The Accounting Podcast

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.


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
• (59:03) - Expense Card Industry Updates
• (01:04:26) - 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

 

Trump’s Tariffs Set Off Day of Anger, Retaliation and Market Unease

 

Domestic economic sentiment declines 20 percentage points among CPA execs

 

Trump signs order to establish strategic bitcoin reserve

 

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

 

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

 

Erica Goode’s LinkedIn Post on Salary Declines

 

Will Debt Sink the American Empire?

 

FASB Requests Feedback Related to Intangible Assets

 

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