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Nuts & Bolts of Cryptocurrency Taxation

Cryptocurrency is heading mainstream. According to a recent study conducted by New York Digital Investment Group, there are 46 million bitcoin holders in the U.S. This constitutes roughly 17% of the adult population. Institutions have also shown increased interest in this space. Publicly traded companies like Tesla, MicroStrategy and several other fintech giants have invested their corporate cash reserves in bitcoin. PayPal, Venmo and Robinhood have offered cryptocurrency services to millions of users.

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GenZ

Leading Virtual Teams

Last April, I received a phone call from an old friend who wanted to vent about a colleague who was particularly struggling as a virtual leader. Like many others, they were working from their respective homes due to COVID. My friend had observed that this colleague, who was leading a team of six, was holding a daily Zoom check-in call at 8:00 am for her team because “she wanted to make sure that they had gotten up.” “Doesn’t she know what she is doing to morale?” my friend expressed in disbelief.

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Deloitte’s MADE Commits $75 Million to Fuel Greater Racial and Ethnic Diversity in Tax and Accounting

Deloitte announced today the establishment of Making Accounting Diverse and Equitable (MADE), a commitment to generate more advisory, auditing, and tax career opportunities and leadership pathways for the next generation of certified public accountants (CPAs). MADE represents a bold vision for the accounting profession, both in terms of increasing racial and ethnic diversity, and helping students of color see and realize their future in business through the prism and possibilities of accounting.

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time

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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EmpPerk

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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Future

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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