08/27/2025

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

President Trump warns of imposing new tariffs and restricting exports if nations continue digital services taxes affecting U.S. tech giants. He argued certain measures unfairly exempt China’s tech firms and vowed immediate retaliation, adding to his recent wave of foreign goods tariff.

The EU pledged trade barrier cooperation, however refusing to change digital regulations, while Canada scrapped tax plans amidst U.S. pressure. The U.K. and others remain enforcing digital levies, and the OECD’s effort for a global tax pact faces U.S. opposition, keeping tension soaring high.

Source: CPA Practice Advisor 

💰 Making Cents of Accounting

#ContextMatters💵🧠

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Source: Wisdify

💸 Profit & Loss Report

The IRS released an OBBBA provision adding tips and overtime pay deductions, including TA for Trump account contributions, TP for qualified tips, and TT for qualified overtime. Babies born 2025–2028 get a $1,000 Trump account contribution, with annual $5,000 maximum  contribution.

Deductions of up to $25,000 in annual tips and $12,500 in overtime are permissible. Box 14 was split, adding tipped occupation code for eligibility verification. Expect deductions to flow through your new Schedule 1-A debuting with 2025 filings, though 2025 reporting guidance is pending.

Source: CPA Practice Advisor

💎 Rare Accounting Oddities

Accountants belong on the Medium and Long-term Strategic Skills List (MLTSSL), professions classified as necessary to Australia’s growing economy.

Even better, accountants recently qualified with the visa fast-track program: reserved for selected professions, offering various migration choice pathways.

Your spreadsheet mastery isn't just for balancing financial statements. Talk about switching number-mastery into your dream-chasing station.