05/12/2025

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! 

📊 Accountants Gone WILD

The House Ways and Means Committee released a 28 pages draft of Trump’s tax plan, proposing a higher child tax credit to $2,500, increasing the estate tax exemption to $15 million, and boost standard deduction to $2,000 max while expanding small business and corporate tax breaks, leaving out Trump’s proposed tax cuts on tips, overtime, and Social Security benefits.

The plan keeps tax rate at 37% and excludes proposed tax hikes and changes to energy and EV credits. It also tightens Medicare access for immigrants and revises strengthened tariff rules, while GOP divisions stall action on lifting the $10,000 SALT deduction cap between fiscal conservatives and lawmakers who advocate raising the cap to $30,000 to help various districts.

Source: Bloomberg

🧮 COOL AF! (Cool Accounting Facts!)

Egyptians had their own version of “management” when constructing the pyramids. Scribes used papyrus when tracking resources, labor, and materials.

With detailed records they created worker assignments, inventory count adjustments, even centralized salaries, making them the original accountants!

So, next time you balance a ledger, remember—you’re following those who helped create the marvelous scenery where ancient history and precision meet.

If you’ve ever wanted to collaborate with premium clients in the healthcare industry, Wisdify’s Healthcare Accounting Programs are here to confidently make you a regulatory pro — no lawyer degree required, helping accountants gain expertise with practical, accessible courses.

Regulatory Frameworks in Healthcare Accounting is about various healthcare regulations such as HIPAA, Medicare, and Medicaid policies, fraud prevention, and reporting standards to healthcare organizations. The course provides understanding of healthcare compliance and reimbursement models.

Revenue Recognition in Healthcare breaks down the complexities of healthcare billing, covering ASC 606, GAAP, and uncompensated care problems. Real-world case studies help accountants tackle issues revolving around bundled payments, various capitation, and estimating healthcare revenue over time.

Cost Accounting in Healthcare focuses on cost allocation, profitability, and improving financial performance through activity-based costing. This course helps accountants navigate financial challenges specific to healthcare, enhance transparency, and make result-driven choices to optimize cost control. 

Your expertise in accounting is now getting an exciting healthcare upgrade. Get ready to boost your confidence and expand your skillset in a highly-specialized field with Wisdify today!

Source: Wisdify

🔢Numbers Don’t Lie

Major U.S. companies like GM, Apple, and Nvidia are warning of steep losses from Trump-era tariffs, with GM projecting a $5 billion hit, Apple $900 million, and Nvidia $5.5 billion in charges. Tariffs as high as 145% on Chinese imports and up to 125% retaliatory duties from Beijing are prompting companies to raise prices, shift supply chains, or reduce earnings forecasts.

Industrials like RTX, Boeing, 3M, and Stanley Black & Decker expect hundreds of millions in annual losses, while consumer giants such as P&G and Hershey brace for cost spikes of up to $1.5 billion. Despite mitigation efforts, uncertainty remains high, with over 6,000 corporate calls scramble to manage rising costs and changing global trade dynamics.

Source: Accounting Today

🐦 Twitter Showdown

#TaxReturnInsanity🏦💵