⬇️ The Tuesday 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

$2 Million Accounting Screw-Up at a School District

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

KPMG’s CEO Talks Future of the Industry at Bentley

Paul Knopp, the CEO of KPMG, just rolled into Bentley University to talk about where the accounting world is heading. Spoiler: if you’re not into tech, you’re going to fall behind fast. Knopp highlighted how the future of accounting is all about embracing AI, data analytics, and becoming strategic advisors, not just number crunchers.

He didn’t hold back, saying that tech like AI is a must-have for accountants to keep up. Knopp mentioned how KPMG is already investing billions into AI and cloud services. In his words, “AI is fundamentally changing the profession.” He’s also concerned about the talent pipeline, pushing for alternative CPA paths to get more people into the field without the extra 30 credit hours.

Source: Bentley University

💎 What’s poppin 2.0

New CEO at AICPA, Same Old Story?

Mark Koziel just got named CEO of AICPA & CIMA, taking over from Barry Melancon, who held the gig for 30 years. Koziel’s a big name in the accounting world, but let’s be real AICPA’s got its fair share of haters. Some say the organization’s more about gatekeeping and cashing in on CPA fees than actually helping accountants.

Koziel’s talking about leading the profession through “innovation” and “regulatory challenges,” but isn’t that what they always say? Will anything really change? Or will it just be business as usual, more red tape, more fees, and a whole lot of talk about staying “relevant”?

Read more about Koziel’s big promotion: here

💎 Did you know?

Bubblegum Was Once a Tax Write Off

In the 1950s, you could hand out bubblegum at meetings and write it off as a business expense. Yep, companies called it “entertainment” and got a tax break. But by the 1980s, the IRS cracked down on these small, silly deductions with the Tax Reform Act of 1986. 

Then in 2017, the Tax Cuts and Jobs Act put the final nail in the coffin, no more deducting things like event tickets, sports games, or, you guessed it, bubblegum. The good ol' days of chewing your way to a tax break are long gone.

 📊 Weekly Trend Chart

Uber Eyes Expedia for a $20 Billion Takeover 🚗✈️

Uber’s next move could be massive: they’re exploring the idea of buying Expedia, a travel giant valued at $20 billion. This would be Uber’s biggest acquisition ever, dwarfing past deals like Postmates ($2.65 billion) and Drizly ($1.1 billion). If this happens, Uber wouldn’t just be your go-to for rides and food delivery—they’re looking to add flights, hotels, and vacation rentals (via Expedia’s brands like Vrbo and Hotels.com) to their lineup.

Here’s the kicker: Uber CEO Dara Khosrowshahi used to run Expedia, so he knows the company inside and out. While no official offer has been made yet, this could push Uber even closer to its vision of being the “Amazon of transportation.”

The numbers don’t lie, Expedia’s stock jumped 5% after the news broke, while Uber’s dipped by 1.5%. If this goes through, it’s going to shake up the travel and rideshare industries, with major implications for companies like Lyft and Kayak.

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