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LARA Statement on Medical Marihuana, MAF Scholarship Application, MICPA Night at Little Caesars Arena and more

by MICPA | Dec 05, 2017   ()

LARA Statement on CPA Services in the Medical Marihuana Industry
Andrew Brisbo, director of the Bureau of Medical Marihuana Regulation (BMMR), provided this statement to the MICPA this morning:  The Department of Licensing and Regulatory Affairs (LARA), through the BMMR, issued several advisory bulletins regarding the implementation of the regulatory program for medical marihuana facilities to provide information to prospective applicants and other interested parties in advance of the publication of emergency rules. It has come to the attention of LARA and BMMR that an unauthorized advisory bulletin was distributed specifically targeting CPAs claiming to provide direction on standards to be utilized when providing services to applicants and licensees.

LARA and BMMR have not specifically defined standards to be utilized by CPAs when engaging with clients in the medical marihuana industry. LARA encourages CPAs providing services to clients in the medical marihuana industry to find accurate information on the BMMR website at www.michigan.gov/bmmr or by contacting the bureau directly at 517.284.8599 or LARA-MedicalMarihuana@michigan.gov.  
BMMR Website

Tax Cuts and Jobs Act Moves Forward

The tax bill moved on this week, with the House of Representatives voting 222-192 to go to conference committee, where the committee will work to iron out the differences in the House and Senate versions of the bill. The conferees have been tasked to deliver a reconciled bill to the President before Christmas.
Once a joint bill is completed, it will go to the House and Senate for approval and then be delivered to the President. Stay tuned to the MICPA for more breaking news. Visit the MICPA Tax Reform Resources page.

MAF Scholarship Application Is Now Open
The Michigan Accountancy Foundation 2018 scholarship application is now open through Jan. 31, 2018. Thanks to the generosity of Michigan accounting professionals, the MAF awards scholarships ranging up to $5,000 to assist current accounting majors in funding their fifth/graduate year. Share this with an accounting student (in their senior year) you know.
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Post Internships FREE With MICPA
Looking for an intern this coming summer? It’s not too early to post to the MICPA Career Center. The best news: members may post internship opportunities at no charge. Employers who post internships will also be able to browse resumes of available students.
CAREER CENTER

MICPA Night at Little Caesars Arena
Join the MICPA on Wednesday, Jan. 31 for the first ever MICPA Night at Little Caesars Arena as the Red Wings take on the San Jose Sharks. MICPA members will have access to special-offer ticket prices and seats in the Labatt Club. To purchase tickets for the official MICPA Night at Little Caesars Arena please contact Joe Colosi, MICPA membership department, via email. MICPA members will also have access to special offer ticket prices at Red Wings games on Tuesday, February 20 against the Nashville Predators and Thursday, March 8 against the NHL's newest franchise, the Vegas Golden Knights. Click the button to view the flyer or visit www.detroitredwings.com/MICPA to purchase tickets. A percentage of all tickets purchased will be donated to the Michigan Accountancy Foundation.

MICPA Seeks 2018 Public Service Award Nominees
Do you know a CPA who goes above and beyond through community service at a local, state or regional level? Maybe this person is you. The MICPA takes great pride in honoring one individual each year as the recipient of the MICPA Public Service Award. Please take a moment to nominate a peer, or yourself, by entering a nomination online. Nominations are due by March 5, 2018. If you have questions, contact Karleigha Kranz at 248.267.3703 or at kkranz@micpa.org
NOMINATE

Minimum Wage to Increase for Michigan Workers
Effective Jan. 1, 2018, Michigan’s minimum hourly wage will increase to $9.25 an hour. This is the final scheduled increase provided for in Public Act 138, the Workforce Opportunity Wage Act of 2014.
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Michigan Treasury Warns Taxpayers of Fraudulent Phone Calls
The Michigan Department of Treasury is warning taxpayers of aggressive and threatening phone calls made by criminals impersonating state tax officials. Treasury recently observed a surge in phone calls where scammers are claiming to be state tax officials and asking for cash through a wire transfer, prepaid debit card or gift card. Victims are told they owe money and will face arrest, legal action or suspension of business if not paid promptly.
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IRS Update: Removal of Email Addresses from Online Listings
Effective December 1, the electronic listings on IRS.gov containing information about Preparer Tax Identification Number (PTIN) holders and Enrolled Agents will no longer include their email addresses. This decision has been made after carefully considering the challenges related to the interests of data security and protection, especially those directed at tax return preparer information. 

Five Signs of Small Business Identity Theft, New Protection Methods
Small business identity theft is a big business. Just like individuals, businesses can be victims too. Thieves use a business’s information to file fake tax returns or get credit cards. The IRS outlines five issues that can be signs of identity theft for businesses.
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FASB Makes Decisions on Leasing Standard Simplification
Last week, the Financial Accounting Standards Board (FASB) made decisions to reduce costs and ease the implementation burden of the Leases standard for preparers.
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PCAOB Publishes Staff Guidance on Changes to Auditor's Report
The Public Company Accounting Oversight Board published staff guidance that describes changes to the auditor's report that become effective for audits for fiscal years ending on or after December 15, 2017. The guidance addresses key changes to the auditor's report required this year, such as the form of the auditor's report, disclosure of auditor tenure, a statement on auditor independence, and a required explanatory paragraph on Internal Control Over Financial Reporting (ICFR) in certain circumstances.
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Source: MICPA
Source: MICPA

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