The Monday 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

Influencers Are Screwing Up Their Taxes

Turns out, being TikTok famous doesn’t mean you’re good at taxes. Influencers are struggling to figure out what they owe, thanks to complicated tax rules on brand deals, gifted products, and inconsistent income streams.

Many don’t realize that free PR packages? Taxable. Paid brand collabs? Self-employment tax applies. Even crypto and NFTs? The IRS wants a cut. The confusion is so bad that some influencers don’t file at all, until they get hit with penalties.

Moral of the story, If you’re making money online, the IRS wants their piece. Get an accountant before it’s too late.

Source: NewsNation

💎 What’s poppin in accounting

House GOP Yanks $20B From IRS Budget

Republicans just pushed a funding bill that pulls back $20 billion from the IRS, part of the cash Democrats gave the agency in 2022 to beef up enforcement. The move is meant to curb audits, but critics say it could also slow down tax refunds and customer service.

With tax season in full swing, the IRS is already stretched thin. Less funding could mean fewer audits on high earners… or just longer hold times for everyone.

Source: Bloomberg Tax

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Bloomberg’s Billion Dollar Giveaway

Michael Bloomberg just topped the list of America’s biggest philanthropists, for the second year in a row. In 2023, he donated $3.7 billion, mostly to education, public health, and climate initiatives.

That’s more than Jeff Bezos and Bill Gates combined last year. But with a net worth of $96B, it’s just pocket change.

Still, he’s giving more than most billionaires, whether it’s generosity or a tax strategy, you decide.

#😂 

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