03/07/2025

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

The AICPA has praised the U.S. Treasury for indefinitely suspending enforcement of the beneficial ownership information (BOI) reporting requirements, preventing businesses and individuals from getting penalties until new deadlines are set, expected by March 21. AICPA President and CEO Mark Koziel, CPA, CGMA, urged the Treasury to extend the deadline to at least January 1, 2026, to ease compliance burdens on small businesses. 

With an estimated 32 million small businesses affected, the AICPA has collaborated with FinCEN to push for a more balanced regulatory approach. The organization sees Treasury’s decision in protecting businesses from unnecessary compliance strain, planning to issue further guidance once additional details emerge, shaping fair and effective accounting regulations.

Source: Journal of Accountancy

💰 Making Cents of Accounting

#AuditMeBackHome💲🏠

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💸 Profit & Loss Report

The U.S. Department of Labor (DOL) is appealing federal court rulings that blocked its final rule on overtime pay under the Fair Labor Standards Act (FLSA). The rule, scheduled for July 2024, sought to raise overtime exemption salary threshold from $844 per week to $1,128 by January 2025. Judges Sean D. Jordan and Sam Cummings struck it down, ruling that the DOL overstepped its authority by focusing on salary over job duties in regulating overtime eligibility.

In response, the DOL has filed two appeals in the 5th Circuit Court of Appeals, showing its commitment to restoring at least part of the rule. The case, Flint Avenue v. U.S. Department of Labor, remains a key legal battle with broad implications for wage regulations. While the final outcome is uncertain, the administration’s push for overtime reform indicates that changes to federal labor policies may still be on the horizon.

Source: Thomson Reuters

💎 Rare Accounting Oddities

Think accountants are everywhere? That’s because they are! With over 1.4 million accountants working across the U.S., according to the Bureau of Labor Statistics, you’re never too far from someone who can tell you if your budget is in trouble. That’s more number-crunchers than the entire population of Dallas!

From balancing financial statements of Fortune 500 companies to helping small businesses keep intact, accountants remain the backbone of the business industry. Whether they’re tax wizards, forensic detectives, or auditing experts, their job keeps companies running smoothly.

So next time you grab a coffee, just know—there’s probably an accountant nearby, mentally calculating how much your daily caffeine is really costing you.