The Monday 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

Tax Pro Jailed for $1.4M Fraud

Mark Legowski, a Connecticut accountant, spent years cooking his books and skipping out on taxes. From 2015 to 2017, he “forgot” to report $1.4M in income from his own business, dodging nearly $500K in taxes.

Legowski’s scam was simple, he left big chunks of customer payments out of his bookkeeping and reported laughably low incomes, like claiming just $56K in a year when he made over $550K.

The fallout? Eight months in federal prison, a $10K fine, and $500K paid back in taxes, penalties, and interest. Now he’s crunching time instead of numbers.

💎 What’s poppin in accounting

ICAEW Approves Tech to Keep Clients Happy

The ICAEW (Institute of Chartered Accountants in England and Wales) is now approving tech tools that make it easier for accountants to talk to their clients.

Accountants often rely on slow methods like email. But clients want faster replies, think WhatsApp / iMessage speed. ICAEW’s new accreditation highlights tools like ClientWindow, which combine WhatsApp, WeChat, and email into one secure platform.

In the U.S., firms are already using modern tools to stay compliant with privacy laws and meet client demands. While this is new for the UK, it’s old news for big U.S. firms.

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 📊 Weekly Trend Chart

Russia's Currency Tanks

Russia’s ruble has collapsed to its lowest point since the early Ukraine war. 1,000 rubles now get you just $8.84 USD, half of what they were worth in 2022.

Here’s why:

• Sanctions are choking the economy. Russia’s access to foreign cash is cut off.

• The war is bleeding resources dry. Military spending is out of control.

• Energy revenues are tanking. Europe doesn’t need Russian oil and gas like it used to.

Even after jacking interest rates to 21%, the ruble keeps dropping. This isn’t just a bad week, this is what a country’s financial system breaking under pressure looks like.

#😂

ahhh take me back 😌😂

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