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 Plans to Cut Nearly Half Its Workforce

This one’s big. The IRS is reportedly drafting plans to slash up to 45,000 jobs, nearly half its workforce. The move comes as funding shifts and automation (hello, AI) start replacing human tax collectors.

For taxpayers, this might not be the worst news. Fewer auditors could mean less scrutiny, and AI-driven systems could make filing smoother and faster. The IRS has been bloated for years, maybe it’s time to trim the fat and modernize how tax collection actually works.

Source: AP News

💎 What’s poppin in accounting

AICPA Drops ‘Competencies’ from CPA Licensure

Before, CPA candidates had to demonstrate specific skills (competencies) in things like tax, audit, and advisory, even if they weren’t going into those areas.

Think of it like forcing every doctor to prove they can do brain surgery, even if they just want to be a dermatologist.

Now that extra hoop is gone. The goal is to get more people into accounting faster and fix the talent shortage. Some say it’s watering down the profession, others argue it’s just removing pointless obstacles. Either way, passing the CPA just got a little easier.

Source: CFO Dive

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 📊 Weekly Trend Chart

Wall Street’s Biggest Winners & Losers

The S&P 500 had a rollercoaster year. Mega-cap giants like Tesla, Apple, and Nvidia took hits, dragging the index down. But here’s the twist, over half of the S&P 500 stocks actually finished the year positive.

Industrials, energy, and small caps quietly outperformed, while tech stocks that dominated in 2023 cooled off. The takeaway? Even when the big names struggle, the market keeps moving.

#😂 

😂 W dad

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