News

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How saying ‘yes’ to everything is curtailing your creative impulses

For the better part of my young adulthood, the “yes” or “no” dilemma followed me around like a shadow. I wanted to be involved with as many things as possible, show my openness to new experiences, and, as many who have been there, avoid FOMO, or fear of missing out, at all costs.

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FASB Clarifies Scope of Recent Reference Rate Reform Guidance

The Financial Accounting Standards Board (FASB) today issued an Accounting Standards Update (ASU) that clarifies the scope of the FASB’s recent reference rate reform guidance.

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How to train your brain to be more present

When cell phones and multi-threaded operating systems went into wide use, we saw a rise in multitasking that made people less productive. Suddenly, there was a constant temptation to switch away from one task (say, writing an article like this one) to another (say, checking on emails that may have come in over the last couple of . . . hold on . . . okay, I’m back . . . where was I?).

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U.S. Accounting Standard-Setter Looks to Tackle Controversial Topics in 2021

The U.S. accounting standard-setter plans to tackle issues around accounting for goodwill and disclosure of expenses in 2021, after a year marked by a leadership transition and the economic havoc caused by the coronavirus pandemic.

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Six Leadership Tips for 2021

Twenty-twenty has come to a close, but the definition of leadership continues to evolve alongside a drastically reconfigured set of business needs. As part of this changing landscape, now is the time to consider the key skills necessary to be an effective, empowering leader in 2021.

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Future

Celebrating 120 Years

Founded in 1901, the MICPA is celebrating 120 years of supporting certified public accountants working in Michigan, striving to enhance their success and value to our communities and society. As accounting has continued to evolve, our mission has adapted alongside this ever-developing profession. While we kick off this 120th year, we hope you will celebrate alongside us as we look back at where we’ve been and where we’re headed in 2021 and beyond.

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2021 Adjusted Expectations

Mass distribution of the COVID-19 vaccination is expected to drive a swift economic recovery in 2021, with many economists predicting slowed growth this quarter before rebounding to reach pre-COVID levels within a year, according to a new poll by Reuters. This signals a steep turnaround since August, where 60% of those polled expressed belief it would take at least two years to reach pre-pandemic GDP levels1.

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IRS Get My Payment

The Get My Payment link is now live but users may experience delays due to high demand. The link allows people to track the status of their second Economic Impact Payment and whether it will arrive via direct deposit or paper check. Direct deposit of stimulus funds began last week; mailing of paper checks started Dec. 30.

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.CPA Readies for Individual CPA Applicants

The initial phase of application for the new .cpa restricted domain has come to a close. As firms begin applying for their first come, first serve domain assignation, individual CPAs can start gearing to apply in January. Those still on the fence about securing their own .cpa domain should consider these four points before setting their digital sphere checklist in 2021.

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Federal Stimulus Package Leverages Several Tax Provisions

Last week, the MICPA reported the essentials of the second Paycheck Protection Program (PPP2), but forgivable business loans are only one piece of a much larger relief package. Much of the relief taxpayers will see resides within the tax code and a number of provisions aimed at reducing their obligations in 2020 and 2021. As tax season readies for launch, the time to get familiar with the next volley of coronavirus tax code is now

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