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New Accountancy Rules Impact Licensed CPAs and CPA Candidates

On May 5, 2021, the Department of Licensing and Regulatory Affairs (LARA) released a new Accountancy Ruleset for Michigan CPAs. The rules take effect immediately and changes impact all Michigan licensed CPAs and CPA candidates.

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Assessing Liability: Best Foot Forward Preparations for Reopening

The question of business liability in regard to COVID-19 surfaced early in 2020 as many optimistically began planning for reopening business doors almost immediately following their closure. As some states begin to relax restrictions, the question of liability amid plans for large-scale reopening remains. The MICPA investigates the current state of liability and best practices for ensuring a best foot forward.

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AICPA Recognizes Outstanding CPA Exam Performers with 2020 Elijah Watt Sells Award

NEW YORK (May 5, 2021) - The American Institute of CPAs (AICPA) today announced the 89 winners of the 2020 Elijah Watt Sells Award. To qualify for the award, CPA candidates must obtain a cumulative average score above 95.50 across all four sections of the Uniform CPA Examination, pass all four sections on their first attempt and have completed testing in 2020.

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US Department of Labor issues guidance to states to permit greater flexibility for waiving the recovery of certain unemployment insurance overpayments

WASHINGTON, DC – The U.S. Department of Labor’s Employment and Training Administration today issued an Unemployment Insurance Program Letter that provides states with guidance on addressing unemployment insurance benefit overpayments established by states for programs authorized by the Coronavirus Aid, Relief, and Economic Security Act. An overpayment occurs when a state finds an individual received a payment or payments to which they are not entitled.

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Despite the pandemic, 85% of organizations completed their audits as planned

While COVID-19 was a tectonic shift for businesses, compliance programs were largely unimpacted, according to a report by A-LIGN. In fact, cybersecurity teams have compelling opportunities to consolidate audit operations and leverage technology to accelerate the compliance process.

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Analyzing Possible Implications of the Proposed C Corp Tax Increase

As lawmakers consider proposals surrounding new tax laws, the MICPA analyzes reports from MICPA board member Leon LaBrecque, JD, CPA, CFP, CFA at Sequoia Financial Group and other sources regarding potential impacts to businesses. This week, we take a closer look at the possible impacts a 28% corporate tax would look like for C corporations and why small businesses are wary.

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FINRA Requests Comment on Proposed Amendments to the Margin Rule Regarding When Issued and Other Extended Settlement Transactions

FINRA seeks comment on proposed amendments to Rule 4210 (Margin Requirements) that would clarify and incorporate into the rule current interpretations regarding when issued and other extended settlement transactions, and provide relief to facilitate the application of the rule to these transactions.

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Is There a Wrong Way to Report Government Aid?

The pandemic has spurred the most ambitious federal aid initiatives in recent times and nearly a year later businesses have partaken of federal aid in many shapes including the Paycheck Protection Program, Economic Injury Disaster Loans, as well as tax credits and deferred deadlines. According to CFO Dive, accounting for government assistance is not covered by existing GAAP and many companies are using a variety of approaches when tracking it through their financials. Vice Chair of the MICPA Corporate Finance Task Force and Vice President of Finance and Purchasing at Hirotec America, Sharon Beetham shares her thoughts on the topic.

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Considerations for the Future of Financial Literacy

On March 31, President Biden issued a proclamation recognizing April of 2021 as National Financial Capability Month1. Since the month of April is already reserved for Financial Literacy, the additional focus on financial capability seems a reflection of the times. According to CNBC, a recent survey revealed that many Americans believe that more financial education would have helped them better manage their money throughout the pandemic2. This ought to come as no surprise to those working in the financial realm, especially considering our previous reports on the state of financial education, but why aren’t financial literacy initiatives enough, why must we now hone focus upon capability as well and what does that mean for Financial Literacy Month moving forward?

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New Michigan Case Sparks Fresh Concern Over License Scams

The Michigan Department of Licensing and Regulatory Affairs (LARA) announced the devastating loss of a Michigan physical therapist’s life savings to fraudsters that posed as LARA investigators. The MICPA reports on the latest scam targeting licensed professionals in Michigan and how to protect yourself and your financials from imposter fraud.

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