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Thursday, 03 October 2019

Accounting for the cannabis industry: Prepare yourself for tax scrutiny

Written by Erik, Schumacher

In light of the recent legalization of recreational cannabis in Michigan, the industry is rapidly growing and changing. Business owners and entrepreneurs are seeing the infinite opportunities, but they should be aware of the many risk areas to avoid fallout. The cannabis industry is a tightly regulated and high-risk business, and on the financial side, those involved must prepare to have their financial and tax information scrutinized. Click here to read the full article in the Grand Rapids Business Journal...

Thursday, 26 September 2019

Earnings season: What investors can take away from corporate reports

Written by Forefield, Inc.

Publicly traded companies are required to report their financial performance to regulators and shareholders on a quarterly basis. Earnings season is the often-turbulent period when most companies disclose their successes and failures. U.S...

Thursday, 26 September 2019

Market Outlook - September 2019

Written by The Rehmann Team

Economy In the Federal Reserve’s 2018 Q3 release of economic projections, voting FOMC members forecast additional tightening for 2019. The last update from June showed a levelling off for interest rate expectations for 2019. Since then, the Fed has moved twice (In July and recently in September) to lower its benchmark Fed Funds rate to 1.75 percent to 2...

Thursday, 26 September 2019

Five times in your life when you might need help with your finances

Written by Forefield, Inc.

As you move through different stages of life, you will face new and unique financial situations. Did you just get engaged? Perhaps you are wondering how you and your partner are going to manage your money together. Do you have children?..

Monday, 16 September 2019

Tax calendar

Written by Thomson Reuters

October 15 — Personal federal income tax returns for 2018 that received an automatic six-month extension must be filed today and any tax, interest and penalties due must be paid. The Financial Crimes Enforcement Network (FinCEN) Report 114, “Report of Foreign Bank and Financial Accounts” (FBAR), must be filed by today, if not filed already, for offshore bank account reporting. (This report received an automatic extension to today if not filed by the original due date of April 15.) If a six-month extension was obtained, calendar-year C corporations should file their 2018 Form 1120 by this date...

Monday, 16 September 2019

Is “bunching” medical expenses still feasible in 2019?

Written by Thomson Reuters

Some medical expenses may be tax deductible, but only if you itemize deductions and you have enough expenses to exceed the applicable floor for deductibility. With proper planning, you may be able to time controllable medical expenses to your tax advantage. The Tax Cuts and Jobs Act (TCJA) made bunching such expenses beneficial for some taxpayers. At the same time, certain taxpayers who’ve benefited from the medical expense deduction in previous years might no longer benefit because of the TCJA’s increase to the standard deduction...

Tuesday, 03 September 2019

How strong are your company’s internal controls?

Written by Thomson Reuters

A solid system of internal controls translates into more reliable financial reporting and can help companies prevent, detect and correct financial misstatements. In contrast, weak controls can result in costly errors — and even fraud. Internal controls have become a hot button in the 21st century. If your company seems to be putting more hours into evaluating its control systems, it’s not alone...

Tuesday, 03 September 2019

Accounting for acquired goodwill

Written by Thomson Reuters

Goodwill is an acquired intangible asset that can affect earnings if it declines in value. The Financial Accounting Standards Board (FASB) is soliciting feedback on this topic as it considers whether to change the subsequent accounting of goodwill and other acquired intangible assets for public companies. The International Accounting Standards Board (IASB) also is considering improving the disclosures for goodwill, but it wants to keep the same reporting rules. Here are the details...

Tuesday, 03 September 2019

Coming soon: Proposal to improve audit procedures for accounting estimates

Written by Thomson Reuters

In July, the AICPA’s Auditing Standards Board (ASB) unanimously voted to propose revisions to the audit standards on the use of accounting estimates. The ASB wants to improve the standards because financial statements increasingly contain estimates that are difficult to measure and verify. Here’s how and when estimates are used in financial reporting — and why the ASB is revising its standards. Using estimates Accounting estimates may be based on subjective or objective information (or both) and involve some level of measurement uncertainty...

Wednesday, 28 August 2019

Five retirement lessons from today's retirees

Written by Forefielf

Each year for its Retirement Confidence Survey, the Employee Benefit Research Institute (EBRI) surveys 1,000 workers and 1,000 retirees to assess how confident they are in their ability to afford a comfortable retirement. Once again, in 2019, retirees expressed stronger confidence than workers: 82% of retirees reported feeling "very" or "somewhat" confident, compared with 67% of workers. A closer look at some of the survey results reveals various lessons today's workers can learn from current retirees. Current sources of retiree income Let's start with a breakdown of the percentage of retirees who said the following resources provide at least a minor source of income: Social Security: 88% Personal savings and investments: 69% Defined benefit/traditional pension plan: 64% Individual retirement account: 61% Workplace retirement savings plan: 54% Product that guarantees monthly income: 33% Work for pay: 25% Lesson 1: Don't count on work-related earnings Perhaps the most striking percentage is the last one, given that 74% of today's workers expect work-related earnings to be at least a minor source of income in retirement...

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