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

Retailers sitting on old data could get smoked for 50 million

Australia just cranked up the heat on retailers with bloated loyalty programs. BDO says holding onto years of old customer data without a real reason could cost you up to 50 million dollars under new privacy laws. Customers can even sue if their info gets leaked.

In the US? We are still handing out email addresses for 10 percent off and hoping no one notices. Maybe it is time to stop acting like privacy is optional.

Source: Accounting Times

💎 What’s poppin in accounting

AICPA says new tax rule could raise taxes on small firms

The AICPA is warning that a new tax rule could hit small firms, like accounting, law, and consulting businesses, with higher taxes. Right now, those businesses can write off the state and local taxes they pay before passing income to the owners. The new rule would take that benefit away just for service businesses.

That means firms would owe more in federal taxes, even if nothing else changed. The AICPA says this is unfair and would put small businesses at a disadvantage compared to big corporations. They want Congress to fix it before the bill becomes law.

Source: AICPA

 📊 Weekly Trend Chart

Elon might actually be winning the x rebrand

It only took Elon Musk 18 months, $44 billion, and an identity crisis, but people are finally Googling “X login” more than “Twitter login.” According to search data, the rebrand is starting to stick, at least for folks trying to log in.

The public might still call it “Twitter” out loud, but online? X is slowly winning. Elon might actually be pulling it off.

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