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

IRS Cuts Whistleblower Out of Millions

A whistleblower handed the IRS a solid tip on a multimillion-dollar tax dodge, hoping for up to 30% of the recovered amount. But the IRS played hardball, slashing the total claim below $2M, just enough to disqualify the whistleblower from getting a payout.

No $2M? No reward. The IRS gets the cash, and the whistleblower walks away empty handed. Tough break for playing by the rules. 

Source: Bloomberg Tax

💎 What’s poppin in accounting

IRS Proposes New Rules for Tax Pros

The IRS just unveiled a plan to tighten the reins on tax professionals. The proposal includes mandatory annual ethics training and a requirement to prove competency through testing or certifications.

The goal? To weed out unqualified preparers and reduce errors or fraud in tax filings. But for legit professionals, it could mean more hoops to jump through extra costs, more time, and increased scrutiny.

The rules aren’t final yet; the IRS is seeking public feedback. Expect some strong opinions on both sides.

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 📊 Weekly Trend Chart

PG Movies Are Crushing It

Family friendly movies are taking over the box office. By year’s end, PG rated films are set to dominate as the top grossing category. Think “Barbie,” “Super Mario Bros.,” and other blockbusters that cater to all ages.

The trend? Studios are doubling down on content that pulls in kids, parents, and everyone in between. With fewer R-rated hits and a shrinking number of moviegoers overall, PG films are proving to be the safest bet in a risky market.

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