⬇️ The Thursday 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

IRS Told to Review $42 Billion in ERC Claims

Here’s the scoop: The IRS is being told to comb through $42 billion in Employee Retention Credit (ERC) claims because a bunch of them might be sketchy.

The ERC was supposed to help businesses survive COVID, but now, some companies are accused of inflating their claims to get more cash. The IRS has to untangle this mess, and if you filed one of these claims, you might be under the microscope soon.

Get your paperwork ready, this is about to get real.

(Source: Journal of Accountancy)

💎 What’s Poppin in Accounting

KPMG’s Plan to Shake Up CPA Certification

KPMG thinks the whole 150 credit hours to become a CPA thing is outdated. They’re saying, “Why spend a fortune and years in school when you could get certified through hands on experience?”

The goal? Make the path to becoming a CPA less about hitting a classroom quota and more about learning on the job. The accounting world’s hurting for new talent, and this might help fix that.

(Source: Accounting Today)

💎 Did you know?

Accountants Deal with 10,000 Documents a Year

Yep, you read that right. The average accountant processes about 10,000 documents every single year. That’s nearly 30 pieces of paperwork every single day. Think about the mountains of data and reports they’re wading through just to keep businesses running smoothly.

Makes you appreciate their coffee habits a little more, huh?

(Source: IFAC)

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