08/07/2025

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

Over 1,500 nonprofits are urging President Trump and the IRS to preserve the Johnson Amendment, barring groups including churches from political campaigning. They oppose a proposed consent judgment blocking IRS enforcement against churches, while exempting sermons on electoral politics as it could spur nationwide partisan activity by houses of worship.

Experts mentioned the change is possibly shifting charities into partisan conduits, enabling anonymous, tax-deductible election spending. Amicus briefs warn how donors must possibly exploit churches’ financial reporting in bypassing provisional rules, with the Eastern District of Texas already permitting limited filings through early August.

Source: Thomson Reuters 

💰 Making Cents of Accounting

#CPARealities💔🩹

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You’ve mastered financials so complicated you’re terrifying interns, but when it comes to auditing regulations, you suddenly feel being clueless in everything.

Wisdify’s Accounting Specialty Programs is your premium front-row launchpad in tax auditing specialties your high-value clients have been expecting from you (and pay big for).

Course 1: Tax Audit Management 

IRS regulations don’t have to feel horrifying. Learn how audits get triggered, what documents they really want, and respond to clients without breaking a sweat. Be knowledgeable with:

• Audit readiness checklists with professional mock audit templates

• Document organization systems that keeps everything centralized

• Strategies to minimize auditing risk before the IRS gets knocking

• Pro-level responses to IDRs for auditors, keeping you in control

Course 2: Audit Administration Mastery

Finally, a course bridging your textbook knowledge with how auditing processes go down with real-life application. Know how auditing gets established in financial statements. Master:

• Risk-based audit methodologies targeting what actually matters 

• Internal control evaluations making your testing samples bright

• Audit documentation standards getting PCAOB nod in approval

• Various sampling techniques you’ll actually use professionally

Wisdify’s courses are bite-sized educational videos, designed for CPAs sharpening their professional edge where others hesitate. Begin stacking accounting expertise without draining your financial budget.

Master the regulatory game so you’ll confidently follow IRS audits with ease. 

Source: Wisdify

💸 Profit & Loss Report

Cherry Bekaert, a Top 20 U.S. accounting firm, has acquired Bedford, MA-based Jameson & Co. CPAs, specialists in outsourced accounting for small federal contractors and grantees. The sealed contract follows Cherry Bekaert’s 2024 acquisition of Katz Nannis + Solomon, boosting its Northeast presence and government contracting expertise.

The combined group brings decades of experience, including former contractor CFOs and federal audit agency alumni to navigate FAR, CAS, Uniform Grant Guidance, GAGAS, and GAAP compliance. Cherry Bekaert is expanding its national reach in highly regulated sectors with greater resources and specialized capabilities.

Source: CPA Practice Advisor

💎 Rare Accounting Oddities

Ever thought the “Big Four” were always top dogs? They actually used to be the “Big Eight”, strutting through accounting worlds like an exclusive club of ledger wrangling royalty.

In the late 20th century, Ernst & Whinney merged with Arthur Young (becoming EY) and Deloitte Haskins & Sells teamed with Touche Ross (forming Deloitte).

Price Waterhouse and Coopers & Lybrand tied knots in creating PwC, leaving five: until Arthur Andersen met its Enron‑shredded downfall in 2002, leaving us with today’s Big Four: Deloitte, EY, PwC, and KPMG.

From controlling AICPA to dominating 99% of S&P 500 audits, these firms now run an oligopoly of trust. Survival isn’t just about balancing financials. It’s acquisitions, market power, and keeping your paper shredder in check.