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New Federal Partnership Audit Rules, UAA Update Proposals, Michigan Treasury Phone Scams and more

by MICPA | Mar 07, 2017   ()

New Federal Partnership Audit Rules Create Challenges for States, CPAs
The new centralized partnership audit rules were enacted without any consideration of their effect on the states, which prompted state tax authorities and practitioners to come together to identify issues and solutions. The Tax Adviser provides an overview of the rule changes and explores their impact on state taxing authorities and on CPAs, who may experience both professional and personal consequences.  READ MORE

Proposals Would Update UAA, Model Rules for Accountancy
The Journal of Accountancy reports that the AICPA and National Association of State Boards of Accountancy issued two exposure drafts to update the Uniform Accountancy Act and the UAA Model Rules. Including a definition of “Preparation of Financial Statements” and creating new methods for earning CPE credit are among the proposed changes. READ MORE

Michigan Treasury: Phone Scams Pose Serious Threat During Tax Season
Warn your clients:  aggressive and threatening phone calls made by criminals impersonating state tax officials are on the rise in Michigan, according to the Michigan Department of Treasury. As the individual income tax season progresses, Treasury sees a surge in scam phone calls where scammers make unsolicited calls claiming to be tax officials and asking for cash through a wire transfer, prepaid debit card or gift card. Additionally, the criminals may leave “urgent” callback requests through robocalls or phishing emails. READ MORE

 IRS Has Millions in Refunds for Michiganders Who Haven’t Filed a 2013 Federal Income Tax Return
Nearly $34 million may be up for grabs in Michigan in unclaimed federal income tax refunds for an estimated 33,600 taxpayers who did not file a 2013 federal income tax return. Across the nation, unclaimed federal refunds for 2013 total more than $1 billion. To collect the money, taxpayers must file a 2013 tax return with the IRS no later than this year's tax deadline, Tuesday, April 18. READ MORE

7 Strategies for Managing Change in the World of Finance and Accounting
New rules, regulations, tax codes and technology come around so often now, it probably seems like your team is continuously managing change and adjusting to a new normal. But constant change can lead to lost productivity. Robert Half offers seven change management strategies to help company leaders build high-performance finance teams that can adapt smoothly and effectively to new work realities. READ MORE

Workplace Lessons from the Movie 'Hidden Figures'
The Oscar-nominated film "Hidden Figures" demonstrates the value of diversity through the story of three trailblazing African-American women mathematicians who helped propel the U.S. forward during the 1960s space race. This AICPA Insights article explores three lessons leaders can take away from this inspiring film to increase inclusion, effectiveness and success in their own organizations.

Feed the Pig's Tips Help Millennials Save
Feed the Pig, a national public service campaign sponsored by the AICPA and the Ad Council, encourages Americans ages 25-34 to take control of their personal finances. Free resources, relevant financial tips and daily social posts help millennials save and budget regularly and wisely.

Source: MICPA
Source: MICPA

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