06/09/2025

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

The AICPA, endorsed  by 53 CPA societies, is urging the Senate to oppose the House’s provision limiting PTET SALT deduction for service businesses, including accounting firms, raising taxes on accountants and harming economic growth. Tax Foundation analysis shows it could reduce the U.S. GDP by 0.2%, undermining tax parity established by the 2017 Tax Cuts and Jobs Act.

The letter argues the proposal unfairly targets professionals based on occupation, leaving accountants worse off than under the 2017 Tax Cuts and Jobs Act. AICPA VP Melanie Lauridsen emphasized in a recent JofA podcast that changes violate tax principles like neutrality and fairness, while assuring members the AICPA is mounting its strongest effort to oppose it.

Source: Journal of Accountancy

💰 Making Cents of Accounting

#NoPivotNoProblem📝💰

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You always had GAAP down cold. But when someone mentions HIPAA, or Stark Law, do you secretly want to “mute” yourself and slide under your desk?

Wisdify’s Healthcare Accounting Series is your gateway. Think of it as a “legalese-free” zone, unpacking major healthcare compliance topics for accountants. No black suits required.

Healthcare Taxation & Compliance discusses various tax landscapes of healthcare entities, both for-profit and nonprofit. The program covers IRS forms (990, 1023, 990-T), UBIT, Section 501(c)(3) compliance, and different healthcare-specific tax credits (ERC, R&D, green energy). You’ll also learn to identify auditing red flags, while implementing documentation best practices.

Risk Management in Healthcare Finance equips you to manage healthcare-specific financial, operational, and compliance risks. You’ll explore regulatory risks (HIPAA, HITECH, Stark Law), use real-world case studies, build actionable risk registers, use strategies to mitigate fraud, revenue leakage, and compliance gaps. The program also covers leveraging insurance, qualitative risk assessment, data analytics for proactive risk management and forecasting. 

Learn at your own pace. No prior law degree required. Just your accounting brain and a willingness to learn.

Make your healthcare compliance game just as sharp.

Your future healthcare clients will thank you later.

Source: Wisdify

💸 Profit & Loss Report

Dozens of former regulators oppose a budget bill provision merging the PCAOB into SEC, arguing it violates the Byrd Rule since PCAOB has always been independently funded. The Sarbanes-Oxley Act created PCAOB as a separate nonprofit to ensure non-political audit oversight, and this provision undermines independence, disrupting established funding.

Investor groups, alongside the Council of Institutional Investors and PCAOB’s Investor Advisory Group, warn that merging PCAOB and SEC weakens audit inspections, reducing investor confidence. The provision risks diminishing transparency in financial reporting by overburdening the SEC, and compromising rigorous oversight that has been protecting U.S. capital markets.

Source: Thomson Reuters

💎 Rare Accounting Oddities

Did you know that accountants enforce salary caps in major sports leagues? From the NBA’s $140M cap to Premier League’s spending controls, CPAs keep the financial playing game level.

In the NBA, everything is tracked from Bird Rights to luxury taxes and the new second apron penalties, ensuring teams can’t stealthily overspend, finding clever accounting maneuvers before they create headline scandals.

So, the next time you hear about blockbuster trade or a record signing, remember: somewhere, an accountant made sure it really balanced up. Now that’s a winning formula.