06/17/2025

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! 

📝 Journaling Insider

Tax Court ruled a $2 million bequest in a Kentucky estate did not qualify for the marital deduction since the estate failed to make a valid QTIP election on Form 706. Although the bequest was intended to benefit surviving spouses through monthly payments, the court found no affirmative intent or proper designation for the QTIP, making it a taxable terminable interest.

A separate $300,000 bequest for the spouse’s living expenses was ruled fully deductible, creating a new trust distinct from the existing MCC Irrevocable Trust. The court determined said bequest met all five requirements under Kentucky law to establish trust, and was structured to pass remaining funds to the spouse’s estate, excluding it from terminable interest rules.

Source: Thomson Reuters

💰 Making Cents of Accounting

#ExcelMagician🪄📒

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Let’s face it— you’re the GOAT when it comes to balancing financial statements, but when Stark Law or HIPAA is mentioned, it’s like someone unplugged your calculator. 

Wisdify’s Healthcare Accounting Series are designed for accounting professionals less familiar with the regulatory laws, and legal implications of the healthcare system. 

Accounting for Healthcare Technology Investments dives into financial treatment of EHR systems, AI tools, SaaS platforms, and other tech assets. CPAs are taught how to assess ROI using models like NPV and IRR, apply GAAP/IFRS rules to capitalize & amortize tech costs, ensure accurate financial reporting on various balance sheets, and cash flow statements. 

Healthcare Taxation & Compliance discusses tax and regulatory differences between for-profit and nonprofit healthcare entities. The course explains IRS forms 990, 1023, and 990-T, 501(c)(3) requirements, UBIT, and credits varieties, incentives (like ERC, R&D, and green energy). Best practices in documentation, audit preparation, compliance risk management are taught.

These intermediate-level courses are streamlined for accountants so you can build premium healthcare skills in a fast-growing industry, ideal for busy professionals honing new expertise.

These courses are your prescription for success. 

Get in now. Your future healthcare CFO self will thank you.

Source: Wisdify

💸 Profit & Loss Report

SEC has appointed Kurt Hohl, a seasoned accounting leader with nearly four decades of experience, as its new chief accountant starting July 7. Hohl is a former Ernst & Young partner and SEC alumnus who previously served from 1989 to 1997, notably authoring the Financial Reporting Manual, a primary resource for applying federal securities laws in financial reporting.

Hohl founded Corallium Advisors, where he advised companies on regulatory laws, IPOs, and risk. At EY, he managed global leadership roles, overseeing technical and regulatory quality. Chairman Paul Atkins praised Hohl's technical expertise, global perspective, and integrity. Ryan Wolfe, former acting chief accountant, will return to his role in the Division of Enforcement.

Source: CPA Practice Advisor

💎 Rare Accounting Oddities

Thousands of years ago, accountants were storytellers. Mesopotamia scribes wrote narrative-style entries on clay tablets like, “20 measures of barley given to Worker X.”, no ledgers involved.

In medieval Europe, merchants penned their books like diaries. A product trade here, various shipments there—half bookkeeping, half adventure log, all were recorded storytelling-like.

So yes, before Excel sheets and QuickBooks, accounting was basically commercial fan fiction, not until centuries later that we stopped going for narratives, and switched to debits and credits.