⬇️ The Monday Lowdown ⬇️

If you’re new around here, every day I share the 5 best accounting insights I saw in the past 24 hours.

I scroll. so you don’t have to. 

💎 WTF of the Day

Tax Pro Turns Con

You think your tax guy is playing by the rules? Think again. This Woodbridge accountant went from crunching numbers to sitting behind bars after filing a string of bogus tax returns. For years, he claimed deductions and credits that weren’t even close to legit, pocketing cash and leaving clients clueless.

The IRS finally caught up, handing him 27 months in federal prison. Now he’s trading his calculator for a prison cell.

Source: TAPinto.net

💎 What’s poppin in accounting

No More Depreciation on Commercial Buildings

For years, large property owners enjoyed a sweet tax break with building depreciation saving big bucks on their annual bills. But now? That cushion is gone.

Governments are phasing out depreciation deductions on commercial properties, hitting big-time property investors with higher tax bills and a scramble to adjust portfolios. This shake-up could change how commercial real estate players plan and profit in the future. Moral of the story: when the rules shift, so do the numbers.

Source: NZ Herald

 📊 Weekly Trend Chart

U.S. Oil Production Hits All-Time High

Back in ’77, President Jimmy Carter warned us about relying on foreign oil, saying the U.S. couldn’t boost its own production. Fast forward to now: Carter’s turning 100, and America’s pumping more oil than ever at 13.4 million barrels a day. Texas and New Mexico are crushing it with record output.

Despite fewer rigs and workers, oil’s one of the most productive industries in the country. Experts predict even more growth by 2025, making the U.S. a global energy giant. 

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