06/24/2025

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

IRS has extended federal tax filing and payment deadlines to November 3, 2025 for individuals and businesses affected by severe flooding, and damaging winds in Texas and Mississippi during March 2025. Relief applies to various filings: individual income tax returns, estimated tax payments, IRA and HSA contributions, corporate and fiduciary returns, and tax-exempt filings.

Eligible counties in Texas and Mississippi follow FEMA’s disaster declarations. The extension covers quarterly payroll and excise tax returns, giving penalty relief and excise deposits made by April 10, 2025. Taxpayers outside the designated areas can still ask for relief by calling the IRS, and practitioners with affected clients must follow special IRS guidance for bulk requests.

Source: CPA Practice Advisor

💎 Rare Accounting Oddities

Meet Ivar Kreuger: Sweden’s infamous “Match King” who financed entire governments post-WWI, and dazzling Wall Street that Price Waterhouse later called his manipulation “childish.”

At his peak, Kreuger controlled over 400 companies across various industries. But here’s the surprise: everything was an illusion. He paid dividends with borrowed money, inflated asset values, masking losses using complex accounting gymnastics. 

When the Great Depression hit, the façade crumbled. Kreuger died by suicide in 1932, triggering one of the largest financial collapses in history, prompting accounting reforms helping birth modern auditing standards today. 

Creative accounting makes you king, but forensic accountants get the last breath.

You’re a spreadsheet wizard, and you can balance financial statements miles away. But when someone drops acronyms like HITECH, or PMPM your confidence starts wobbling like a badly consolidated subsidiary.

Wisdify’s Healthcare Accounting Series is designed to help you with healthcare accounting compliance, specially made for accountants who don’t speak fluent legalese (yet).

Value-Based Care and Population Health Accounting breaks down complex principles like population health, risk-sharing agreements into practical, accountant-friendly discussion. Learners will explore metrics such as TCOC, MLR, PMPM, utilize GAAP and IFRS standards to real-world healthcare scenarios, and gain fluency in ASC 606, IFRS 15 revenue recognition.

Accounting for Healthcare Technology Investments dives on treatment of healthcare IT assets like EHRs, AI tools, SaaS platforms. ROI analysis, total cost of ownership, capitalization rules, amortization methods, disclosure standards under GAAP and IFRS will be established. Learn to evaluate tech investments using NPV, IRR, and payback period models, apply proper cost classification, ensure compliance through reporting of intangible and tech-based assets. 

Everything is discussed through quick, 5–20 minute videos, quizzes, and one final assessment. Prior foundational Wisdify healthcare courses are recommended for the best experience.

If these courses don't make you dangerous in healthcare finance, the next ones definitely will.

Because healthcare accounting doesn’t wait—and neither should your professional career. 

Source: Wisdify

📝 Journaling Insider

Deputy Treasury Secretary Michael Faulkender shared a bold modernization plan for the agency, emphasizing a new tax system improved by automation, efficient spending. Faulkender aims to complete most IRS updates within 2–3 years, reduce paper processing costs from $450M to under $20M, and cut $2B from IT spending without disrupting operations.

Faulkender highlighted that modernization is about  fairness, transparency, and service improvement. He emphasized that AI should assist well-meaning taxpayers in navigating complex requirements. By streamlining systems and offering clearer guidance, the IRS can ease tax compliance burden, delivering smarter enforcement and better taxpayer experience.

Source: Thomson Reuters

💰 Making Cents of Accounting

#HourlyRateCrisis🕑💰