05/26/2025

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

Republicans passed Trump’s house bill, extending his 2017 tax cuts and introducing major policy changes. Key measures include raising the SALT deduction cap to $40,000, exempting tips and overtime pay from income tax, tightening Medicaid and food stamp requirements, eliminating tax credits, and introducing a 3.5% remittance tax sent abroad by immigrants.

The bill also imposes steep new taxes on elite universities and large private foundations, upgrading tax breaks, and incentivizing U.S. factory construction through depreciation. New fossil fuel lease sales are mandated, creating tax-free “Trump Accounts” for children, expanding military and border spending, and restoring the FCC’s power to auction radio spectrum.

Source: CPA Practice Advisor

💎 Rare Accounting Oddities

Ever wondered if accountants have secret FBI vibes? Believe it or not, some number crunchers are working behind the scenes for spy agencies!

These accounting pros dive into complex financial webs, untangling even the most impossible Excel spreadsheet. Imagine Sherlock Holmes’ detective instincts with CPA-level precision! 

So, the next time someone invalidates accountants, remember: some of us are undercover heroes, saving the world one ledger at a time!

Sure, you can breeze through financial statements with your eyes closed, but when someone drops Stark Law or HIPAA compliance, do you suddenly feel clueless on everything?

Wisdify’s Healthcare Accounting Series are built for confident professionals who is looking to venture out into the jargon-heavy world of healthcare finance without needing a license.

Healthcare Budgeting and Forecasting dives straight into healthcare operations. You’ll build forecasting patient volumes, managing organizational costs, analyzing variances using real hospital case studies. From payer mix analysis to flexible budgeting techniques, this course arms you necessary skills.

Financial Statement Analysis in Healthcare is established to helping you read between the lines of nonprofit and for-profit financials. You'll master liquidity ratios, revenue recognition quirks, and various healthcare-specific risk indicators so you’ll stop getting nervous at your next business meeting.

Whether you're looking to break into healthcare accounting, collaborate with high-value professionals , or stop Googling basic healthcare accounting terminologies, Wisdify is your prescription for confidence. 

Let’s make healthcare your next area of expertise with us today!

Source: Wisdify

📝 Journaling Insider

AICPA urges Treasury and IRS to clarify proposed regulations under Sections 959 and 961 on previously taxed earnings and profits (PTEP) and basis adjustments, emphasizing the need for taxpayers on said rules before finalization. Comments include allowing such reliance, extending PTEP distribution rules, with distributions recognized as current tax recoveries.

AICPA suggests treating PTEP distributions as tax-exempt income if their main proposals aren’t established, recommending derived basis rules to foreign nongrantor trusts, aiming to ensure consistent tax methods, reducing taxpayer uncertainty, and upholding the PTEP’s intent on preventing double income taxation already under Subpart F, GILTI, or similar rules.

Source: Journal of Accountancy

💰 Making Cents of Accounting

#TruthRevealed😲💵