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Cannabis Gains Ground in Michigan Post-Election

The ballots are in and everyone is wondering the about the same thing: recreational marijuana. Indeed, the state of recreational marijuana in Michigan was up for vote in 2020, and new ground was certainly gained. From mLive, the results of Michigan recreational marijuana ballot initiatives are in:

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Emotional Intelligence and Where to Get Some

At the start of the year, businesses were thrust into new territory as operations were forced into drastic change without warning. Professionals, at all levels, experienced difficulties adjusting to the combination of remote work expectations and, for many, home schooling and caring for young children. With the additional demands on remote employees amid a national pandemic, many businesses initially struggled with striking the right balance in setting expectations and organizing around a format with which many had zero experience managing.

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Preparing CPAs to Discuss the Economic Health of the US

CPAs, their clients, and others read the headlines in recent days that heralded the record-breaking 33.1% growth in the Q3 gross domestic product (GDP). Economists and far-right, far-left, and centrist media outlets agree that—with some caveats—the growth was very good, and the economy was rebounding. Some have said that prior to the pandemic, the US had the greatest economy in history. Here are a few things a CPA should consider when discussing GDP.

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Industry divided over SEC auditor independence reforms

The US Securities and Exchange Commission (SEC)’s reforms to the Auditor Independence Framework have exposed deep divisions in the sector over where the audit profession is heading.

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FASB Issues Standard That Delays Long-Duration Insurance Guidance

The Financial Accounting Standards Board (FASB) today issued an Accounting Standards Update (ASU) that will help insurance companies adversely affected by the COVID-19 pandemic by giving them an additional year to implement Accounting Standards Update No. 2018-12, Financial Services—Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts (LDTI). For insurers that do not need the extra time, the ASU makes it easier and more cost-effective to maintain their current timelines and early adopt LDTI.

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IRS Will Expand Resolution Options To Help With Tax Bills During Covid

The Internal Revenue Service (IRS) has announced some changes to its collections processes to assist taxpayers who have been impacted by COVID-19. Specifically, the IRS says it is expanding taxpayer options for making payments and alternatives to resolve balances owed.

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MICPA Makes Strides in Virtual Learning

FREE Winter Bonus Program for All MICPA Members The MICPA is offering its members an opportunity to curl up with some bonus CPE to keep their skills warm through the winter. Check out the breakdown of our enhanced virtual Winter Bonus Program, including MICPA curated content and speakers, opportunities to build relationships and insight into emerging topics that will expand your knowledge base.

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IRS Issues New Payroll Deferral Guidance

On August 8, a Presidential Memorandum allowed for employers to defer certain employee payroll taxes. Under the Coronavirus Aid, Relief and Economic Security (CARES) Act, employers had already been granted the ability to defer their share of payroll taxes, but as a second stimulus package failed to make headway through congress, the memorandum set forth the option for employers to also defer an employee’s 6.2% payroll tax obligation.

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Advisory Services

Your clients will be looking for two things as they face this period of change and uncertainty in the new normal. Firstly, data-rich conversations in real time that will allow them to prepare for the unknown landscape before them. Secondly, advice and insight as they navigate the compliance and lockdown incentives put in place by the government. In short, there is an appetite for your expertise.

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Future

6 Skills Employees Will Need In The Post-Pandemic Workplace

As organizations find their way through the pandemic, the workplace is changing. Here are the skills that will help employees thrive in the future.

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