04/07/2025

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 IRS is reinstating 7,000 probationary employees by April 14 after federal judges ruled that placing them on administrative leave violated court orders. The decisions, part of two lawsuits, required agencies to restore services, impacting multiple federal departments. Employees will receive benefit reinstatements, workspace assignments, and temporary telework.

Despite the rehiring, staffing shortages persist, with tax clerks struggling to meet demand. The IRS previously warned of a potential reduction-in-force (RIF), though the latest update omits any mention of cuts. Many employees, like tax clerk Kelli McGlothlin, are cautiously resuming work but remain uncertain about their long-term job security.

Source: Journal of Accountancy

💰 Making Cents of Accounting

#BalancingActOfTheYear💸🙏

📺 Advertisement

In today's fast-paced professional landscape, staying ahead is a necessity. Enter Wisdify, your online training partner dedicated to upgrading ambitious professionals in being professional leaders.​ Wisdify is here to provide you the keys to a more successful career. Ready to stop watching from the sidelines and begin leading the game? Let’s make it happen.

Why Wisdify?

• Professional Learning: Our professional courses are meticulously selected, focusing solely on the most necessary skills that corporate employers crave. Say goodbye to fluff and nonsense learning and hello to informative content that really matters.​
  

• Learning Flexibility: Designed for the modern professional, our mobile-optimized professional courses fit seamlessly into your busy schedule. With bite-sized videos ranging from 3-6 minutes, learning becomes comfortably manageable.​
  

• Recognized Credibility: Elevate your professional standing with courses that qualify for Continuing Professional Education (CPE) credits. Wisdify is NASBA-certified, ensuring your learning meets the highest standards within your respective industry. ​

Wisdify isn’t just another online platform — it’s your professional career’s endgame. This isn’t about checking your wishlist, it’s unlocking career door opportunities. The future belongs to prepared individuals —are you one of them?

Explore our professional courses and learning resources at Wisdify.

Source: Wisdify

💸 Profit & Loss Report

The Senate and House tax reform plans differ sharply, aiming to extend TCJA provisions and Trump-era tax cuts, potentially costing up to $11.2 trillion over a decade. The House ties $4.5 trillion in tax cuts to $2 trillion in spending cuts, while the Senate assumes tax cuts remain, adding $5.8 trillion in deficits. Expired provisions like bonus depreciation require offsets to businesses.

The House pushes for Medicaid and student loan cuts, while the Senate approves $1.5 trillion in tax cuts with no direct spending reductions. Experts warn the numbers don’t balance, making tax hikes or deeper cuts necessary. With Memorial Day’s deadline unlikely, Congress must resolve differences before August to avoid gridlock.

Source: Thomson Reuters

💎 Rare Accounting Oddities

The very first CPA exam was administered in New York on December 15, 1896, challenging takers with handwritten questions on bookkeeping, partnership accounting, and financial theory - all without calculators. 

Only three people passed: Edward C. Charles, Joseph Hardcastle, and William H. Jasper. Meanwhile, experienced accountants who had been practicing since 1890 were able to skip the test entirely while still earning the professional CPA title. 

CPA exams may look different today, but it still demands excellence, perseverance, and serious brain power. So next time you’re knee-deep in exam preparation, just be thankful you don’t have to do it with a quill and ink!