AICPA Demands Swift Action on PPP Deductibility

In a recent letter to the U.S. Legislature, the AICPA calls for swift action in defining the rules of deductibility regarding qualified business expenses forgiven under Paycheck Protection Program (PPP) loans. The letter specifically asks for clarification on Congress’ intent for the expenses under the Coronavirus Aid, Relief and Economic Security (CARES) Act which was potentially contradicted by IRS Notice 2020-32 which states no deduction is allowed therefore creating an additional tax burden for struggling businesses amid the pandemic.

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IRS National Tax Security Awareness Week

WASHINGTON – The Internal Revenue Service, state tax agencies and the tax industry today marked the second day of National Tax Security Awareness Week by announcing an improved feature that will be available on all 2021 online tax preparation products.

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PPP Forgiveness: Apply Now Or Wait?

Application for Paycheck Protection Program loan is not yet available with every lender, but many businesses are already gearing to apply. In a recent article published by Forbes, MICPA board member and Chief Growth Officer at Sequoia Financial Group Leon LaBrecque, JD, CPA, CFP, CFA, discusses whether businesses should jump to apply at the first opportunity or wait it out.

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An Evolving Conversation About Mental Health Within the Profession

What was just beginning to see the light of day in the early weeks of 2020, mental health awareness received a significant frontward push amid remote work transitions and stay-at-home orders. From stigma to priority, the subject of mental health within the accounting profession is undergoing something of a global renaissance

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Your Guide to Supporting Local Business

And beyond. As 2021 swiftly approaches, Michigan is already one week into its three-week pause with renewed social distancing and partial shutdowns. While public safety is the utmost concern, Main Street expects significant impacts from fewer shoppers. But is shopping the only way to support small businesses? Find out what local business owners can do to not only drive sales this holiday season, but also support one another through the coming months

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Preparing CPAs to Discuss the National Debt

As the need for federal aid persists, now is the perfect time to prepare yourself for the inevitable conversation surrounding national debt. Michael Doorley, founder of the U.S. Debt Forum and Advisor at Fordham University, explains how to prepare for these conversations by understanding the theories surrounding national debt and why the conversation can no longer be delayed.

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Analyzing the Impacts of COVID-19 on Non-Profits

This #GivingTuesday, we’re reminded that not-for-profits (NFPs) are often faced with the double-edged sword of decreased revenue and increased need in times of hardship. As we measure the impact of shutdowns and stay-at-home orders, find out what NFPs are doing or have done to mitigate the impact of COVID-19 on their organizations

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Finding Opportunity Amid Economic Upheaval

Every CPA has a playbook for tightening their clients’ purse strings when the economy takes an unexpected left turn. From cashflow to layoffs, some solutions are more obvious than others. In 2020, find out what CPAs are doing to rewrite their playbooks to include some lesser known strategies for finding the opportunity in tight situations.

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Tax Planning Strategies for 2020 Year-End

A series of policies set forth by Congress to mitigate the economic impact of COVID-19 means tax professionals and financial advisors have much to consider when it comes to 2020 year-end tax strategies. Find out what experts are saying businesses should take advantage of and what they should avoid when preparing their tax plan.

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The Effects of Lifestyle Creep & Ways to Manage It

So what exactly should someone do with extra money after a raise? Paying more into a retirement account, paying off debts, or just putting some extra dollars towards a specific savings goal are some approaches to take. A cash management account might be one helpful way to manage a raise and stay on top of a budget.

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