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IRS Announces Start of Filing Season, New Mailing Address for Form 8809, Six Questions Preparers Should Ask and more

by MICPA | Jan 09, 2018   ()

IRS Announces Start of Filing Season
The IRS will begin accepting tax returns on Jan. 29. The filing deadline will be April 17 this year, rather than the traditional April 15 date, so taxpayers will have two additional days to file beyond April 15. This year, April 15 falls on a Sunday and this would usually move the filing deadline to the following Monday (April 16). However, Emancipation Day – a legal holiday in the District of Columbia – will be observed on that Monday, which pushes the nation’s filing deadline to April 17. Under the tax law, legal holidays in the District of Columbia affect the filing deadline across the nation.
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New Mailing Address for Form 8809; Faxes No Longer Accepted
The Application for Extension of Time to File Information Returns, Form 8809, is filed on paper and will now be processed by the IRS Center in Ogden, Utah. These paper forms must be mailed, as faxes will not be accepted. The mailing address is Department of the Treasury, Internal Revenue Service Center, Ogden, UT 84201-0209.
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Six Questions Preparers Should Ask Themselves About Office Security
Tax professionals can protect taxpayer data by simply looking around their own offices, suggests the IRS. Preparers should look for places where data is stored (remember that data is not always on a computer) and use a critical eye to assess whether that data is secure. The IRS offers six questions for preparers to consider in assessing how secure an office is.
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FASB Proposes Improvements to Lease Standard Implementation
The Financial Accounting Standards Board (FASB) issued a proposed Accounting Standards Update designed to reduce costs and ease implementation of the Leases standard for financial statement preparers. Comments are due by Feb. 5.
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SEC Permits Reasonable Estimates In Corporate Tax Reporting
Companies might initially have difficulty determining the effects of the new federal tax law on income tax reporting. A Securities and Exchange Commission staff accounting bulletin states these companies can report reasonable estimates for those effects in financial statements for the reporting period in which the law was enacted.
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Talent Shortages Forcing Employers To Change Hiring Tactics
With the unemployment rate for college-educated workers at around two percent, employers are finding it difficult to recruit top talent in many professional occupations. In a recent Robert Half survey, 65 percent of CFOs said it is at least somewhat challenging to identify skilled workers for current job vacancies. To cast a wider net, 51 percent of executives are considering entry-level applicants for roles that historically weren't open to them, and an equal percentage are expanding their search geographically. Other strategies include bringing on interim professionals, shortening the recruiting process and loosening job criteria.
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Six Ways Companies Can Improve the Interview Process
A poor recruiting experience can turn off job candidates, even if the job seems like a good fit. This Financial Management magazine article outlines key steps organizations can take to avoid pitfalls.
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New CGMA Report for Members in Public Sector
How can technology be leveraged to improve the performance of government organizations? This new CGMA technology report for the public sector shares strategies and case studies from governments worldwide.
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Michigan Treasury Issues Guidance on Local Government Retirement System Report
The Michigan Department of Treasury issued Numbered Letter 2018-1: Local Government Retirement System Annual Report. This guidance is issued in accordance with Public Act 202 of 2017, which requires pension and retiree health care reports for retirement systems to be electronically filed with the Michigan Department of Treasury no later than six months after the end of the local unit of government’s fiscal year. The guidance also includes links to a fillable reporting template (Form No. 5572), detailed instructions and frequently asked questions.
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SSA Corrects Social Security Max Earnings Amount
The Social Security Administration announced a correction to the maximum amount of earnings subject to Social Security taxes. The amount of earnings subject to Social Security taxes increases to $128,400 (up from $127,200 for 2017). (The previously announced maximum was $128,700.)
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Source: MICPA
Source: MICPA

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