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Tax and Accounting Quick Tips

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Recent Publications

Tax and Accounting Quick Tips

The Timing of AFS Engagements

The Timing of AFS Engagements

It is important to keep in mind the timing and when you should start contacting CPAs to perform the procedures.

Understanding Schedule C (Form 1040)

Understanding Schedule C (Form 1040)

Profit or Loss from Business (Sole Proprietorship)

Documentation For Supply Chain

Documentation For Supply Chain

When considering manufacturing, production, or distribution systems and controls

Partnership Accounting Concepts

Partnership Accounting Concepts

Exploring different situations based around partnership tax structures.

Cost Accounting Methods

Cost Accounting Methods

Utilized by Both Product and Service-Based Businesses

Breaking Down Tax Partnership Liabilities

Breaking Down Tax Partnership Liabilities

Nonrecourse, Qualified Nonrecourse, and Recourse can affect your tax situation.

Findings in an Agreed-Upon Procedures Engagement

Findings in an Agreed-Upon Procedures Engagement

When performing an agreed-upon procedures engagement, results of applying procedures to specific subject matter are presented in the form of findings.

How to Perform a Public File Search to Check for Enrollment in the Peer Review Program

How to Perform a Public File Search to Check for Enrollment in the Peer Review Program

Check out this quick resource for how to perform a Peer Review Public File Search!

Assessing the Impact of Quality Risks

Assessing the Impact of Quality Risks

When considering risk, the likelihood and impact of a risk help to determine the appropriate responses to managing that risk.

Tools for Documenting Internal Control

Tools for Documenting Internal Control

When visuals, written descriptions, and other tools are necessary for documenting the processes of your business.

Data Security and Privacy Considerations for Cannabis Retailers

Data Security and Privacy Considerations for Cannabis Retailers

Considering the data collected, stored, and accessed by provisioning centers, and the threat of both inside and outside gain from misuse of this information, it is important to be proactive.

Managed Accounting Quick Tips for Clients

Managed Accounting Quick Tips for Clients

A Resource Guide for sustaining an efficient and successful engagement!

Calculating Michigan Sales Tax and Marihuana Retailers Excise (MRE) Tax

Calculating Michigan Sales Tax and Marihuana Retailers Excise (MRE) Tax

In Michigan, adult-use retail sales of cannabis products are subject to both sales tax and excise tax. Let's explore how to calculate these amounts.

Exploring Attest vs. Non-Attest Engagements

Exploring Attest vs. Non-Attest Engagements

You may have heard of attest and non-attest engagements. Let’s explore the differences between these two concepts

Tips For Preparing For an AFS

Tips For Preparing For an AFS

A few real life tips that can help your business prepare for its AFS.

Cash Flow Tips for Cannabis Businesses

Cash Flow Tips for Cannabis Businesses

When operating a new business, conserving cash and managing cash flow can help when cash flow is often likely to be more unstable or unpredictable.

Understanding Guaranteed Payments From a Tax Partnership

Understanding Guaranteed Payments From a Tax Partnership

When payments are made without regard to the partnership’s income (are not paid based on ownership share), these are generally known as guaranteed payments.

Understanding Your Schedule K-1

Understanding Your Schedule K-1

Comparing Schedule K-1s for Partnerships (Form 1065) and S Corporation (Form 1120-S)

Preconditions for an Attestation Engagement

Preconditions for an Attestation Engagement

What Practitioners consider before accepting an Attestation engagement.

Written Representations from Client Management in Agreed-Upon Procedures Engagements

Written Representations from Client Management in Agreed-Upon Procedures Engagements

Applicable for AFS engagements and other Agreed-Upon Procedures Engagements

Exploring the 5 Components of Internal Control

Exploring the 5 Components of Internal Control

And how they impact your business.

Understanding Social Engineering Attacks

Understanding Social Engineering Attacks

And the complex nature of how hackers attempt to gain unauthorized access to sensitive information.

Sales or Exchanges of Partnership Interest

Sales or Exchanges of Partnership Interest

With Inventory or Unrealized Receivables

Reconciling Your General Ledger with METRC

Reconciling Your General Ledger with METRC

Following this process can help ensure consistency and reconciled records, as well as allow for quicker identification of any errors.

Writing a Description for Your Cybersecurity Risk Management Program

Writing a Description for Your Cybersecurity Risk Management Program

Writing out a strong protocol for maintaining sensitive data and assessing security risks.

Learn more About
LEACIF.

What inspires us and makes our firm unique? Explore insights into why we do what we do.

Industries our team supports.

Innovative industries meaningfully aligned with our service intent, design, and delivery.

Services to help you reach your goals.

Services designed to purposely impact value, processes, and strategic positioning.

Implement processes and controls.

Resources, tips, and tools to help businesses better maintain their processes and controls.

Innovate your expectations.

Mailing address:

519 West Center Road

Essexville, MI 48732

(989) 899-7100

Contact@LEACIF.com

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Founded and grounded in Michigan, U.S. Established in 2014.

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