News

Roosa Speaks at AICPA Panel, Estate Tax Guidance, FASB Update and more

by MICPA | Oct 25, 2016   ()

Roosa Speaks on Supporting Business Here and Abroad AICPA Panel
Past MICPA chair Doug Roosa spoke on a panel of practitioners, experts and business leaders to discuss the latest trends in risk management at the AICPA Fall Council meeting, which ends today in Orlando. The panelists also discussed the key competencies and skills finance professionals need to best mitigate risk and capitalize on opportunity. They shared insights on implementing systems and processes to effectively alleviate and monitor risks and exploit the opportunities identified. Download the CGMA Risk Toolkit for quick and easy access to practical tools and resources to help address emerging risks and establish and grow robust risk processes.

Offshore Voluntary Compliance Efforts Top $10 Billion; More Than 100,000 Taxpayers Come Back into Compliance
As international compliance efforts pass several new milestones, the IRS reminds U.S. taxpayers with undisclosed offshore accounts that they should use existing paths to come into full compliance with their federal tax obligations. READ MORE

IRS Issues Estate Tax Guidance Requested by AICPA
New IRS guidance will permit estate executors to make a qualified terminable interest property (QTIP) election when also electing portability or for any instance when an estate tax return is filed - even if it is not needed to eliminate federal estate tax. READ MORE

FASB Update
The Financial Accounting Standards Board issued Update 2016-16 to improve the accounting for the income tax consequences of intra-entity transfers of assets other than inventory. READ MORE

Catch Up on FASB's Changes to Not-for-Profit Reporting
If you haven't had a chance to read all 270 pages of the new not-for-profit standard, have no fear. AICPA Insights has outlined key facts that you should keep in mind. READ MORE

PCAOB Solicits Candidates for Economic Research Fellowships for the 2017-2018 Academic Year
The Public Company Accounting Oversight Board seeks candidates for economic research fellowships for the 2017-2018 academic year. Applications are due no later than December 20, 2016. READ MORE

Revenue and Profitability Growth on Rise for CPA Firms, AICPA Survey Finds 
Most CPA firms reported solid gains in revenue and profitability over the past fiscal year, and are taking steps to become more innovative in practice management, according to the 2016 National Management of an Accounting Practice (MAP) Survey. READ MORE

MICPA Memberships Terminated
MICPA member Anthony J. Macksoud of Lapeer, Michigan has been terminated from the MICPA. He was found guilty by a hearing panel of the Joint Trial Board of violating Rule 1.400.001 – Acts Discreditable of the MICPA Code of Professional Conduct, for failure to cooperate with the professional ethics division in a disciplinary investigation of a member. The Board of Directors approved the termination of Mr. Macksoud’s membership on September 20, 2016.

The MICPA Bylaws [Article XI, Section 4(b)] provides for termination of membership in the Association without a hearing should a certificate or license to practice be revoked, withdrawn or cancelled as a disciplinary measure by the Michigan State Board of Accountancy.  The MICPA was notified that member Walter A. Walas’ license was revoked by the Michigan State Board of Accountancy. The Board of Directors approved the termination of Mr. Walas’ membership on September 20, 2016.

The MICPA Bylaws [Article XI, Section 4(b)] provides for termination of membership in the Association without a hearing should there be filed with the Secretary of the Association a judgment of conviction imposed upon any member for a crime defined as a felony under the law of the convicting jurisdiction; and may be terminated in a like manner upon the similar filing of a final judgment of conviction. The MICPA became aware that member Alan Wenk of South Lyon was convicted of a felony. The Board of Directors approved the termination of Mr. Wenk’s membership on September 20, 2016.

Source: MICPA
Source: MICPA

News Archive