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

600 Jobs Lost as Firm Shuts Overnight

Vancouver based Bench Accounting, a bookkeeping giant with $113M in funding, shut down suddenly over the weekend, leaving 600 employees jobless. 

What went wrong? Insiders blame cash flow problems, rising costs, and failed funding attempts. Clients are now scrambling for their year end financial data. A tough reminder of how rapid growth without a solid plan can lead to collapse.

Source: CBC

💎 What’s poppin in accounting

The 'magic' ends for big time tax fraudster

Rafael Alvarez, a Bronx tax preparer known as "the Magician," has pleaded guilty to running a $145M tax fraud scheme from 2010 to 2020. By fabricating deductions and credits on 90,000 federal tax returns, Alvarez and his company, ATAX New York LLC, cheated the IRS and clients for over a decade.

He raked in $12M in illegal profits and now faces up to eight years in prison, along with $145M in restitution to the IRS. One of the largest tax fraud cases ever!

Source: Forbes

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 📊 Weekly Trend Chart

Trump Sparks Crypto Boom

Bitcoin just hit $100,000, and Trump might be the reason. After his election win, Trump promised to make the U.S. the "crypto capital of the world," backing it up with pro-crypto policies and key appointments like Paul Atkins at the SEC.

The result? A surge in crypto confidence, with investors piling in and digital assets booming. Trump’s vision could set the stage for a crypto boom in 2025. The question now, can the U.S. lead the next wave of innovation?

#😂

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