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The IRS May Get A Bigger Hammer
just added the borders
I share the 4-5 most important accounting that actually matter. I scroll so you don’t have to.
So grab your coffee, take a quick break, and lets catch up.
Today’s Ledger:
51.7M new school tax credit fight
Senate wants tougher rules for tax preparers and the IRS
Maine is basically one giant forest
WTF of the Day🤯
New Tax Credit Has 51.7 Million Kids Waiting
A new federal tax credit could make private school and education scholarships a lot bigger starting in 2027. The Education Freedom Tax Credit lets people donate to approved scholarship nonprofits and get a dollar-for-dollar tax credit of up to $1,700, or $3,400 for married couples. Those nonprofits can then use the money for things like tuition, tutoring, fees, and classroom supplies.
The big catch is that states have to opt in first. School choice supporters say 31 states are already in or moving that way, covering about 30.9 million eligible students. Another 20.8 million kids are in states that have not opted in yet. Supporters say this could open school choice to families who never had it before. Critics say it could pull money and students away from public schools, while sending taxpayer-backed dollars into private schools with weaker oversight.
What’s poppin in accounting🍿
Senate Wants To Put Tax Prep Under A Microscope
The Senate Finance Committee is moving a giant tax administration bill that would touch almost every annoying part of dealing with the IRS. The Taxpayer Assistance and Service Act would push the agency toward electronic returns, better refund tracking, callback options, online account upgrades, clearer penalty notices, and more help for taxpayers who are stuck in hardship. It is bipartisan, which matters, but that does not mean it is guaranteed to pass.
The part tax pros should watch is the preparer crackdown. The bill would go after ghost preparers, raise penalties for bad PTIN behavior, and make paid non-credentialed preparers pass suitability checks and take up to 18 hours of continuing education each year. CPAs and enrolled agents would not get hit with that extra layer, but the message is clear. Congress is tired of the Wild West tax prep market, and the IRS may finally get more tools to police it.
Weekly Trend Chart 📊
America’s Forest Map Is Not What You Think
Maine is basically one giant forest with roads in it. About 89% of the state is covered by trees, which makes it the most forested state in America. The funny part is that this list is based on share of land, not total acres. So Alaska has a massive amount of forest, but because the state is enormous, it only lands around 37% forested.
The pattern is pretty clear. The East is where the trees dominate, especially New England, Appalachia, and the Southeast. The least forested states are mostly in the Plains, with North Dakota, Nebraska, South Dakota, Kansas, and Iowa at the bottom. Forests are not just pretty hiking backdrops either. They clean the air, protect water, hold soil in place, support wildlife, and bring real money into local economies through timber, recreation, and tourism.
Meme of the Day😂
love a Costco trip 😂