08/13/2025

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 IRS Whistleblower Office paid $123.5 million to 105 whistleblowers in the year 2024, from $88.8 million in 2023, relating to $474.4 million in tax collections. Averaging 26% of proceeds, above the 17.7% historical rate, with payment times 28% faster and new found cases processed in just 14 days. The office received 5,660 submissions and built 14,926 claim numbers.

Whistleblowers are credited in helping the IRS search for tax evaders while preserving compliant taxpayers. In April, the office introduced multiyear plans with six priorities and 38 initiatives focused on improving efficiency, fairness, security, and communication. IRS Officials have mentioned the program increases both government revenue and taxpayer compliance.

Source: CPA Practice Advisory

🧮 COOL AF! (Cool Accounting Facts!)

When the Panama Papers exploded, 11.5 million documented leaked files from Mossack Fonseca revealed global archives of shell companies.

Forensic accountants helped untangle disasters, tracing funds in suspicious activities, revealing various tax-dodging tycoons to art-hoarding billionaires.

Over $1.2 billion in back taxes and penalty fines were recovered, investigations launched in 70+ countries, and transparency laws got stricter worldwide.

Sometimes, the most potent crime-fighting tools aren’t police badges or handcuffs: they’re financial statements, and just one great accountant.

You can sniff unbalanced financial statements kilometers away, but when you prepare auditing financial reports, you suddenly feel like blacking into oblivion with those confusing terminologies. Don’t frighten, Wisdify’s got your back.

Course 1: Tax Audit Management

From audit readiness checklists to dispute resolution strategies, learn how to minimize risk, keep compliance airtight, and know every Information Document Request by heart regardless. 

Walk away knowing how to:

• Reduce audit risk with bulletproof documentation habits.

• Command process from initial notice to final resolution.

• Coordinate like a pro on finance, and legal operations.

• Respond to documentary requests with professionalism.

Course 2: Audit Administration Mastery

From kickoff meetings to sign-off establishment, know exactly how to prepare, document audits meeting the highest standards while keeping your stakeholders confident in your processes. 

Finish Wisdify courses ready to:

• Assess risk profiles and adjust audit strategy accordingly.

• Evaluate internal controls with a sharp, compliance-minded lens.

• Document evidence so clean it makes reviewers smile.

• Deliver findings that are clear, compliant, and client-ready.

Why just survive new accounting territories when you can professionally thrive? Strengthen your expertise to confidently get high-value clients, while reinforcing your solid accounting instincts using Wisdify today.

Because mediocre audits will never get into your vocabulary.

Source: Wisdify

🔢Numbers Don’t Lie

President Trump has fired IRS Commissioner Billy Long after less than two months. Long, was replaced by Treasury Secretary Scott Bessent as acting commissioner. His ouster stemmed from refusing to give Department of Homeland Security taxpayer data on suspected undocumented individuals, regardless of the data-sharing agreement under legal challenges.

During confirmation, Long clashed with Senator Elizabeth Warren over tax records protected under IRC §6103. Trump may not appoint successors, instead replacing the IRS with an “External Revenue Service” funded by tariffs. Long currently establishes himself online as “Nominee for Ambassador to Iceland.” after his short-lived term as the IRS Commissioner. 

Source: Thomson Reuters

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