05/14/2025

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

House Republicans may reach a deal on the State and Local Tax (SALT) deduction by Wednesday, following lawmakers' pressure in high-tax states. A proposal currently being reviewed would raise the SALT cap from $10,000 to $30,000, phasing out for individuals earning $200,000 or more, though some representatives argue it still falls short of needed relief.

The SALT debate remains a key hurdle in advancing President Trump’s broader tax cut bill, which includes renewing prior cuts and eliminating taxes on tips and overtime pay. With the bill projected to add $3.8 trillion to the deficit—under the $4.5 trillion limit—Republicans have room to expand the SALT cap, including a possible increase for married couples.

Source: CPA Practice Advisor

💰 Making Cents of Accounting

#CrazyWorkback🤪🧾

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You’ve conquered everything accounting-related, while probably sleep-talking in debits and credits — but mention in a random healthcare term, and suddenly you’re Googling faster than your patient about their symptoms. 

Wisdify’s Healthcare Accounting Series expands your understanding of the healthcare industry, giving you the knowledge and industry-specific skills you didn’t learn in traditional accounting education. 

1. Introduction to Healthcare Compliance (Available Now)
Know the major healthcare regulations, why they matter in financial reporting, and how to stay compliant in your role. It’s accessible, jargon-light, and sets the foundation on how regulation drives choices in healthcare settings.

2. Regulatory Frameworks in Healthcare Accounting
Learn how Medicare, Medicaid, HIPAA policies, and healthcare reimbursement models impact accounting workflows. Know how to navigate audit procedures, prevent fraud, reconcile financial statements with various healthcare standards.

3. Revenue Recognition in Healthcare
Revenue recognition breaks down how ASC 606 and GAAP see through various billing models like bundled payments and risk-sharing agreements. Real-world case studies help you identify revenue properly, handle uncompensated care, and distinguish contractual adjustments.

4. Cost Accounting in Healthcare
Dive into healthcare cost structures, learn to allocate various department costs, activity-based costing, improve cost transparency, and use financial data to make better decisions within healthcare organizations.

Start building your expertise one practical, well-structured course at a time. Know your way through various healthcare regulatory mazes today!

Source: Wisdify

💸 Profit & Loss Report

Progressive groups are demanding from the Chicago Leadership Committee (CLC) over campaign spending and ethics violations. The CLC spent $1.2 million on ads during Johnson’s runoff without full disclosure, despite claiming to be an independent expenditure group. Critics associate the CLC with Johnson’s network and lack of transparency for an investigation.

Evidence reveals the CLC shares donors with Johnson’s campaign, including SEIU and political operatives like Emma Tai. The group also paid $741,000 to a firm linked to Johnson’s vendors, blurring the lines of his campaigning. Although his team denies any connection, Sigcho-Lopez and watchdogs push for City Council oversight to ensure financial accountability.

Source: Thomson Reuters

💎 Rare Accounting Oddities

The foundational equation of accounting, Assets = Liabilities + Equity was first documented by Luca Pacioli, a 15th-century Italian mathematician.

Pacioli's contributions extended beyond accounting, reaching Leonardo da Vinci which greatly influenced his artworks. His work also influenced the development of business practices worldwide.

So, the next time you're balancing financial statements, remember that you're part of a centuries-old tradition dating back over five centuries ago!