Tax Cuts & Jobs Act Resources, IRS Not Ready to Announce 2018 Filing Dates, Mistakes Not to Make When Preparing for Retirement and more

by MICPA | Nov 07, 2017   ()

Visit MICPA Tax Reform Page for All the Latest Information
The MICPA is monitoring the Tax Cut and Jobs Act and will provide regular updates for members on a convenient one-stop tax reform resources page. View current perspectives, brand new podcasts and other resources to learn how the latest developments will affect you, your clients or your company. MICPA CPE programs, including this Nov. 8 Critical Update webinar just added by Surgent, will prepare you to respond to the Act’s impact on individuals and businesses. READ MORE

Treasury Launches Financial Data Analytic Tool Reimbursement Program for Local Governments
All cities, villages, townships and counties that enter into an agreement to purchase financial forecasting and transparency reporting tools through State of Michigan-approved vendors on or before Dec. 1, 2017, are eligible for a partial reimbursement under the Financial Data Analytic Tool Reimbursement Program. A total of $500,000 in funding is available for reimbursements during the state’s 2018 fiscal year.  READ MORE

IRS Not Ready to Announce 2018 Filing Dates 
MICPA’s IRS liaison reports that speculation that they will begin accepting tax returns for the 2018 tax filing season on Jan. 22 or after Martin Luther King Jr. Day is inaccurate and misleading; no such date has been set. In fact, the IRS has not yet announced a date that it will begin accepting individual returns. At the present time, the IRS is continuing to update its programming and processing systems for 2018. In addition, the IRS continues to closely monitor potential legislation that could affect the 2018 tax season, including a number of “extender” tax provisions that expired at the end of 2016 that could potentially be renewed for tax year 2017 by Congress.

For Tax Year 2016, E-File Closes on Nov. 18; After That, File on Paper
The IRS issued a reminder that taxpayers, including those in disaster areas, who still need to file a 2016 tax return electronically must do so by Saturday, Nov. 18. Those who miss that deadline will need to file on paper. This especially affects taxpayers in recent disaster areas who have received extensions until Jan. 31 to file 2016 returns. READ MORE

Tax Pros: Clients with Expiring ITINs Need to Submit Renewal Applications
Do you have clients who need to renew their ITINs? Taxpayers with expiring Individual Taxpayer Identification Numbers (ITINs) should submit their renewal applications as soon as possible. Failing to renew them by the end of the year will result in refund and processing delays in 2018. READ MORE

Don’t Make These Mistakes Calculating Your Retirement Preparedness
A majority of people are often unsure or incorrect about their retirement readiness, with some overestimating their finances and others underestimating them. Forbes reports on a new study that shows high earners sometimes fall for the "wealth illusion" by expecting retirement accounts will be sufficient without considering how much they need to maintain their standard of living. Forbes Retirement Checkup page includes a simple 6 question quiz to check your retirement score. READ MORE

Source: MICPA
Source: MICPA

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