05/09/2025

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

A new agreement between the IRS and ICE allows immigration officials to access tax data linked to Individual Taxpayer Identification Numbers (ITINs), raising fears among undocumented immigrants despite ICE’s claim on using it only when targeting major criminals. Most undocumented immigrants pay billions in taxes, relying on ITINs for work compliance.

Tax professionals report growing anxiety, with immigrants reconsidering tax filing or transferring businesses to relatives with legal status. Although critics argue ITINs are exploited to bypass labor regulations, many immigrants have used them when building credit, getting loans, and remaining financially responsible, making this data-sharing feel like a betrayal of trust.

Source: CPA Practice Advisor 

💰 Making Cents of Accounting

#ScientificEvolution🌌📝

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You’re a pro at GAAP wizardry — but when someone mentions Stark Law, HITECH, or HIPAA, do you feel like being summoned into a legal drama? 

Wisdify’s Healthcare Compliance Series programs are here to break down the regulatory maze without needing a law degree (or aspirin).

What’s next in the Healthcare Accounting series?:

🩺 Regulatory Frameworks in Healthcare Accounting
Understand HIPAA, Medicare, Medicaid, audit processes, fraud prevention like a boss.

💰 Revenue Recognition in Healthcare
Master ASC 606 and GAAP in a healthcare context, with real-life case studies and various healthcare billing model processes.

💉 Cost Accounting in Healthcare
Get first-hand experience with examples and strategies on cost allocations, controlling overhead techniques, and boosting company profitability.

Whether you're eyeing a move into healthcare companies or looking to serve premium clients in the healthcare industry, these professional courses will give you the confidence boost you didn’t know you were missing. 

Ready to add “Healthcare Specialist” to your accounting toolkit?

Let’s do this with Wisdify today!

Source: Wisdify

💸 Profit & Loss Report

Taxpayer groups are calling on the IRS to withdraw Revenue Ruling 2024-14, disallowing certain basis-shifting transactions on related parties using the economic substance doctrine. This ruling followed a Biden-era initiative targeting complex partnership structures that manipulate asset bases under Code Sections when generating tax deductions

Although the Trump administration repealed the final regulations and waived penalties, the ruling is still active. The National Taxpayers Union and Taxpayers Protection Alliance argue the IRS enforce unclear standards, bypass statutory language, and pursue aggressive audits through its passthrough exam unit, raising concerns about overreach and taxpayer uncertainty.

Source: Thomson Reuters

💎 Rare Accounting Oddities

Back in the 2000s, Enron cooked the books so hard it triggered a massive corporate scandal in history, erasing billions in shareholder value and creating shockwaves through Wall Street. 

The fallout gave birth to the Sarbanes-Oxley Act (SOX) of 2002. SOX ushered in new rules to make sure financial reporting is clean and verifiable: hello, Section 404 and the PCAOB! 

So, the next time you're double-checking a control procedure, remember: you’re not just being thoroughly clean, you’re keeping the ghost of the Enron scandal at bay.