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.

🔷 We offer fractional managed accounting services for businesses that value a thorough and communicative advisory-based ...
07/22/2026

🔷 We offer fractional managed accounting services for businesses that value a thorough and communicative advisory-based approach to their service delivery. Our Team works locally in Michigan, with most of us in the Bay, Saginaw, and Midland areas.

With an innovative and detailed approach, we help provide structure and consistency for our clients’ accounting and tax processes.

Our core managed accounting services include the following:

⚙️ Administrative Support
🔶 Data entry, bookkeeping, payroll, and records organization.

⚙️ Accounting Manager
🔶 Detailed reviews, reconciliations, and closing processes.

⚙️ Controller
🔶 Financial reporting, attestation readiness, and tax compliance.

⚙️CFO
🔶 Discussion and analysis, due diligence, planning, and advisory.

Which area of fractional accounting support could your business benefit most from?

To learn more, please visit leacif.com/mas

📈 Changes in a business's activity, goals, regulatory environment, or in other areas might prompt the question: “Should ...
07/21/2026

📈 Changes in a business's activity, goals, regulatory environment, or in other areas might prompt the question: “Should I change my tax entity classification?”

🔎 For example, a single-member LLC currently taxed similarly to a sole proprietorship might consider electing to have the business taxed as a C corporation or S corporation.

Whether the business chooses to make a or remain as is, each option has different tax rules and treatment, current and future effects, and reporting requirements to consider. 📊

🔎 Generally, tax election changes may only be made once every 5 years, and should be done strategically, not arbitrarily. For businesses that have been considering a change, a of year-to-date activity and for the period looking ahead can provide helpful insight towards this decision-making.

📊 Changes to a business’s tax structure cause reporting and added compliance needs. Changes made mid-year generally will require two tax returns.

🔎 For example, in our single-member LLC scenario, the business activity will continue to be reported on Schedule C of the owner's personal return until the effective date of the tax election change. After the effective date of the change, the activity would be reported on a business tax return, depending on whether C corporation or S corporation tax treatment was elected.

These types of conversations are often common, especially for and growing businesses. 📈 We help advise our clients on tax entity classification planning matters, including scenario analysis, documentation, compliance, and tax preparation.

Be sure to talk with your CPA or tax advisor for more information.

Did you receive an due notice for December, 31, 2026?This upcoming deadline is a one! It is best to be prepared an...
07/20/2026

Did you receive an due notice for December, 31, 2026?

This upcoming deadline is a one! It is best to be prepared and engage early if you have an AFS report due in December 2026.

To access resources, tips, and to learn more about our AFS process, please visit leacif.com/afs.

We enable accountability to our mission by exercising a passion for the pursuit of betterment aimed at:🔷 Client service...
07/20/2026

We enable accountability to our mission by exercising a passion for the pursuit of betterment aimed at:

🔷 Client service delivery
🔷 Team member experience
🔷 Internal processes and structures
🔷 Community involvement and support

Throughout our work, we remind ourselves of our .

🌱 Looking back, application of our values is built into what we’ve already done and built to the present.

🌳 Looking ahead, we’ll continue to lead our actions with our Firm’s core values out front, to build the future we want to create.

🌳 Firm Fact Friday 🌳 Since our firm provides accounting and attestation services, we follow the AICPA's Statements on ...
07/17/2026

🌳 Firm Fact Friday 🌳

Since our firm provides accounting and attestation services, we follow the AICPA's Statements on Quality Management Standards (SQMS).

While there are many requirements and guidelines that these standards address, one specified response includes, in part, “that we establish policies or procedures that address when it is appropriate to communicate with external parties about the firm’s system of quality management, [...]”

How did we respond?

Well, regarding content, our most frequent and public platform on which we communicate about our specific processes or responses related to our firm’s SQM, here is an excerpt from our social media policy:

(Regarding) Specified Response 35e.: The Firm believes that communicating about its system of quality management is beneficial to its social media objectives, including in attracting and retaining quality clients, engagements, and Team Members. Additionally, we believe that communicating about our Firm’s specific responses under SQMS objectives can aid in transparency and support of a strong control environment. Therefore, the Firm communicates to external parties about its System of Quality Management in its public social media content posts as follows:

🌳 Nature: Post content contains “Informational” Professional Standards Content, such as excerpts copied from SQMS, and “Informational + About Firm” Professional Standards content, such as a summary description a specific control activity, policy, or process that we use to address a requirement under SQMS [...] . - Just like we are doing now!

🌳 Timing: Generally, posts communicating primarily regarding the Firm’s System of Quality Management should be limited to no more than once per month, unless otherwise specifically [...]

🌳 Extent: Informational posts should include specific word-for-word or literal context directly from SQMS. [...].

There are 10 Description Criteria for a Description of an Entity’s Production, Manufacturing, or Distribution System in ...
07/16/2026

There are 10 Description Criteria for a Description of an Entity’s Production, Manufacturing, or Distribution System in a SOC for Supply Chain Report. This guidance is published by the AICPA.

Let’s explore criterion #2:

✴️ DC2: The principal product performance specifications, commitments, and requirements and production, manufacturing, or distribution commitments and requirements (principal system objectives).

Guidance includes, but is not limited to:

🔸 For a specific production, manufacturing, or distribution system, entity management designs and implements processes and procedures to achieve certain specific (referred to as system objectives) related to the goods produced or distributed and the system — including related controls — implemented and operated to mitigate that would prevent the entity from achieving those objectives.

🔸 Entity management discloses the objectives that it concludes are likely to influence the decision-making of intended users (referred to as principal system objectives) in the description to help users understand the objectives that drive the operation of the system and how the applicable trust services criteria were used to evaluate whether controls were effective.

✴️ Depending on the trust services category or categories addressed by the description, the principal system objectives often relate primarily to the following:

🔸 Commitments regarding protection of the system from risks
🔸 The product meeting the product performance specifications that have been communicated to or agreed upon with customers [...]
🔸 The product's conformity with product requirements established by the entity, law or regulation, industry standards, or customers' requirements
🔸 The product's availability in the quantities and at the times agreed upon with customers
🔸 The achievement of delivery commitments made to customers, including the timing of delivery, storage and transportation commitments, and the system requirements necessary to achieve those commitments

⚙️Accounting with inventory valuation tracking and reporting purposes in mind can help better analyze and understand t...
07/15/2026

⚙️Accounting with inventory valuation tracking and reporting purposes in mind can help better analyze and understand their inventory costs and related lifecycles.

🧮 Inventory is generally accounted for as Raw Material, Work-in-Process (WIP), and Finished Goods. Different cost components and activities are added to or used in production during these lifecycle stages. These differences can multiply, with different products or even non-standardized processes.

🧮 Accounting processes should be aligned to capture the detail needed to accurately track product costs and margins, and produce reports that are useful for analysis and decision-making. Inventory accounting and asset valuation should capture both direct and indirect costs and facility . Accounting for inventory costs based on activity may also be helpful for management reporting purposes.

🧮 Inventory should also apply required tax rules - whether your business’s accounting is on a GAAP or tax-based method, accounting for inventory costs and stages with tax implications in view is helpful for managing cash flow and maintaining compliance.

⚙️ What processes does your business have in place to help capture and account for inventory costs? What reporting metrics do you find most useful to analyze?

Please reach out to learn more about how our Team can help your business with these concepts through our managed accounting services.

Ma*****na vs Ma*****na, which one is spelled correctly? According to the Michigan Department of Treasury, the "ma*****na...
07/14/2026

Ma*****na vs Ma*****na, which one is spelled correctly? According to the Michigan Department of Treasury, the "ma*****na" and "ma*****na" spellings are used in different contexts and are both acceptable.

With the new Ma*****na Wholesale Tax applicable this year, Michigan Treasury is in a transition period to better align with common practices and reduce fragmented terminology.

🍃 "Ma*****na" is the more common spelling, being used in regular communications, forms, instructions, and other materials.
🍃 "Ma*****na," however, is used in a more legal context to match the reference to cannabis in both the Michigan Regulation And Taxation of Ma*****na Act (MRTMA) and the Comprehensive Road Funding Tax Act (CRFTA) statutes.

Do you agree? Should other agencies follow Treasury’s lead here and use the more common spelling of ma*****na, instead of ma*****na.

An NOD, or Notice of Deficiency, can occur after submitting your report. 🔎 Some NODs may be simpler, such as follow-up...
07/13/2026

An NOD, or Notice of Deficiency, can occur after submitting your report.

🔎 Some NODs may be simpler, such as follow-up requests for the Licensee to submit a specific document, or questions to clarify information included in the AFS report findings.

🔎 Other times, an may require responses like listing specific manifests or invoices, findings related to agreements, or for why amounts or contracts reported in the AFS report do not agree to what the CRA otherwise has on record.

Here are a few from our perspective to help manage NODs:

✅ When reviewing your AFS report draft, ensure findings are clear, accurate, and understandable. Professional standards advise on appropriate wording to use to document findings, which can be reviewed for conformity.

Convey enough information to explain fully, but limit answer detail for clarity and understandability.

✅ For agreement procedures where an underpayment or overpayment exists, prepare ahead of time a related written agreement and submit it with the AFS report.

✅ When discrepancies are identified, take corrective action and include in the finding documentation the actions taken or to be taken.

✅ When responding to NODs, be clear, respectful, and thorough in your response. If documents are requested, provide them with the NOD submission. When included in your AFS engagement, ask the CPA who performed the AFS to review or prepare on your behalf the NOD responses.

These tips and information are based on our firm’s opinion! To read more about NODs, visit https://www.michigan.gov/cra/faq/licensing-list/afs-questions-fy24/what-is-a-notice-of-deficiency

To learn more about our AFS process, please visit leacif.com/AFS

Lunch with a View! ⛳️ 🥪 It was great to see one of our own represent LEACIF at the YPN Luncheon, during this year's Dow...
07/13/2026

Lunch with a View! ⛳️ 🥪

It was great to see one of our own represent LEACIF at the YPN Luncheon, during this year's Dow Championship in Midland, MI! 🏌️‍♀️

The Dow Championship is one of the premier stops on the LPGA Tour, and events like the YPN Luncheon are exactly the kind of opportunities we love to support for our team.

At LEACIF, we believe that investing in our people goes beyond the office. Experiences like this create connections, spark conversations, and build the kind of professional relationships that last.

Emma is already looking forward to next year! ✨

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Essexville, MI
48732

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