News Finance

FASB clarifies callable debt securities accounting

FASB issued rules amendments Thursday to clarify an entity’s accounting responsibilities related to callable debt securities.

Read More


2020 Year-End Tax Planning Tips for Businesses & Individuals

COVID-19 brought financial challenges to much of the public and forced companies to reimagine how business is done. Congress responded with generous relief, much of which runs through the tax code.

Read More

News Finance

The Future of Accounting Education

Changing educational requirements to sit for the CPA Exam are throwing the future of accounting education into doubt. In the years since the 150-hour requirement has been established, it is questionable whether its original intent is still operative. This is evidenced by declining enrollment in Master of Accountancy programs, a trend that should raise concerns about the future. The future of work means that the skills demanded of entry-level accountants are changing and will continue to do so.

Read More


Profession Launches New Restricted Domain

Last year, the AICPA began the process of attaining the .cpa extension as a restricted internet domain for exclusive use within the profession from the Internet Corporation for Assigned Names and Numbers (ICANN). The organization’s CEO Barry Melancon, CPA, CGMA, said the move to obtain the domain for the profession would, “…help promote CPAs’ visibility and protect their professional standing online.”

Read More


October 15 Deadline Encroaching

While many taxpayers and preparers are still dealing with the fallout of the coronavirus pandemic, the IRS extension of Oct. 15 for numerous tax deadlines remains unchanged, days away. Aside from taxpayers affected by natural disasters, tax practitioners are expressing overwhelm in the face of ongoing Paycheck Protection Program (PPP) loan drama on behalf of their business clients and the onslaught of individual and corporate clients scrambling to make that Oct. 15 deadline.

Read More


MICPA Publishes Second Part of COVID-19 Sentiment Survey

In April, the MICPA partnered with Avenue M Group to conduct a survey to capture the challenges and concerns facing Michigan CPAs in the early months of the pandemic. Of the respondents surveyed, most (59%) work in public accounting or business & industry/corporate finance (22%). A smaller number of not-for-profit, consulting, education and other accounting professionals account for 18% of survey participants*.

Read More


9 Ways to Help Remote Workers Avoid Burnout

It's no secret that everyone is under a great deal of stress right now. Covid-19, personal finances, the economy, distance learning, job responsibilities, child care: These are just a few of the factors that are contributing to poorer mental health and higher stress levels.

Read More


A Cybersecurity Checklist For The New Norm

Covid-19 has caused a seismic shift in how businesses operate. Offices have shut down, and workers have gone remote. Employees returning to offices are putting additional stress on limited resources that have shifted to some extent to supporting the work-from-home option. On one hand, IT infrastructure is struggling to cope with an increase in demand while on the other, attackers are seeking to exploit vulnerabilities in this newly expanded remote work environment.

Read More


With Oct. 15 Looming, Some Practitioners Face Daunting Challenges

In the spring, as the COVID-19 pandemic swept the globe, the IRS took action to extend a wide variety of filing deadlines. Taxpayers and tax practitioners both needed the extra time, as offices across the country shut down, quarantining took effect, and many people became sick.

Read More


Nonfilers Have Until Nov. 21 to Apply for Economic Impact

The IRS is giving individuals who do not normally file a tax return and have not received an economic impact payment an additional five weeks to enter their information on the Non-Filer: Enter Payment Info Here tool on the IRS website. The new deadline is midnight Nov. 21, which the IRS says is the latest it can push the deadline without affecting the upcoming filing season (IR-2020-229).

Read More