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Tax Breaks for US Armed Forces, Job Assistance for Veterans, New MAF Website and more

by MICPA | Nov 15, 2016   ()

Tax Preparedness Series: Special Tax Breaks for U.S. Armed Forces
As tax filing season approaches, the IRS wants members of the military and their families to know about the special tax benefits available to them. IRS Publication 3, Armed Forces' Tax Guide, is a free booklet packed with valuable information and tips designed to help service members and their families take advantage of all tax benefits allowed by law. Also learn about the military tax benefits in this new YouTube Video. READ MORE

State Offers Assistance in Connecting Veterans With Jobs
Michigan’s veterans are some of the most dedicated, disciplined, and talented people in the workforce, and the Talent Investment Agency is focused on ensuring they have opportunities to use their skills for good jobs in our state. The state provides a variety of services aimed at helping veterans use their talents. READ MORE

MAF Launches New Website
Check out the newly designed Michigan Accountancy Foundation website officially launched today with updated graphics and navigation. Access the site menu from the icon in the upper right corner. The Take Action link connects you with the new 2017 MAF scholarship application or the donation page.

Best Practices for Success with Single Audits
Single audits were challenging even before the new Office of Management and Budget Uniform Guidance regulations took effect. Members who perform compliance audits of governments, not-for-profit organizations, institutions of higher education and Indian tribes expending federal funding may be interested in this Journal of Accountancy article sharing best practices for achieving high-quality results in these highly specialized engagements.

IRS: Donate Vacation, Sick Days for Victims of Hurricane Matthew
The IRS announced special relief designed to support leave-based donation programs to aid victims of Hurricane Matthew. Under these programs, employees may forgo their vacation, sick or personal leave in exchange for cash payments the employer makes, before Jan. 1, 2018, to charitable organizations providing relief for the victims of this disaster. The donated leave will not be included in the income or wages of the employees. Employers will be permitted to deduct the cash payments as business expenses. READ MORE

Tips for First-Year Auditors
An auditor's first busy season is a great time for professional growth. Learn how auditors and those who nurture them can make the most of the opportunity in an article from the Journal of Accountancy. READ MORE

Trends That Will Shape the Workforce in 2017
Company drug policies, the automation of work and the next steps in diversity are among workplace topics that will be most relevant next year. A new article in Fast Company online says employers likely will have a bigger influence on social policies than a gridlocked federal government. READ MORE

CFOs Report Companies' Top Struggles Are Merging Business Systems, Employees
In the Robert Half Management Resources survey, CFOs report business systems and employees and corporate culture are the hardest parts of an integration and where the most mistakes are made. Robert Half Management Resources highlights seven tips to help managers whose companies are going through the M&A process. READ MORE

Cybersecurity Risk Management Criteria Available for Comment
To help organizations of all sizes report on their cybersecurity risk management programs, the AICPA's Assurance Services Executive Committee has released two sets of criteria for public comment: description criteria and control criteria. Related attestation examination guidance will be released in 2017.

Five Essential Controls for Charities During the Holiday Giving Season
Around the holidays, charitable donations normally increase, but so does fraud. Members working with and for not-for-profit organizations may be interested in this AICPA Insights blog post, which outlines steps not-for-profits can take to protect themselves and ensure that the influx of contributions they receive this holiday season end up supporting programs and not lining the pockets of fraudsters.

Source: MICPA
Source: MICPA

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