MICPA Updates: IRS Issues, ASU Clarification, GASB, Tangible Property and more

by MICPA | Dec 01, 2015   ()

IRS Issues Alert to Tax Practitioners
Last week, the IRS warned tax practitioners about a scam email being sent asking tax preparers to update their e-Services information. The link in the email appears to be a phishing scam to capture e-Services usernames and passwords. Additionally, some tax preparers have received scam telephone calls, again attempting to capture e-Services usernames and passwords. If you receive an email like this, do not click on the link and ignore the phone calls.  If you mistakenly clicked on the link, please call the IRS e-help Desk using this toll free number for help. Scam calls should be ignored and reported to the Federal Trade Commission.

 Proposed ASU Clarifies Definition of Business
The definition of a business affects many areas of accounting, including acquisitions, disposals, goodwill impairment, and consolidation. The Financial Accounting Standards Board (FASB) issued a proposed Accounting Standards Update intended to clarify the definition of a business to help organizations evaluate whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. Learn more in this high-level FASB in Focus overview. Comments are due by January 22, 2016.

On the Horizon for GASB
The Governmental Accounting Standards Board plans to issue two final Statements and three proposed Statements before the end of 2015. Here is a rundown of what to watch for.

Tangible Property Expensing Threshold Raised to $2,500
The IRS has simplified the paperwork and recordkeeping requirements for small businesses by raising from $500 to $2,500 the safe harbor threshold for deducting certain capital items. Notice 2015-82 has more details.

Identity Theft Tax Tips Available; Special Series to Help Taxpayers Through January
The IRS, state revenue departments and the tax industry released the first in a series of special tax tips designed to provide people critical information to help protect their tax and financial data. Learn more about this effort and the Taxes. Security. Together. campaign.

IRS Begins Processing 2014 Amended Returns Claiming the Health Coverage Tax Credit on Dec 1
Beginning today, Dec. 1, the IRS will begin processing tax year 2014 amended tax returns for taxpayers eligible to claim the Health Coverage Tax Credit for 2014. This affects taxpayers who are eligible trade adjustment assistance (TAA), alternative TAA, and reemployment TAA recipients, Pension Benefit Guaranty Corporation pension payees, or qualifying family members. Special rules and instructions apply to amend your 2014 tax return to claim the HCTC for qualifying health insurance coverage during 2014. Check for more information and specific instructions about how to amend your 2014 tax return. 

Resources Available for CPAs Pursuing Political Office
CPAs have unique experience and expertise into issues such as taxes, the economy, small businesses, budgeting, financial literacy, and the long-term impact of financial decisions. This background uniquely qualifies CPAs to serve as key thought leaders in government, helping draft policies that best reflect the needs of the community and protect the public interest. Are you interested in running for political office, but aren’t sure where to begin? The AICPA’s CPA4Office webpage offers a good place to start with videos and a brochure on marketing oneself as a CPA candidate, crafting a campaign plan, fundraising, compliance laws, and more.

MICPA Members Save 25% on 2016 Master Tax Guide
Your MICPA membership includes exclusive discounts on CCH® Publications which include top tax and accounting books, such as U.S. Master Tax Guide®. Log into the MICPA website and visit this webpage to receive the member-only discount. For more information, please contact the MICPA's Membership Department at 248.267.3700.

Source: MICPA
Source: MICPA

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