07/01/2025

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

The controversial “Revenge Tax” was dropped from the One Big Beautiful Bill Act after failing the Senate's Byrd Rule review. Directed at taxing individuals linked to countries with Digital Services Taxes (DSTs) and the OECD’s Pillar Two UTPR, it faced criticism due to vague definitions, administrative complexity. Treasury confirmed removal following a deal preventing Canada, France, Germany, Italy, Japan, UK from applying Pillar II penalties on U.S. companies.

The Byrd Bath eliminated stricter EITC pre-certification, religious tax carve outs, harsher penalties for taxpayer data leaks, raising fines to $250K and 10 years max prison time. Rulings triggered GOP backlash against Parliamentarian Elizabeth MacDonough, although some leaders defended her neutrality. Still undecided are provisions like a permanent Opportunity Zone program, foreign entity rules on clean energy tax credits, keeping the bill’s fate uncertain.

Source: Thomson Reuters

🧮 COOL AF! (Cool Accounting Facts!)

Genghis Khan’s adopted son, Shigi Qutuqu, isn’t just a warrior—he was the empire’s chief treasurer, scribbling down every taxable asset with precision. Mahmud Yalavach, the original CFO, rolled out empire-wide censuses, various tax systems, and double-entry bookkeeping.

Every conquest had a 10% “empire cut” meticulously recorded long before the war settled. The real secret behind the Mongol Empire’s global domination turns out to be the ruthless, organized financial management.

If Genghis Khan trusted accountants in building the most powerful empire in history through various reconciliations and balancing finances, just imagine the power hiding in your spreadsheets.

You’ve mastered the sacred art of balancing ledgers, but when terminologies like “HIPAA,” “Stark Law,” or “value-based care” are mentioned in the conversation, you start instantly Googling. Sounds familiar?

Wisdify’s Healthcare Accounting Series is designed for CPAs building expertise on the healthcare industry while confidently handling legal, regulatory, and financial complexities. 

Healthcare ESG Reporting covers ESG frameworks like GRI, TCFD, and GHG protocol. ESG various reporting metrics, ESG financial reporting alignment (with IRS Schedule H), and building internal controls for data integrity & audit readiness will be discussed. Professionals are meticulously guided on quantifying ESG’s financial impact through cost savings, operational efficiency, and government mandate compliance.

Value-Based Care & Population Health Accounting focuses on helping CPAs navigate fee-for-service to value-based care, tackling  financial reporting for risk-sharing agreements, revenue recognition under ASC 606 and IFRS 15, key healthcare metrics like TCOC, MLR, and PMPM. Accounting for population health investments, incorporation of health social determinants into financial strategies, audit readiness for healthcare contracts will be discussed. 

These programs give CPAs knowledge to collaborate with premium healthcare clients or slowly transition into financial roles within healthcare organizations.

Nothing difficult. Just clear accounting expertise tailored specially for you.

Ready to become your company’s healthcare accountant everyone needs first?

Source: Wisdify

🔢Numbers Don’t Lie

PwC has collaborated with over 20 new partners in Hong Kong and mainland China to recover on their fallout linked to auditing work by China’s Evergrande Group. The strategic move follows a hefty penalty from Beijing, triggering client losses including major business firms, and Hong Kong regulators. PwC is now removed from the 2023’s auditing revenue list, overtaken by EY, KPMG.

PwC continues handling non-auditing projects, as current investigations from its Evergrande audits remain ongoing. The Big 4 accounting firm hasn’t publicly commented on the various promotions but  remains clearly focused on stabilizing  operations. These leadership changes signal PwC’s effort on rebuilding trust in Greater China amidst ongoing regulatory scrutiny.

Source: Accounting Today

🐦 Twitter Showdown

#NoProBonoTaxes💵📒