09/19/2025

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! 

📝 Journaling Insider

The One Big Beautiful Bill Act allows employees to deduct the “premium” overtime pay section - up to $12,500 for singles and $25,000 for joint filers, retroactive to 2025. Deduction phases out between $150,000–$275,000 MAGI for singles and $300,000–$550,000 for joint filers.

Exempt employees bringing over $1,128 per week and independent contractors are not eligible. The deduction expires after 2028 unless extended, making it a temporary tax break. With payroll and classification impacts likely, both workers and employers must review strategies now.

Source: CPA Practice Advisor

💰 Making Cents of Accounting

#TimesheetNightmares💤😵

Does your CPE’s feel like watching paint dry?

Wisdify’s got you covered with programs that sharpens your abilities. 

📊 Alteryx 1 Fundamentals for Financial Analysis

Goodbye never-ending Excel loops - hello automation. Learn Alteryx to clean, join, and prep financial data quickly, and automate month-end close with zero coding needed.

🏥 Healthcare Fraud Prevention and Detection

Fraud never takes a sick day. Master detection, prevention, and response with healthcare cases, data analytics, and compliance insights that keeps you one step ahead.

Build confidence in specializations where most accountants hesitate to excel in 

Level up your career expertise by always standing out with Wisdify.

Source: Wisdify

💸 Profit & Loss Report

FASB issued new ASU provisions for internal-use software, removing project-stage distinctions, making guidance neutral for every method. Costs are capitalized once funding is approved and completion remains probable, with focus on unresolved innovations or requirements.

The latest update requires PPE (360-10) disclosures for all capitalized software costs however exempts certain intangible disclosures. Website development rules are folded into ASC 350-40. Effective after Dec. 15, 2027, the ASU hopes to standardize financial reporting.

Source: CPA Practice Advisor

💎 Rare Accounting Oddities

In ancient China, tax collectors relied on suanpan (abacus) and inkstones. The abacus handled quick computations while inkstones allow scribes to record on bamboo slips or paper.

Evidence from Han and Qin dynasty records shows officials reconciling taxes with bead-flicks and brush strokes, catching fraudulent activities, and balancing financial statements. 

Imagine this ancient scene: the rhythmic clicking of beads, the scratches of brushstrokes, and heaps of bamboo slips as Chinese accountants keep the dynasties books in order.