07/02/2025

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 Senate passed “One Big Beautiful Bill Act” with a 51–50 vote, as Vice President JD Vance casted a tie-breaking vote, extending key TCJA provisions like decreased tax rates, higher standard deduction, and permanent 20% Qualified Business Income (QBI) deduction. Primary key changes include raising SALT cap upto $40,000 temporarily, increasing child tax credit, adding deductions for tips, overtime, car loan interest, adoption, dependent care.

The bill permanently enacts 100% bonus depreciation while allowing full deductions on R&D expenses, reinstating EBITDA-based business interest deduction cap while increasing credits for paid family leave, childcare, manufacturing. The bill ends clean energy credits by 2025–2027, raises BEAT rates, adjusts GILTI/FDII rules, imposes 1% remittance tax, boosts IRS ERC claims enforcement as the bill returns back to U.S. House for last consideration.

Source: Journal of Accountancy

💎 Rare Accounting Oddities

Did you know the 2016 film The Accountant, starring Ben Affleck revolves around forensic accounting? While the martial arts and sniper rifles are pure Hollywood, the accounting remains surprisingly legit.

Written by a real former accountant, the movie uses real forensic tools like Benford’s Law and legitimate fraud detection techniques, nailing the obsessive pattern recognition, relentless sleuthing only forensic accountants know.

So, the next time you’re digging through various messy ledgers or untangling financial mysteries, just remember—you’re basically the main character in an accounting action movie (minus the combat training… hopefully).

If you’ve ever felt like a rockstar balancing statements… however instantly breaks into a sweat when someone mentions “HIPAA,” “Stark Law,” or “Value-Based Care” — this is your antidote.

Wisdify’s Healthcare Accounting Series is here— your passport in knowing the healthcare accounting industry, one of the most fulfilling (and regulation-packed) industries worldwide. 

Healthcare ESG Reporting revolves on ESG framework applications like GRI, TCFD, GHG Protocol specifically in a healthcare setting. How to align ESG metrics like community benefit spending, environmental impact, financial reports, comply with IRS Schedule H requirements, strong ESG data control implementation for audit readiness will be discussed. Learners will gain practical skills to integrate ESG reporting into financial strategies, quantify financial impacts from sustainability efforts, support regulatory compliance.

Value-Based Care and Population Health Accounting equips finance professionals in navigating shift from fee-for-service to value-based reimbursement models, financial metric understanding like TCOC, MLR, PMPM, accounting treatments under ASC 606 and IFRS 15, and managing risk-sharing agreements with payers. Analyze financial impact of population health initiatives, incorporate social determinants into financial strategies, audit readiness, revenue reporting on performance-based contracts will be tackled.

Both professional courses are part of Wisdify, making this series ideal for CPAs aiming to work with premium healthcare clients or individuals transitioning roles within healthcare organizations.

Let’s make sure your healthcare compliance knowledge doesn’t lag behind. Jump in. Learn the ropes. And confidently tell HIPAA, Stark Law, and Value-Based Care to bring it on.

Source: Wisdify

📝 Journaling Insider

Donald Trump and Elon Musk’s feud ignited after Tesla CEO slammed “big, beautiful bill” as “debt-boosting abomination.” In retaliation, Trump threatened to investigate Musk’s companies for exploiting federal subsidies while questioning his immigration status. Trump warned his Department of Government Efficiency (DOGE) could potentially target Musk, risking both government contracts and possibilities of legal trouble.

The feud happening ignites a major fallout between two former allies, following Musk’s $200 million donation on Trump’s campaign. Musk called said bill “political suicide” and threatening on funding primary challengers against Republicans supporting it. He also vowed to launch another third party named the “America Party” if the bill passes, accusing both Democrats and Republicans of reckless spending.

Source: CPA Practice Advisor

💰 Making Cents of Accounting

#AccountingPhotoDump📷🖼️