- Ledger Lowdown
- Posts
- KPMG Cuts Partner Pay as Consulting Slumps
KPMG Cuts Partner Pay as Consulting Slumps
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:
KPMG cuts the top.
Schools risk tax breaks.
Texas loves guns.
WTF of the Day🤯
KPMG Cuts Partner Pay
KPMG Australia is squeezing the top of the pyramid. The number of senior partners earning at least $1.3 million a year has dropped from 17 to about 10, and some partners were moved into lower pay bands. The firm also warned average partner income could fall 20% this year, which works out to roughly $144,000 less based on last year’s payouts.
The cuts come as KPMG deals with an audit scandal and a rough consulting market. Consulting revenue fell 16.9%, and the firm is cutting about 5% of its workforce. For U.S. accountants, the part worth watching is whether the same pressure shows up here. If consulting stays soft, KPMG’s U.S. partners and staff could eventually feel some of the same cost cutting.
Read the article
What’s poppin in accounting🍿
18,000 Schools Put on Notice
The Trump administration wants to make tax-exempt status harder to keep for private schools that use race-based policies. New Treasury and IRS rules would apply to admissions, scholarships, athletics, loans, and other programs. The government estimates as many as 18,000 private schools, colleges, universities, and trade schools could be affected.
The big threat is money. Losing 501(c)(3) status would mean schools could lose major tax benefits, and donors may no longer be able to deduct contributions. Schools could still help disadvantaged students using things like income, geography, first-generation status, or hardship. But race itself could not be used to hand out admissions spots or financial benefits.
Read the article
Weekly Trend Chart 📊
Surprise, Texas Loves Guns
Surprise, surprise. Texas has the most registered weapons in America with 1.14 million. Florida is a distant second at about 632,000, followed by Virginia with roughly 480,000. Rhode Island has fewer than 5,000, which feels almost suspiciously polite.
But here’s the catch. These are only registered weapons. America is estimated to have around 400 million guns in civilian hands, while this data only counts about 9.6 million of them. So the chart is less “who owns the most guns” and more “which states have the most guns the government actually knows about.”
Meme of the Day😂
😂
Want to Reach 60,000+ Accountants?
If you’re interested in getting your product or service in front of accountants, CPAs, and firm owners, just reply to this email to see if you’re a good fit to partner with Ledger Lowdown.