03/10/2025

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 SEC’s cryptocurrency task force, led by Commissioner Hester Peirce, will hold its first roundtable on March 21, 2025, to assess the security status of digital assets. This follows the SEC’s decision to classify meme coins as collectibles rather than securities, arguing they don’t meet the Howey Test for investment contracts. 

Commissioner Caroline Crenshaw criticized the ruling for oversimplifying securities law and dismissing case-by-case analysis. The roundtable, featuring legal and financial experts, will discuss the implications of crypto regulation as the SEC shifts away from Gensler-era enforcement. Moderated by Troy Paredes, the event will take place at the SEC’s Washington headquarters and be streamed live on SEC.gov.

Source: Thomson Reuters

🧮 COOL AF! (Cool Accounting Facts!)

Think a CPA is the only way to make it in accounting? Not so fast! While the Certified Public Accountant title holds prestige, it’s not a requirement for success in the field. Many accounting pros thrive with alternative certifications like the CMA (Certified Management Accountant), EA (Enrolled Agent), and CIA (Certified Internal Auditor) — offering unique expertise tailored to different career paths.

So, if the thought of endless CPA exam prep has you reaching for the nearest calculator in distress, relax! The accounting world is full of opportunities beyond the CPA path. Success isn’t about three letters after your name — it’s about the necessary skills, knowledge, and hustle you bring to the table. Numbers don’t lie, and neither do we—there’s more than one way to reach the books of success! 

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📝🔢Numbers Don’t Lie

The AICPA is addressing concerns over the IRS’s ability to maintain service levels following major workforce reductions. AICPA President and CEO Mark Koziel stressed the need for a modern, technology-driven IRS to support taxpayers and the nation’s financial health. With conflicting reports creating uncertainty, the AICPA is closely monitoring developments and providing recommendations to mitigate disruptions.

Concerns heightened after The New York Times reported that 6,700 probationary IRS employees were laid off mid-tax season, while 4,000–5,000 others accepted deferred resignations. To prevent further service gaps, critical employees are exempt from the federal resignation program until May 15. The AICPA continues to work with the IRS to ensure stability in tax administration.

Source: Journal of Accountancy

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