BREAKING NEWS: Michigan Department of Treasury Provides Update on Unemployment Compensation

The MICPA Advocacy Team has been in constant communication with the Michigan Department of Treasury regarding questions surrounding the federal tax exemption of unemployment benefits and what that means for state tax returns. The Michigan Department of Treasury’s Taxpayer Advocate provided our team with the following update:

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Remote Testing: What It Is, When It Is, Why It Is

Remote testing became a huge deal, seemingly overnight. As Prometric began closing testing centers in 2020 due to the public health crisis, many candidates were beside themselves with anxiety and uncertainty. The concept of remote testing gained traction with the AICPA as early as the end of March 2020 and, after nearly a year of research and strategizing, candidates could see a pilot by June. What will it look like? Here’s everything we know right now…

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Welcome New MICPA Student Members

MICPA student memberships provide numerous benefits to those seeking a career in accounting and finance. From virtual study groups to networking events, the MICPA offers students the opportunity to forge meaningful relationships and expand their depth of knowledge all before earning their degree and CPA credential. Join us in welcoming our new student members from the month of February as they discover what a an MICPA student membership is all about.

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ARPA: Too Broad to Work Around?

The American Rescue Plan Act (ARPA) of 2021 included a substantial amount of funding for states and localities, however, due to its provision regarding state tax policies, many legislators and administrators are wary. The MICPA explores the provision in question, what it does and the kind of clarification necessary to prevent tax policy stagnation for the next three years.

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In Review: Business Insurance

The coronavirus spurred many a debate regarding the liability of businesses in ensuring a safe working environment. More than one lawsuit has resulted from unsafe working environments, but are businesses thinking about their insurance coverages? A lot can change in a year, especially in a year like 2020, and its possible those pre-COVID-19 insurance programs you (or your clients) are subscribed to are behind the times.

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Cryptocurrency Tokenization Is On The Rise

As different forms of crypto tokenization enter the marketplace and intersect with real-world physical assets, getting the accounting and reporting correct will only become more important.

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Celebrating Women in Accounting

The month of March is Women’s History Month, focusing on the achievements of women in politics, business and society. The MICPA takes a look at the accomplishments of women, past and present, within the accounting industry.

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SBA defers EIDL payments until 2022

Small businesses that received a COVID-19 Economic Injury Disaster Loan (EIDL) won’t have to start making payments on the loan until 2022, the U.S. Small Business Administration (SBA) said.

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The American Rescue Plan Act Small Business Provisions

The American Rescue Plan Act (ARPA) of 2021 created and modified several small business relief programs aimed at delivering much needed aid. MICPA board member and chief growth officer of Sequoia Financial Group Leon LaBrecque, JD, CPA, CFP, CFA, breaks down all the significant provisions contained within ARPA as they apply to small business relief.

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IRS Addresses CAF Processing

In a recent notice, the IRS Wage & Investment Division discussed the Centralized Authorization File (CAF) backlog and processing delays. According to the agency, much of the delay is a result of additional resources being used to catch duplicate authorization forms.

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