 Billion

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IRS Officials Claim Cuts Will Widen Tax Gap by $500 Billion
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The Accounting Podcast Trailer Bonus Episode 429 Season 1

IRS Officials Claim Cuts Will Widen Tax Gap by $500 Billion

April 2, 2025 Blake Oliver & David Leary Full Transcript View the website

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.

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Chapters

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

https://www.cpapracticeadvisor.com/2025/03/26/survey-some-americans-might-roll-the-dice-on-not-filing-their-taxes-this-year-due-to-irs-job-cuts/157877/

Most Americans Are Interested in Using IRS Direct File to Prepare and File Their Taxes

https://taxpolicycenter.org/briefs/most-americans-are-interested-using-irs-direct-file-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

https://www.cpapracticeadvisor.com/2025/03/11/survey-91-of-americans-think-filing-taxes-should-be-free/157176/

Why you should think twice before claiming an income-tax extension. ‘This is not the year to do your normal procrastinating.’

https://www.marketwatch.com/story/why-you-should-think-twice-before-claiming-an-income-tax-extension-this-is-not-the-year-to-do-your-normal-procrastinating-89937e0d

LA Faces $1 Billion Budget Hole, Warns of Thousands of Layoffs

https://www.bloomberg.com/news/articles/2025-03-20/la-faces-1-billion-budget-hole-warning-thousands-of-layoffs

WSJ investigation: Medicaid paid health insurers billions by covering the same patients twice

https://www.risehealth.org/insights-articles/wsj-investigation-medicaid-paid-health-insurers-billions-by-covering-the-same-patients-twice/

Tether seeks Big Four firm for its first full financial audit — Report

https://cointelegraph.com/news/stablecoin-issuer-tether-big-four-firm-full-reserve-audit-report

Financial Times retracts report on Tesla’s alleged shady accounting

https://www.teslarati.com/financial-times-retracts-report-tesla-shady-accounting/

The Big 4 Transparency Accounting Awards

https://big4transparency.beehiiv.com/p/the-big-4-transparency-accounting-awards

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Transcripts

The full transcript for this episode is available by clicking on the Transcript tab at the top of this page

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