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On April 4, 2016, the IRS issued proposed regulations under Section 385 (“Proposed Regulations”). The Proposed Regulations are focused on whether purported debtinstruments between related corporations should be treated as stock, debt, or a mixture of the two. The Proposed Regulations were drafted to limit the effectiveness of certain types of tax planning strategies that typically utilized related party debt such as inversions. To accomplish this goal, the Proposed Regulations will characterize certain related party financings as equity, even if they are in the form of debt...

Rehmann has been named to the Accounting MOVE Project's "Best Public Accounting Firms for Women" list for the fourth consecutive year. The list, released by the Accounting & Financial Women's Alliance, recognizes firms that provide: Consistent, measurable progress in advancing women. Proven and continually evolving programs that retain and advance women. Evidence that the firm's advancement of women is intrinsic to its growth and succession goals...

On June 16, the FASB released the Current Expected Credit Loss (CECL) standard. This much-anticipated guidance significantly impacts how a financial institution accounts for credit losses, primarily impacting the Allowance for Loan Losses. "Even though the CECL standard is not effective for several years, its impact will be notable," said Rehmann Principal Heidi Cieslik. "We're recommending financial institutions begin preparing for the transition now...

Rehmann’s own Brett Nesbit stars in the latest edition of the Naples Daily News’ “Minding Your Money” video segment. In just three minutes, he delivers a great deal of business wisdom about succession planning. While each succession plan will include unique elements, Brett runs through key issues to consider, including: Why precision — and plenty of time — is essential to the success planning process The three things a business must be able to demonstrate in order to enhance its value What level of tax liability a business owner can expect … and more It’s a great introduction to an important topic. Please share it with clients, prospects and referral sources...

Rehmann hosted the first annual 2016 Indian River State College Culinary Student Chef Challenge on Monday, May 9, at Quail Valley River Club in Vero Beach, Florida. Four Indian River State College culinary students competed for the champion title. The teams included: Team Austin: Austin Miller (student chef) and Peter DieBenedet (assistant) Team Jacob: Jacob Geib (student chef) and Reese Horstman (assistant) Team Kaitlyn: Kaitlyn Sullivan (student chef) and Zackary Lachowksi (assistant) Team Sarah: Sarah Wills (student chef) and Joanna Donley (assistant) Each student was charged with preparing a signature dish and a “mystery basket” dish. The 50 guests served as judges, scoring the challenge based on appearance, creativity, texture and taste...

On May 18, the Department of Labor updated overtime rules for 4.2 million Americans, making them eligible to receive overtime pay under federal law. Prior to the new rules, workers who earned $23,660 or less per year were guaranteed overtime pay. Effective December 1, 2016, the threshold will be raised to $47,476 per year and, according to the new rules, this will be updated automatically every three years...

On May 16, the House, by voice vote, approved H.R. 3832, the “Stolen Identity Refund Fraud Prevention Act,” which would help prevent tax-related identity theft and tax fraud. The bill would modify due dates for certain information filing returns, centralize the point of contact for identity theft victims, allow for a taxpayer to be notified of both unauthorized use of his identity and any criminal charges relating to such use, and extend IRS's authority to require truncated Social Security numbers on a Form W-2...

As a Sponsor of the Great Lakes Ag-Tech Business Incubator, Rehmann is excited to announce the launch of the new Great Lakes Ag-Tech Business Incubator website. It is now live and located at www.agtechincubator.com...

Michigan taxpayers who did not file their 2016 Form 5278 (“Affidavit and Statement for Eligible Manufacturing Personal Property and Essential Services Assessment”) by February 22, 2016 — or who filed an incomplete form — may now file Form 5278 by May 31, 2016, under legislation signed today by Gov. Rick Snyder.  This means businesses with eligible manufacturing personal property will have an easier time complying with changes to Michigan’s personal property tax laws approved by voters in 2014. “This is great news because it remedies a notable problem,” said Rehmann Principal Sam Hodges...

On April 27, the Financial Accounting Standards Board (FASB) approved the Current Expected Credit Loss (CECL) standard. At the same time, FASB agreed to postpone the implementation deadline due to concerns voiced by banks and credit unions. FASB decided that public companies that file with the Securities and Exchange Commission (SEC) will be required to implement CECL starting in 2020 — one year later than anticipated. Other public companies that are not SEC filers will begin in 2021...

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