The Tuesday 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

Deloitte Just Made a Big Bet on Trust Taxes

Deloitte Tax just bought up the guts of Trust Processing Solutions, a boutique shop out of Cincinnati that’s been quietly dominating fiduciary tax compliance, the unsexy corner of accounting where real money moves.

Now TPS’s team is getting folded into Deloitte’s Institutional Trust Group, which means more firepower, more clients, and a serious shot at becoming the biggest fiduciary tax player in the U.S.

You probably won’t hear about this deal on CNBC, but trust us, the estate planners just felt the ground shift.

Source: Bloomberg Tax

💎 What’s poppin in accounting

Illinois Ranks Dead Last in Financial Transparency

Illinois last out of all 50 states when it comes to financial transparency. The state still hasn’t released its 2023 financial report, and the 2022 version was so unclear that auditors couldn’t even verify it.

Experts say Illinois makes budget decisions without key financial data, underfunds pensions by $5 billion a year, and masks deficits with gimmicks. Taxpayers are now on the hook for over $37,000 each in future costs, without getting any new services in return.

Source: The Center Square

 📊 Weekly Trend Chart

Kraft Heinz Might Ditch Mac and Cheese

Kraft Heinz is planning to spin off a big chunk of its grocery business, possibly cutting loose iconic brands like Kraft mac and cheese, Oscar Mayer hot dogs, and frozen meals, remaining business focuses on faster growing products like ketchup and mustard.

Why the shift? Processed food just isn’t hitting like it used to. Americans are eating 3.6x more natural cheese than in the 1970s, but processed cheese? Barely moved. After six quarters of falling sales, the company is trying to slim down before shoppers ditch them completely.

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