08/18/2025

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! 

📊 Accountants Gone WILD

The One Big Beautiful Bill Act raises federal state and local tax deduction cap from $10,000 to $40,000 in 2025, with 1% annual increases until 2029 before dropping to $10,000 in 2030. While encouraging itemization on taxpayers, phase-outs reduce deduction by 30% of the amount MAGI exceeds $500,000, limiting benefits for higher earners due to increased taxes.

Pass-through business owners may benefit from state “workarounds,” where entities pay SALT at their entity level and owners claim deductions personally. Congress has considered banning these budgeting strategies, however still leaving them intact on final provisions. Outcomes varies, making planning necessary for maximizing the OBBBA’s short-term SALT deduction relief.

Source: CPA Practice Advisor 

🧮 COOL AF! (Cool Accounting Facts!)

Back in the 1950s, accountants got wired using punch-card machines to automate payroll, billing, and ledgers: clunky giants with “plugboards” looking like messy spaghetti wirings. 

Entire punch-rooms buzzed with activity, sorting payment cards daily. The famous phrase “Do not fold, spindle, or mutilate” wasn’t just a precautionary warning, remaining a cultural motto for generations of data crunchers.

These advancements pioneered iconic machines like IBM’s 604 electronic punch, helping accountants leap from mechanical to automations, gradually walking towards our future digital age.

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• How auditing becomes triggered, reasons for tax management

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Source: Wisdify

🔢Numbers Don’t Lie

The Financial Accounting Standards Board added digital assets to research objectives after pressure from the White House and its President’s Working Group on Digital Asset Markets. Said project will research if tokens like stablecoins can be treated as “cash equivalents” and how digital transfer must be reported as the U.S. pushes for crypto and blockchain leadership.

Under current GAAP, stablecoins cannot be reported as cash equivalents due to volatility, lack of backing, and regulatory gaps. Many businesses categorize them as “other current assets” or “restricted cash,” leading to inconsistent reporting. FASB’s research moves toward standards improving financial processes, and investor confidence in the quick-growing digital economy.

Source: Thomson Reuters

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