Business Wisdom Blog

Thursday, 13 May 2021

FASB decides to issue new proposal for hedging transactions

Written by Thomson Rueters

Abstract: On March 31, 2021, the FASB decided to change the name “last-of-layer” hedging method and to propose expanding the accounting model that was introduced about four years ago. This article explains the proposal and how it may better align financial reporting for hedging transactions with the entity’s risk management approach. On March 31, 2021, the Financial Accounting Standards Board (FASB) decided to change the name “last-of-layer” to the “portfolio layer” hedging method. The FASB also approved a proposal to expand the accounting model that was introduced about four years ago...

Published in Audit & Assurance
Thursday, 13 May 2021

Concerns about the going concern assumption during an audit

Written by Thomson Rueters

Abstract: The estimated number of going concerns for fiscal year 2019 fell to the lowest amount in 20 years. But the pandemic caused financial distress that could bring an end to this downward trend for fiscal year 2020. This article reviews the going concern assumption and responsibilities for identifying “substantial doubt” about a company’s ability to operate as a going concern over the next year. A sidebar summarizes key findings from the Audit Analytics going concern study...

Published in Audit & Assurance
Thursday, 13 May 2021

Tone at the top: Diversity starts in the boardroom and the C-suite

Written by Thomson Rueters

Abstract: Diversity, equity and inclusion are buzzwords in strategic management today. This article highlights the benefits that progressive initiatives in these areas bring to public and private companies and how companies can showcase their progress in footnote disclosures and separate diversity, equity and inclusion reports. Diversity, equity and inclusion are buzzwords in strategic management today. Here are some advantages that progressive initiatives in these areas bring to public company boards of directors and private company management teams — and how your company can implement an effective diversity, equity and inclusion (DEI) program...

Published in Audit & Assurance
Tuesday, 04 May 2021

Michigan Treasury: No Income Tax on Forgiven PPP Loans

Written by Lisa Pohl, CPA

Michigan taxpayers taking part in the federal Paycheck Protection Program (PPP) will not be taxed on loans forgiven through that program, according to the Michigan Department of Treasury. This tax treatment conforms with federal tax treatment of these loans. PPP loans, originally created under the CARES Act to provide aid to businesses impacted by the pandemic, may be partially or completely forgiven when borrowers use the loan proceeds to pay qualified expenses. The state Treasury’s recent tax notice also provides guidance for both individual and corporate taxpayers relating to the calculation of sales apportionment, gross receipts for corporate taxpayers, and the calculation of total household resources when taking into consideration the impact of PPP loan forgiveness...

Published in Tax
Tuesday, 27 April 2021

Webinar | Empowered Planning Your Quarterly Update

Written by The Rehmann Team

Empowered Planning: Your Quarterly Update More than a year into the pandemic, 2021 is shaping up to be another interesting and historic year with a slew of impactful federal and state legislative action, requirements, and guidelines. There’s no shortage of critical areas for businesses to navigate. The good news: opportunities exist to help you move forward confidently. Check out the on demand webinar below for insight and real-time examples of businesses like yours finding success...

Published in COVID-19
Tuesday, 27 April 2021

5 Tactics to Increase Retirement Plan Participation

Written by RPAG

Employees fail to enroll in their retirement plan for a variety of reasons. They may be intimidated if it’s their first time around or they might not fully understand and appreciate the benefits (or the downside of not participating). Some could be concerned about “locking up” their money — and others might worry so much about making the “wrong” investment decision that they procrastinate making any decision at all. As a plan sponsor, you know the advantages of offering a retirement plan for you, including: employee recruitment, increased retention, reduced worker stress, higher productivity and tax benefits...

Published in Retirement
Wednesday, 21 April 2021

Growing Interest in Socially Responsible Investing

Written by Broadridge Financial Solutions, Inc

U.S. assets invested in socially responsible strategies topped $17.1 trillion at the start of 2020, up 42% from two years earlier...

Published in Wealth Management
Tuesday, 20 April 2021

Now is the time to consider solar energy property investments for your home and business

Written by Tracy Marrin and Andrew Rose

If you’re thinking about installing solar energy – at your home or your business – federal tax credits are available for investments in certain solar energy property. And with these credits scheduled to decrease in the next few years, now is a good time to consider this dollar-for-dollar reduction in tax liability that’s based on a percentage of the cost of the qualifying solar property. Solar energy credits Thanks to recent federal legislation – the Consolidated Appropriations Act, 2021, approved late last year – the “phase-down” of solar energy credits was extended for both commercial and residential properties. If you have started work on a solar property, or you’re considering doing so, it’s important to make plans to ensure maximum tax savings...

Published in Tax
Tuesday, 13 April 2021

International Tax Reform Proposal Comparison

Written by Michael Patterson, CPA

 In the current environment of changing tax laws, Rehmann is committed to providing updates to potential changes that could affect our clients with international activity. Two proposals addressing overhauling the U.S. international taxation system are on the table...

Published in Tax
Friday, 09 April 2021

Risk Report April 2021

Written by The Rehmann team

Microsoft Office 365 corporate users increasingly hacked by account takeovers A recent survey of over 1,000 security professionals working for mid- to large-sized corporations revealed that 71% of deployments experienced an average of seven account takeovers over the past year. Identity-based takeovers of legitimate user accounts are quickly replacing phishing as the most common mode of attack. Traditional defenses like multi-factor authentication have become less reliable. 58% of the survey security professionals see a widening gap between attackers and defenders, escalated by the continuing shift to the cloud and the rapid growth in remote work driven by the COVID-19 pandemic...

Published in Cybersecurity
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