04/15/2025

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 reminds taxpayers to file, pay, or request an extension by April 15, 2025. Free e-filing options include Free File Fillable Forms, Direct File (in 25 states), VITA/TCE for eligible individuals, and MilTax for military families. Filing extensions give until October 15 to submit returns, but taxes are still due on April 15 regardless. 

Taxpayers can make payments through Direct Pay, IRS accounts, cards, checks, and more. Those unable to fully pay can apply for payment plans, though interest and penalties will still apply. Refunds can be tracked 24/7 using the “Where’s My Refund?” tool for current, past two years’ returns. Special extensions apply to those abroad, in disaster areas, or in combat zones.

Source: Thomson Reuters

💰 Making Cents of Accounting

#TariffSeasonIsHere💸⌛

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💸 Profit & Loss Report

The NFIB is urging the Treasury to destroy 6.5 million BOI reports collected from U.S. businesses before a March 2025 rule limiting reporting to foreign entities. In an April 9 letter, NFIB told Treasury Secretary Scott Bessent that FinCEN should not retain or use domestic BOI data and asked for language in the rule to require its deletion.

The rule change reduced the number of affected businesses from 32 million to fewer than 12,000. NFIB, leading a legal challenge in Texas Top Cop Shop, Inc. v. Garland, argues the data is private and at risk. The AICPA also pushed for delayed deadlines and continued BOI policy advocacy. The Treasury has not responded to the NFIB’s request.

Source: Journal of Accountancy

💎 Rare Accounting Oddities

While other professional industries face layoffs during economic recessions, accounting remains steadfast. Businesses, regardless of financial conditions, need to manage finances, comply with regulations, and prepare taxes. 

The accounting field is currently experiencing a talent shortage. As many seasoned professionals retire and fewer students pursue accounting degrees, opportunities await hopeful, new professionals ready to enter the workforce!

This consistent demand makes accounting one of the most recession-proof careers. If you're seeking an in-demand, stable profession, accounting might just be your golden ticket to success.