08/15/2025

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! 

📝 Journaling Insider

Web3 and DeFi startups have been increasingly doing payrolls  in stablecoins like USDC and USDT, with stablecoins making up over 90% of crypto payrolls. The IRS views them as property, requiring fair market valuation at payment, tax withholding, and disclosure. A 2026 provision will mention reporting thresholds to $2,000, but all digital asset transactions must still get reported.

Compliance risks include peg fluctuations, network gas fee spikes, and financial reporting in both parties. Critics recommend enterprise-grade tools for tracking spot prices, maintaining various audit-ready records, and internal control protocols. Legal teams may require employee disclaimers for crypto payments, and for smart contracts, NFTs, and token-based rewards.

Source: Thomson Reuters

💰 Making Cents of Accounting

#CaffeinatedSpreadsheets☕📊

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Source: Wisdify

💸 Profit & Loss Report

The IRS Office of Appeals reaffirmed how taxpayers can informally request Appeals Case Memorandum (ACM) regarding their cases. While ACMs have long been shared with IRS compliance staff, information was often withheld from taxpayers despite having access. National Taxpayer Advocate Erin Collins commends the move, yet still pushing for automatic disclosure.

Collins flagged issues like no system for tracking requests, risk of excessive redactions, and lack of taxpayer awareness. She urged tracking compliance, limiting redactions, while adding notice of this particular right in closing letters. Greater openness, she mentions, are building trust, reducing possible disputes, and ensuring fairness during the continuing appeals process.

Source: CPA Practice Advisor 

💎 Rare Accounting Oddities

Did you know accounting savvy firms devote their entire business auditing nonprofit churches and faith-based organizations? We’re talking about “holy spreadsheets,” not holy water.

Take KPM Auditors & Accountants, for instance: carving out reputation with auditing churches, seminaries, Bible colleges, and more. These companies' financial shepherding is nothing short of divine stewardship. 

So next time you’re dreading how accounting is dry, remember: there’s a whole congregation relying on those audit pages, even if they don’t sing “Hallelujah” after you close their books.