05/22/2025

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

President Trump’s IRS nominee, Billy Long, faced scrutiny over his lack of tax experience and fraudulent tax schemes during a hearing. Senators accused Long of promoting fake Employee Retention Credit claims, accepting donations from “tribal tax credit” promoters, and promising favorable IRS treatment, claims that are evidenced by audio recordings.

Long also faced questions on IRS political misuse, particularly Trump’s remarks against Harvard, providing vague answers on legal boundaries. Though he mentioned his congressional experience from 2011–2023, Long failed to clarify his stance on audits or the Direct File system, reinforcing bipartisan concerns about his credibility and qualifications.

Source: Thomson Reuters

💰 Making Cents of Accounting

#AccountingMigraine😵‍💫

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What if knowing healthcare accounting meant decoding the secret language of HIPAA, HITECH, and Stark Law — without needing a magic crystal ball? 

Wisdify’s Healthcare Accounting Series offers professional courses tailored for accountants wanting to specialize in the healthcare industry. 

Healthcare Budgeting and Forecasting teaches CPAs healthcare budget management using real-world data. Key budgeting techniques, revenue and patient volume forecasting, cost control strategies, variance analysis will be discussed, covering the unique operational needs of healthcare providers.

Financial Statement Analysis in Healthcare revolves around evaluating FS of healthcare organizations. Liquidity, solvency, and profitability assessment using industry ratios, revenue recognition challenges, and analyzing nonprofit and for-profit healthcare entity performance will be discussed.

Ready to make healthcare’s financial maze into your playground? Dive in and watch how mastering healthcare finance transforms your professional career from ordinary to legendary with Wisdify today!

Source: Wisdify

💸 Profit & Loss Report

House Republicans unveiled a version of President Trump’s tax-and-spending bill, raising the SALT deduction cap to $40,000 to win support from GOP lawmakers in high-tax states. The cap, starting this year and phasing out for incomes over $500,000, addresses long-standing demands since the original $10,000 cap was imposed in Trump’s first-term tax law.

To satisfy hardline conservatives, the bill accelerates new Medicaid work requirements to December 2026, eliminating Biden-era clean energy tax breaks. It includes freshly named “Trump accounts” seeded with $1,000 for each newborn, while adding $12 billion in retroactive reimbursements for state border security, a major win for Texas Republicans.

Source: CPA Practice Advisory

💎 Rare Accounting Oddities

Think passing your CPA exam is difficult? In Japan, it’s another-level of intense as potential candidates often spend five years preparing for  their national CPA equivalent. 

Between twice-yearly multiple-choice tests, a demanding essay exam, and three-year professional education program, only the most patient and determined individuals make the cut. 

It’s just like an endurance race for accountants, proving that mastering our craft really is a marathon, not a sprint! Now that’s dedication worth raising your coffee mug to!