02/19/2025

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 U.S. stock market surged in late trading on February 18, 2025, pushing the S&P 500 up 0.2% to a record high, while the Nasdaq and Dow Jones Industrial Average rose slightly, both now within 1% of their own all-time highs. Intel (INTC) soared 16% as reports emerged that Broadcom and TSM are considering bids for parts of the struggling chipmaker.

In contrast, Meta (META) dropped 2.8%, ending a 20-session winning streak, while Apple, Alphabet, Amazon, Tesla, and Broadcom declined slightly. Nvidia and Microsoft managed small gains, but other notable losses included Medtronic (MDT -7.3%) on weak sales, and Southwest Airlines (LUV -1%), which announced its first-ever major layoffs, cutting 15% of corporate jobs.

The 10-year Treasury yield increased to 4.55%, reflecting continued inflation concerns and uncertainty over Federal Reserve rate cuts. While investor confidence remains strong with stocks reaching new highs, ongoing tech sector weakness, inflation pressures, and corporate layoffs suggest potential volatility ahead.

Source: Investopedia

💎 Rare Accounting Oddities

Think Hall of Fame and your mind probably jumps to sports legends or rock stars—but did you know accountants have their own Hall of Fame too? That’s right! Since 1950, Ohio State University has been honoring the greatest minds in accounting— pioneers who shaped the way we audit, report, and balance statements.

It may not have the fanfare of the Super Bowl, but for number crunchers, this is our VIP club. Visionaries who set accounting standards, revolutionized tax laws, and (let’s be honest) made sure businesses didn’t financially implode. So, if you're ever in Ohio, pay tribute to the legends who made spreadsheets and ledgers what they are today. 

Who knows? Keep crushing those numbers, and maybe one day, your name will be up there too! 

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Source: Wisdify

📝 Journaling Insider

The IRS is set to lay off thousands of probationary employees during tax season, despite earlier assurances that voluntary buyouts under the Trump administration’s "deferred resignation" program would not take effect until after May 15. This decision follows a federal judge’s approval to end the program, which impacted 75,000 federal employees. Reports indicate that the layoffs come after the Elon Musk-led Department of Government Efficiency (DOGE) met with IRS officials and sought access to sensitive taxpayer data. 

Critics warn that cutting staff mid-filing season will disrupt services, delay refunds, and reverse recent improvements funded by Congress through the Inflation Reduction Act. Senate Democrats, including Ron Wyden and Chuck Schumer, urged an end to the IRS hiring freeze, warning that staffing reductions could harm taxpayers and weaken financial crime enforcement. They also accused Musk and the Trump administration of prioritizing politics over public service. With IRS funding set to expire on March 14, experts warn that further disruptions could cause financial hardship for millions and long-term inefficiencies in the tax system.

Source: Accounting Today

💰 Making Cents of Accounting

#DepreciatingMySanity📉💲