News Finance

FASB Simplifies Accounting for Convertible Instruments

FASB issued a new standard Wednesday that is designed to simplify financial reporting associated with accounting for convertible instruments and contracts in an entity’s own equity.

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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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New Study Shows How Employees Can Drastically Improve Their Productivity

A recent report from Harvard Business Review has shown the power of putting data analytics in the hands of workers in frontline jobs, but it also reveals that leaders must drive a culture change and shake up the decision-making hierarchy to make this strategy pay off.

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MI Treasury Guidance on State Tax Filing Extension

Today, the Michigan Department of Treasury released a notice that provides taxpayers with additional guidance related to the state and income tax filing extension (EO 2020-26) announced on March 27 and the IRS Notice 2020-23 issued on April 9.

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Changes in the CPA M&A World Post-Coronavirus

The crisis has not passed, but CPA merger and acquisition discussions are already increasing. Calls are coming in from firms that are not sure what to do.

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Drafting a Remote Work Policy

The COVID-19 pandemic is the ultimate game-changer that has turned many things, especially business, on its head.

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MI Treasury Waives April SUW Penalties & Interest

Michigan businesses were granted a reprieve from sales, use and withholding (SUW) tax from the Michigan Department of Treasury today in light of on-going COVID-19 disruption.

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