FINRA's BrokerCheck

Business Wisdom Blog

Saturday, 21 March 2020

State Responses to COVID-19

Written by Michael Bannasch

With the IRS having officially announced an extension to July 15 for income tax payments, otherwise due April 15, states are beginning to develop their own responses to the filing and payment deadlines. Below you will find a few key specifics for Michigan, Florida, and Ohio as of Thursday, March 19. We will continue to provide further updates as they develop. Click here for the full AICPA report regarding the state’s responses...

Published in COVID-19, Tax

On Friday, March 20, 2020, the IRS issued Notice 2020-18 backing Treasury Secretary Mnuchin’s earlier announcement that the due date for income tax returns normally due on April 15th will be moved to July 15th. The Notice provides for an automatic postponement of time to file federal income tax returns and to postpone income tax payments that are due on April 15, 2020 to the July 15, 2020 date. This means that an extension is not required to be filed and the postponement is applicable to all taxpayers, whether or not there is a balance due. One of the biggest changes from the previously issued Notice 2020-17 is that there are no limitations on the amount of payments that can be postponed...

Published in News
Thursday, 26 March 2020

Stay Vigilant: Businesses Must Prepare Ahead for Cyber Attacks

Written by Ashley Pearson

The email looked legit, so an employee at a small Michigan manufacturer opened it and clicked on an attachment. That was a bad move. The email contained a ransomware attack by a hacker that quickly downloaded and installed a malicious software that encrypted the company’s servers and data, then demanded payment to release it. “They were essentially shut down, couldn’t function,” said Jessica Dore, a leader in the technology solutions group for CPA and consulting firm Rehmann LLC...

Published in Cybersecurity

Economic assistance for small businesses around Michigan that have been negatively impacted by the COVID-19 virus gained approval from the Michigan Strategic Fund, the Michigan Economic Development Corporation (“MEDC”) announced March 19, 2020. The Michigan Small Business Relief Program authorizes the MEDC to provide up to $20 million for small businesses. The funding consists of $10 million in small business grants and $10 million in small business loans. The $10 million in small business loans willsupport businesses facing drastic reductions in cash flow and assist in supporting their workforce...

Published in News

Families First Coronavirus Response Act, H.R. 6201 Available at https://www.congress...

Published in COVID-19
Thursday, 19 March 2020

U.S. Attorneys, Florida AG Issue Warning Against COVID-19 Scam Artists

Written by United States Department of Justice

Tampa, Florida – Florida’s three United States Attorneys today joined with Florida Attorney General Ashley Moody to warn scam artists that they will vigorously pursue anyone trying to capitalize on the coronavirus pandemic by cheating Florida consumers, especially the state’s vulnerable elders. The federal law enforcement team is now actively collaborating and cooperating with the state’s top prosecutor team in a concerted effort to stop the scams relating to coronavirus.   The state’s top prosecutors at the federal and state levels vowed that their offices are committed to remaining vigilant in preventing, pursuing, prosecuting, and punishing individuals and businesses that try to take advantage of the crisis for personal profit. They emphasized the importance of this effort in light of Florida’s large elderly population and reports of everything from bogus COVID-19 “cures” to phishing scams that purport to be official government health websites...

Published in Cybersecurity, COVID-19, News
Tuesday, 17 March 2020

Preparing for the impacts of coronavirus (COVID-19)

Written by The Rehmann Team

Without question, this crisis is proving stressful for many, but navigating the ever-evolving pandemic landscape does not have to be. Please know that we’re here to help individuals and guide organizations as we all adjust to new ways of working and conducting business, and ultimately, ensure the continued strength of your operations. We have compiled our top recommendations that business leaders should review as part of continuity planning to minimize the impact and disruption this virus has on businesses.   Your valued workforce: Employ a strategy of frequent and clear communication with your workforce...

Published in COVID-19

Several arms of the federal government have taken, or are weighing, significant steps to help the country deal with the spread of the coronavirus (COVID-19) and the implications for individuals and businesses. On March 14, the U.S. House of Representatives overwhelmingly passed a bipartisan 110-page bill that has received support from President Trump and, as of this writing, is expected to be taken up by the Senate this week...

Published in COVID-19
Friday, 13 March 2020

How Technology is Changing Accounting

Written by Danielle McGee, CPA

By Danielle McGee, CPA   Artificial intelligence, blockchain, cryptocurrency: the ABCs of 2020. Like all other industries, the accounting profession is experiencing an increasingly rapid pace of change. Technology is likely not the first thing you think of when you think about accountants, but it has transformed the industry from pencil and paper and outdated financial information (just a few short years ago) to real-time access to financial information and the ability to provide feedback as soon as transactions occur. The modern accountant is using tools such as QuickBooks Online, Sage Intacct, Bill...

Published in Business Consulting

By Christine Slade, CPA | A Rehmann Exclusive   Introduction Initially released in May 2014, Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers, which is codified in FASB Accounting Standards Codification (ASC) 606 with the same title, is now effective beginning with the 2019 calendar year-end financial statements of non-public companies, including not-for-profit organizations, that follow U.S. generally accepted accounting principles (GAAP). While previous GAAP required recognition of revenue based upon it being realized or realizable and earned, the new GAAP standard (ASC 606)’s core principle is that an entity would recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration the entity expects to be entitled to receive in exchange for those goods or services when (or as) it transfers control to the customer...

Published in Not-for-Profit
Page 6 of 149