LEACIF

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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.

Cybersecurity Awareness Month 🔒🌐Any organization can be at risk of falling victim to a ransomware incident and all are r...
10/15/2026

Cybersecurity Awareness Month 🔒🌐

Any organization can be at risk of falling victim to a ransomware incident and all are responsible for protecting sensitive and personal data stored on their systems. Let's look at a couple of prevention techniques published by CISA that can be implemented.

Help prevent ransomware attacks by:
🔒 Maintaining offline, encrypted backups of data and regularly testing your backups.
🔒 Create, maintain, and exercise a basic cyber incident response plan, resiliency plan, and associated communications plan.
🔒 The ability to mitigate internet-facing vulnerabilities and misconfigurations to reduce the risk of actors exploiting this attack surface.

Employ best practices for the use of Remote Desktop Protocol (RDP) and other remote desktop services and:
🔒 Conduct regular vulnerability scanning.
🔒 Update software, including operating systems, applications, and firmware, in a timely manner.
🔒 Ensure that devices are properly configured and security features are enabled.

Use good cyber practices by:
🔒 Ensuring antivirus and anti-malware software and signatures are up to date.
🔒 Implementing application allowlisting.
🔒 Ensuring user and privileged accounts are limited through account use policies, user account control, and privileged account management.
🔒 Employing MFA for all services to the extent possible.

Does your business need stronger safeguards around cyber threats? Check out our Cybersecurity Advisory services on our website and see how we can help fulfill your business needs.

As part of our portfolio of managed accounting service offerings, we offer accounting manager services. Accounting manag...
10/14/2026

As part of our portfolio of managed accounting service offerings, we offer accounting manager services. Accounting manager services focus on detailed accounting reviews, reconciliations, closing processes, and in some instances, related party company transactions.

Accounting Manager Services include:

🔎 Detailed Accounting Reviews

We review transactions entered by your internal data entry team to confirm categorization, vendor or customer, and that available transaction support agrees. Our Team acts as an extension and support to yours, that can also help advise on more complex accounting transactions and their treatment or tax impact in a proactive manner.

🔁 Reconciliations

Our reconciliation processes follow consistent steps and workpaper formats to compare accounting data with source data. Reconciliations may include bank and credit card accounts, inventory balances, sales, ownership capital accounts, accrued taxes, cost-sharing arrangements, and more. We work to identify, follow up, and document reconciliation matters, and recommend or apply fixes or adjustments as needed.

✅ Closing Processes

Overhead allocations, journal entry postings, ending inventory, monthly work papers, report review, tax accounting entries, and complete closing task roadmap management help bring the accounting work to readiness for report and analysis deliverables. Our Team assists with these steps and closing processes with a hands-on approach.

📑 Related Company Transactions

Related company transactions can often become complex to manage accounting and agreement wise. We help our clients with related company invoices and bill entry or review, payment matching, agreement considerations, and help advise on tax-related matters that may be applicable.

Our Services are supported through our secure portal and cloud-based accounting systems, including requests, communications such as messages and emails, document management, approvals and signatures, and more.

How does the tax code define a partnership agreement?According to Treasury Regulation § 1.761-1, “a partnership agreemen...
10/13/2026

How does the tax code define a partnership agreement?

According to Treasury Regulation § 1.761-1, “a partnership agreement includes the original agreement and any modifications thereof agreed to by all the partners or adopted in any other manner provided by the partnership agreement.

Such agreement or modifications can be oral or written.

A partnership agreement may be modified with respect to a particular taxable year subsequent to the close of such taxable year, but not later than the date (not including any extension of time) prescribed by law for the filing of the partnership return.

As to any matter on which the partnership agreement, or any modification thereof, is silent, the provisions of local law shall be considered to constitute a part of the agreement.”

Reporting Licensing Agreements on an AFS 📋AFS reports cover several required agreement types, including Licensing Agreem...
10/12/2026

Reporting Licensing Agreements on an AFS 📋

AFS reports cover several required agreement types, including Licensing Agreements that may be in place. This agreement is between the Licensee and another party for the use of licensing of intellectual property, mainly allowing the Licensee to operate under another party's brand.

For businesses that have these agreements in place, the following information must be documented in their AFS report:
📋 Name of the Licensor,
📋 Title of the Agreement,
📋 Date agreement has been executed,
📋 Date approved by the CRA,
📋 Reporting Form Record Number (associated with CRA approval)
📋 Total amount paid to the Licenser per the Licensee's General Ledger during the reporting period.

Do you have an AFS report due soon? Reach out to us on our website at leacif.com/afs to see if we can help complete the procedures for your AFS report.

September has always been a busy month for us! 🌳 On top of engagement deadlines, our Team also attended a few events las...
10/12/2026

September has always been a busy month for us! 🌳 On top of engagement deadlines, our Team also attended a few events last month, including:

🟠 Our recurring Leads Group sessions through the Bay Area Chamber of Commerce. These are bi-weekly and in September, we attended 3 sessions.

🟠 Catalyst: On Brand - Branding, Activations & Retail. This was a cannabis industry business-to-business event in Grand Rapids. Our Team represented with a table and materials about our firm and services. It's always a pleasure getting to know new people and businesses in this industry! Here, we had the opportunity to learn from other industry professionals about issues businesses face outside of accounting and tax.

🟠 MI Artists Opening Reception at Studio 23 in Bay City. LEACIF helped sponsor this event and even had the opportunity to put together an informational video for it ahead of time. The exhibit included work from artists across Michigan, including many from the Great Lakes Bay Region and surrounding areas. The Reception had record attendance! We’re thankful to have been part of this great community event, supporting art and creative talents.

🌳 Firm Fact Friday 🌳Our office building sign was recently completed. Our goal was to have a professional and unique sign...
10/09/2026

🌳 Firm Fact Friday 🌳

Our office building sign was recently completed. Our goal was to have a professional and unique sign that enhanced but still fit in nicely with the surrounding area. The process took a little over 5 months, from sourcing quotes to final installation.

There was a lot to consider, while also remaining within our budget. We also traveled to take pictures of sign designs that represented our requirements, so that the vendor knew exactly what we needed and could recommend the right choice for the sign’s structure and materials.

🪧 The design of our tree: Our sign includes an image of our LEACIF tree. We needed to recreate this design to make it usable for the sign and for the materials we chose. The tree was designed in white instead of our usual 'sunset' color for the sign. This helps it stand out without being ‘too colorful’, especially considering the planter surrounding the sign will contain seasonal flowers.

🪧 Choosing the right sign vendor: We researched sign vendors and sought quotes from those we believed could offer what we were looking for.

🪧 The overall materials used for the sign: We decided on a material that would help our brand stand out and have a classic feel while still standing the test of time and the elements. Our sign is made of a corafoam board, which almost resembles wood, but is more durable and longer-lasting. Our representative told us the sign design we chose was the first of its kind they had worked on, and that the traditional look we chose is not so common to use today.

🪧 Measuring, permitting, and production: The sign was required to be sized and placed within specific parameters. Our representative visited the site to take measurements. Receiving the unique materials took the longest portion of time during the process. Our design was made into a stencil and sandblasting was used to imprint the design into the sign material.

🪧 Installation: The sign took several hours to install, including the mounting structure. Paint touch-ups were also applied by hand by the installers.

We worked with to make our sign a reality!

October is recognized as Cybersecurity Awareness Month! For the next couple of weeks, we will be discussing different cy...
10/08/2026

October is recognized as Cybersecurity Awareness Month! For the next couple of weeks, we will be discussing different cybersecurity best practices and objectives for businesses to consider 🔒🌐

Encouraging cybersecurity in your business is important to internal control and risk management efforts. Here are just a few cybersecurity best practices that we can think of:

🌐 Implement controls to help ensure your team’s internet browsers stay up to date. Browser updates are often initiated by the browser host to address security vulnerabilities.

🌐 Bring awareness to spam and phishing-type emails, including how to recognize them. Consider providing examples of and encouraging the blocking and reporting of emails like this.

🌐 Require via internal policies, and when possible, in applications themselves, the use of multi-factor authentication. Consider limiting or disallowing MFA by text alone, when possible.

What other best practices does your business implement?

Have you heard the term ‘corporate reorganization’ before? 🤔 Corporate reorganizations relate to changes in the structur...
10/06/2026

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

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.

Reporting Management Agreements on an 📋AFS reports include several types of agreements that must be reported as part o...
10/05/2026

Reporting Management Agreements on an 📋

AFS reports include several types of agreements that must be reported as part of the procedures, one of which is Management Agreements. This agreement is between the Licensee and another party for the provision of management or other services that grant them control over or participation in the Licensee's management, or more than 10% of the Licensee's gross profit.

For businesses that have these agreements in place, the following information must be documented in their AFS report:
📋 Date Agreement has been approved by the CRA
📋 Name of the Management Company
📋 Terms of the Agreement, such as the effective date, term end date, payment amount, and frequency.
📋 Services provided to the Licensee by the Management Company
📋 Relationship between the Licensee and Management Company (Unrelated Third-Party, Common Ownership, Parent/Subsidiary, etc.)
📋 Management Company's exercise of control over participation in the Licensee's management.

Do you have an AFS report due soon? Reach out to us on our website at leacif.com/afs to see if we can help complete the procedures for your AFS report.

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Essexville, MI
48732

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