The Friday 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 reduced workforce 11% so far

The IRS just shrank its workforce by over 11 percent. That’s 11,400 people gone — either laid off or pushed out with buyouts. Most of those cuts hit the enforcement teams, including the ones who audit big businesses and self-employed folks. One division lost nearly a quarter of its staff.

This is happening under the radar, but it matters. Fewer auditors means fewer audits. And fewer audits mean it just got a lot easier for the rich and shady to keep skating by. While the IRS is shrinking, the tax gap is only getting bigger.

Source: Forbes

💎 What’s poppin in accounting

PwC to slash about 1,500 jobs in the US

PwC is laying off 1500 workers in the US, about 2 percent of its team. Why? Too many employees stuck around and not enough new work is coming in. The firm says it simply has more people than it needs right now.

They already closed offices in parts of Africa and cut audit roles in China. Now the layoffs are hitting the US. Other big firms like KPMG are doing the same. For PwC, it’s a rough look after spending big on a flashy rebrand.

Source: Reuters

 📊 Weekly Trend Chart

Pop Mart just passed barbie transformers and hello kitty combined

Pop Mart is now worth more than Hasbro Mattel and Sanrio combined. The secret sauce? Blind boxes and the viral Labubu doll. Sales are booming and adult collectors are lining up for limited drops like it’s Supreme for toys.

While US toy giants struggle with tariffs and soft demand Pop Mart’s revenue is soaring and North America is now its fastest growing market.

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