The Friday Accrual: November 07, 2025

Accountants Gone Wild

IRS Grants Penalty Assistance for Employers Under OBBBA Reporting

The IRS issued Notice 2025-62, granting penalty relief for 2025 under the OBBBA for new reporting on tips and overtime. Employers won’t be penalized if overall returns are accurate, even without separate reporting provided.

Since many employers lack systems to comply, the IRS designated 2025 as a transition year with no W-2 or 1099 updates. Employers are pushed to separate tip and overtime records to help workers claim their deductions.

Source: CPA Practice Advisor 

Cool Accounting Facts!

Ever heard of the accountants who outsmarted Hitler’s schemes?

During WWII, allied accountants became financial detectives, tracing Nazi secret bank transfers hidden across Europe. 

Through Operation Safehaven, heroic accountants uncovered assets meant to fund Hitler’s comeback - using ledgers instead of weapons.

So next time you’re chasing a dollar, remember - accountants once helped stop war catastrophe with spreadsheets.

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Numbers Don’t Lie

IASB Deficit Highlights Funding Shrinkage and Inflation Pressures

The International Accounting Standards Board faces a $6.5 million deficit as funding declines and inflation rises. Managing director Michel Madelain said cost-saving might ease the gap, while urging better support.

Since 2019, IASB funding has dropped 19%, while inflation minimized value by 38%. The decline reflects shrinking contributions and higher costs. The International Sustainability Standards Board remains stable.

Source: Accounting Today

Twitter Showdown

“Sleep Paralysis”

Accountant 1: I dreamt I was balancing accounts last night.

Accountant 2: That’s an overtime nightmare, not a dream!

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