Additional Guidance Available on Treatment of Unemployment Compensation for Tax Year 2020

LANSING, Mich. - The Michigan Department of Treasury has posted a notice for taxpayers related to the treatment of unemployment compensation for tax year 2020.

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Treasury: State Priority Consideration FAFSA Deadline Extended to May 1

LANSING, Mich. – Students who want to be given priority consideration for state of Michigan financial aid programs now have some extra time to complete their Free Application for Federal Student Aid, according to the Michigan Department of Treasury.

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NOCLAR: Proposals aim to help CPAs find the right balance

Identification or suspicion of a client’s or employer’s noncompliance with laws or regulations (NOCLAR) is one of the most challenging ethical issues a CPA can face, and complementary proposals issued by two AICPA committees are designed to provide clarity for these circumstances.

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Updates Abound for PPP & EIDL Programs

Expected to receive its final signature from President Biden anytime between today and tomorrow, the PPP Extension Act is officially through the Senate. This new bill will grant additional time to borrowers to apply for much needed aid through the PPP. Meanwhile, the SBA has increased loan limits under the Economic Injury Disaster Loan program. The MICPA breaks down the latest developments.

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FASB Provides Alternative to the Goodwill Triggering Event Assessment for Certain Private Companies and Organizations

Norwalk, CT—March 30, 2021—The Financial Accounting Standards Board (FASB) today issued an Accounting Standards Update (ASU) that provides an accounting alternative expected to reduce the complexity for private companies and not-for-profit organizations when performing the goodwill triggering event evaluation.

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Accountants Are Helping Clients Navigate PPP Challenges, But March 31 Deadline Looms

One of Congress’s earliest and most effective means of distributing relief was through the Paycheck Protection Program (PPP), created through the CARES Act to provide fully guaranteed, forgivable loans to meet payroll costs and other business expenses. Today, PPP is still providing urgently needed funding to businesses that might not otherwise survive.

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PPP Small Business Loan Program Deadline Extended to May 31 with Senate Vote

The U.S. Senate voted to extend the PPP small business loan program deadline to May 31, 2021. The PPP Extension Act of 2021 also gives the U.S. Small Business Administration an additional 30 days beyond May 31 to process those loans. The measure now goes to the President for his signature.

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IRS Launches "National Settlement Month"

The Internal Revenue Service Office of Chief Counsel has embarked on its most far-reaching Settlement Days program ever, declaring the month of March 2021 as “National Settlement Month.”

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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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