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

Treasury Can’t Track $4.7 Trillion

The U.S. Treasury misplaced budget codes for a staggering $4.7 trillion in payments, that’s nearly 20% of the entire U.S. economy. These codes, called Treasury Account Symbol (TAS) codes and budget object class codes, are used to track where federal money goes and how it’s spent. Without them, it’s like sending billions without labeling who it’s for or what it’s for, making audits a nightmare.

Even worse? This isn’t new missing codes have been an issue for years, but the problem spiked in 2023. Without proper tracking, waste, fraud, and errors can easily slip through the cracks. For

Source: World Tribune

💎 What’s poppin in accounting

IRS Is Laying People Off... During Tax Season

In a surprising move, the IRS plans to lay off up to 15,000 probationary employees, those still in their first year, as soon as this week, right in the middle of tax season.

This decision follows directives from the Trump administration and Elon Musk's DOGE to reduce the federal workforce. The layoffs are expected to impact areas like customer service and processing, potentially leading to delays in tax return processing and refunds.

Taxpayers are advised to file early to avoid potential delays. With the IRS expecting to process over 140 million returns this season, these cuts could significantly affect operations.

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 📊 Weekly Trend Chart

Hermès Wins Big Despite Birkin Dupes

Luxury brand Hermès just hit record sales, pulling in €15.2 billion in 2024 revenue—even with Walmart’s $80 “Wirkin” bags going viral as budget-friendly Birkin dupes. Turns out, TikTok buzz didn’t faze Hermès’ wealthy customers, if you’ve got $10K for a real Birkin, you’re not settling for a knockoff.

Sales soared in the Americas and Japan, and Hermès is rewarding employees with a €4,500 bonus. CEO Axel Dumas brushed off the knockoffs, basically saying, "People know the difference."

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