Debits and Credits Podcast

Ep. 18 - Unclaimed Property Laws: Understanding Escheatment, and Reporting Requirements For Dormant Funds

In Episode 18 of Debits and Credits, Michael C. Haas, CPA discusses Unclaimed Property Laws and the responsibilities businesses have when handling dormant or abandoned funds.
Michael explains the process of escheatment, the purpose of notice reports and remit reports, and how businesses must comply with state reporting requirements for inactive accounts and unclaimed property. This episode provides a practical overview of compliance obligations and why proper handling of unclaimed funds is important for businesses and escrow professionals alike.
#UnclaimedProperty #Escheatment #NoticeReport #Remitreport #Escrow  #FinancialReporting #StateRegulations #DebitsAndCreditsPodca

Ep 17 - Pass-Through Entity Tax (PTET) Explained: A Closer Look At Impacting Pass-Through Businesses and Their Owners

In this episode of Debits and Credits, Michael C. Haas, CPA breaks down the Pass-Through Entity Tax (PTET) and how this state tax election may provide federal tax benefits for owners of pass-through businesses. Michael explains how PTET works, who may qualify, and why it has become an important tax planning strategy for partnerships and S corporations.
#PTET #PassThroughEntityTax #TaxPlanning #BusinessTaxes #CPA #SALTCap #Accounting #DebitsAndCreditsPodcast

Ep. 16 - Insurance every escrow company should consider: Understanding policies that protect escrow operations and client funds.

In this episode of Debits and Credits, Michael C. Haas, CPA discusses the essential insurance coverage escrow companies should consider to help protect their business operations, client funds, and financial security. Topics include surety bonds, Errors & Omissions (E&O) insurance, cyber insurance, workers’ compensation coverage, and protections offered through the Escrow Agents’ Fidelity Corporation (EAFC).
Michael explains how these policies and safeguards support compliance, risk management, and fraud prevention in today’s evolving escrow industry.
#Escrow #Insurance #CyberInsurance #EOInsurance #SuretyBond #RiskManagement #Compliance #EAFC #TrustAccounting #DebitsAndCreditsPodcast
 

Ep. 15 - Trust Accounting Best Practices: Protecting client funds through accuracy, compliance, and control.

In this episode of Debits and Credits, Michael C. Haas, CPA discusses trust accounting best practices and the importance of internal controls in protecting client funds. Topics include trust account reconciliation requirements under California Code of Regulations § 1732.2, fraud prevention tools such as Positive Pay and Payee Positive Pay, and the role of manual control reviews in identifying errors and unauthorized transactions.
Haas explains how strong accounting procedures and banking safeguards help escrow companies maintain compliance, accuracy, and financial security in today’s increasingly digital environment.
#haasanddawe #TrustAccounting #Escrow #PositivePay #FraudPrevention #ClientFunds #Compliance #FinancialControls #Accounting #DebitsAndCreditsPodcas

Ep. 14 - The Role of Trade Organizations In The Escrow Industry.

In Episode 14 of Debits and Credits, Michael C. Haas, CPA highlights the importance of trade organizations in the escrow industry, including the American Escrow Association (AEA), Escrow Association of California (EAC), and California Escrow Association (CEA).
Michael discusses how these organizations support escrow professionals through education, advocacy, and industry standards, while helping members stay informed on regulatory changes and best practices. This episode underscores the value of staying connected to professional organizations and the role they play in strengthening the industry as a whole.
#Escrow #TradeAssociations #EscrowIndustry #RealEstate #Compliance #ProfessionalDevelopment #AEA #EAC #CEA #DebitsAndCreditsPodcast

Ep. 13 - Compliance Update: New FinCEN Rules For Settlement Agents

In this episode of Debits and Credits, Michael C. Haas, CPA breaks down a key FinCEN reporting update affecting settlement agents nationwide.
He explains the new requirements for reporting buyers in all-cash real estate transactions, including seller carry-backs and hard-money loans, and how these rules aim to monitor potential money laundering. Originally set for December 1, 2025 and deferred to March 1, 2026, the rule has been temporarily vacated by a U.S. District Court in Eastern Texas, suspending reporting for now.
Disclaimer: Consult your legal counsel regarding how this may impact your business.
#FinCEN #RealEstate #Escrow #Compliance #MoneyLaundering

Ep. 12 - Lease Accounting Part III: Understanding Finance and Variable Leases

In this episode of Debits and Credits, Michael C. Haas, CPA breaks down the key differences between finance leases and variable leases, how lease agreements function as contracts, and how lease payments are recorded on the balance sheet. Michael explains how certain leases are treated like purchases, how variable payments impact reporting, and what businesses need to understand for accurate financial reporting and compliance.
#LeaseAccounting #FinanceLease #VariableLease #ASC842 #GAAP #AccountingStandards #FinancialReporting #CPA #DebitsAndCreditsPodcast

EP. 11 - Lease Accounting Part II: Office Leases Under Section 17210

In Episode 11 of Debits and Credits, Michael C. Haas, CPA takes a closer look at how office leases are treated under GAAP and the requirements of California Financial Code § 17210.
This episode breaks down how lease obligations are reported under ASC 842, what qualifies as an office lease, and how Section 17210 impacts escrow companies and their financial requirements. Michael explains key compliance considerations, common issues, and how businesses can properly structure and report lease agreements.
#LeaseAccounting #ASC842 #GAAP #FASB #Section17210 #Escrow #FinancialReporting #AccountingStandards #CPA #DebitsAndCreditsPodcast

Ep. 10 - Lease Accounting Pt. I - GAAP, FASB, and What It Means

In this episode of Debits and Credits, Michael C. Haas, CPA breaks down the fundamentals of lease accounting and how it is governed under GAAP (Generally Accepted Accounting Principles) and established by FASB (Financial Accounting Standards Board).
Learn how recent changes have transformed how leases are reported, requiring many businesses to recognize lease assets and liabilities on the balance sheet. Michael explains what this means for financial reporting, compliance, and decision-making for businesses, including those in escrow and real estate.
 
#LeaseAccounting #GAAP #FASB #ASC842 #AccountingStandards #FinancialReporting #CPA #BusinessFinance #DebitsAndCreditsPodcast

Ep. 9 - FIRPTA Explained

Michael C. Haas, CPA breaks down the Foreign Investment in Real Property Tax Act (FIRPTA) and what it means for real estate transactions involving foreign sellers.
Learn how FIRPTA withholding works, who is responsible for withholding, and how it impacts buyers, sellers, and escrow professionals. Michael explains the key rules, common misconceptions, and why understanding FIRPTA is critical to staying compliant and avoiding costly mistakes at closing.
#FIRPTA #RealEstateTax #Escrow #WithholdingTax #ForeignInvestment #RealEstate #TaxCompliance #CPA #DebitsAndCreditsPodcast