Debits and Credits Podcast

In this episode of Debits and Credits, Michael C. Haas, CPA explores the current real estate economic forecast and the key trends shaping today's housing market. From interest rates and inflation to inventory levels, lending conditions, and market activity, Michael discusses the economic factors influencing buyers, sellers, investors, and real estate professionals. #haasanddawe #realestate #escrow...

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 es...

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 sha...

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 r...

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 procedure...

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 provide...

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 #Bus...

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 C...

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 m...

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...

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 financ...

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 complia...

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...

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 sta...

In Episode 8 of Debits and Credits, Wire Fraud Part III: How to Protect Your Wire Transfers, Michael C. Haas, CPA focuses on practical steps to safeguard funds during real estate transactions. From verifying wire instructions to recognizing email, text, and phone scams, this episode outlines key strategies to prevent fraud and protect escrow and trust accounts. A must-listen for anyone handling fi...

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 profe...

In this episode of Debits and Credits, Michael C. Haas, CPA discusses the growing digital threats facing escrow and trust accounts. As real estate transactions increasingly rely on electronic communication and fund transfers, criminals are finding new ways to exploit vulnerabilities through phishing, compromised systems, and fraudulent wire instructions. Michael discusses how wire fraud schemes ta...

In this episode of Debits and Credits, Michael C. Haas, CPA discusses important individual income tax developments, including the proposed “One Big Beautiful Bill,” potential changes to the standard deduction, and proposals to eliminate federal income tax on tips and overtime. Michael breaks down what these changes could mean for taxpayers and how they may affect future tax planning decisions.

In Episode 4 of Debits and Credits, Michael C. Haas, CPA examines how consumer protection remains at the center of today’s evolving escrow landscape. From the shift from HUD-1 to Closing Disclosures to the oversight of agencies like the CFPB and DFPI, this episode breaks down the regulatory changes shaping the industry. Michael explains what these updates mean for escrow professionals, real estate...

In this episode of Debits and Credits, Michael C. Haas, CPA breaks down why structure truly matters when it comes to your business. From C-Corporations and S-Corporations to LLCs and Partnerships, each entity type carries different tax consequences, compliance requirements, and long-term implications. #BusinessStructure #Taxes #Ccorporation #Scorporation #LLC #TaxPlanning #Escrow #CPA

In this episode of Debits and Credits Podcast, presented by Haas and Dawe, host Michael C. Haas, CPA explores the origins of escrow and how the industry evolved to protect consumers. The episode breaks down why escrow exists, how regulation developed—particularly in California—and the safeguards in place today to protect buyers, sellers, and the public in real estate transactions. #debitsandcredit...

In the debut episode, host Michael C. Haas, CPA introduces Haas and Dawe, a California accounting firm founded in 1949 by Morton Alan Haas. Michael shares the firm’s history, its long-standing role in the escrow industry, and his own path within the practice. The episode also offers a brief overview of escrow in California and explains why it differs from the rest of the country, setting the found...