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Mike Thrift

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7 минути четене

FASB Just Closed a Decade-Old Loophole in Equity Method Accounting: What ASU 2025-12 Means If You Hold a Stake in a Joint Venture

FASB's ASU 2025-12 (Issue 16) amends ASC 825-10-25-4(e) to bar electing the fair value option for an equity method investment after recognizing an other-than-temporary impairment — restoring a guardrail accidentally deleted by ASU 2016-13's CECL conforming amendments. Effective for annual periods beginning after December 15, 2026, with early adoption permitted and prospective or retrospective transition decided issue by issue.

Mike Thrift

accountingfinancial-reportingcompliance
6 минути четене

FASB Just Quietly Exempted Equipment Leases From a Disclosure Rule You Probably Didn't Know Applied to You

FASB's ASU 2025-12 (Issue 5) excludes sales-type and direct financing lease receivables from the ASU 2022-02 vintage and loan-modification disclosures, effective for annual periods beginning after December 15, 2026. Equipment lessors still apply CECL to net lease investments but no longer need origination-year write-off tables for those leases.

Mike Thrift

accountingleasesfinancial-reporting
9 минути четене

Why Small Business Loans Get Denied: Approval Rates, Lender Odds, and Fixes From the Fed's 2025 Credit Survey

The Federal Reserve's 2025 Small Business Credit Survey found only 42% of applicants received full funding and 22% received nothing. Full-approval rates ranged from 57% at small banks to a 46% denial rate at large banks, and the top denial reasons — credit score (45%), collateral (36%), cash flow (33%) — are largely visible in a business's own books before applying.

Mike Thrift

small-businessloansfinancing
7 минути четене

Federal Regulators Tell Banks to Scrutinize Loans Tied to Work Authorization: A Guide for Immigrant-Owned Businesses

On July 13, 2026, the FDIC, OCC, and NCUA directed banks to tighten underwriting on loans to borrowers without U.S. work authorization, following a June CFPB statement reversing 2023 fair-lending guidance. Here's what the guidance says, how it affects immigrant entrepreneurs and their employers, and five concrete steps to keep financing accessible.

Mike Thrift

bankingimmigrationsmall-business
7 минути четене

Fishing Charter Bookkeeping: Why Fuel and Bait Are COGS and Your USCG License Deserves Its Own Line Item

A well-run fishing charter nets roughly a 25% margin even when booked solid. This guide shows how to structure a charter's books — classify fuel, bait, and ice as cost of goods sold for per-trip margins, track the $1,300–$1,600 USCG six-pack license and its five-year renewal cycle, and accrue maintenance reserves per engine hour to survive the off-season.

Mike Thrift

bookkeepingsmall-businesscost-of-goods-sold
8 минути четене

Your Commissioned Employees, State Minimum Wage, and a Federal Overtime Exemption: What DOL Opinion Letter FLSA2026-4 Actually Changes

DOL opinion letter FLSA2026-4 (January 2026) confirms the Section 7(i) overtime exemption for commissioned retail and service employees is measured against the federal minimum wage — a regular rate above $10.875/hour — not higher state rates, and clarifies that service charges count as commissions while tips generally don't.

Mike Thrift

payrollcompliancesmall-business
8 минути четене

FMCSA Repeals CDL Conviction Self-Reporting: What the July 2026 Rollback Actually Changes for Small Trucking Fleets

FMCSA's June 2026 final rule, effective July 22, 2026, eliminates three redundant requirements — CDL holders self-reporting convictions, keeping a paper ELD manual in the cab, and auto-returning roadside inspection reports — citing ~25,000 unnecessary violations in 2024. Annual MVR checks, driver qualification files, and inspection-report retention remain fully in force, and state-level reporting statutes may still apply.

Mike Thrift

truckingcompliancesmall-business
9 минути четене

A Lender You've Never Heard Of Just Raised $525 Million. Here's What It Means for Your Next "No" From a Bank

Forward Financing closed $525 million in new funding as alternative lenders grew from about 29% of small business lending in 2023 to roughly 41% today. What that shift means for borrowers banks reject, how to convert a factor rate to an effective APR (a 1.35 factor over 9 months is roughly 46%), and a five-point checklist to run before signing any non-bank financing offer.

Mike Thrift

small-business-loansmerchant-cash-advancerevenue-based-financing
7 минути четене

The FDA Just Bought Food Businesses 30 More Months on Traceability — Don't Waste Them

The FDA moved the FSMA 204 Food Traceability Rule compliance date 30 months, from January 20, 2026 to July 20, 2028, and Congress barred earlier enforcement. The rule itself is unchanged — FTL foods, seven Critical Tracking Events, Key Data Elements, and 24-hour sortable records — so here's who's exempt and how small food businesses can build a compliant traceability plan without enterprise software.

Mike Thrift

compliancesmall-businessrecordkeeping
8 минути четене

FTC 2026 Clayton Act Section 8 Thresholds: When Interlocking Directorates Become Illegal for VC- and PE-Backed Boards

The FTC's 2026 Clayton Act Section 8 thresholds are $54,402,000 in capital, surplus, and undivided profits and $5,440,200 in competitive sales. With regulators now counting board observers, investment funds, and LLCs, here is a practical checklist for VC- and PE-backed boards to spot illegal interlocking directorates.

Mike Thrift

compliancelegalstartup
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