The Wednesday 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

DOGE Wants to Centralize IRS Data

DOGE wants to build one giant system that pulls all IRS tax data into a single API. Right now, accountants have to dig through clunky legacy systems just to find basic info. This move could simplify things, faster access, fewer errors, and less time wasted.

It sounds great on paper. But cramming everything into one system also makes it a huge target for hackers. So while it could make accountants lives easier, it also comes with serious risks.

Source

💎 What’s poppin in accounting

Brainwashed by the Big 4

The CEO of RSM straight up said they don’t bother poaching Big 4 partners, because those folks are too “brainwashed” by toxic work culture. His take? By the time they’re ready to leave, they’re burned out, bitter, and need to “detox” before being useful elsewhere.

Yeah, no shit, Jamie. They’ve been locked in fluorescent lit rooms doing spreadsheets for 16 hours a day since 2009. These people are broken. They’ve seen things. They’ve done things. And now they’re just waiting for their soul to vest.

Source

 📊 Weekly Trend Chart

Americans have been hoarding cash

Data shows folks have been quietly piling money into money market funds for the past couple years, even before things got shaky in the markets.

Why? People are skittish. Between inflation, interest rate whiplash, and “vibes-based” investing, trust in the market is shaky. So instead of YOLOing into stocks, they’re parking over $6 trillion into low risk accounts that pay solid interest. It’s smart. But it’s also a big signal, most Americans still don’t feel safe playing offense with their money.

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