Mobile Workforce Bill, New Lien Process and Recording Fees, New Resource for Practitioners and more

by MICPA | Oct 04, 2016   ()

Mike Bishop’s Mobile Workforce Bill Passes U.S. House
The U.S. House of Representatives passed H.R. 2315, the Mobile Workforce State Income Tax Simplification Act of 2015, on September 21. The bill was introduced by Representative Mike Bishop of Michigan’s 8th District in May 2015. The MICPA is a strong supporter of the bill and has long fought for its enactment into law as an equitable solution to the myriad of state income tax withholding laws, and varying de minimis exemption periods, that make compliance extremely difficult and time consuming for employers and their employees.

H.R. 2315 would require that an employee’s earnings would be subject to state income tax and withholding when the employee performs work in a state for more than 30 days during the calendar year. Having a uniform national standard would significantly simplify compliance with all of the different state laws. The bill now moves to the Senate. READ MORE

New Lien Process and Recording Fees
Beginning October 1, the Michigan Unemployment Insurance Agency (UIA) is using new processes for filing and discharging real property liens filed against delinquent employer accounts. The Agency may file a lien against an employer’s real property if outstanding debt remains unpaid after several attempts to collect. Several factors are taken into account in order to file a tax lien including the amount and age of the debt. READ MORE

New Resource Helps Practitioners Implement Quality Control Policies and Procedures
The AICPA Audit and Accounting Practice Aid is now available to members online at no charge. The revised practice aid is easily customizable and includes enhanced guidance. READ MORE

Answers to Questions about the New e-Services Authentication Process
The IRS posted FAQs from practitioners following announcement that e-Services is migrating to the Secure Access authentication process. Practitioners will need to re-register on the new system. Find out more about Secure Access, which goes into effect Oct. 24, at Important Update about Your e-Services Account. Step-by-step instructions are available at Secure Access: How to Register for Certain Online Self-Help Tools.

Reminder for Parents and Students: Check Out College Tax Credits for 2016 and Years Ahead
With another school year now in full swing, the IRS reminded parents and students to see if they qualify for either of two college tax credits or other education-related tax benefits when they file their 2016 federal income tax returns next year. READ MORE

Seven Topics to Raise with Clients Before December
Right now, you may be working to finalize extended tax returns. This is also a good time to help clients start preparing for next year and review any steps needed to minimize 2016 taxes. This list of seven tax-related discussion topics can help. READ MORE

FASB Issues Proposed Changes to Accounting Guidance for Long-Duration Contracts Issued by Insurance Companies
The Financial Accounting Standards Board (FASB) issued a proposed Accounting Standards Update intended to improve financial reporting for insurance companies that issue long-duration contracts, such as life insurance, disability income, long-term care, and annuities. Comments are due by December 15. READ MORE

How Your CFO Can Protect Your Company from Cyber Threats
The C-Suite has a new task — cyber risk mitigation. No matter the approach, CFOs must have monitoring systems and contingencies in place to protect the company and respond in a timely fashion in the event of a crisis. In this article, Ash Noah, AICPA VP of External CGMA Relations, explains why cross-functional collaboration between the CFO and CIO is imperative.

Site Offers Sample Ballot, Tracks Absentee Ballots
With Election Day fast approaching, the online Michigan Voter Information Center is a valuable resource for all registered voters. Voters can find their sample ballot, polling place and voter registration status at before going to the polls or voting with an absentee ballot. READ MORE

Source: MICPA
Source: MICPA

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