The Thursday 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

Archeologists uncover tax fraud in ancient Rome

Turns out tax cheats aren’t just a modern problem. Archeologists digging in the Egyptian desert just found a 1,900-year-old Roman tax fraud case. They uncovered papyrus records showing traders faked receipts and altered financial records to dodge paying imperial taxes.

How’d they figure it out The documents didn’t match up. One set of records showed full tax payments while another had “adjusted” numbers proving someone was skimming off the top. Back then dodging taxes wasn’t just about avoiding fines—Roman tax evasion could get you exiled or executed. Makes today’s IRS audits look like a slap on the wrist.

Source: Newsweek

💎 What’s poppin in accounting

IRS Speeds Up Fixes for ID Theft Victims

Good news if the IRS ever flagged your return for identity theft. They just announced they’re cutting wait times for victims who get stuck in tax limbo. The average resolution time used to take almost two years but now they claim it’ll be 120 days or less.

It’s a step in the right direction but let’s be real 120 days is still a long time to wait for your own money.

Source: tax payer advocate

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 📊 Weekly Trend Chart

Norway’s $1.6 Trillion Piggy Bank

Norway’s oil-backed wealth fund just hit a record $1.6 trillion in value. If they split it up today, every Norwegian citizen would get $319,900. So what even is this fund, and why is Norway swimming in cash while other countries are drowning in debt

Here’s the deal Norway struck oil in the 60s but instead of blowing the money, they started saving and investing it in a national fund. They own chunks of Apple, Microsoft, and thousands of other companies, and those investments keep growing. While other countries run on IOUs, Norway is sitting on one of the biggest investment portfolios in the world.

#😂

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