07/15/2025

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 July 4th tax act made permanent TCJA’s broader definition of gambling losses but capped deductions at 90%. Nevada lawmakers argue how it forces gamblers to pay taxes on unrealized income, harming a gaming industry supporting one-third of Nevada’s jobs. The Joint Committee on Taxation projects this change will generate $1.1 billion over 10 years, but various critics fear it might drive gambling towards illegal markets.

In restoring the mentioned full deduction, Rep. Dina Titus introduced the FAIR BET Act, followed by Sen. Cortez Masto’s FULL HOUSE Act, equally gaining bipartisan support. Cortez Masto’s Senate effort was blocked when Sen. Todd Young demanded an unrelated religious exemption connected to university endowments. Despite the setback, Cortez Masto with his allies remained committed to reversing said cap and defending Nevada’s economic interests.

Source: Thomson Reuters 

💎 Rare Accounting Oddities

During WWII, British spies used fake accounting books to smuggle messages past Nazi censors. These "boring" ledgers used invisible ink and coded financial statements to help deceive the enemy before D-Day arrived.

One stylish agent, Elvira Chaudoir, designed a secret message into what looked like a cash request. Result? German forces got sent to a wrong coast location due to miscommunication.

So the next time you're reviewing financial spreadsheets, remember: numbers can do more than just balance themselves—they can literally outsmart entire national armies when done correctly.

You’ve mastered the debit-credit language, and navigated the jungles of GAAP. But now you’re dissociating from HIPAA, HITECH, and Stark Law terminologies as your confidence gradually evaporates away from your body.

Good news: Wisdify’s Healthcare Accounting Series bridges the knowledge gap between your financial greatness and the regulatory chaos experienced in the healthcare world.

👩‍⚕️ Course 1: Healthcare Finance Data Analysis in Excel

CPEs: 2.5 | Specialized Knowledge | 10 bite-sized lessons
Let’s be realistic: Excel is your comfort zone. So why not use it to control wild beasts of healthcare data? In this hands-on course, you’ll turn revenue codes and cost categories into elegant dashboards,ROI analysis perfect for executives. 

• Learning to identify healthcare-specific KPIs like a pro.

• Build organized dashboards screaming “executive-ready.”

• Model cash flow statement, and create forecast returns

• Run scenario analysis like you’re their secret weapon.

🌱 Course 2: Healthcare ESG Reporting

CPEs: 2.5 | Business Management & Org | 14 digestible lessons
ESG reporting in healthcare remains no longer optional — it's the alphabet soup you need when speaking. This professional course walks you through necessities of environmental, social, and governance reporting with practical knowledge softwares tailored for healthcare environments.

• Decode frameworks like GRI, TCFD, and GHG without crying.

• Quantify social impact, carbon footprint, and community benefits.

• Learn how to file Schedule H like a seasoned nonprofit warrior.

Did we mention these courses are available with our All-Access Subscription? That means professional healthcare courses are just within your reach (while you always get first dibs!).

Knowing your way on P&L statements is great — but having expertise to navigate HIPAA compliance while building an organized ROI dashboard in Excel? That’s certainly next-level.

Start your first professional course today. Your spreadsheet (and your future clients) will thank you later. 

Source: Wisdify

📝 Journaling Insider

Back-to-school spending for 2025 is expected to remain flat at $30.9 billion, as 83% of parents report financial strain and 54% expect further national decline. Parents are focusing on essentials, delaying purchases, and using value tactics like bulk buying (48%), using cashback sites (26%), switching to private labels (50%). Spending is up for clothing (+6%) but down for tech (–8%) and supplies (–3%), with merchants (83%) and online retailers (68%) as top choices.

Despite tight budgets, 90% of parents invest towards extracurriculars, spending $532 per child, and 57% will splurge on first-day clothing. Gen Z and Millennial parents are leading digital shopping trends with 75%, and 46% using media platforms, spending 1.8x more on average. Gen Z embraces influencer content (59%) and GenAI (67%), while 62% prefer American-made products.

Source: CPA Practice Advisor

💰 Making Cents of Accounting

#TaxSeasonLetdown💔💰