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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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Message from the IRS Wage & Investment Division

Following is a message from the IRS Wage & Investment Division: There seem to be ongoing questions about certain Practitioner Priority Service (PPS) line services. PPS assistors will continue to work with Forms 2848/8821/8655 representatives to assist with client tax issues by providing verbally certain information from a transcript. Examples would be allocating misapplied payments, correcting math error issues, account adjustments, balance due and missing returns, etc.

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New Accountancy Rules Impact Licensed CPAs and CPA Candidates

On May 5, 2021, the Department of Licensing and Regulatory Affairs (LARA) released a new Accountancy Ruleset for Michigan CPAs. The rules take effect immediately and changes impact all Michigan licensed CPAs and CPA candidates.

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Assessing Liability: Best Foot Forward Preparations for Reopening

The question of business liability in regard to COVID-19 surfaced early in 2020 as many optimistically began planning for reopening business doors almost immediately following their closure. As some states begin to relax restrictions, the question of liability amid plans for large-scale reopening remains. The MICPA investigates the current state of liability and best practices for ensuring a best foot forward.

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AICPA Recognizes Outstanding CPA Exam Performers with 2020 Elijah Watt Sells Award

NEW YORK (May 5, 2021) - The American Institute of CPAs (AICPA) today announced the 89 winners of the 2020 Elijah Watt Sells Award. To qualify for the award, CPA candidates must obtain a cumulative average score above 95.50 across all four sections of the Uniform CPA Examination, pass all four sections on their first attempt and have completed testing in 2020.

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US Department of Labor issues guidance to states to permit greater flexibility for waiving the recovery of certain unemployment insurance overpayments

WASHINGTON, DC – The U.S. Department of Labor’s Employment and Training Administration today issued an Unemployment Insurance Program Letter that provides states with guidance on addressing unemployment insurance benefit overpayments established by states for programs authorized by the Coronavirus Aid, Relief, and Economic Security Act. An overpayment occurs when a state finds an individual received a payment or payments to which they are not entitled.

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Despite the pandemic, 85% of organizations completed their audits as planned

While COVID-19 was a tectonic shift for businesses, compliance programs were largely unimpacted, according to a report by A-LIGN. In fact, cybersecurity teams have compelling opportunities to consolidate audit operations and leverage technology to accelerate the compliance process.

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Analyzing Possible Implications of the Proposed C Corp Tax Increase

As lawmakers consider proposals surrounding new tax laws, the MICPA analyzes reports from MICPA board member Leon LaBrecque, JD, CPA, CFP, CFA at Sequoia Financial Group and other sources regarding potential impacts to businesses. This week, we take a closer look at the possible impacts a 28% corporate tax would look like for C corporations and why small businesses are wary.

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