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

Sam’s Club Owes $310M for Skipping Cook County Tobacco Tax

Sam’s Club just got slammed with a $310 million tax bill. A Cook County court ruled that 11 Chicago area locations skipped collecting tobacco taxes when selling to out of county retailers. The county says it doesn’t matter who they sold to, the sales happened inside Cook, so the tax applies.

Sam’s says the ruling is wrong and they’ll appeal. But if it holds, they’re on the hook for back taxes, interest, and penalties. It’s one of the biggest local tax rulings in years.

Source: Bloomberg

💎 What’s poppin in accounting

Congress Is Cooking Up a Massive Tax Bill

Both parties are duking it out over a new bill that could overhaul corporate and nonprofit taxes. The “One Big Beautiful Bill” (yes, that’s the name) would bring back full bonus depreciation, let companies immediately expense R&D, and change how interest deductions are calculated. Nonprofits, especially big universities, would see new taxes on investment income, royalties, and even transportation perks.

Republicans say the bill is a win for business and locks in Trump era tax cuts. Democrats say it’s a cash grab for corporations that guts Medicaid and kills clean energy jobs. Nothing’s final yet, Senate still has to mark it up.

Source: White house

 📊 Weekly Trend Chart

Smucker’s PB&J Empire Might Save the Day

Smucker’s earnings? A mess. Sales are down, profits got slashed, and the Hostess deal isn’t looking sweet. Twinkies sales fell 26 percent and coffee prices are going up for Folgers and Bustelo.

But Uncrustables are still crushing. The frozen no-crust sandwich that kids and the Kelce brothers love is on pace to hit $1 billion next year, up from $920 million. Not bad for a brand they bought for just $1 million in 1998. Smucker even opened a 900000 square foot Uncrustables megafactory in Alabama to keep up with demand.

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