News

  • IRS Announces 401(k) Contribution Limit Increases for 2020, and more - November 12, 2019 News

    IRS Announces 401(k) Contribution Limit Increases for 2020, Let’s Get Clear on Cannabis, Michigan Treasury Accepting Grant Applications for Financially Distressed Cities, Villages and Townships, and more.
  • FASB Votes to Delay Effective Dates for 3 Major Standards, and more - November 5, 2019 News

    Michigan Treasury Raises Awareness of Cybersecurity and Tax-Related Identity Theft, IRS Issues Final Regulations for Life Insurance Contract Transactions, The Financial Accounting Foundation Seeks New Executive Director, and more.
  • What are the Success Factors for Digital Transformation?

    For any firm or business client, a digital transformation initiative is intended to improve processes, data, reporting – or any combination thereof – using technology-enabled means.
  • 2019 Review of Professional Payroll Systems

    For years, every other Friday, when paychecks were disbursed, co-workers would line up outside my office, thankfully not for me, but for our staff payroll person, whose office was down the hall from mine. It never failed, not a payday went by without the line appearing. Some weeks it was just a few people, other times the line curled around the corner.
  • Lease accounting: Keep pushing ahead

    In February 2016, FASB issued new lease accounting requirements in Accounting Standards Update (ASU) No. 2016-02, Leases (Topic 842). Under its core principle, a lessee recognizes a right-of-use (ROU) asset and a lease liability on its balance sheet for most leases, including operating leases.
  • 5 Ways to Market Your Services on a Small Budget

    Marketing can be a challenge for any accounting firm, especially if your budget is small. The good news for even the smallest firms is that your marketing budget doesn’t need to be huge to have a big impact. Here are five ways to market your services on a small or limited budget:
  • How Pressure Can Strengthen or Weaken an Accounting Firm

    The ultimate question is, inside your organization, is pressure pushing people to excel or crumble? Or has pressure’s character led your people toward negative, even unethical behaviors?
  • Why You Should Ensure Your Name is Correct on Your Tax Return

    In thirteen previous columns, I discussed my use of “tax tidbits” to enliven conversations when talking taxes with clients or speaking to groups like retirees, business owners and home sellers. The tidbits discuss, among other things, IRS rulings, law changes, court decisions and tactics that trim taxes for this year and even future ones.
  • Is Branding Just for Large Accounting Firms?

    What is branding, really? It is often misunderstood and associated with huge dollar investments - or it is thought to be simply redesigning a firm's logo or meant for only large accounting firms. None of this is correct.
  • TIGTA outlines IRS challenges for 2020

    Security of taxpayer data and protection of IRS resources is the number 1 challenge facing the IRS in 2020, according to the Treasury Inspector General for Tax Administration (TIGTA). In a memorandum to Treasury Secretary Steven Mnuchin dated Oct. 15, TIGTA reported on the 10 "most serious management and performance challenges" facing the IRS for fiscal year 2020.

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