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

The big beautiful tax bill is finally moving

Trump’s big beautiful tax bill is no longer just talk. Congress is working on it now. The House and Senate are drafting their versions and trying to line them up early to save time. The goal? Extend the 2017 tax cuts before they expire and toss in a few new perks.

We’re talking bonus depreciation, tax breaks for auto worker wages, maybe even dropping taxes on tips and Social Security. Nothing’s law yet, and everything’s still up for grabs.

Source

💎 What’s poppin in accounting

New bill would give main street a bigger qbi break

Rep. Gwen Moore just introduced the Mom and Pop Tax Relief Act to replace the current QBI deduction. The existing 20 percent cut mostly helps high earners and has confusing rules.

Her bill would offer a flat 25000 deduction that phases out at 200000 for singles and 400000 for joint filers. It is simpler, more targeted, and actually built for small business owners but it still has to survive a Republican rewrite.

Source

 📊 Weekly Trend Chart

Hollywood Isn't As Busy As It Used To Be

Film production in LA is down 40 percent from before the pandemic. Jobs are disappearing, shoot days are drying up, and streaming giants are spending big overseas instead. Trump wants to fix it with a 100 percent tariff on foreign made films, calling them a national security threat.

The golden age of streaming is over and Hollywood is still figuring out what comes next.

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