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An Important Message for All CPAs, Multistate Tax Compact Election, Pizza and more

by MICPA | Jul 25, 2017   ()

Licensed and Registered CPAs and Firms Must Renew Licenses by July 31

As a reminder, all licensed certified public accountants, and all licensed CPA firms must renew their licenses with the State of Michigan on or before July 31. Additionally, all individuals in registered status must renew their status by July 31, 2017.

Note: If you are a CPA organized as anything other than John Smith CPA, (for example, John Smith PLLC, or John Smith PC) you must be licensed as a firm, no matter the type of services you provide. A CPA firm is defined as a corporation, partnership, LLC, unincorporated association, sole proprietorship operating under an assumed name, or other legal entity.

Send your CPE information (including carryover hours) directly to the Michigan Department of Licensing & Regulatory Affairs using the MICPA Tracker. And, renew your license online at www.michigan.gov/elicense.

Treasury Issues Notice on Multistate Tax Compact Election
The Michigan Department of Treasury recently published Notice to Taxpayers Regarding the Conclusion of Multistate Tax Compact Election LitigationREAD MORE

Michigan Treasury Hosting Sales Tax Seminars for Small Businesses

The Michigan Department of Treasury is hosting several sales tax outreach seminars in August to provide an overview of the sales tax filing process, the ins and outs of auditing and how to appeal an audit decision, including dedicating a portion of the session to taxpayer questions and suggestions. Upcoming dates include Aug. 3 (Kalamazoo), Aug. 16 (Lansing) and Aug. 24 (Flint). Treasury is looking for other topic suggestions and locations for future outreach seminars. Send suggestions to TreasuryOutreach@michigan.govREAD MORE

Introducing: A Tasty New Delivery of Advocacy: The Shane and John Show
In episode one: Representative Chris Afendoulis takes a bite out of the state budget.  WATCH VIDEO

Governor Opens Disaster and Emergency Contingency Fund for Mid-Michigan Counties Affected by Flooding
Gov. Rick Snyder opened the Disaster and Emergency Contingency Fund to provide financial assistance to Bay, Isabella, Gladwin and Midland counties after severe flooding caused significant and widespread damages on June 22-23. READ MORE

IRS Office of Appeals Pilots Virtual Service
On Aug. 1, the IRS Office of Appeals plans to pilot a new web-based virtual conference option for taxpayers and their representatives. This virtual face-to-face option will provide an additional option for taxpayer conferences and may be especially useful for taxpayers located far from an IRS Appeals office. READ MORE

IRS Launches Email Option for Direct Pay and EFTPS
Your clients can now sign up for email notifications when using IRS Direct Pay or EFTPS to pay their taxes. The new opt-in email feature allows taxpayers (including businesses who make payments through a payroll service) to receive notifications about their payments in their personal email accounts. To protect taxpayers, there are no web links within the email notifications. To avoid phishing scams, if taxpayers see links in an email appearing to be from the IRS about payments, they shouldn't click on those links.

GASB Issues Proposed Implementation Guide
GASB issued a proposed Implementation Guide to provide guidance that clarifies, explains, or elaborates on the requirements of Statement No. 75, Accounting and Financial Reporting for Postemployment Benefits Other Than Pensions, as amended, and Statement No. 74, Financial Reporting for Postemployment Benefit Plans Other Than Pension Plans, as amended. READ MORE

AICPA Sends Tax Reform Recommendations to Senate Finance Committee Chairman Hatch 
The AICPA submitted a broad array of recommendations to the Senate Finance Committee Chairman in response to a request for input about tax reform issues in four categories: individuals, families and tax administration; businesses; savings and investments; and the international tax system

6 Traits of Leading Finance Functions
As the business landscape gets increasingly complex, CFOs are eager to make the finance function more efficient and useful. They are being tasked with boosting efficiency without disrupting current daily activities. Learn what effective leaders have in common and how they tackled these challenges interested in this CGMA Magazine article.

The Global State of Risk
Stay up to date on the latest risk management processes with this CGMA report, which shares insights from 586 executives worldwide.

8 Tips to Determine Your Not-for-Profit's Year End
Unlike many entities, not-for-profits can select a fiscal year end. This AICPA Insights article explains how a thoughtfully chosen year end may produce more meaningful financial statements, ease reporting requirements and even save the organization money. READ MORE

Source: MICPA
Source: MICPA

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