07/11/2025

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! 

📝 Journaling Insider

AICPA is requesting clearer guidance from the IRS and Treasury on the Roth contribution rule under Section 603 of the SECURE 2.0 Act. This mandate requires high-income employees making catch-up contributions to be categorized as Roth, increasing compliance demands for plan sponsors. AICPA emphasized the need for practical, detailed rules for implementation.

AICPA recommended safe harbor allowing reliance on Form W-2 to determine Roth mandate eligibility, pushing for clarity on predecessor employers, third-party involvement, and relief for unintended noncompliance. Further, the IRS remains urged to confirm whether disregarded entities count as separate plans under proposed regulations, minimizing administration confusion.

Source: Journal of Accountancy 

💰 Making Cents of Accounting

#AutomationWannabe🤖🧮

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You know how to balance ledgers while sleeping, but when HIPAA, HITECH, or Stark Law gets mentioned, you suddenly remember important meetings elsewhere. 

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Source: Wisdify

💸 Profit & Loss Report

In 2026, the SEC’s Office of the Investor Advocate (OIAD) will be focusing on the risks of China-based Variable Interest Entities (VIEs), letting Chinese firms raise U.S. capital through offshore shell companies without actual ownership ties. These structures expose U.S. investors to unreliable financials, weak disclosures, limited rights, and potential Chinese government interference. 

The SEC has raised various concerns since 2021, pushing for clearer, risk-focused disclosures. OIAD plans to escalate said VIE issues within SEC, and pursue broader investor protection goals. These provisions include access to disclosures, evaluating private retirement investments, reviewing self-regulatory rule impacts, and gathering input on crypto-related issues.

Source: Thomson Reuters

💎 Rare Accounting Oddities

Did you know that accountants wore translucent green visor eyeshades during the 19th-century as a solution to harsh candlelight and incandescent bulbs?

The green tint softens harsh lighting, and keeps eyes from burning out. These “green-eyeshade”  visors then got popular among ledger obsessed professionals.

While modern lighting got these contraptions obsolete, the green visor lives on as a nostalgic symbol of accounting dedication. Just like the original blue-light filter — practical and iconic.