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

Americans Trust AI Over CPAs for Taxes

Americans are putting more trust in AI tax prep than actual CPAs, according to new research. The study found that 53% of taxpayers are open to letting AI handle their returns, while trust in accountants is slipping.

Why? Cost, convenience, and speed. AI-powered tax tools are getting smarter, filing returns in minutes, without hourly fees or scheduling headaches. The big question What happens when AI makes a mistake? CPAs can defend you in an audit, AI can’t. But if people are willing to risk it, tax pros might have to rethink their game.

Source Fortune

💎 What’s poppin in accounting

PCAOB Puts Audit Firms on Notice Over ‘Specialists’

The PCAOB just fired a warning shot at audit firms Be careful who you’re outsourcing to. Some firms rely on outside specialists (like valuation experts and actuaries) for complex audits, but regulators say they’re not always being properly vetted.

Why does this matter If specialists mess up the numbers the audit firm is still on the hook. The PCAOB is making it clear that firms can’t just pass the buck—they need to prove these specialists actually know what they’re doing. Expect more scrutiny and maybe a few fines down the road.

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 📊 Weekly Trend Chart

American Kids Can’t Read and No One Cares

Reading scores in the U.S. are in free fall, and no one seems to have a real plan to fix it. Decades of decline got worse after the pandemic, and now we’ve got a generation of kids struggling with basic literacy.

Blame TikTok brain, bad teaching methods, and a culture that rewards scrolling over studying. Some schools are trying to fix it with the “science of reading,” but at this rate, we might end up with a workforce that can’t read past a tweet.

#😂

genius 😂

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