Michigan is among the latest states to pass its own state and local tax (SALT) reform, and a new notice from the Michigan Department of Treasury now includes more implementation guidance for the Michigan flow-through entity tax. Some key takeaways for tax and accounting professionals include...
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The Michigan Accountancy Foundation (MAF) Scholarship application deadline of Jan. 31, 2022, is swiftly approaching, but too often this important opportunity slips beneath the radar of eligible students. Find out why recent graduate and MICPA member Angel Stallings, CPA, accounting coordinator for the Detroit Pistons, says students should treat scholarship writing like a job, and how the MAF played a role in her journey to graduating debt free.
Do you keep an eye on the Michigan Department of Treasury’s Revenue Administrative Bulletin (RAB) board? If not, then you might be surprised to find that December was a busy month for the treasury as it published no less than six RABs throughout the last two weeks of 2021, not counting its monthly update on the fuel tax…
Since its inception, be it medicinal or recreational, legal cannabis retail has experienced something of a cash problem. Due to the risks associated with doing business with the legal marijuana industry, many professional services have been difficult to procure and this includes business banking. Following cannabis’ best year of sales, find out how the banking landscape for retailers in Michigan is evolving, what opportunities are arising, and what might be in store in the year ahead as lawmakers continue to debate on the federal level.
Is Cannabis a Viable Strategy for Your Practice? While the majority of cannabis companies generate more than $1 million in revenue, the market continues to be underserved by accounting professionals. According to DOPE CFO, nationally recognized for their cannabis accounting training, it for this reason that the cannabis industry presents a huge opportunity for small accounting practices looking to grow quickly. Find out how they say small firms can get the training they need to enter into this groundbreaking market.
The Research and Development (R&D) tax credit was established to provide incentives for U.S. companies to hire U.S. creative talent and, in fact, can save companies hundreds of thousands of dollars in tax liability each year. Significant as those savings can be, many companies and their financial advisors avoid claiming the R&D credit due to its complexity and time-intensive nature, among other things. To weigh the pros and cons, the MICPA recently sat down with Apex Advisors’ Dave P. Porada, Esq., vice president of Business Development and Annika Vanghagen, JD, LL.M., head of Tax Controversy and discussed the history, misconceptions and opportunities inherent to the R&D tax credit
Recent coverage of MICPA efforts to advocate on behalf of the profession in Michigan describe some of the work our bi-partisan Political Action Committee (PAC) performs, but how much do you know about the PAC itself and how it works? Find out how PAC-ing up for the profession allows MICPA members to work directly with legislators to avoid unintended consequences associated with policies that have direct impacts on you and your clients’ interests.
The holiday season is well underway, but plenty of time remains to find that perfect gift for the CPA(s) in your life, whether its family, a friend, your colleagues or…you. To help you narrow the search, the MICPA has once again scoured the web in search of the coolest gifts ideas for accountants in 2021!
Not every IRS audit is going to result favorably, but your clients have options even after liability is assigned. Find out what those options are and how they work in this new white paper from Ayar Law. For more on this topic, don’t miss their presentation, Respectfully Disputing Tax Liability at the 2021 MICPA Learning Showcase presenter on Dec. 9, 2021.
The Infrastructure Investment and Jobs Act, colloquially referred to as the infrastructure bill, was signed into last week, containing a number of tax code provisions. Among the included measures are considerations for the Employee Retention Credit (ERC) and cryptocurrency financial reporting, both of which are generating some level of uncertainty among taxpayers.