Crypto, Cash, or Chaos? The Fallout of an IRS-Free America | ARC

If visions of the new administration come to fruition, the IRS could also be on the chopping block.  Accounting ARCWith Liz Mason, Byron Patrick, and Donny ShimamotoCenter for Accounting TransformationIn a recent episode of Accounting ARC, hosts Donny Shimamoto, CPA.CITP, CGMA; Liz Mason, CPA; and Byron Patrick, CPA.CITP and CGMA explore the provocative question, "What if the IRS was shut down?" This discussion aligns with current political movements considering the downsizing or elimination of various government agencies, including the IRS.MORE Accounting ARC: Is Agentic AI a Game Changer or Game Ender? | Kelly Mann: Thriving Against All Odds | Are We Ready for the Hidden Risks of AI in Accounting? | The Research Imperative: Why Data Drives Accounting Success | How Coaching Can Unlock Professional Success | Demystifying Accounting Governance | Top 10 Red Flags to Watch for in Accounting Offices | Jeremy Dubow: Private Equity as a Catalyst for Growth | Break the Burnout Cycle in Accounting | The Fair Tax Act of 2025, introduced by GOP lawmakers, seeks to abolish the IRS and replace income taxes with a national sales tax. Proponents argue that this would simplify the tax system, while critics contend it could disproportionately affect lower-income individuals.  Patrick emphasizes the critical role of the IRS in funding government operations. He questions the feasibility of maintaining government functions without a tax collection agency, stating, "You need money to operate a government, and if you have no mechanism for collecting revenue... there has to be a mechanism for revenue to do anything to pay people to have services, to care for a population of people."