⬇️ The Friday 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

How to Scam Your Way Into Prison

Alright, buckle up. Dean Tran, a former Massachusetts state senator, thought he had it all figured out. After leaving office in 2021, he decided to double dip collecting $30,000 in unemployment while secretly pulling in $54,700 from a consulting gig. Not to mention, he conveniently “forgot” to tell the IRS about the rent checks rolling in from his tenants.

Fast forward to Oct—2024. The IRS and FBI caught up, and Tran got hit with 23 counts of fraud. He’s looking at up to 20 years in prison, with his sentencing set for December.

So, next time you think of cheating the system, remember they’re coming for you, and they won’t miss.

💎 What’s Poppin in Accounting

IRS Direct File Under Fire

Lawmakers are telling the IRS to loosen up. Right now, to use their free Direct File tax system, you have to go through a strict ID process with ID.me, which uses facial recognition. Senators like Elizabeth Warren say it’s too complicated and blocks people without high tech gadgets from using it.

What It Means for Accountants:

More clients might stick with you instead of switching to the free IRS tool because of the hassle.

(Source: IRS site)

💎 Did you know?

The IRS Is Missing $696 Billion

The IRS says they’re short $696 billion in taxes for 2022. Mostly from people underreporting income, the economy is growing and people have more side gigs and income streams that aren’t always reported.

The IRS is stepping up, already collecting $1.3 billion , but they’ve got a long way to go.

💎 Daily Trend Chart

😂

 🤣😂

Tell Me Straight

What'd you think of today's edition? Hit 'reply' to this email and lemme hear it!