03/28/2025

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 U.S. government defends the Corporate Transparency Act’s (CTA) constitutionality despite FinCEN’s new rule exempting domestic companies from reporting beneficial ownership information (BOI). The exemption does not impact the CTA’s legal basis, the government argued in an Eleventh Circuit appeal following an Alabama court’s ruling that deemed the law unconstitutional.

FinCEN’s rule limits BOI reporting to foreign-registered companies due to national security risks. U.S. persons no longer need to provide BOI to foreign entities they own. Compliance deadlines are set for April 25, 2025, for existing foreign businesses, while new registrants have 30 days to file. The AICPA and state CPA societies continue pushing for reporting delays and clearer guidelines.

Source: Journal of Accountancy

💰 Making Cents of Accounting

#RealityvsExpectations💸🤪

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💸 Profit & Loss Report

The Federal Reserve’s Small Business Credit Survey found that more small businesses saw sales decline than increase in 2023, the first time since 2021. Rising costs and wages led to financial strain, with 35% reporting losses and only 19% growing. To stay afloat, over half relied on personal funds, nearly half raised prices, and more than a third cut staff or downsized. Despite this, 58% remained optimistic about future revenue.

Financing has become harder to access, with 41% of denied applicants citing excessive debt—nearly double the previous year’s rate. Stricter lending has left many businesses dependent on credit cards, with 58% using them regularly. Conducted before the 2024 election, the survey of 7,600 businesses also highlighted mixed political impacts—some welcome potential tax cuts, while others fear tariffs will raise costs.

Source: Accounting Today

💎 Rare Accounting Oddities

Imagine trusting an investment so foolproof that even billionaires swore by it — only to find out it was all fake. Bernie Madoff, once a Wall Street icon, orchestrated the biggest Ponzi scheme in history, robbing investors of $65 billion. 

His secret? No real profits — just using new investors’ money to pay off old ones, keeping the illusion alive for decades.

The deception finally crumbled in 2008, leading to his 150-year prison sentence — and a harsh financial lesson: if an investment seems too perfect, investigate deeper. Even the sharpest minds did not see the warning signs — don’t let history repeat itself!