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

IRS Wants His Mansion for $24M Tax Bill

The IRS is coming for the estate of a tobacco tycoon who died owing $24 million in taxes. Instead of just taking cash they want his real estate to cover the debt.

Why Because either there isn’t enough cash in the estate to pay up or the IRS thinks selling the property will bring in more money than what’s left in the accounts. If they win this could make it easier for the government to go after real estate when estates don’t have enough liquid assets to settle tax debts. Accountants and estate planners should be paying attention.

Source Bloomberg Tax

💎 What’s poppin in accounting

PCAOB Fines Texas Firm for Audit Failures

A Texas accounting firm just got hit with a $65,000 fine from the PCAOB for botching audits and ignoring key auditing standards. The firm failed to properly test financial statements and didn’t document key procedures, basically rubber-stamping audits instead of actually checking the numbers.

$65K might not seem like much but it’s a warning. The PCAOB has been stepping up enforcement, and firms cutting corners on audits could be next in line for fines.

Source CPA Practice Advisor

💤 Sleep Like You’ve Got Zero Tax Deadlines

You know that feeling when your head hits the pillow, but your brain decides it’s time to think about 401(k) limits and client emails? Mood’s Sleepytime Gummies fix that.

They’re packed with 100 percent federally legal THC plus fast-acting herbs and botanicals that knock you out in 15 minutes flat. No pills. No melatonin. No groggy mornings where coffee barely scratches the surface.

Even if you pound an espresso at 10pm, these gummies don’t care. They’re so effective they come with a 100-day guarantee.

Take one, chill, and wake up feeling like the CPA superhero you are.

Sleep Better Tonight

 📊 Weekly Trend Chart

Americans Bet a Stupid $140B on Sports

Americans threw down $140 billion on sports betting last year and that’s just the legal bets. With gambling now legal in most states and apps making it easier than ever everyone’s getting in on the action.

The real winner The sportsbooks. They raked in billions while most bettors took Ls. Problem gambling concerns are rising but with numbers like these don’t expect the industry to slow down anytime soon.

#😂

Life hack 😂 

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