05/05/2025

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

Donald Trump is urging Republicans to cut Medicaid drug prices by tying them to the lowest rates paid in foreign countries, aiming to help fund his proposed tax cuts. This marks a shift from his earlier focus on Medicare and is intended to avoid cutting Medicaid coverage for millions of low-income Americans, though it risks clashing with the powerful pharmaceutical lobby.

Industry leaders and health policy experts warn how it may not deliver the savings needed, as Medicaid already receives discounts, covering a smaller share of drug spending than Medicare. Conservative lawmakers also oppose the idea, calling it a form of “socialist price controls,” as the legislative path remains uncertain due to time constraints and political resistance.

Source: CPA Practice Advisor

💎 Rare Accounting Oddities

Do you know who’s behind consistent, and reliable financial statements every day? Meet the FASB — the Financial Accounting Standards Board. 

Established in 1973, this independent nonprofit organization is the unsung hero setting the accounting and financial reporting standards for both public and private companies in the U.S.

So, the next time you’re balancing ledgers, just remember: FASB's behind the curtain, ensuring your financial world stays in check, and keeps the accounting world running smoothly.

You’re a CPA – a master of financial statements. But when it comes to healthcare-specific compliance like HIPAA, Stark Law, and HITECH, you might feel like going into a parallel universe of legal jargon and regulatory minefields. Don’t worry, you’re not alone in this!

Wisdify’s Healthcare Accounting Series is here to bring you confidence in navigating healthcare compliance requirements necessary. Our professional courses will break down key regulations without drowning you in legalese, so you can maintain your accounting expertise. 

🩺 Regulatory Frameworks in Healthcare Accounting – Dive into HIPAA, Medicare/Medicaid policies, fraud-prevention audits, and more to ensure your compliance knowledge is top-notch! 

💰 Revenue Recognition in Healthcare – Master ASC 606, bundled payments, and financial reporting challenges unique to various healthcare industries.

📊 Cost Accounting in Healthcare – Learn the how’s of cost allocation, overhead production, and improve profitability with real-world healthcare examples. 

Ready to work in the healthcare industry or level up your professional career growth with high-value clients? Let’s get you ahead of the curve with Wisdify!

Source: Wisdify

📝 Journaling Insider

Over 300 employees in the IRS Office of Appeals have accepted the Trump administration’s deferred resignation offer, with another 100 requests pending. IRS Appeals Chief Liz Askey noted that the office started the year with about 1,777 employees but expects to drop around 1,324 by the end of the fiscal year due to numerous retirements, buyouts, and a hiring freeze.

The IRS is part of a broader federal workforce reduction plan aimed at cutting waste, reducing its size from 100,000 to as low as 60,000 employees by the end of 2025. Despite the staff cuts, spokesperson Askey reported that the office is successfully reducing case processing times, with non-docketed cases at their lowest cycle in six years.

Source: CPA Practice Advisor

💰 Making Cents of Accounting

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