The Tuesday Lowdown ⬇️

If you're new around here, every day I share the 4-5 best accounting insights I saw in the past 24 hours.

I scroll. so you don't have to.

💎 WTF of the Day

Baker Tilly and Moss Adams just merged in a 7 billion megadeal

Two of the biggest accounting firms in the country, Baker Tilly and Moss Adams, are merging to form the sixth largest CPA firm in the US. The new firm will keep the Baker Tilly name and span coast to coast, with private equity backing and a big push into the middle market space.

We talked about this last week and now it’s officially happening. The deal closes in June. One CEO retires. The other steps in. And just like that, the accounting world gets a new heavyweight.

Source: WSJ

💎 What’s poppin in accounting

trump officials consider stripping green groups’ tax breaks

The Trump team is going after some of the biggest environmental nonprofits in the country. They’re floating a plan to take away their tax exempt status right around Earth Day. Why now? These groups have been loud critics of Trump’s push for more oil, gas, and coal.

Supporters say if a nonprofit acts like a political activist, it should pay taxes like one. Others see it as a clear message, speak out and you could lose your tax perks. Either way, it puts climate groups in the crosshairs.

Source: Politico 

 📊 Weekly Trend Chart

UK job market sees biggest drop since covid

In March, the UK lost 78,000 payrolled workers, the biggest monthly drop since the start of the pandemic. Job vacancies also fell to a four year low, and more people are now looking for work. So what happened?

It all came ahead of a double whammy in April: a $25 billion hike in National Insurance and a bump in the national minimum wage. Businesses braced by cutting staff, especially in hospitality and retail. Some wages are still rising, but economists say that might not last.

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