LEACIF

LEACIF Specializing in accounting and advisory services with a strategic and partnership driven focus. Please visit leacif.com and follow our page to learn more.

LEACIF offers leading edge professional services for businesses and entrepreneurs who know there is a better way forward in managing their organization's objectives and sustainably adding to its value. With a strategic and partnership driven focus, we specialize in both traditional accounting and advisory services, as well as services addressing the forefront of emerging issues that matter to our clients.

🌳 Firm Fact Friday 🌳 For each Team Member’s role with our Firm, we have a related role or job description. Role descri...
08/07/2026

🌳 Firm Fact Friday 🌳

For each Team Member’s role with our Firm, we have a related role or job description. Role descriptions include primary responsibilities, skills, and traits required for the position.

Including job descriptions for each of our roles here is one of our response controls within our system of quality management. Additionally, we utilize these job descriptions

🟦 In hiring ads: Job descriptions are first defined and written, in order to include them with our hiring ads;

🟦 In offers for employment: We include the same or very similar job descriptions in our hiring offer letters. Any changes are dependent on the final hiring decision;

🟦 To help more thorough consideration of role requirements and coverage, and how the role supports our client service or quality management functions.

Role descriptions are maintained within our systems documentation and Team Member folders, and are updated for changes in role requirements or position.

What do you think of when you hear the term ‘enterprise risk management'? Applying enterprise risk management concepts ...
08/06/2026

What do you think of when you hear the term ‘enterprise risk management'? Applying enterprise risk management concepts can help businesses relate their goals and strategies for carrying out those goals to how risk is managed and actions are decided upon.

Let’s explore the Strategy and Objective Setting component of :

Strategy and Objective Setting includes the following steps:

🎯 Analyze business context: analyze your business and its external and internal factors, including its organizational structure, operating environment, and compliance requirements.
🎯 Defines risk appetite: consider types of risk, risk relationships, risk appetite, and risk tolerance.
🎯 Evaluates alternative strategies: gather feedback from stakeholders and perform due diligence on strategy implementation.
🎯 Formulate business objectives: define measurables and accountability metrics with which the business and individuals can be evaluated.

To learn more about how applying enterprise risk management concepts can help your business, please reach out to our Team!

How can we help your business with its accounting, tax, and business advisory needs?Clients work with us when they prefe...
08/05/2026

How can we help your business with its accounting, tax, and business advisory needs?

Clients work with us when they prefer a detail-oriented, experience-based approach to their accounting service relationship.

Here are just a few actions we help our managed accounting service clients with:

✅ Accounting reconciliations: We help ensure revenue, point of sale, bank account, and credit card account reconciliations are completed.

✅ Detailed reviews: On the monthly accounting side, we help ensure transactions are classified correctly and have appropriate support documentation. We also help with more complex, detailed reviews, such as those related to business transactions or even disputes.

✅ Inventory calculations and entries: We help our clients determine appropriate inventory overhead and acquisition costs, prepare monthly calculations and journal entries, and ensure workpapers are maintained to support these calculations and any underlying assumptions that are used.

✅ Advisory: Our clients come to us with complex scenarios and questions. We help our clients explore, investigate, and brainstorm scenarios that impact their business.

✅ Financial reporting and KPI information: Depending on what financial information is important to our clients, we prepare monthly, quarterly, and annual deliverables to present and review this information.

✅ Tax planning: We help our clients plan tax scenarios, ensure compliance requirements are met, and explore and advise on tax structuring. Our approach is often strategic, depending on what the client’s goals may be.

When property is contributed to a tax partnership that has a fair market value that is different from its tax basis, the...
08/04/2026

When property is contributed to a tax partnership that has a fair market value that is different from its tax basis, the rules under 704(c) generally apply. 📊

▶️ These rules address allocations to the partners related to the contributed property. Generally, the goal is to prevent partners from unfairly shifting pre-contribution gains, losses, or depreciation.

▶️▶️ For example, if 2 partners each contribute property to form a partnership, with one contributing $100,000 in cash and the other contributing a building with a tax basis of $60,000 and fair market value of $100,000, the partner contributing the cash would likely anticipate depreciation allocations from the building that are made based upon its fair market value.

📊 However, the building only has available depreciation based on its tax basis.

There are 3 methods to address scenarios like this. Often, the allocation method the partnership will use is included in its operating agreement.

The 3 allocation methods allowed for under 704(c) include:

📊 Traditional
📊 Traditional with curative
📊 Remedial

▶️ Each method impacts depreciation allocations differently, as well as the time for which the disparity from the asset’s tax basis and fair market value will be accounted for. 📊 If using the traditional with curative or remedial methods, other depreciation of similar assets or even other income/loss items may also be impacted.

Partnerships and multi-member LLCs with contributed property should work with their tax advisors to understand the difference between available allocation methods and how these will impact the partners and the business.

What information is required to be disclosed in a Michigan Cannabis AFS report, regarding reportable agreements?For Fi...
08/03/2026

What information is required to be disclosed in a Michigan Cannabis AFS report, regarding reportable agreements?

For Fiscal Year 2026, the following information must be reported for real property agreements. Information is reported separately for each agreement:

🔶 Is the Real Property Agreement Filed with CRA?
🔶 Was the agreement updated during the reporting period? Was it sent to the CRA? ⏩ If so, the Reporting Form Record Number (RF-######) is required

🔶 License Numbers Associated with Real Property Agreement

🔶 Title of Real Property Agreement
🔶 Landlord/Seller
🔶 Physical Address of Premises
🔶 Zip Code of Premises
🔶 Relationship of Landlord/Seller to Licensee

🔶 Effective Date of Real Property Agreement
🔶 Term of Real Property Agreement (beginning & end date)
🔶 Payment Amount per Real Property Agreement, (e.g., $10,000 per month)
🔶 Total Square Footage of Premises/Property

🔶 Total Amount Due Under the Agreement During Reporting Period
🔶 Total Payments Made During Reporting Period
🔶 Amount of Liability Underpaid or Overpaid During Reporting Period (If not zero complete Part 2) ⏩ If the Total Amount Due Under the Agreement During Reporting Period does not equal the Total Payments Made During Reporting Period, additional information must also be reported.

To learn more about the process, visit leacif.com/afs

"If you're not willing to risk the usual, you will have to settle for the ordinary." -Jim Rohn
08/03/2026

"If you're not willing to risk the usual, you will have to settle for the ordinary." -Jim Rohn

✨ Firm Fact Friday ✨Since the establishment of our Firm, our team has worked 100% remote. Working remotely allowed us to...
07/31/2026

✨ Firm Fact Friday ✨

Since the establishment of our Firm, our team has worked 100% remote. Working remotely allowed us to:

🌳 Operate efficiently
🌳 Stay flexible
🌳 Manage our systems securely
🌳 Serve clients easily wherever they are

However, since June, we have been working at our physical office in Essexville a couple of days per week! Offering a hybrid approach to our Firm has also come with its advantages:

🌳 Dedicated workspace that promotes a productive work environment
🌳 Easier collaboration, fewer planned meetings, and more casual discussions
🌳 Can add more structure to a flexible schedule

Work-life balance and flexibility are important to us! While we enjoy the benefits of working from home, we also recognize the importance of face-to-face connection and how it reminds us of how strong of a team we are 💪

A business’s cybersecurity objectives depend on its nature and industry, as well as its specific cybersecurity risks. 🔎 ...
07/30/2026

A business’s cybersecurity objectives depend on its nature and industry, as well as its specific cybersecurity risks. 🔎 Let's explore some examples:

Availability
Enabling timely, reliable, and continuous access to and use of information and systems to support operations and to
💻Comply with applicable laws and regulations,
💻Safeguard entity assets and assets held in custody for others, and
💻Facilitate decision-making in a timely manner.

Confidentiality
Protecting information from unauthorized access and disclosure, including means for protecting proprietary information and personal information subject to privacy
requirements, to
🛡Comply with applicable laws and regulations,
🛡Meet contractual obligations and other commitments, and
🛡Safeguard the informational assets of an entity.

Integrity of Data
Guarding against improper capture, modification, or destruction of information to
support the following:
🔐The preparation of reliable information for internal use,
🔐Management, in holding employees and users accountable for their actions, and
🔐The storage, processing, and disclosure of information, including personal and third-party information

Integrity of Processing
Guarding against improper use, modification, or destruction of systems to support the following:
⚙️The accuracy, completeness, and reliability of information, goods, and services produced
⚙️The safeguarding of entity assets
⚙️Guarding against the unauthorized use or misuse of processing capabilities that could be used to impair the security or operations of external parties

🌐 Content from AICPA Description Criteria for Management’s Description of the Entity’s Cybersecurity Risk Management Program

Earlier this month, the DEA held a hearing on the proposed rule-making for ma*****na to Schedule III of the Controlled...
07/29/2026

Earlier this month, the DEA held a hearing on the proposed rule-making for ma*****na to Schedule III of the Controlled Substances Act.

Updates regarding the Proposed Rescheduling of Ma*****na can be found at https://www.dea.gov/NPRM2026

Along with updates from the DEA, guidance from the Department of Treasury is also expected to include a transition rule for purposes of section applicability.

Be on the lookout for future updates! This is a developing matter.

Have you heard the term ‘corporate reorganization’ before? Corporate reorganizations relate to changes in the or form ...
07/28/2026

Have you heard the term ‘corporate reorganization’ before? Corporate reorganizations relate to changes in the or form of a corporate entity, including both C corporations and S corporations.

These scenarios can include when new shareholders enter, or exit, a company, or when a recapitalization occurs.

▶️ According to the Internal Revenue Code, there are generally 7 forms of corporate reorganization. Each requires strict compliance, including with other rules within the IRC. ⚖️

▶️ Summarized, these include:

🔵 a merger or consolidation;

🟠 the acquisition by one corporation, in exchange solely for all or a part of its voting stock, of stock of another corporation if, immediately after the acquisition, the acquiring corporation has control of such other corporation;

🔵 the acquisition by one corporation, in exchange solely for all or a part of its voting stock, of substantially all of the properties of another corporation;

🟠 a transfer by a corporation of all or a part of its assets to another corporation if immediately after the transfer, the transferor, or one or more of its shareholders is in control of the corporation to which the assets are transferred;

🔵 a recapitalization;

🟠 a mere change in identity, form, or place of organization of one corporation;

🔵 a transfer by a corporation of all or part of its assets to another corporation under a receivership case.

▶️ Corporate reorganizations can be very complex! Make sure to work with both an experienced and tax attorney who can help you navigate a reorganization and the appropriate documentation that must be in place.

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Essexville, MI
48732

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