The Thursday 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 criminal investigators crack down on COVID and ERC fraud

You know how everyone was cashing in on those COVID-era tax credits like it was free money? Well, the IRS is finally clapping back.

Turns out the IRS’s Criminal Investigation unit has been quietly stacking receipts. They’ve opened 2,000+ cases tied to pandemic fraud and found $10 BILLION worth of funny business. The big target? That sweet ERC cash (Employee Retention Credit).

They’ve flagged $2.95 billion in shady claims, and people are already getting locked up 11 convictions, with average sentences of 2 years. And now the IRS is showing up at tax firms, educating advisors before they accidentally (or “accidentally”) push sketchy claims.

The ERC gold rush is over. If you’re still trying to get clever with it, better have a good lawyer.

Source: IRS.gov

💎 What’s poppin in accounting

Utah Joins the Club

Utah’s hopping on the same train as Minnesota and Ohio, ditching the old school CPA path and giving future accountants a few new ways to get licensed.

Instead of forcing everyone into the 150 credit hour route (which is expensive, outdated, and turns a lot of people away), they’re opening things up. Apprenticeships, on the job training, and more flexible paths are in.

Fewer barriers = more CPAs. And if other states follow, we might finally see some real momentum in solving the talent crisis.

Source: CFO Dive

 📊 Weekly Trend Chart

The Border Is Cracking Down on Eggs

people are trying to sneak eggs across the U.S. border like they’re illegal fireworks.

Why? Eggs are way cheaper in Mexico. So, folks thought they could outsmart the system and load up to save a few bucks. But U.S. Customs wasn’t having it, seizures of eggs have spiked, and if you get caught, the fine can hit $10,000. Yeah, for eggs.

It’s wild, but it says a lot. Inflation has people so desperate they’re smuggling breakfast. If you’re in food retail, logistics, or even accounting for grocery clients, don’t sleep on this, when food becomes contraband, something’s seriously off.

#😂 

😂 If you know you know

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