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

IRS crackdown on rich non filers is falling apart

The IRS is trying to go after rich people who have not filed taxes. But a new report shows the effort is stalling. The most effective tool is in person sweeps but those are not being used much because the agency lost too many trained agents.

They are also having trouble tracking results and not using all the training programs they have. The plan is there but the people and tools to make it work are not.

Source: Accounting Today

💎 What’s poppin in accounting

Hubsynth just landed over 100 million to shake up tax software

Thoma Bravo just invested more than 100 million dollars into HubSync, a Tennessee based tax and accounting platform aiming to modernize the back office. Founded in 2019, the company has been gaining traction with CPA firms by offering tools that automate workflows and improve client experience.

With the cash, HubSync says it will speed up product development and expand support. Thoma Bravo called it a standout in the tax tech world, betting big on founder John McGowan’s plan to clean up the messy software accountants are stuck using.

Source: PE Hub

 📊 Weekly Trend Chart

Spotify tripled profits but wall street still hit skip

Spotify tripled profits and hit record free cash flow. Paid subs are up 12 percent and monthly users hit 678 million. But the stock still dropped after the company forecast slower user growth next quarter. CEO says stay focused on the long term. Wall Street didn’t.

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