Raids replaced audits, and guns replaced spreadsheets. Blake and David connect the dots from Minnesota's sprawling public-assistance fraud to a decade of IRS budget cuts and ICE crackdowns. You'll learn why enforcement shifted from prevention to raids, what California's one-time billionaire tax really proposes, how new AICPA rules could hit PE-backed firms, and why a botched audit didn't cost PwC its client, plus one pro tip to level up your Excel game.

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Chapters

(00:00) - TAP 470
(00:33) - Minnesota Fraud Scandal Overview
(03:18) - Historical Context and IRS Budget Cuts
(08:34) - IRS and ICE Collaboration Issues
(10:39) - Impact of Budget Cuts on Fraud
(20:56) - Current Events and Political Reactions
(26:17) - California Billionaire Tax Act
(27:58) - Billionaire Tax Proposal Discussion
(29:01) - Challenges of Implementing Wealth Tax
(29:58) - Practical Concerns and Comparisons
(34:24) - VRBO's Legal Battle with Michigan
(36:46) - Private Equity and CPA Firms
(47:17) - UNC Master of Accounting Program
(51:11) - Excel World Championships Insights
(55:27) - Earmark App for CPE Credits

Show Notes

Judge hits pause on IRS sharing taxpayer information with ICE
https://www.nbcnews.com/politics/immigration/judge-issues-order-blocking-irs-sharing-taxpayer-information-ice-rcna245262

Federal Agents Pepper Spray Protesters During Tucson Taco Giro Raid
https://www.themarshallproject.org/2025/12/05/tucson-ice-raid-protests-taco-giro

Poll: Nearly Half of Americans Think Their Financial Security Is Worsening
https://www.cpapracticeadvisor.com/2025/12/29/poll-nearly-half-of-americans-think-their-financial-security-is-worsening/175587/

California Billionaire Tax Act (2026 Billionaire Tax Act - PDF)
https://oag.ca.gov/system/files/initiatives/pdfs/25-0024A1%20(Billionaire%20Tax%20).pdf

Vrbo Parent Company Sues Michigan Over $18.8 Million Tax Bill
https://www.cpapracticeadvisor.com/2026/01/02/vrbo-parent-company-sues-michigan-over-18-8-million-tax-bill/175675/

AICPA Seeks Comment on Ethics Rules Update for Alternative Practice Structures
https://www.aicpa-cima.com/news/article/aicpa-seeks-comment-on-ethics-rules-update-for-alternative-practice

WH Smith asks shareholders to support PwC despite audit error
https://www.internationalaccountingbulleteen.com/news/wh-smith-support-pwc-audit-error/

I won the Microsoft Excel World Championship. Here's what every office worker should know about Excel. https://www.yahoo.com/lifestyle/articles/won-microsoft-excel-world-championship-093001306.html

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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

Instead of Armed IRS Agents We Got Armed ICE Agents