The Friday 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

Yum Brands Says IRS Screwed Up 4 Billion Tax Bill

KFC, Taco Bell, and Pizza Huts parent company is suing the IRS over a 4 billion tax hit tied to a 2014 corporate reshuffle. Yum says the restructuring should have been tax free, they swapped debt for stock, a move they claim is not taxable.

But the IRS disagrees. After an audit, they hit Yum with 2.1 billion in back taxes, 418 million in penalties, and 1.5 billion in interest. Yum tried to appeal but got nowhere. Now they are taking it to Tax Court, saying the IRS broke its own rules by overstepping legal authority.

Source: Bloomberg

💎 What’s poppin in accounting

Forvis Mazars Plants Its Flag in Minnesota

Accounting giant Forvis Mazars just opened a new office in Minneapolis. They're already pulling in $2.15 billion a year, and now they're betting big on the Midwest.

Why? They see Minnesota as a growth hub that fits their client base and firm culture. Audit director Tyler Aldridge is leading the charge, and the office will serve as a base for teams across multiple service lines. It's part of a bigger play to lock in more regional clients and talent.

Source: Forvis Marzars

 📊 Weekly Trend Chart

Campbell’s Says We’re Back in Our Kitchens

Campbell’s says people are cooking at home more than they have since peak pandemic. Their pasta sauces and soups just helped them beat Wall Street expectations.

The reason? People are broke. Groceries are still cheaper than eating out. Even McDonald’s says spending is slowing down.

So instead of drive-thru dinners, we’re back to making pasta and heating up soup at home like it’s March 2020 all over again.

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