06/10/2025

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

Republicans are promoting Trump’s “One Big Beautiful Bill” as a major economic boost through permanent 2017 tax cuts and new deductions, despite the Congressional Budget Office projecting it will add $2.4 trillion to the national debt. The bill offsets some costs with $1.3 trillion in cuts to Medicaid and food stamps as tax cuts and new spending total $3.7 trillion.

Provisions include maintaining lower tax rates (10%-37%), enhanced standard deductions, exemptions for tips and overtime pay, and new deductions for vehicle loans and business equipment. Republicans claim these will increase personal income and business investment, critics warn of strain on federal, state budgets as the bill heads to the Senate for revisions.

Source: CPA Practice Advisor

🧮 COOL AF! (Cool Accounting Facts!)

Forensic accountants are the financial world’s detectives. In high-stakes divorce cases, they’re called in to sniff out everything: from hidden assets, luxurious cars, and the occasional yacht. 

By dissecting financial activities, they investigate puzzles worthy of a courtroom drama. High-profile splits rely on forensic CPAs to untangle billions in complex holdings. 

Experts translate spreadsheets into compelling evidence. So, next time you balance a ledger, remember: some CPAs are out catching millionaires, while getting a huge paycheck in return. 

You can quote the FASB backwards. But when someone mentions healthcare regulatory compliance laws, your first instinct is to Google them (again).

Wisdify’s Healthcare Accounting Series gives you exactly what you need to know to feel confident impressing healthcare clients — no law degree required.

Healthcare Taxation & Compliance provides you a solid foundation in healthcare tax financial requirements, covering for-profit and nonprofit entities, Forms 990, 1023, and 990-T, UBIT rules, and compliance best practices. You’ll also explore tax credits and various incentives (ERC, R&D, green energy), learn how to prepare accurate IRS filings , maximize organizational benefits, and implement audit-ready documentation practices.

Risk Management in Healthcare Finance complements practical tools for managing healthcare-specific financial, operational, and compliance risks. You’ll cover regulatory risks, develop mitigation strategies using Risk Register Templates, and explore risk response strategies. The course provides internal controls, fraud prevention, insurance positioning, and leveraging data analytics for risk forecasting and strategic planning. 

So, if you’re ready to change “What’s Stark Law again?” into “Let me walk you through healthcare regulations. “ Wisdify is your next path forward. 

Source: Wisdify

🔢Numbers Don’t Lie

Texas Society of CPAs (TXCPA) is urging the IRS on growing processing delays by outdated systems and postal lags, adding unnecessary stress for taxpayers and practitioners. In a letter forwarded to the IRS, TXCPA proposed adding a three-week pause after 30-day response periods for Notices of Deficiency to avoid premature late notices, and expensive corrections.

TXCPA also proposed adding barcodes or QR codes to taxpayer correspondence to help IRS staff efficiently log and track submissions. The group further urged IRS to maintain simple tools like fax machines until online systems are more reliable and user-friendly, as current tools and document upload remain difficult for many practitioners and IRS staff to navigate.

Source: Thomson Reuters

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