The Friday 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 Bribes Workers to Quit Then Won’t Let Them Leave

The IRS just pulled a classic “not so fast” move. Employees who accepted a buyout package to leave early were just told they have to stick around until May 15. So basically, they got paid to quit… but now they can’t leave yet.

The agency is already dealing with staffing shortages, and losing too many employees at once could be a disaster for tax season. So now, they’re keeping people on the payroll, whether they like it or not.

Source AP News

💎 What’s poppin in accounting

AI Is Coming for Us All

TaxGPT just raised $4.6 million to build the first AI-powered tax co-pilot for accounting firms. The goal Automate tax prep and compliance so firms can do more work with fewer humans.

And let’s be real, whether it’s TaxGPT or some other no-name startup, the endgame is the same. AI is here to replace jobs, not just assist them. Workday just laid off 1,000 employees for AI efficiencies, and tax pros might be next. If you’re in accounting, now’s the time to start thinking about what AI can’t do.

Source WRBL

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 📊 Weekly Trend Chart

Spotify Owns 1 in 12 Humans’ Ears 🎧

Spotify just hit 602 million monthly active users, meaning 1 in 12 people on Earth is streaming music on the platform. The company added 113 million users in the last year alone, proving that despite price hikes, people aren’t ditching their playlists.

The crazy part? Spotify still isn’t profitable. Even with all that growth, they’re struggling to turn a consistent profit, thanks to massive licensing fees. But as long as they keep locking in users, they’ll find a way to make the money work, probably by charging you more.

#😂

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