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Good morning. Here’s your quote of the day to start strong
“If there is no struggle, there is no progress.” - Frederick Douglass
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 is building startups inside KPMG.
Wall Street’s favorite tax tricks are getting IRS attention.
U.S. public college tuition averages $9,596.
Worth a Look 👀
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WTF of the Day🤯
KPMG Wants to Act Like a Startup
KPMG is building AI startups inside its own 130 year old firm. Each one gets its own founders, funding, and team, and can build products with companies like OpenAI, Google, Microsoft, and Anthropic. Basically, KPMG wants startup speed without giving up the giant client list.
The weird part is these startups might not stay inside KPMG forever. Some could get folded back into the firm. Others could be sold or spun out on their own. KPMG also plans to put rising employees in charge of some of them, which is a pretty wild way to train future partners.
What’s poppin in accounting🍿
Wall Street’s Tax Tricks Got Put on Notice
Wall Street has built a whole business around helping rich investors make tax bills disappear. Swaps, options, ETFs, fancy conversions. The names are complicated. The goal is not. Turn taxable income into something the IRS taxes less, or delay the tax altogether. Treasury just said it is looking much harder at several of these strategies and may force investors to disclose more of them. IRS
One popular move is already getting squeezed. Some investors were putting appreciated stocks into an ETF, then quickly swapping those stocks out without triggering the capital gains tax they normally would owe. The IRS now says certain versions of that move can be treated as a taxable sale instead.
Weekly Trend Chart 📊
America’s $9,596 College Bill
A year at a U.S. public university costs about $9,596 before aid. That puts America near the top of the list. Meanwhile, students in Denmark, Finland, Norway, Sweden, and Türkiye pay $0 in tuition. Yep. Zero.
And American students still have to pay for rent, food, books, and everything else on top of that $9,596. Students in those free-tuition countries have living costs too, but at least they are not starting with a tuition bill. That is a pretty big head start.
Meme of the Day😂
we even had telephones with no caller ID 😂
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