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Understanding Your Personal Cash Flow

One key principle in financial literacy is understanding your personal cash flow.

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AICPA Expresses Strong Support for Bipartisan, Bicameral Supply Chain Disruptions Relief Act

Michigan Representative Dan Kildee (D-Flint Twp), alongside other members of the U.S. Congress, is leading a bill which would allow auto dealerships to choose to wait as long as 2025 for their inventory to be replaced before determining the attributable income of inventory sales during 2020 and 2021. The AICPA penned a letter in favor of the bill, adding its support for its application to other industries using the Last-In, First-Out (LIFO) accounting method with well-documented impacts stemming from pandemic-related global supply chain disruption.

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Tips for Better Financial Organization

The first step to becoming financially organized is, of course, to determine how much money is coming into your household and how much is going out. Last year, MICPA Financial Literacy Task Force member Rick David, CPA, shared strategies for finding savings in day-to-day expenditures. Determining if your monthly expenditures can be reduced by switching providers for insurance, cable, phone and other services is a great place to start refining your monthly budget to increase savings toward an emergency fund.

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Fin Lit Evolution: National Financial Capability Month

Often used interchangeably, financial literacy and financial capability address a separate set of concerns. As April brings a renewed sense of awareness with its Financial Literacy Month (FLM) initiatives, we explore the difference between knowledge and behavior, and what capability means for long-term financial health.

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Tribute to Gerald Hepp CPA

Michigan native and MICPA member Gerald (Jerry) Hepp, CPA, was recently recognized for a lifetime of volunteerism and contribution to the profession with a postmortem tribute. Jerry began his career with Plante & Moran in 1958 and spent 20 years as an expert volunteer in numerous board and committee roles within the AICPA.

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What Can We Learn From the Alex Murdaugh Trial - How Smart People Can Make Dumb Choices

Capturing nationwide attention, the trial of South Carolina attorney Alex Murdaugh, a once-revered member of a prominent legal family, has highlighted the significance of investigating the causes of behavior, especially when it comes to white-collar crime.

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Interpreting Legislative Committee Assignments

Earlier this month the 102nd Michigan Legislature convened bringing in 74 freshman legislators to the new session, none of whom are CPAs. Last week, legislative committee assignments were announced. The MICPA analyzes committee updates that stand to have the greatest impact on the profession, including the Regulatory Reform and Tax Policy in the House of Representatives and Regulatory Reform and Finance in the Senate.

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Avoid These 7 Different Retirement Risks

Planning for retirement in the age of waning pensions and increasing life spans presents unique challenges for financial advisors and the clients that trust them to map their financial future. ProfessionFOCUS speaker Carlos Dias Jr., founder, president, Dias Wealth, shares his insights on the seven risks retirees should avoid.

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$1.7 Trillion Omnibus Appropriations Bill Final Text Released Financial Provisions Overview

The U.S. Senate Appropriations Committee released the fiscal year 2023 Omnibus Appropriations bill which includes $1.7 trillion allotted to various programs and defense funding. Despite some speculation that the bill would include tax extenders, none were present. There are, however, numerous items that are included which could impact CPAs and their clients. The MICPA has created a brief overview of the most relevant components, all of which are expected to pass as a part of the bill, in some form, by Friday, Dec. 23.

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Holiday Gift Giving

Top Five Last-Minute Shopping Gift Gaffes to Avoid

The holiday season is well underway, with celebrations and gift exchanges having already begun for many. Before you resort to stuffing cards with twenty-dollar bills or placing your orders for concert tickets in 2023, make sure the items you have in mind aren’t on this list of the top five last-minute gifts you should probably avoid.

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