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Cannabis Retail Continues to Break Federal Barriers, and more

by MICPA | Jan 03, 2020   ()

Cannabis Retail Continues to Break Federal Barriers
Despite its continued assignation as a Schedule I controlled substance under federal law, cannabis continues to gain traction across the country as a legitimate retail industry. As more states continue to legalize medicinal and recreational marijuana usage, banks are serving as the unexpected middleman between federal law and state regulation. The Secure and Fair Enforcement (SAFE) Act, already passed with bipartisan support in the House, seeks to eliminate risk to banks offering accounts to cannabis retailers.
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AICPA Proposes Changes to CPA Exam Material
Based on feedback from CPAs and AICPA subject-matter experts, an Exposure Draft has been published by the AICPA containing suggested exam content additions, changes and deletions. The focus of these changes is to ensure that the core knowledge and skills required for CPAs is consistent with the present state of the industry, with technology being a key factor. Comments are due by April 30, 2020.
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Podcast: Humpty Dumpty Meets the Tax Code
In Through the Looking-Glass, a word only might mean, as Humpty Dumpty tells Alice, “just what I choose it to mean.” But in the real world — the world of tax law — words have statutorily set definitions or are interpreted by judges using precedent and reason. This Journal of Accountancy podcast walks through four recent decisions by the U.S. Tax Court to show how the precise application of a word or phrase can make a world of difference.
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Michigan Treasury Approves Financial Institution Franchise Tax Procedure
A newly issued Revenue Administrative Bulletin provides guidance for calculating the tax base of a financial institution and a unitary business group of financial institutions. Also addressed is the apportionment of the tax base using a gross business factor and the eliminations required.
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Marketing Costs Deductions to Natural Gas Severance Tax Updated
The Michigan Department of Treasury released a Revenue Administrative Bulletin with updated guidance for navigating allowable marketing cost deduction to the severance tax on natural gas. The severance tax, which refers to the severance of natural gas from the soil in Michigan, is computed at the wellhead and calculated at the market value of the production of gas at the time of severance.
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Census Bureau Seeks Improved Data Quality in 2020 Census
As the 2020 census looms, the Census Bureau has detailed a plan to improve the quality of its data. Key to this strategy is determining where to count people in six complex living situations, as well as updates to the Primary Selection Algorithm used to resolve multiple responses for a single address.
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Michigan Accountancy Foundation Scholarship Application Window Closes Soon
If you know any full-time accounting students who intend to become a Michigan CPA and will have earned 120 credit hours by August 2020, they are eligible to apply for a scholarships from the Michigan Accountancy Foundation. Applications and supporting documents must be received by Jan. 31, 2020. New this year, Surgent CPA Review will provide two months of complimentary access to the Surgent Essentials Pass CPA Review program online for all applicants.
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3 Considerations for New Cloud Computing Accounting Rules
Despite rapid growth in cloud services, updated cloud computing accounting rules have been a back-burner issue for many companies. More significant new accounting standards — for leases, credit losses, and hedges — that have been commanding CFOs’ attention recently could be to blame. However, this article from CFO.com suggests that updated cloud computing accounting rules will change how CFOs at companies looking to deploy or already engaged in cloud computing arrangements approach these investment decisions.
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Source: MICPA
Source: MICPA

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