The Wednesday Accrual: October 08, 2025

October 08, 2025

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10/08/2025

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Profit & Loss Report

Treasury Appoints Frank Bisignano as New IRS Chief Executive Officer

The Treasury appointed Frank Bisignano as the first IRS CEO to lead operations during the government shutdown, while Scott Bessent remains acting Commissioner. Bisignano’s experience in finance and tech is expected to boost IRS efficiency and modernization.

The IRS, currently down with 25,000 employees, faces budget cut strain and automation reliance, lifting concerns about taxpayer support. The shutdown might delay returns and refunds, with IRS funding only secured for five business days under its contingency plan.

Accounting Oddities

DYK the world’s oldest accounting firm, Deloitte, started in 1845? 

William Welch Deloitte, founder, lived above his office and became one of the first independent auditors after exposing railway project frauds in 1849.

From candlelit ledgers to global dominance, Deloitte proves accounting embodies legacy 😉

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Learn Alteryx- automate reporting, reconciliations, and data cleanup while you enjoy sipping your coffee. Ready to change your spreadsheets into excellence?

Learn to detect and prevent healthcare fraud with real hospital cases, and CPA-ready frameworks. Excited to stay compliant with healthcare fraud laws? 

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Journaling Insider

Shutdown Uncertainty Increases After White House Reverses Back Pay

A White House memo claims downsized federal workers aren’t guaranteed back pay, since the 2019 Fair Treatment Act applies only to current year shutdowns. This leaves over 650,000 employees waiting on Congress for possible reimbursement.

The OMB has removed previous guidance assuring retroactive pay, intensifying concern as the Senate blocks funding bills and the House remains out until October 14, leaving downsized federal workers uncertain about their previous lost wages. 

Making Cents of Accounting

Accountant 1: Why do accountants make bad magicians?

Accountant 2: Why?

Accountant 1: Because they leave trails of receipts everywhere!