04/11/2025

Well, hi there! Sit back, enjoy, and relax as you’re currently on the Daily Accrual.

Every day, I sift through the accounting noise so you don’t have to. I share to you the most relevant, juicy accounting insights that really matter – nothing phony, just some good, accounting testimony! 

📊 Accountants Gone WILD

Trump’s messy tariff policies have shattered confidence in the U.S. dollar, hitting decade-lows and driving the biggest spike in U.S. borrowing costs since 1982. Investors are pulling out, global markets have lost trillions, and the U.S. now pays higher borrowing rates than Italy and Spain. Experts warn that the dollar’s safe-haven status and reserve currency role are at risk.

With $33 trillion in foreign-owned U.S. assets at stake, the financial instability threatens prolonged economic turmoil and rising interest rates. While some believe the dollar may recover once tariffs begin stabilizing later on in the year, many experts warn that U.S. financial credibility has already suffered lasting damage, making it almost impossible to do government reparations. 

Source: Thomson Reuters

🧮 COOL AF! (Cool Accounting Facts!)

Meet Judy Hoback Miller  —the unsung hero of Watergate and the accountant responsible for bringing down a presidency. As the bookkeeper for Nixon’s Committee to Re-Elect the President (aptly nicknamed CREEP), Judy wasn’t only balancing ledgers—she was on a political keg.

When the FBI dropped the ball, bookkeeper Miller opened her document records in exposing the Watergate scandal. Her revelations about destroyed financial receipts and secret hush-money payouts were crucial, later mentioning her importance in cracking the investigation.

So, the next time a person says accountants just crunch numbers, remind them how one bookkeeper’s courage helped unravel the most infamous political scandal in American history!

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🔢Numbers Don’t Lie

The IRS is cutting 25% of its workforce, with voluntary exit programs offering paid leave, early retirement, or separation by May 31. Despite these options, most employees still face layoffs, and IRS-Criminal Investigations staff are largely excluded. Leadership instability worsens the crisis, as Acting Commissioner Melanie Krause resigned in January.

Adding to the current government turmoil, the Supreme Court blocked an order to reinstate 16,000 probationary federal workers, while another lawsuit keeps some on paid leave. The fate of 7,000 IRS employees set to return by April 14 is now unclear, leaving the agency in a state of uncertainty. IRS employees are scrambling looking for other jobs, as uncertainty ensues. 

Source: Journal of Accountancy

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