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IRS employees involved in the 2025 tax season will not be allowed to accept a buyout offer from the Trump administration until after the taxpayer filing deadline, according to a letter sent Wednesday to IRS employees.The letter says that “critical filing season positions in Taxpayer Services, Information Technology and the Taxpayer Advocate Service are exempt” from the administration’s buyout plan until May 15. Taxpayers have until April 15 to file their taxes unless they are granted an extension.Union leaders and worker advocates have criticized the proposal and question whether the government will honor any buyout contract.The news comes after President Donald Trump announced a plan to offer buyouts to federal employees through a “deferred resignation program” to quickly reduce the government workforce. The program deadline is February 6, and administration officials said employees who accept will be able to stop working while still collecting a paycheck until September 30.The buyouts, sent to roughly 2.3 million workers, are for all full-time federal employees with some exemptions, including military personnel, employees of the U.S. Postal Service, and positions related to immigration enforcement. It’s unclear if IRS workers who accept the buyout would only receive five months of pay instead or if they would also get a full eight months.The federal government employed more than three million people as of November, accounting for nearly 1.9% of the nation’s entire civilian workforce, according to the Pew Research Center.Doreen Greenwald, president of the National Treasury Employees Union, has advised all federal workers not to accept the offer, which she says is dubious.“This is not a good deal for them,” Greenwald told the Associated Press. “If you sign this document and then later change your mind, you are left without any power to fight back.”Since federal employees are working under what is called a continuing resolution that keeps the government funded until Marchand the Anti-Deficiency Act prohibits agencies from spending more money than is actually appropriated funding for the buyout plan “has not been approved,” Greenwald said.She added: “I do not recommend people sign the document. They need to have control of their own career, and this document does not give it to them.”The NTEU union represents roughly 150,000 employees in 37 departments and agencies.“This country needs skilled, experienced federal employees,” she said. “We are urging people not to take this deal because it will damage the services to the American people and it will harm the federal employees who have dedicated themselves and their career to serving.”January 27 is the official start date of the 2025 tax season and the IRS expects more than 140 million tax returns to be filed by the April 15 deadline.“What most people don’t realize is that 85% of the federal workforce works outside of D.C.,” she said. “They’re your neighbors, your family, your friends. And they deliver key services for the American people.” Fatima Hussein, Associated Press
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E-Commerce
Theres no question that the face of America is changing. Those under 18 are the first majority minority generation: 53% are non-White; one in four are Hispanic, and one in five are the children of immigrants. But while evolving racial demographics are reshaping rising generations, we are no longer a young nation: by 2030, Americans older than 65 will outnumber those under 18, a major deviation from 2000 when 26% were under 18 and just 12% were over 65. Add to that a widening wealth gap: The gap between top one fifth incomes and bottom one fifth incomes has increased by 53% in the past decade. To better understand the impact of these changes on the mindset and needs of this evolving populace, BBG Ventures conducted a study with 2,000 Americanslarge enough to be statistically relevant across race, gender, age, income, and geography. Our expectation, given the growing divide in the U.S. was that we would find major differences among racial groups, genders, and generations. But while its clear that Americans define their identities based on a unique perception of their place in the world, we actually have common priorities, needs, and concerns across nearly every age group, race, and gender. Health and Financial Security are the top two priorities for every race and gender, and nearly every age group. The exception is that those under 18 place Employment and Education as their top priority followed by Health. Health When we dig deeper into health and well-being, Mental Health is the number-one concern, driven by finances, stress, and loneliness. After Mental Health, nearly every segment noted Sleep as their second highest priority. While there are varying degrees of satisfaction with interactions between Americans and their doctors/care providers, there is close to unanimous agreement on the most desired improvement. Notably, the ability to see a doctor virtually came in last for nearly all segments. Rather, Americans want their doctors to provide personalized care, including culturally competent care; have better availability for appointments; and be more present and less distracted during visits. Financial Security As for Financial Security, the majority of Americans across nearly every segment lack confidence or feel neutral about their financial literacy (54%). Even more lack confidence or feel neutral about their financial position (65%). Paying bills consistently is the number-one financial goal for nearly all races and generations, followed by saving for an emergency fund. The high cost of living and inflation is the number-one factor preventing people from building wealth. This is despite the U.S.s so-called superstar status when it comes to GDP growth, historic unemployment rate lows, increasing household wealth, and wage growth versus costs. Whatever the stats say, the pain of high costs is firmly planted in American minds. Opportunity for entrepreneurs and investors What do we take away from this? The emergence of Americas Polyculture, in and of itself, should not drive an us and them mentality, despite what social media might make you believe. The primary concerns and greatest needs of Americans across race, gender, and age are the sameand the presence of common needs suggests that the opportunity for transformative solutions is bigger than the sum of its parts. We can build highly scaled solutions; but how we go to market, and the user experience itself, will demand a new level of personalization that reflects our evolving polyculture. Heres how entrepreneurs and investors can not only spread this message, but drive meaningful change: Prioritize mental health in product development Mental health is the top concern for most Americans, especially younger generations. We need a focus on developing tools that address mental health challenges, such as stress management, loneliness, and sleep improvement, along with availability. Its important to acknowledge that platforms have entered the market to solve for this in the 20202021 boom, but there remains room for innovation in integrating mental wellness into broader ecosystems and creating more culturally competent and personalized care. What we now need are founders who bring nuance to the approach, particularly for the younger generation who live their lives online. Further, integrating mental wellness into broader product ecosystems, whether in healthcare or tech, is essential to meet this growing demand. Address financial insecurity with accessible solutions We found that 65% of Americans lack confidence in their financial position. Startups have a significant opportunity to build tools that empower financial literacy, provide budgeting assistance, and help with wealth-building strategies. Platforms that personalize financial advice or automate savings and debt management could close the confidence gap and improve financial outcomes, particularly for underserved communities. Again, tools exist today to help people manage their finances, but more can be done to address specific challenges faced by different communities, particularly the 54% lacking confidence or feeling neutral in their financial position. Innovate for workforce flexibility and career shifts We found that 84% of employees are considering a career change. While job numbers may wax and wane, 84% suggests a larger job dissatisfaction epidemic in this country. Platforms that support career transitions, entrepreneurship, and freelancing, or offer new pathways for upskilling, job flexibility, or alternative work arrangements will tap into the dissatisfaction with traditional employment and enable people to stay productive well past traditional retirement age. Many Americans still need better tools for career transitions, freelancing, and upskilling, particularly with college enrollment at the lowest levels weve seen in three decades. Simply building scalable solutions isn’t enough; while existing platforms have made strides in addressing the mental health, financial security, and workforce concerns that Americans share, there is still much work to be done. Entrepreneurs and investors must prioritize personalization and cultural competence as they develop the next generation of solutions. By doing so, they can help not only transform individual lives but innovate in a way that reflects the complexity of Americas polycultural future.Nisha Dua and Susan Lyne are cofounders and Managing Partners of BBG Ventures (BBGV), a seed and pre-seed venture fund backing high growth. For more information visit www.bbgventures.com, follow on bbgventures and connect on BBG Ventures.
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E-Commerce
Its been a rough week for the tech industry. First, Salesforce announced it would lay off more than 1,000 employees, and now another enterprise software maker has announced even deeper job cuts. Yesterday, Workday, Inc. (Nasdaq: WDAY), maker of cloud-based human resources software, announced that it would lay off 1,750 employeesor roughly 8.5% of its global workforce. These layoffs add to a rough start for the tech industry in 2025, which has seen major tech giants, including Meta, Microsoft, and Amazon, trim their workforces. Heres what you need to know about Workdays layoffs. Roughly 8% of Workday’s employees are impacted Workday yesterday announced that it was eliminating 1,750 roles at the company. That equates to about 8.5% of its total workforce, which stood at about 18,000 employees as of January 2024, as Reuters notes. Workday was founded in 2005 and is based in Pleasanton, California. The company makes enterprise software for HR management. Workday announced the layoffs in a memo from CEO Carl Eschenbach. In the memo, Eschenbach said the company would realign its resources in fiscal 2025 in light of the increasing demand for artificial intelligence and its potential to drive a new era of growth for Workday. This realignment means that Workday will invest strategically, helping teams work better together, bringing innovations to market faster, and making it easier for our customers and partners to work with us, Eschenbach said. But in order to achieve this realignment, he continued, job cuts would be necessary. Announcing the layoffs yesterday, Eschenbach encouraged employees to work from home or, for those already in the office, to head home. He said Workdays goal was to inform as many impacted employees as possible on that day. Workdays restructuring plan The layoffs are part of a larger restructuring plan for the company, which includes prioritizing investments in strategic areas, including AI and the development of its platform. However, while the plan includes cutting around 8.5% of its workforce, the company expects to continue to hire in key strategic areas and locations throughout its fiscal year ending January 31, 2026, according to a FORM 8-K filing with the Securities and Exchange Commission (SEC). That filing also revealed that Workday expects to exit certain owned office space as part of the restructuring. Workday says it expects its restructuring plan to cost the company between $230 million to $270 million, with roughly $145 million to $175 million related to severance payments, employee benefits, and other related costs. As for the employees getting laid off, Eschenbach said those in the U.S. will be offered a minimum of 12 weeks of severance pay with additional weeks of pay based on tenure. WDAY stock rises on news of layoffs While layoffs are devastating for the individuals affected, investors generally see things differently. The company’s stock price jumped after Workday announced its layoffs yesterday. WDAY shares closed trading yesterday over 6.3% higher than they opened. With yesterdays post-layoffs stock price jump, WDAY stock is now up just over 7% year-to-date. However, looking back a full 12 months, WDAY shares are negative for the period, having declined 5.3% over the past year. As of the time of this writing, in premarket trading, WDAY shares are currently up 0.3% to around $277 per share. According to tech layoff tracker Layoffs.fyi, 42 tech companies have now laid off over 10,800 workers since the beginning of 2025.
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E-Commerce
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