⬇️ 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

Al Pacino’s $50M Loss

Al Pacino, one of the biggest names in Hollywood, found himself starring in cringe worthy films, not by choice, but because his accountant secretly messed up big time. The guy hid millions from the IRS, leaving Pacino with a $50 million disaster to clean up. To recover, Pacino had to take on roles he’d never touch in his prime. Even legends aren’t safe from bad money moves.

💎 What’s poppin in accounting

CPAs Scramble as IRS Changes Crypto Rules

The IRS is changing how cryptocurrency is reported, getting rid of "universal wallet accounting," which allows tracking all crypto transactions in one place. Now, crypto owners will have to account for each wallet separately, which means more complex and time consuming reporting. CPAs are rushing to help their clients adjust to these changes to avoid mistakes that could lead to fines or audits. In short, managing multiple crypto wallets for tax purposes is about to become a lot harder.

💎 Did you know?

Bitcoin Dominates as Crypto Market

The cryptocurrency market has skyrocketed to over $2.34 trillion in total value, with Bitcoin dominating at 57.6%. Even with the surge of thousands of altcoins, Bitcoin continues to lead the pack, accounting for more than half of the entire market's value (source: Binance).

 📊 Weekly Trend Chart

Banks are closing all over America

Banks across America are closing as people ditch physical branches for online banking. But while everyone else is pulling back, JPMorgan sees a big chance to grab market share. They're doubling down on digital and opening branches where it matters most. As smaller banks struggle, JPMorgan is quietly making moves to dominate. Classic big bank power play.

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