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Tech Report: Your Disruption Forecast

Those familiar with Moore’s Law know that the expectation of technology is that it will continue to become more sophisticated and simultaneously more affordable. In our personal and professional lives, technology advances at a pace that is at once staggering and subtle so that when tech prophets claim the next big thing is coming, we tend to poo-ha-ha the predicted consequences.

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COVID

Michigan Congress Passes Legislation for COVID-19 Liability

Almost from the moment American businesses began considering reopening amid the ongoing COVID-19 pandemic, legal liability has been among their chief concerns. According to the New York Times, the struggle regarding liability legislation revolves around finding a balance between allowing businesses the confidence they need to ensure they will not become the focus of overzealous lawsuits from employees and customers that may become infected while also ensuring that businesses that don’t take adequate steps to keep their workers and customers safe can still be held accountable1.

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How to Be a Leader

Researchers predict that COVID-19 will continue to cause mayhem and distress for years to come. Intermittent lockdowns and panic-buying will simply become a part of daily life. And, if a vaccine is finally approved, international deal-making will probably get in the way.

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News Finance

FASB clarifies callable debt securities accounting

FASB issued rules amendments Thursday to clarify an entity’s accounting responsibilities related to callable debt securities.

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2020 Year-End Tax Planning Tips for Businesses & Individuals

COVID-19 brought financial challenges to much of the public and forced companies to reimagine how business is done. Congress responded with generous relief, much of which runs through the tax code.

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News Finance

The Future of Accounting Education

Changing educational requirements to sit for the CPA Exam are throwing the future of accounting education into doubt. In the years since the 150-hour requirement has been established, it is questionable whether its original intent is still operative. This is evidenced by declining enrollment in Master of Accountancy programs, a trend that should raise concerns about the future. The future of work means that the skills demanded of entry-level accountants are changing and will continue to do so.

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Profession Launches New Restricted Domain

Last year, the AICPA began the process of attaining the .cpa extension as a restricted internet domain for exclusive use within the profession from the Internet Corporation for Assigned Names and Numbers (ICANN). The organization’s CEO Barry Melancon, CPA, CGMA, said the move to obtain the domain for the profession would, “…help promote CPAs’ visibility and protect their professional standing online.”

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October 15 Deadline Encroaching

While many taxpayers and preparers are still dealing with the fallout of the coronavirus pandemic, the IRS extension of Oct. 15 for numerous tax deadlines remains unchanged, days away. Aside from taxpayers affected by natural disasters, tax practitioners are expressing overwhelm in the face of ongoing Paycheck Protection Program (PPP) loan drama on behalf of their business clients and the onslaught of individual and corporate clients scrambling to make that Oct. 15 deadline.

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COVID

MICPA Publishes Second Part of COVID-19 Sentiment Survey

In April, the MICPA partnered with Avenue M Group to conduct a survey to capture the challenges and concerns facing Michigan CPAs in the early months of the pandemic. Of the respondents surveyed, most (59%) work in public accounting or business & industry/corporate finance (22%). A smaller number of not-for-profit, consulting, education and other accounting professionals account for 18% of survey participants*.

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HealthCare

9 Ways to Help Remote Workers Avoid Burnout

It's no secret that everyone is under a great deal of stress right now. Covid-19, personal finances, the economy, distance learning, job responsibilities, child care: These are just a few of the factors that are contributing to poorer mental health and higher stress levels.

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