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MICPA, SBAM and Government Rally for MI Businesses

An inside look on the Michigan Paycheck Protection Program (MiPPP)

 

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MICPA, SBAM and Government Officials Rally for Michigan Business
The Paycheck Protection Program, accounting for approximately a third of the $2 trillion CARES Act price tag, opened applications on Friday for companies with 500 or fewer employees. With awards being granted on a first come, first serve basis, the MICPA, the Small Business Association of Michigan and Lt. Governor Gilchrist as well as former Lt. Governor Calley are partnering up to give Michigan businesses a leg up on the competition.
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Hear from MICPA President & CEO, Bob Doyle, and Capocore Professional Advisors, Managing Member, Jamie Lopiccolo, as they discuss and answer questions on MiPPP with Small Business Association of Michigan members.
Watch SBAM Daily Briefing

Access the Paycheck Protection Plan FAQ with answers from MICPA members to questions including how to calculate payroll, how to treat independent contractors and timelines for the banks.
View FAQ

IRS Debuts Form 7200 for Coronavirus Tax Credits
The Families First Coronavirus Response Act and the CARES Act created tax credits for family leave, sick leave and employment retention, according to the Journal of Accountancy. To obtain advances of the refundable employment taxes provided by these credits, Form 7200, Advance Payment of Employer Credits Due to COVID-19 is now available for employers to file.
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Our Best-Ever Savings Event!
Take advantage of discounts on programs available from the comfort of your home AND be entered to win 40 Hours of CPE. Register using promo code HERE4U. Click to view courses and promotion details.
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IRS Partners With TurboTax to Streamline Stimulus Payments
TurboTax debuted their stimulus registration page on Saturday, a resource for low-income Americans that do not typically file a return to submit direct-deposit information to the IRS quickly and safely, Business Insider reports. While TurboTax is working with the IRS for this service, a representative for the company clarified that their online registration is not the same as the web-based portal the IRS discusses in their economic impact payment FAQ.
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GASB Issues LIBOR Transition Guidance
It’s been a good run, but not even coronavirus can stop the transition away from Interbank Offered Rates (IBOR). Due to be replaced by the end of 2021, the retirement of IBORs will create challenges for state and local governments that have entered into agreements that utilize an IBOR. To assist with the transition, the Government Accounting Standards Board (GASB) released a new standard on April 2 designed to assist with meeting those challenges, the Journal of Accountancy reports.
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The Ethical Considerations of PPP Loan Applications
The AICPA published a comprehensive list of implications CPAs should consider when assisting clients with applications for Paycheck Protection Program loans. The guidance discusses maintaining independence, abstaining from management responsibilities and the agent fee arrangement outlined by the Treasury.
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Multidecade Lows in Commodities Present Opportunities
While we’re not ruling out further declines, we see evidence of a market-troughing process which should create buying opportunities. In commodities, Bloomberg Commodity index is at a 46-year low. Consider selling master limited partnerships, inflation-protection securities and reducing cash. Redeploy funds in a disciplined dollar-cost averaging strategy, using active managers for US stocks, investment grade and high yield bonds, and commodities.
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Explore Online Payments with CPACharge
As many of us embrace new technologies and services while implementing business continuity plans amid the COVID-19 pandemic, electronic payments are at the forefront of those considerations. During these uncertain times, the services of CPAs are of the utmost importance, and to better facilitate those services, CPACharge is offering six months of payment processing services to MICPA members with no program fee to those who set up an account by April 30.
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Podcast: How CPAs Can Combat Fraud During the Pandemic
While most people find ways to band together during a crisis, fraudsters look for ways to take advantage of the panic and confusion inherent to uncertain times. Elizabeth Woodward, CPA/CFF talks to the Journal of Accountancy about the role of CPAs, and especially CGMAs in fighting coronavirus-related fraud and misinformation.
Listen

Practitioner Priority Service Temporarily Out of Service
The special phone line to the IRS set aside specifically for tax practitioners is currently closed, The Tax Adviser reports. While practitioners can still access the Transcript Delivery System using their e-Services accounts to obtain prior-year transcripts, live telephone assistance for the e-Services Help Desk, as well as the e-Services for Filing Information Returns Electronically and the Affordable Care Act Information Return system suspended until further notice.
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A Creative Approach to Client Q&A
Is your phone blowing up with texts and voicemails from clients wondering about their taxes, audits or general finances? According to the Journal of Accountancy, hosting a webinar to address the most common concerns and questions can free up time to handle in-depth, individual needs during the pandemic.
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Mental Health: A Focal Point for Leaders During the COVID-19 Pandemic
The Chartered Instituted of Management Accountants (CIMA) suggests leaders prioritize the mental health of their employees during the COVID-19 pandemic. Transparency, open communication, team calls and technology are but a few tactics you can leverage to help employees working from home gain a sense of normalcy amid all the uncertainty.

Source: MICPA

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