Cover Story
MBT Dissection Continues as Initial Guidance is Released
On July 12, 2007, Michigan Gov. Jennifer Granholm signed Public Act 36 of 2007, officially enacting the Michigan Business Tax – the structure that will replace the current Single Business Tax beginning January 1, 2008.

The Story Behind the Mortgage Crisis in Michigan
Just a few years ago, the mortgage industry was in full swing. Non-traditional mortgages, variable rate, low documentation, reverse and payment option loans were highly sought after by financial institutions. People were qualifying for loans and buying homes left and right. Things were going so well in the mortgage industry, how did it all fall apart?

Navigator of the Profession – Richard M. Gabrys
Richard Gabrys retired from a long and noteworthy career in public accounting with Deloitte & Touche, where he was vice chairman of the firm’s U.S. Global Strategic Client Group, to take up a “second” career in education. Dick has had a significant impact upon the community through his involvement as chair of organizations such as the Detroit Medical Center, the Detroit Regional Chamber, the Michigan State Chamber and the Detroit Economic Growth Corp.

Me
Gail Sparks Pitts – Leading Into A New Year
This, my very first Chair’s Message for Leaders’ Edge, comes on the heels of an outstanding MACPA Awards Dinner. The individuals recognized at this event are an inspiration to me as I step into the role of 2007-2008 Chair of the Board.


DON’T KID YOURSELF – It’s Not Business as Usual


Ethics Q&A: Applying FIN 48


Tax Strategy and Condo Conversions: Reaping the Profits
Not Ready to Throw in the Towel? Project Accounting Offers Alternative Career Option for Accountants Nearing Retirement


Peer Review Q&A: Quality Control Standards
News & Notes from the State Board of Accountancy
Lansing Office Increases CPA Presence: MACPA Legislative Priorities Plentiful


Hottest CPE for CPAs this Year: New Tax, Economic Development
Make the Right Decision for the Future of Your Firm – Attend the Firm Leadership Symposium


A Must-Attend Event: MBT on the Hot List for Members Advisory Forum
Association Financial Statements Accessible Via the Web
In Memoriam

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