The Wednesday Lowdown ⬇️

We’re thinking about adding an advice column. Work drama, dumb coworkers, annoying clients, confusing career stuff, whatever it is, just reply to any email we send during the week and tell us what’s going on. Every Friday, we’ll pick one and give brutally honest advice (name kept private, of course). Odds are someone else is dealing with the same BS.

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

Illinois Ditches the 150 Rule

Another state jumps on the CPA reform train. Illinois just passed a bill adding new paths to get licensed. No more one size fits all 150 credit hours. Now, accounting grads with real work experience can take the exam and get licensed without the extra school.

The move is all about fixing the accountant shortage and making the profession more practical. Bill is now waiting on Governor Pritzker’s signature.

Source: Illinois CPA Society

💎 What’s poppin in accounting

Tax pros can’t just “trust” their clients anymore

If you’re a paid tax preparer and your client wants credits like the Earned Income Tax Credit or Child Tax Credit. You’re now required to prove everything. Not just ask if their kid lives with them or if they qualify. You need to collect documents, fill out Form 8867, and keep everything on file for three years.

Miss one step? That’s a $635 fine per mistake. One tax pro got hit with $26,400 in penalties just for sloppy paperwork. And their returns were technically correct. The issue was lack of documentation. Clients might get annoyed with all the extra questions, but this isn’t optional. Tax pros are legally on the hook, and if they mess up too many times, the IRS can ban them from e-filing or even refer them to criminal investigation.

Source: Accounting Today

 📊 Weekly Trend Chart

Hoka’s Hot Streak Hits a Wall

Hoka was sprinting…now it's limping. The once underdog sneaker brand nearly caught up to Ugg, hitting $2.2B in sales last year. But growth slowed hard, and now Deckers (Hoka’s parent co) is too spooked to give investors a forecast.

They blamed “global trade stuff,” Wall Street panicked, and the stock dropped 22%. Turns out even cult sneakers can't outrun macroeconomic doom.

#😂 

😂 

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