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

California Jet Fuel Tax Deal Goes Up in Smoke

El Centro, CA, struck a deal with a truck stop chain, to boost local revenue. The plan? Pilot would report jet fuel sales as happening in El Centro, letting the city collect sales tax on those transactions. In return, the city gave a cut of the revenue, classic tax-sharing.

But then Pilot rerouted those sales through another location offering better tax perks. This meant the sales were no longer reported in El Centro, so the city lost $1.2M in anticipated tax revenue. State auditors are now investigating, and locals are furious.

Tax sharing deals can be legal but risky. when a company shifts gears, cities are left holding the bag.

💎 What’s poppin in accounting

Deloitte’s New CEO

Joanne Gorton, Deloitte’s audit boss, is stepping up as CEO in February 2025. She’s been the force behind transforming their audit game with tech, and now she’s taking the whole firm into an era of big regulatory and market shifts.

She’s replacing Adam Powick, who’s been holding the seat since 2021. With Gorton’s track record, Deloitte’s betting she can handle the heat. Whether she shakes things up or plays it safe, this move is worth keeping your eye on.

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 📊 Weekly Trend Chart

Google’s Search Ad Throne is Shaking

Google’s been the undisputed champ of search ads for years, printing money like a mint. But now? The cracks are showing. Their U.S. market share is set to drop below 50% for the first time in over a decade.

Here’s who’s stealing their lunch:

• Amazon: People aren’t “Googling it” for products anymore, they’re going straight to Amazon.

• TikTok: Gen Z isn’t asking Google, they’re searching TikTok for everything from recipes to reviews.

• AI Tools: Platforms like ChatGPT and Perplexity are giving direct answers, cutting Google out of the loop.

The internet is evolving, and Google’s grip on search might not last forever.

#😂

I've seen Shrek 20+ times. Magic Mike not once. 😂

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