The Tuesday Accrual: November 25, 2025

Accountants Gone Wild

Automatic Penalty Waivers to Protect Taxpayers and Reduce Hassle

Starting April 15, 2026, the IRS will automatically grant first-time penalty abatements (FTAs) to about 1 million taxpayers with no unreversed penalties in the past three years. This ensures lower-income filers receive relief and an educational notice without having to request it.

Taxpayer Advocate Service (TAS) is launching a public portal for tracking cases and improving coordination with Congress by 2026. TAS also replaced its 20-year-old case management system with Phoenix, streamlining processes for taxpayers, practitioners, and advocates.

Source: Journal of Accountancy

Cool Accounting Facts!

If Pacioli is the “Father of Accounting,” then who invented debits and credits?

Luca Pacioli didn’t create double-entry bookkeeping — he simply wrote the printed guide to a system Venetian merchants had already been using for centuries. 

What made Pacioli famous wasn’t invention but organization. His 1494 Summa turned merchant practices into a structured method with journals, ledgers, and closings.

His version went viral — shaping the debits (“debere”) and credits (“credere”) we still use today. So yes… your spreadsheets have a deeper history than most royal families.

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Numbers Don’t Lie

Treasury and IRS Narrows Down “All or Nothing” Strategy on DCLs

The AICPA is urging the Treasury and IRS to reconsider the strict “all or nothing” rule for dual consolidated losses, which denies U.S. deductions if any portion is used abroad—even when some expenses are permanently disallowed under foreign tax law.

Their proposed fix: allow exceptions that remove unusable expenses from the DCL calculation. The AICPA says this narrow adjustment provision within current regulations minimizes added complexity, and prevents valid deductions from being wrongly denied.

Source: CPA Practice Advisory

Twitter Showdown

“Expense or Asset?”

Accountant 1: Bought coffee again?
Accountant 2: It’s an investment.

Accountant 1: Pretty sure that’s an expense.
Accountant 2: Not if I capitalize my happiness.

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