E-News January 16, 2018: New Chair's Message, Updated 2018 Withholding Tables, IRS Extends A Deadline and more

by MICPA | Jan 16, 2018   ()

New Message from MICPA Chair Alan Young
Check out the latest video message from Alan C. Young, chair of the MICPA Board of Directors, as he discusses the critical part every CPA can play in attracting a new generation of talent into the profession.

Updated 2018 Withholding Tables Now Available
The IRS released Notice 1036, which updates the income-tax withholding tables for 2018 reflecting changes made by the tax reform legislation enacted last month. This is the first in a series of steps the IRS will take to help improve the accuracy of withholding following major changes made by the new tax law.
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IRS Extends Deadline to Furnish Health Coverage Forms to Individuals
The IRS extended the 2018 due date for certain employers and health coverage providers to furnish 2017 health coverage information forms to individuals. The following organizations now have until March 2 (original due date was Jan. 31), to provide Forms 1095-B or 1095-C to individuals: insurers, self-insuring employers, other coverage providers and applicable large employers. 
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More MTO Enhancements Take Effect Today
Effective today, the Michigan Department of Treasury made further improvements to the online filing portal, Michigan Treasury Online (MTO). Changes include profile security updates, e-registration services, Medical Marihuana Facilities Tax payments, return confirmation numbers and audit payments through fast pay. Treasury issued release notes and navigational guidance to assist users.
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Michigan Treasury: New Federal Tax Law Does Not Affect 2017 Tax Year
With the passage of the federal Tax Cuts and Jobs Act of 2017, the Michigan Department of Treasury reminded taxpayers the 2017 tax year will not be affected when tax season begins later this month. Taxpayers should file their taxes like they have in previous years when the state Treasury Department begins accepting 2017 state income tax returns on Jan. 29. Any changes to tax laws will be experienced during the 2018 tax year and next year’s state income tax filing season.
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National Taxpayer Advocate Issues Annual Report; Discusses Tax Reform and Unveils “Purple Book”
Last week, National Taxpayer Advocate Nina Olson released her 2017 Annual Report to Congress, describing challenges the IRS will face as it implements the tax legislation and unveiling a new publication, “The Purple Book,” that presents 50 legislative recommendations intended to strengthen taxpayer rights and improve tax administration. The report also examines a wide range of other important tax administration issues.
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FASB Addresses Accounting for the Tax Cuts and Jobs Act
Last week, the Financial Accounting Standards Board addressed several financial reporting implications of the Tax Cuts and Jobs Act. The FASB also issued a Staff Q&A document on whether private companies and not-for-profits can apply SEC SAB 118.
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7 Proposed Changes to the Auditor's Report
Big changes are coming. Learn the ins and outs in this AICPA Insights blog post, and share your thoughts by commenting on the exposure drafts.
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Four Skills to Get Future-Ready
Got 10 minutes? In this Facebook Live interview, Ash Noah, CPA, CGMA, shares valuable insights on how the finance function is changing and the skills finance professionals will need to develop in order to stay ahead.
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AICPA Announces New CPA Exam User Experience
Beginning in April, the next generation of the Uniform CPA Examination will include significant technology updates. Testing conditions will be similar to a CPA’s real work environment with a modern intuitive interface, an HD display and new and improved tools. Changes include better use of screen space, the ability to view multiple exhibits at once and the addition of Microsoft Excel. A full overview is provided in this video.
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A Final Reminder: MAF Scholarship Applications Due Jan. 31
Do you know any accounting students in their senior year? The generous support of MICPA members across the state enables the Michigan Accountancy Foundation to provide scholarship awards ranging up to $5,000 to assist current accounting majors in funding their fifth/graduate year. The scholarship application is open through Jan. 31.
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Source: MICPA
Source: MICPA

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