04/22/2025

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! 

💸 Profit & Loss Report

Tax practitioners guide clients who can’t pay federal taxes by first suggesting credit or bank loans, which are cheaper than IRS penalties. If not an option, most individuals qualify for IRS payment plans, especially for debts under $100,000, which can be set up easily online. For businesses, commercial loan interest may be deductible, unlike IRS penalties and loan interest.

IRS Installment Agreements include Guaranteed (under $10,000), Streamlined (up to $250,000), and new 2025 Simple Payment Plans, available to 90% of individuals with no liens or financial disclosures. Small businesses with under $25,000 in payroll tax debt may qualify for In-Business Trust Fund Express. Paying within six months avoids extra fees and paperwork. 

Source: Thomson Reuters

💎 Rare Accounting Oddities

Enter the Sarbanes-Oxley Act of 2002, shocking corporate America after rewiring the financial reporting process. Due to scandals like Enron getting billions of dollars fraudulently, Congress intervened with a legal hammer.

SOX forced CEOs and CFOs to personally certify their financial statements, established tighter internal controls, and made document extinguishment a felony with up to 20 years in prison for criminal offences,

The result? Financial transparency became the law. So, the next time your group finds compliance taxing, just remember that SOX isn’t here to ruin your day; but to keep you out from handcuffs.

📺 Advertisement

You crush audits. You’ve danced with ASC 606 and lived to tell the tale. But the moment someone brings up Medicaid reimbursement models or HITECH compliance, you’re one “quick bathroom break” away from Googling in panic mode.

Sounds familiar? Time to fix that — without drowning in legal jargon.

Learn Regulatory Frameworks in Healthcare Accounting, Wisdify’s brand-new CPE course made just for accountants navigating the complex world of healthcare finance. Our professional courses break down HIPAA, HITECH, Stark Law, Medicare, and Medicaid in the easiest way possible — with real-world experience, zero fluff, and no law degree required.

Looking to collaborate with high-value healthcare clients? Considering a move to a healthcare company? This is your launchpad.

Don’t let regulations shock you. Let’s make healthcare your comfort zone.

Source: Wisdify

📝 Journaling Insider

Baker Tilly and Moss Adams are merging in a $7 billion deal, forming the sixth-largest CPA firm in the U.S. by early June. The move aims to boost national scale, combining audit services, advisory and tax services as Baker Tilly Company Franchise. The merger went amidst cautious M&A activity, driven by economic uncertainty and the need for long-term strategic growth.

Private equity firms Hellman & Friedman and Valeas Capital Partners will invest in the combined entity. Baker Tilly CEO Jeff Ferro will lead the firm until his retirement, with Moss Adams CEO Eric Miles taking over on January 1, 2026. Legal advisors included Simpson Thacher & Bartlett LLP and Vedder Price PC, with Deutsche Bank Securities as financial advisor.

Source: Thomson Reuters

💰 Making Cents of Accounting

#DreamsInSpreadsheetOnly✨🌌