06/16/2025

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! 

💸 Profit & Loss Report

U.S. Supreme Court ruled in Zuch v. U.S. Tax Court loses jurisdiction over CDP appeals once taxpayer’s liability is paid and the levy gets inactive. Zuch had challenged the IRS's decision to apply $50,000 tax payment to her ex-husband’s account. After the CDP hearing, the IRS later satisfied her debt using overpayments, dismissing the case as moot.

The Supreme Court upheld said dismissal as under Sec. 6330, the Tax Court can only review active levy determinations, not settled disputes, aligning with rulings from the Fourth and D.C. Circuits. Justice Gorsuch warned ruling strips taxpayers of a way to challenge IRS errors, leaving them without a refund path if the statute of limitations expires.

Source: Journal of Accountancy

💎 Rare Accounting Oddities

A first-edition, original copy of Luca Pacioli’s Summa de Arithmetica was sold at Christie’s for an astonishing $1.215 million. Printed in 1494, this Venetian masterpiece was the blueprint of double-entry bookkeeping.

The book discussed everything from journal entries to general ledgers to “don’t sleep until everything balances.” Approximately 162 copies exist today, and even fewer are complete. 

So yes, that dusty accounting ledger we keep joking about? The original “founding father” grandaddy is now a million-dollar celebrity somewhere in the world.

Are you confident with financial statements, but dread studying HIPAA like it’s a pop quiz you’re absolutely clueless with? If you’re eyeing roles in healthcare finance or looking to collaborating with premium clients, then you need to get comfortable with regulatory procedures soon!

Introducing Wisdify’s Healthcare Accounting Series removing the scary creature out of Stark Law and thrilling vibes out of medical amortizations.

Accounting for Healthcare Technology Investments dives into capitalizing, amortizing, reporting on healthcare technology like EHR systems, AI tools, SaaS platforms. Learners gain skills in ROI analysis, cost classification under GAAP/IFRS, while using models like NPV, IRR, and payback periods. Best practices in financial reporting, disclosure for intangible tech assets are covered, helping you choose tech-driven decisions in healthcare settings.

Healthcare Taxation & Compliance focuses on tax rules applicable on for-profit and nonprofit healthcare organizations. IRS forms like 990 and 1023, 501(c)(3) requirements, UBIT, and compliance obligations are discussed meticulously. Tax credits like ERC, R&D, green incentives are prioritized while teaching best practices on audit preparation documentation. 

These courses feature 5–20 minute videos, quizzes, and final assessment — just right for busy CPA professionals looking to upgrade their healthcare compliance knowledge without feeling lost in medical terminologies again. 

You already own accounting. Now you’ll own healthcare with a little help from Wisdify, removing your legal, healthcare panic-induced sweats one course at a time.

Source: Wisdify

📝 Journaling Insider

Heaton & Co., a Farmington, Utah-based firm were fined $60,000 by the PCAOB for major audit failures across engagements. The firm was penalized $35,000, and founder, Heaton $25,000 for violations of audit documentation, engagement quality review, and quality control standards, resulting in the firm’s revocation and Heaton’s temporary ban from public accounting.

Investigators found modified audit workpapers long after required deadlines, including a case where over 90% of documents were prepared years later. Regardless, Heaton approved everything without proper review. The firm hadn’t conducted inspections since 2018,  ignoring quality control issues, making the PCAOB cite audit integrity, investor protection serious risks. 

Source: CPA Practice Advisor

💰 Making Cents of Accounting

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