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IRS Issues Business Interest Expense Limitation Guidance

The IRS issued a long-awaited package of guidance regarding the Sec. 163(j) limitation on business interest expense deductions. The guidance includes final and proposed regulations as well as a proposed revenue procedure with a safe harbor for operators of qualified residential living facilities and FAQs on the aggregation rules for determining a taxpayer’s gross receipts for purposes of the small business exception to the business interest expense limitation.

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Companies Struggling With Lease Accounting Standard

More than half the companies that completed their first audits under the new lease accounting standard needed to make an extra effort, according to a new survey, but the additional work provided more transparency and helped the companies deal with the unexpected crisis of the novel coronavirus, which led to many lease modifications and rent concessions.

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How To Advance Women Into The C-Suite

Gender bias at firms must be countered by strong mentorship and a need for management to "get uncomfortable," according to a panel of experts during a recent session of the AICPA's 2020 Engage conference.

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Addressing Concerns with Senate Bill 40

MICPA President & CEO Bob Doyle testified before the Senate Regulatory Reform Committee to express the CPA profession’s concerns with Senate Bill 40. The legislation would grant authority to the appointed Law Review Commission to evaluate all proposed legislation that would impact occupational licensing in Michigan.

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MI Treasury Provides Options to Late Filers

In a statement released last week, Michigan State Treasurer Rachael Eubanks ensured those late to file their Michigan state income taxes that options will be available to them to help mitigate or avoid penalties and fees. According to the Department of Treasury, late filers request penalty waivers, file an Offer of Compromise or negotiate an installment agreement to settle tax bills.

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MICPA Adopts Knowledge Hub to Serve Over 19,000 Members

The Michigan Association of CPAs (MICPA) is proud to announce the adoption of a new Knowledge Hub for its members, powered by Lead Marvels, a content-syndication and lead generation solutions provider.

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2020 Most Powerful Women In Accounting

The AICPA and CPA Practice Advisor magazine are looking for outstanding women professionals who continue to make their mark on the accounting profession as well as those who are emerging as the next generation of firm leaders, whether through new technologies, practices, workflow or dynamic work environments.

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The Average 401(k) Balance By Age, Income Level, Gender, & Industry

The average 401(k) balance is $92,148, according to a 2019 Vanguard analysis of over 5 million 401(k) plans issued by the company. But most people don't have that amount of retirement savings. The median 401(k) balance is $22,217, a better indicator of what the majority of Americans have saved for retirement.

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Parents’ Work-From-Home Struggles Are Employers’ Problem Too

As the U.S. free-falls back into an uncontained outbreak of Covid-19, school districts across the country have announced they won’t be fully reopening. It’s become a major political battle, it’s left parents struggling to figure out what to do, and it’s a problem for employers, too.

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New AICPA Tool Automates PPP Loan Forgiveness Process

A new, free tool developed by the AICPA and fintech lender Biz2Credit is designed to help borrowers and their CPA advisers complete the forgiveness application for Paycheck Protection Program (PPP) loans.

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