06/03/2025

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

Despite leadership turnover and workforce reductions, the IRS declared the 2025 tax season a success, answering 87% of 8.9 million taxpayer calls with a 3-minute average wait time, and introducing a callback feature that saved over 742,000 hours. IRS also prevented $1 billion in fraudulent refunds by classifying 84,000 suspicious returns using new identity theft filters.

Behind the scenes, over 11,000 employees accepted buyouts or got terminated, with 13,000 more approved for a second exit offer. Meanwhile, 7,000 probationary workers were temporarily laid off and later reinstated after court intervention. The IRS operated under its fourth acting commissioner in months, with Billy Long awaiting Senate confirmation as permanent chief.

Source: CPA Practice Advisor

💎 Rare Accounting Oddities

Back in 2012, JPMorgan Chase made headlines for a mind-blowing $6.2 billion loss. The “London Whale” incident was due to a copy-paste error in their Value-at-Risk (VaR) model. 

It’s a cautionary financial tale proving no matter how advanced your technological models are or how global your company is, one spreadsheet error can turn into a headline-making disaster. 

So, the next time you're dragging formulas in Excel, channel your inner auditor. Because in accounting, precision isn’t just necessary - it means life and death!

You're the person others call when an Excel formula breaks, but drop a healthcare phrase like “HITECH Act,” and suddenly you’re Googling like it’s your first day on the job. 

Sounds familiar? Wisdify’s Healthcare Accounting Series are here for you, ready to help you with various professional courses necessary to rocket you into space!

Healthcare Mergers & Acquisitions breaks down complex healthcare topics like HIPAA, HITECH, and Stark Law into clear, accessible insights. Learners will explore valuation techniques, deal structures, financial and operational due diligence, regulatory considerations, and integration planning through real-world hospital case studies designed to help you execute successful M&A activity within the healthcare industry. 

Risk Management in Healthcare Finance dives into financial, operational, and compliance risk management using downloadable Risk Register Template, qualitative scoring, fraud controls, and data analytics when forecasting risks. These professional courses equip you with in-demand skills to confidently navigate healthcare finance, regulatory challenges, and strategic decision-making without needing a legal degree.

Take a leap. Gain confidence. Impress your boss. Finally understand what H in HIPAA actually stands for (Hint: It’s not “HELP!”).

Let’s turn “Ugh, compliance” into “Hey, I’ve got this.” only here in Wisdify.

Source: Wisdify

📝 Journaling Insider

PwC is facing a major partner exodus in China and Hong Kong, with nearly 100 partners leaving amidst Evergrande Group fallout, leading to a $61.2 million fine and six-month suspension of PwC China’s operations. The firm’s revenue in China dropped 11% in 2024, while key clients like AIA Group and Li Ning Co. have dropped PwC, further signaling reputational damage.

Despite being legally separate, PwC Hong Kong shares profits and losses with PwC China as Hong Kong’s market regulator switches auditors to Deloitte while launching an investigation on PwC’s role in the Evergrande audit. Additionally, PwC faces a lawsuit by Evergrande’s liquidators accusing the firm of negligence in the unsuccessful  developer’s financial reporting.

Source: Accounting Today

💰 Making Cents of Accounting

#NoHJustExcelStress😵‍💫💢