GASB Provides Guidance to Assist Stakeholders with Application of Its Pronouncements

Norwalk, CT, June 2, 2021—The Governmental Accounting Standards Board (GASB) today issued implementation guidance in the form of questions and answers intended to clarify, explain, or elaborate on certain GASB pronouncements.

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SBA Administrator Issues Statement on the Closure of Paycheck Protection Program

SBA Administrator Issues Statement on the Closure of Paycheck Protection Program. PPP has provided nearly $800 billion to small businesses and nonprofits across the nation, fueling the economy by supporting over 8.5 million small businesses and nonprofits.

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How the Taxpayer First Act is Reinventing the Citizen Experience

The Taxpayer First Act (TFA), passed in 2019, is a gargantuan effort to reshape the IRS. While the key component of the TFA is to focus on improving the citizen experience or CX, it also aims to overhaul the technology used by the agency and improve cyber security. In an upcoming conference, Tax Professionals and the IRS: Successfully Working Together, the MICPA will partner with the IRS to explore how legislations like the TFA and American Rescue Plan will impact members’ practices and clients.

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News Finance

Unpacking Tax Implications for Capital Gains, Retirement Plan Contributions & Estate Taxes

In the last of our three-part series investigating the many facets of the tax legislation proposals currently under consideration by Congress, the MICPA examines the potential impacts of President Biden’s tax proposal on capital gains, retirement plan contributions and estate taxes. In a recent presentation to the Michigan Chamber of Commerce, MICPA board member Leon LaBrecque, JD, CPA, CFP, CFA at Sequoia Financial Group highlighted the proposed increase of the minimum tax on foreign income as the primary capital gains tax on higher income brackets.

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Biden Tax Breakdown Part Two: Potentialities for Foreign Income

Continuing our coverage of the current proposed tax legislation, MICPA members weigh in on the potential impacts on foreign income. From changes in Global Intangible Low Tax Income (GILTI) to a proposed 21% global minimum tax rate, see what MICPA expert contributors are saying the impacts could be.

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Every SBA Update You Might Have Missed

In a targeted email campaign, the U.S. Small Business Administration (SBA) included several updates regarding ongoing financial assistance and new programs soon to be detailed. For everything you missed on the current state of the PPP, EIDLs and the newly minted Community Navigator Pilot Program, this is your SBA Update Rundown.

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Is Your Non-CPA Staff Ready to Upskill?

As technology continues to alter the face of the accounting profession, more firms are hiring non-accounting professionals than ever to work alongside CPAs and other finance professionals. Unfortunately, when worlds collide language and misunderstanding can become a barrier for many teams as those with limited or no accounting background work toward assimilating the industry knowledge necessary to fulfill their roles. Find out what Aquinas College is doing to ease the learning curve with a new program aimed at upskilling non-accounting professionals.

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What Now? Technology In A Post-Pandemic Environment

The COVID-19 pandemic saw the business world adopting new technology at alarming new rates, but as businesses begin testing the waters for a return to the new normal in 2021, the time has come to reassess tech needs. Thomas G. Stephens, Jr., CPA, CITP, CGMA discusses four key considerations for technology in a post-pandemic environment.

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MICPA Does the Pomodoro!

In honor of National Mental Health Awareness Month, we are looking for new ways to cut stress from our daily routines. One such approach experts are touting is the Pomodoro technique, which claims to be a foolproof way to cut distraction while powering your hyper-focus to get things done using short bursts and…egg timers. Is it effective? We asked a few MICPA staffers to compare their experiences – here’s what they had to say!

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Wayfair Revisited: The State of Nexus Year Three

Missouri is the last state working toward finalizing economic nexus laws resulting from the 2018 Supreme Court decision in South Dakota v. Wayfair which essentially states that retailers must pay state sales taxes regardless of whether or not they maintain a physical presence in that state. Three years later, MICPA State and Local Tax Task Force chair Michael Bannasch, CPA, weighs in on the state of Wayfair in 2021.

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