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- The IRS Should’ve Collapsed This Tax Season
The IRS Should’ve Collapsed This Tax Season
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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.
In this issue:
The IRS is running on fumes
AI just failed accounting 101
Hollywood wants theaters back
- Ledger Lowdown Team
WTF of the Day🤯
IRS down 17% and still running tax season
The IRS had -17% of its staff walk out last year. Early retirements, resignations, leadership chaos. At one point they cycled through seven different commissioners in a year. That’s not an organization… that’s a group project with no leader.
And yet tax season didn’t break. Returns still got processed. Phones still got answered. Barely. The backlog is still a mess, paper returns are slow, and now they’re layering in new tax law changes on top of a thinner, tired team.
Here’s what to do. File early. Avoid paper like it’s 1998. And don’t expect the IRS to save you if something goes wrong. This system is holding together, but just barely.
What’s poppin in accounting🍿
AI is getting a C+ in accounting
A company tested 19 AI models on real accounting tasks. Stuff like classifying transactions, building journal entries, closing books. Best score was 77%. Most were way worse. Some models basically failed.
Here’s the scary part. AI looks smart when it explains accounting. It can talk GAAP all day. But when you ask it to actually do accounting, like build a clean journal entry with exact debits and credits, it falls apart. One test showed 90% accuracy on simple classification… then 30% on real entries. That’s not a small miss. That’s how financial statements get wrecked.
Why this matters. A ton of people already trust AI with financial advice. That’s insane. These models are great assistants, not accountants. If you’re using AI, use it to draft and speed things up. Then check everything like your job depends on it. Because it does.
So theres still hope for us…
Weekly Trend Chart 📊
Movie Releases Have Not Yet Recovered To Pre Pandemic Levels
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Universal is forcing movies to stay in theaters longer. 5 weekends in 2026. 7 in 2027. Which sounds boring until you realize studios were dumping films onto streaming in like 2 to 3 weeks. Yeah they basically trained people not to go to theaters.
Here’s the part everyone forgets. Theaters don’t make money on tickets. They make money on absurdly priced popcorn and soda. Short theater runs killed that. AMC is still losing hundreds of millions a year because the whole model got wrecked.
This is Universal quietly saying we want our money back. Longer runs means more people in seats and more cash. Also means streaming isn’t the golden goose people thought. If you’re betting on theaters being dead you might want to rethink that.
Meme of the Day😂
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