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

PwC’s China Fallout Isn’t Over Yet

PwC is losing partners left and right, over 100 have left across China and Hong Kong. Why? It all goes back to Evergrande. PwC was fined $61 million for signing off on fake financials from the now collapsed real estate giant.

Since then, regulators and major clients like AIA have dropped them. Even PwC’s own people are jumping ship, and now the Hong Kong audit regulator is digging into their role too.

Source: Accounting Today

💎 What’s poppin in accounting

IRS Loses 18,000 Workers in Mass Resignation Deal

Nearly 18,000 IRS employees just took a Trump-era resignation deal to leave the agency. That’s on top of 5,000 who left earlier this year. Most of them will be on paid leave through September.

This wave of exits could shrink IRS enforcement and make it easier for people to dodge taxes. It also effectively erases the IRS hiring surge from the Biden years.

Source: Bloomberg Tax

 📊 Weekly Trend Chart

Horror Is Crushing It at the Box Office

A vampire flick called Sinners made $123 million without being a sequel or tied to some big franchise. It barely dropped in its second weekend, which is super rare and now horror movies are eating up over 12 percent of all movie ticket sales this year. People aren’t showing up for superheroes anymore. They’re showing up to get scared.

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