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

IRS Is Making It Rain $145B in Refunds So Far

Tax season is in full swing, and the IRS has already pushed out $145 billion in refunds. The average refund? About $3,125. But here’s the thing, filings are down 10% compared to last year, which means a lot of people are either procrastinating or bracing for smaller checks.

For accountants, this is your annual reminder that tax season chaos is just getting started. If your clients are still dragging their feet, maybe remind them that the IRS isn’t exactly known for its patience.

Source: Yahoo Finance

💎 What’s poppin in accounting

Americans Want a Tax System That Doesn’t Suck

No shocker here, most Americans hate tax season. A new survey says 70% of people want tax reform because filing is confusing, stressful, and makes them feel like they’re getting screwed.

• Nearly half admit they don’t fully understand how to fill out tax forms.

• 64% find tax preparation stressful.

• 36% aren’t confident they’re maximizing deductions and credits.

• Another 36% fear making mistakes when filing.

But will anything change? Probably not. Every election, politicians promise "simpler taxes," and every year, things get more complicated. Good luck out there.

Source: CPA Practice Advisor

 📊 Weekly Trend Chart

Forever 21? More Like Forever Filing for Bankruptcy

For the second time in six years, Forever 21 is back in bankruptcy court. Turns out, selling $5 crop tops while competing with Shein and Temu isn’t a winning business model.

The fast-fashion giant first collapsed in 2019, then got bought out by a group including Authentic Brands (same company that owns Brooks Brothers and Reebok). Now, it’s drowning in retail debt again, struggling to keep up with online-only competitors that are cheaper, faster, and trendier.

At this point, Forever 21 is looking more like a fast-fashion zombie, alive, but barely. Maybe third time’s the charm?

#😂 

Teacher, “why are you so sweaty?” 😂 

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