05/08/2025

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

The IRS lost over 11,000 employees in the first 2025 quarter, with revenue agents making up the largest group at 31% (3,623). Most departures came from 7,315 probationary employees terminated and 4,128 who opted for the Deferred Resignation Program (DRP), amidst executive orders from President Trump on aiming to implement federal downsizing.

A reduction in force (RIF) on multiple taxpayer offices was conducted. Tax exempt government units saw the highest percentage loss at 31%, while taxpayer services lost the most people at 1,714, with a 4% staff loss. Currently, the IRS approved 13,124 of 23,000 applicants for a new Treasury Deferred Resignation Program (TDRP), offering incentives and retirement plans.

Source: Journal of Accountancy

💎 Rare Accounting Oddities

Looking to dodge hefty taxes? Meet tax havens, where low rates and financial secrecy is the currency. From tax-free Cayman Islands to Luxembourg's sneaky deals, these international countries are playgrounds for the wealthy.

However, it's not just tax avoidance—it's about keeping financial dealings under wraps. The British Virgin Islands, for example, hosts more shell companies than people!

While tax havens offer financial benefits, they’re also hotbeds for controversy and legal battles. So, while these countries remain dreamy for some, they come with a lot of ethical dilemmas! 

Wisdify’s new Healthcare Accounting Series kicks off with courses on simplifying major topics like HIPAA, HITECH, and Stark Law tailored for CPAs.

A few courses include Regulatory Frameworks in Healthcare Accounting which covers the fundamentals of Medicare, Medicaid, fraud prevention, and reimbursement models entirely.

Revenue Recognition in Healthcare significantly breaks down ASC 606, GAAP, healthcare billing models, and uncompensated care issues through real-world case studies for practice.

Lastly, Cost Accounting in Healthcare teaches various cost allocations, controlling overhead, and improving profitability using activity-based costing and various strategic analysis. 

Each professional course offers practical applications, short video modules (5–20 minutes), interactive quizzes, and self-paced learning for everyone.

What are you waiting for? Join Wisdify now, and be the next best healthcare personnel in the universe today!

Source: Wisdify

📝 Journaling Insider

The federal government will no longer issue or accept paper checks for any payments, under an executive order signed by President Donald Trump. This includes tax refunds, benefits, vendor payments, and intragovernmental transactions, citing over $657 million in paper-processing costs in 2024 and risks like fraud, delays, and lost payments when still being used.

Agencies must switch to electronic funds transfer (EFT) methods, such as direct deposit and prepaid cards, though limited exceptions will be made for those without banking access, certain emergencies, or national security needs. The Treasury will also launch a public awareness campaign, partnering with financial institutions to support bankless populations.

Source: CPA Practice Advisor

💰 Making Cents of Accounting

#AccountingProblems😔💵