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Section 199A may be an Advantage for CPA Firms, Alternative Dispute Resolution, Coverage of the Tax Cuts and Jobs Act of 2017

by MICPA | Jan 03, 2018   ()

Is Section 199A of the Code an Advantage for CPA Firms?
The MICPA Special Task Force on Tax Reform, which has been following and analyzing the Tax Cuts & Jobs Act, believes a change to the bill may benefit some CPAs. The specific provision in question apparently allows a new deduction designed for so-called “pass-through” entities and extends to partners or shareholders of service businesses with taxable income (at the individual level) below $315,000 ($157,500 if single and a phase-out applies on taxable income over those amounts). MICPA Special Tax Task Force Chair Leon LaBrecque, JD, CPA, CFP™, CFA, examines the issue in this study guide prepared for MICPA members.
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Notice to Taxpayers Regarding Alternative Dispute Resolution
On Dec. 20, 2017, Public Act 215 (PA 215) was signed into law by Governor Rick Snyder to provide for a new, non-judicial dispute resolution process. PA 215 amends Sections 21 and 28 of the Revenue Act (MCL 205.21 and 205.28). The MICPA assisted in crafting the language for this new law. The Department of Treasury recently published the Notice to Taxpayers Regarding Alternative Dispute Resolution. 
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Tax Season Update: After Tax Reform – Complete Coverage of the Tax Cuts and Jobs Act of 2017
Steve Dilley of Federal Tax Workshops will help you prepare for the upcoming filing season at Tax Season Update courses on Jan. 16 (Grand Rapids) and Jan. 18 (Livonia). Dilley will cover recent tax legislation, review changes in tax forms and significant developments affecting tax return preparation, provide useful strategies to assist in the tax preparation process, and offer tax planning tips with practical solutions. An optional early-bird ethics session is also offered at each event. 
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Michigan Local Government Audit and F-65 Report Deadline
The Michigan Department of Treasury issued a reminder for today’s (Jan. 2, 2018) deadline to file a Michigan local unit of government audit report and F-65 report for the fiscal year ending June 30, 2017. Earlier this year, Treasury released the newly improved Annual Financial Report (F-65) on a Local Government Electronic Filing System platform.

In prior years, users were able to access their submitted F-65 data by downloading a Data Summary report. Along with this year’s new F-65, the Data Summary report has a new home and a new look as well. A new Mi Community Financial Data page contains an archive of downloadable Data Summary reports for F-65s filed in the historical system, as well as a routinely updated list of F-65 data filed on the current platform. 

Annual Mailing of Instruction Booklets
The MI-1040 instruction booklets will be mailed to taxpayers who paper filed their 2016 return on Michigan Department of Treasury forms. Taxpayers who e-filed or had a tax preparer complete their forms will not be mailed a booklet. Forms and instructions may be viewed and/or downloaded beginning in January 2018. New developments including tax form information and changes for tax year 2017 are posted to Treasury’s website. 
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Two Excel Features You Really Need, But Probably Don’t Know About
Val Steed, president and CEO of K2 Enterprises, shows how two features in Excel can significantly help CPAs this tax season. One old and one new, both are very powerful and most accountants do not know about either. 
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Source: MICPA
Source: MICPA

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