Debits and Credits Podcast

Understanding where your money is going is essential to running a profitable escrow or title company.

In this episode of Debits & Credits, Michael C. Haas, CPA, explains how escrow and title companies can analyze their operating expenses, identify unnecessary costs, and better understand what is affecting the bottom line.

The discussion includes common business expenses such as payroll, occupancy costs, insurance, technolo...

In this episode of Debits and Credits, Michael C. Haas, CPA discusses the importance of internal audits and how they help escrow companies maintain accuracy, strengthen internal controls, and ensure regulatory compliance.

Michael explains how regular internal reviews can identify errors, improve operational processes, and provide valuable training opportunities for escrow officers and staff. He also shares best pract...

In this episode of Debits and Credits, Michael C. Haas, CPA walks through the key steps to starting your own escrow company. From business formation and licensing requirements to obtaining an EIN, securing a surety bond, fidelity coverage, Errors & Omissions (E&O) insurance, and meeting California regulatory requirements, Michael provides a practical roadmap for launching an independent escrow business.

Whether yo...

In this episode of Debits and Credits, Michael C. Haas, CPA discusses how escrow companies can effectively work with outside regulators and why preparation is essential for maintaining compliance. Michael explains the roles of agencies such as the Department of Financial Protection and Innovation (DFPI), the Department of Real Estate (DRE), and the California Department of Insurance (CDI), and shares how trusted advisors can help c...

In this episode of Debits and Credits, Michael C. Haas, CPA takes an in-depth look at DFPI Regulatory Audits and what licensed California escrow companies should expect during a regulatory examination.

Michael discusses the role of the California Department of Financial Protection and Innovation (DFPI), audit procedures, trust account reconciliation requirements under CCR § 1732.2, and financial responsibil...

In this episode of Debits and Credits, Michael C. Haas, CPA discusses Notary Best Practices from an Escrow Perspective. He covers key considerations when selecting a notary or signing service, the importance of working with trusted professionals, common fee structures, liability concerns, and the benefits of maintaining an in-house notary program. 

Michael also explains how proper notary procedures help protect clients, r...

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 pr...

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 #SAL...

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).

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 erro...

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 regula...

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 be...

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 complia...

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 consid...

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 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 avoidi...

In Part II of this series on wire fraud, Michael C. Haas, CPA takes a closer look at the tactics criminals use to gain access to financial systems. This episode focuses on bank-related schemes, email compromise, and the methods scammers use to divert funds during real estate transactions.

Michael explains how these schemes operate, why escrow and trust accounts are frequent targets, and what professionals should understand about id...