08/14/2025

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

Virginia hospitals warn ACA premiums could jump 30%–50% without extended tax credits, risking coverage for over 388,000 residents, fearing post-COVID repeat of delayed care leading to late-stage illnesses, with costs approximately rising $904 monthly for some couples and $207 for families, dropping insurance, increasing uncompensated care, and overall healthcare costs.

The potential cost associated fallout might hit beyond healthcare, raising premiums for insured patients and stalling small business growth in Virginia’s gig economy. Without action, hospitals face lost revenue overtime, higher ER demand, and wider economic ripple. Premium coverage hikes make families vulnerable to lower coverage plans instead of getting quality ones.

Source: CPA Practice Advisor 

💎 Rare Accounting Oddities

Ever heard of tamiai? In ancient Greece, temple accountants were elite financial guardians of sacred treasures like the infamous Treasury of Athena, and Greece’s ancient worldly treasures.

Chosen from the highest social class, they didn’t just crunch numbers, tamiai embodies honor, and financial civic duty, often while donning elegant, robe-like himations worthy of their status.

So, the next time you’re balancing ledgers, remember that you’re part of tradition beginning with toga-clad finance pros keeping ancient Gods’ riches in check. Sacred spreadsheets, anyone?

You can sniff out balance sheet errors from 50 meters away. But when your IRS tax auditors come knocking? Even the most seasoned accountant can instantly feel a tiny pang of dread. 

Wisdify goes beyond theory,  giving knowledge usable in any moment possible. Combine high-impact lessons with checklists so you can instantly build expertise without wasting time.

Tax Audit Management (30 Lessons | 5.0 CPEs | Taxes)
Learn exactly how audits get triggered, documents auditors expect, while responding confidently. Use real-world examples, audit readiness checklists, mock audit templates, and document tracking systems keeping organized from notice to resolution. Know how to minimize potential audit risks, lead audit processes, and protect clients from expensive surprises.

Audit Administration Mastery (31 Lessons | 5.0 CPEs | Auditing)
Know your way through final reporting with risk-based strategies and real-world execution. Master audit planning, internal control evaluation, sampling methods, documentations aligning with GAAS and PCAOB guidelines. Walk through client risk profiling, give findings effectively to stakeholders. Leave ready to deliver high-quality audit reports with precision and confidence.

Learn the confidence for walking into audit reports knowing you own the boardroom in Wisdify.

Source: Wisdify

📝 Journaling Insider

IRS proposes replacing the outdated 1974 ESIC Manual with modernized NAICS Manual to determine an employer’s “line of business” for certain benefit tax exclusions. NAICS offers more precise classifications for newer industries, while updating aggregation rules, changing retail examples to reflect our generation’s various big-box and mixed-merchandise models.

When finalized, everything will be applied in taxable years starting their publication in Federal Register. Employers should compare recent ESIC codes to NAICS codes in assessing potential impacts on fringe benefit eligibility and prepare for operational adjustments. Public comments are due by November 4, 2025, giving businesses a window to influence final regulations given.

Source: Thomson Reuters

💰 Making Cents of Accounting

#StillWaitingOnThatRaise💵⚖️