The Wednesday Accrual: December 03, 2025

Profit & Loss Report

Trump Predicts End of Federal Income Tax, Sparks Economic Debate

President Trump claims federal income taxes could be eliminated in the upcoming years, replaced by tariffs generating “trillions of dollars” and allowing refunds. Trump envisions using tariff revenue to reduce national debt and provide full income tax relief.

Economists warn the plan is unrealistic, as income taxes generate $2.7 trillion versus $258 billion from tariffs, potentially raising deficits to $4 trillion. Treasury Secretary Bessent says tariffs could fund targeted tax relief, but cannot replace income tax revenue.

Source: CPA Practice Advisor

Rare Accounting Oddities

Wonder how accountants outsmarted history’s deadliest gangsters?

DYK the FBI employs thousands of accountants yearly to battle down the deadliest villains with overdue invoices? 

Al Capone, Chicago’s infamous mob boss, survived bullets until forensic accountants traced his cash flow secrets and proved he wasn’t reporting income from other not-so-legal “ventures.”

The FBI has relied on accountants since its founding to dissect money trails, decode transactions, and testify cases in court - responsible for toppling criminal empires one journal ledger at a time.

So the next time someone jokes that accounting is boring, remind them: balance sheets once did what bullets couldn’t.

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Journaling Insider

Bridging Expectations Could Solve the Accounting Talent Shortage

A university study discovered that students avoid auditing due to misconceptions, client interaction, autonomy, and learning while overestimating repetitiveness and deadlines at Big Four firms - misjudging career, salary and job security.

Traditional outreach has little impact, however in-house experience supports in correcting these gaps. Transparent communication about company culture, personal autonomy, and development could slowly help boost recruitment, says co-author Christian Peters.

Source: Accounting Today

Making Cents of Accounting

“Wrong Kind”

Accountant A: I needed support on this audit.

Accountant B: And what’d they give you?

Accountant A: Moral support - are they serious?

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