04/29/2025

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! 

📊 Accountants Gone WILD

President Donald Trump announced that tariff revenue would be used to reduce income taxes for Americans earning under $200,000, a claim economists widely doubt. Treasury Secretary defended the outlook, even after a CBS News poll showed 69% of Americans think the administration isn’t doing enough to lower prices, with Trump’s approval dropping to 42%.

Tariffs, paused for 90 days for most countries except China, are meant to pressure 17 key partners into new trade deals, with Bessent reporting progress mainly with Asian nations, saying China will be forced to negotiate under a 145% U.S. tariff rate. Beijing denies active talks, while economists doubt tariffs are raising enough revenue to fund Trump’s proposed $5.3 trillion in tax cuts.

Source: CPA Practice Advisor

🧮 COOL AF! (Cool Accounting Facts!)

Did you know the first international accounting standard was created back in 1973 by the International Accounting Standards Committee (IASC)? 

When accountants still used ledgers and calculators, a group of individuals worked together in refining global financial reporting, bringing consistency to various accounting processes.

So, whenever you balance your financial statements, always remember that you’re part of a century-old legacy that started long before the digital age!

Let’s face it, you're a pro when it comes to accounting principles, but when it comes to navigating legal and regulatory compliance — especially in healthcare? Then you're instantly stepping into uncharted waters. Fear not!

Wisdify's Healthcare Accounting courses are here to break down the complicated world of healthcare compliance. No complex legalese — just straightforward insights that apply to your role as an accountant.

What You’ll Learn:

• HIPAA, HITECH & Stark Law – You’ll master the compliance regulations and see how they directly apply to your work, so you’re not left in the dark when clients asks you.

• Healthcare Accounting Principles – The nuances of healthcare-specific topics like bundled payments, risk-sharing agreements, and revenue recognition under ASC 606 will be discussed (don’t worry, we’ll make it fun!).

• Practical Applications – You’ll get hands-on experience with real-world case studies that show you exactly how these regulations come to life in the healthcare industry.

• Boost Your Confidence – Walk away from this course feeling directly involved, like you know exactly what you're talking about when it comes to healthcare compliance. 

Professional Courses in the Healthcare Series:

• Regulatory Frameworks in Healthcare Accounting (Est. 4/21) – Get familiar with HIPAA, Medicare, Medicaid, and how to stay compliant.

• Revenue Recognition in Healthcare (Est. 4/28) – Learn the nitty-gritty of revenue recognition under ASC 606 and GAAP.

• Cost Accounting in Healthcare (Coming Soon) – Take your cost accounting skills to the next level with healthcare-specific principles and strategies.

Ready to dive into healthcare accounting? These courses are available on our website, so you can get started today and keep building your expertise!

Sign up now and give your career the boost it deserves with Wisdify today.

Source: Wisdify

🔢Numbers Don’t Lie

The IRS’ Direct File program, expanded to 25 states with new upcoming features experiences termination under the Trump administration despite taxpayer satisfaction. The current administration fired the program’s development team, halted tech modernization, while shifting focus towards AI initiatives, sparking concerns about Direct File’s future.

In response, 175 Democrats led by Senator Elizabeth Warren demanded the program’s preservation, citing high user approval and broad demographic support while accusing private tax firms of lobbying against it. Advocacy groups back the call to protect Direct File, urging legislation to make free government tax filing a permanent option.

Source: Thomson Reuters

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