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

Florida Tax Preparer Gets Slammed for $20M Fraud

Meet Luis M. Leon, a Hialeah (just outside Miami) tax prep bro who went full Breaking Bad, minus the lab coats.

Instead of just doing people's taxes like a normal dude, Leon opened “Professional Accounting & Tax Services” and got real creative. He filed hundreds of false returns, made up fake jobs and W-2s, and scored millions in inflated refunds. His clients often had no idea he was doing this in their name. They thought he was just really good at getting big refunds.

This wasn’t a one off either. The scam ran for at least four years and pulled in over $20 million. The feds finally caught on, and now he’s facing 7 years in prison, plus $9 million in restitution.

Now he’s filing returns from a prison cell.

Source: U.S. Department of Justice

💎 What’s poppin in accounting

BOI Reporting Might Be Dead (For Now)

FinCEN just proposed a rule that would exempt U.S. companies from BOI reporting, that’s the whole “tell the feds who actually owns your company” requirement.

The original BOI rule (aka the Corporate Transparency Act) had accountants pulling their hair out. It meant filing extra paperwork for clients who didn’t even know what “beneficial ownership” meant.

Now, this new rule would only apply BOI reporting to foreign owned companies, not small U.S. businesses. Basically, FinCEN just gave accountants a breather.

But don’t celebrate just yet, this is just a proposed rule. Comments are open until April 16, and you can bet there will be pushback.

Don’t worry we will keep you updated

Source: Accounting Today

 📊 Weekly Trend Chart

StubHub Blew $2 Billion on Ads

StubHub just filed to go public and their financials are wild. Since 2021, they’ve spent $2 billion on marketing. Translation, for every $2 they made, $1 went into convincing you to buy a ticket. That’s not a business model, that’s a billboard with a checkout page.

Even crazier? They pull in over 120M monthly visitors, yet still rely heavily on paid promotion to keep the engine running. High traffic, high spend, and high stakes, and despite all that, they're still not turning a profit.

#😂 

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