04/09/2025

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! 

💸 Profit & Loss Report

The Employee Retention Credit (ERC), introduced under the CARES Act in March 2020 to support businesses during COVID-19, officially ends on April 15, 2025. Initially designed to help employers keep staff on payroll, the ERC became mired in fraud, confusion, and delays. The IRS, struggling to manage an influx of claims, established  a moratorium in September 2023.

Processing remains slow and inconsistent, leaving business owners waiting long for their claims. Fraud investigations have led to billions in attempted fraud. Tax professionals criticize the IRS's inconsistent handling of claims, with approvals appearing arbitrary. The ERC's legacy is considered a bureaucratic entanglement, showing the challenges of financial relief programs.

Source: Journal of Accountancy

💎 Rare Accounting Oddities

If passing the CPA exam is a victory, then the Elijah Watt Sells Award is the gold medal standard. This prestigious honor is reserved for those individuals who did exceptionally great in their CPA score exams. 

Sells wasn’t just about numbers—he was raising the professional bar, ensuring accountants were the best of the group. Today, his legacy inspires aspiring CPAs not only to pass but excel. 

The next time you’re deep in examination prep, remember—you might just be writing your name in accounting history!

📺 Advertisement

Ready to elevate your professional career? Wisdify has you covered. As an online training company, we’re about upskilling professionals with the necessary skills, practical knowledge applicable in today’s competitive world.

What’s in it for you in Wisdify?

• In-demand Professional Skills that corporate employers are looking for.

• Continuing Professional Education credits for CPAs (Certified via NASBA)

• Lifetime Unlimited Access to resource materials and professional courses

Wisdify’s Most Popular Bootcamps:

• Data Analytics: Analyze data like a pro

• Python: Power up your programming skills

• Excel & VBA: Automate your work and unlock hidden insights

• Financial Statement Analysis: Decode financials with ease

• Marketing Analytics: Create impactful business decisions

Join the rank of veterans who partnered with Wisdify towards a successful career. Visit Wisdify and explore our courses and free resources today.

Don’t just stay in the game— lead it with Wisdify.

Source: Wisdify

📝 Journaling Insider

Former officials urged the Supreme Court to reject the government's request to block rehiring injunction for thousands of unlawfully removed federal workers. The March ruling ordered their reinstatement after Trump’s Office of Personnel Management (OPM) directed mass terminations without notice.

The Civil Service Reform Act (CSRA) does not override the Administrative Procedure Act (APA). The lawsuit’s backers said OPM didn’t justify firings or show harm from reinstatement. OPM responded, calling full reinstatement disruptive to Trump-era policies. The Supreme Court’s indefinite ruling will shape executive power, worker rights, and judicial oversight in the future. 

Source: Thomson Reuters

💰 Making Cents of Accounting

#Big4EscapePlanComplete🏃‍♂️✅