05/30/2025

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

The AICPA is urging Congress to revise the One Big Beautiful Bill Act (H.R. 1), specifically opposing SALT deduction changes preventing service trades or businesses (SSTBs) like accounting, legal companies from deducting state and local taxes by pass-through entities. Individual SALT cap would increase to $40,000, however, AICPA argues it builds complexity.

AICPA opposes provision allowing use of contingent fee arrangements by tax preparers, mentioning fraudulent risks like on the Employee Retention Credit program. AICPA suggests removing said law or disclosure. Proposed changes were further criticized to excess business loss treatment, as it could permanently disallow losses for small businesses closing down. 

Source: Thomson Reuters

💰 Making Cents of Accounting

#TrustIssues👩🏻‍💻💯

📺 Advertisement

You know tricks around balance sheets, but when someone throws out “Stark Law” or “HIPAA compliance,” you suddenly feel lost and confused. Fret not, accounting soldier!

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Go forth, brave CPA — your next healthcare accounting industry awaits.

Source: Wisdify

💸 Profit & Loss Report

A federal appeals court has temporarily restored Trump’s authority to impose tariffs, pausing a nationwide injunction from the U.S. Court of International Trade, halting most of April’s tariffs. The court granted administrative stay, consolidating related appeals from lawsuits filed by importers and 12 states, keeping tariffs on cars, steel, and aluminum in effect.

Separately, the Trump administration is appealing a D.C. District Court injunction blocking tariff collection for two companies, although it won’t take effect for 14 days. Nearly 60% of CPA decision-makers in an AICPA survey expected tariffs to hurt their businesses, with an updated economic outlook due next week.

Source: Journal of Accountancy

💎 Rare Accounting Oddities

Do you know blockchain accountants? These pros specialize in verifying cryptocurrency transactions on decentralized ledgers, making sure your virtual dollars add up without fail!

By combining traditional accounting smarts with cutting-edge blockchain tech, these pros are the financial detectives of the cryptocurrency world — ensuring clean transactions wherever!

Talk about financial reporting evolving from spreadsheets to supercomputers!