Quote of the Day: “Success is the sum of small efforts, repeated day in and day out.”
Robert Collier
I share the 4-5 most important accounting that actually matter. I scroll so you don’t have to.
So grab your coffee, take a quick break, and lets catch up.
Today’s Ledger:
Identity theft cases take 20 months.
KPMG drops $1.5M on future accountants.
Business travel rates are going up.
ChatGPT is now bigger than Reddit
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WTF of the Day🤯
IRS Takes 20 Months to Fix Identity Theft
The IRS says identity theft cases should take about 120 days. In reality, taxpayers waited almost 20 months on average. Most of that time was not spent fixing anything. The cases were just sitting there waiting for someone at the IRS to pick them up.
That wait is expensive too. The IRS paid about $124 million in interest on delayed refunds, and more than 50,000 taxpayers may not have even gotten updates on their cases. So imagine having your identity stolen, your refund frozen, and then hearing basically nothing for a year and a half.
Feel Good 😌
KPMG Just Bet $1.5M on Accounting Students
KPMG partners and employees are putting $1.5 million into William & Mary’s accounting program. The money will help fund mentoring, career programs, leadership training, and new tech-focused coursework for students.
The bigger story is why KPMG cares. Accounting firms need more young people coming into the profession, and AI is changing the job fast. So this is not just charity. It is also a pretty smart way to help build the talent pipeline KPMG will need later.
What’s poppin in accounting🍿
IRS Raises Business Travel Rates
Starting Oct. 1, the IRS is bumping its business travel per diem rates. High cost cities jump to $329 a day, while everywhere else moves to $230. That means a slightly bigger tax deduction for lodging, meals, and small travel expenses without saving every single receipt.
The transportation industry rates stay the same at $80 a day in the U.S. and $86 outside it. And yes, the tiny $5 incidental expense rate is still hanging around, covering things like tips to hotel staff and baggage carriers.
Weekly Trend Chart 📊
ChatGPT Is Now Bigger Than Reddit
Google still owns the internet. It pulled in about 1.19 trillion visits over the year, and Google plus YouTube made up more than half of all web traffic in the dataset. Absolute monster behavior.
But the part that jumped out to me was ChatGPT. It ranked fifth worldwide with nearly 66 billion visits, ahead of Reddit, Wikipedia, X, Gmail, Amazon, and TikTok. A site that basically did not exist a few years ago is now one of the biggest places on the internet. That is nuts.
Meme of the Day😂
Same with saying “allegedly” and then you can hurl any accusation you want at someone. 😂
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