03/25/2025

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

With the April 15 tax deadline nearing, the IRS urges taxpayers to file and pay electronically to avoid penalties and interest. Those needing more time can request an extension via IRS Free File, giving them until October 15 to submit returns without failure-to-file penalties, though taxes owed must still be paid by April 15. The IRS Online Account allows users to access tax records, manage payments, and securely pay balances or estimated taxes.

Taxpayers can use Direct Pay for free bank transfers, the IRS2Go app, EFTPS, or Electronic Funds Withdrawal when e-filing. Debit, credit, and digital wallet payments are also available through IRS-approved processors, though fees apply. The IRS offers online payment plans to help settle tax debts over time, reducing penalties but not interest. Acting promptly can minimize fees, and details are available on the IRS’ Make a Payment page.

Source: Thomson Reuters

💰 Making Cents of Accounting

#AccountingMagicUntilRealityHits🧙🪄

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💸 Profit & Loss Report

With the Tax Cuts and Jobs Act (TCJA) expiring in 2025, tax professionals face major uncertainty. A Bloomberg Tax survey of 434 corporate tax practitioners found that 92% struggled with the TCJA’s 2017 rollout, and 81% are now stressed about its potential sunset. Lawmakers remain undecided on whether to extend, replace, or let key provisions expire, balancing Trump’s tax goals with a rising federal deficit.

Preparation is lagging, as 88% find impact modeling difficult, and only half have started planning, despite 60% saying they should begin six months in advance. 62% aim to adjust workpapers, but 10% must create new ones, and 40% expect tax consulting costs to rise by at least $100,000. With 2017’s last-minute changes still fresh, tax professionals fear another rushed transition.

Source: Journal of Accountancy

💎 Rare Accounting Oddities

In 2009, Pfizer made history—for all the wrong reasons—paying a staggering $2.3 billion in the largest health care fraud settlement ever. The crime? Illegally promoting Bextra for unsafe, unapproved uses, leading to a $1.195 billion criminal fine and $1 billion in civil penalties. Turns out, misbranding drugs isn’t just unethical—it’s wildly expensive!

But here’s the real kicker—whistleblowers cashed in big for exposing the fraud! Six insiders split over $102 million, with one ex-Pfizer rep, John Kopchinski, walking away with $51.5 million. Not bad for choosing ethics over corporate deception! This case proves that in accounting (and in life), honesty isn’t just the best policy—it’s the cheapest one!