The Wednesday 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

Accountant Stole $100K from a Nonprofit

This one’s rough. A Texas accountant admitted to stealing nearly $100K from a nonprofit, and she gambled it all away. She wrote fake checks to herself, disguised them as business expenses, and kept it going until the numbers stopped adding up.

Once the nonprofit noticed “financial inconsistencies,” they dug into the records and found the missing cash trail. Now, she’s facing felony charges, and the nonprofit is left picking up the pieces.

Source: KETK

💎 What’s poppin in accounting

BOI Reporting Put on Ice…for Now

This one’s a curveball. The IRS just announced they won’t be enforcing Beneficial Ownership Information (BOI) reporting…for now. The rule, which was supposed to crack down on shady shell companies, would have required millions of small businesses to report their ownership details to the government.

But thanks to a recent court ruling, the IRS is putting enforcement on hold, at least until the legal dust settles. That means businesses that were scrambling to comply just got a temporary break, but don’t get too comfy. This rule could come back fast.

Source: FOX9

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Philip Morris Ditches Cigars After Boom

During the pandemic, cigar sales skyrocketed as people swapped office stress for backyard smoke breaks. Now, Philip Morris, the tobacco giant behind brands like Black & Mild is thinking about selling off its cigar business entirely.

Why? Smoking laws are tightening, health-conscious trends are rising, and Philip Morris is betting big on smokeless products instead. But with cigar demand still high, this could be a juicy deal for whoever picks it up next.

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😂 genius

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