E-News February 27, 2018: Three Popular Tax Benefits, Tax Reform Resources for Tax Professionals and more

by MICPA | Feb 27, 2018   ()

Three Popular Tax Benefits Retroactively Renewed for 2017
Congress recently renewed for tax year 2017 numerous individual and business tax benefits that expired in 2016. The IRS is now processing returns claiming three of the most popular tax benefits that were renewed retroactively. The IRS is continuing to update its systems to handle returns claiming the other tax benefits extended by the new law, enacted on Feb. 9. Check for future updates.
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Working Families Eligible for Michigan Earned Income Tax Credit
Working families and individuals with low to moderate income who receive a federal Earned Income Tax Credit (EITC) can receive a six percent matching tax credit from the State of Michigan, according to the Michigan Department of Treasury.
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Interest on Home Equity Loans Still Deductible Under New Law
Despite newly-enacted restrictions on home mortgages, taxpayers will still generally be able to deduct interest on a home equity loan, home equity line of credit (HELOC) or second mortgage, regardless of the loan’s label, as long as the loan, line of credit or mortgage is used to buy, build or substantially improve a home.
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Check Your Access to FIRE Before You Need It
If you haven’t done it already, the IRS says now is the time to ensure that you can access the Filing Information Returns Electronically (FIRE) before the Feb. 28 and Mar. 31 filing deadlines. When you log into your FIRE account for the first time this year, you will be prompted to create a secret phrase to use when resetting your password.
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Tax Reform Resources for Tax Professionals
To help the tax community understand the recent Tax Cuts and Jobs Act, the IRS has created a landing page on highlighting provisions of the new law. The page includes a "one-stop" listing of legal guidance, news releases and frequently asked questions related to the TCJA. The page will be frequently updated. 
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AICPA Sends Congress Recommended Technical Corrections to New Tax Law
The AICPA recently sent Congress recommendations for technical changes to the Tax Cuts and Jobs Act. The recommendations include clarifying the effective date for net operating losses for fiscal year filers, and clarifying the property class life on qualified improvement property and correcting a section concerning charitable deductions that reduces the allowed charitable deduction if assets other than cash are donated.
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SEC Publishes New Guidance on Cybersecurity Disclosures
The Securities and Exchange Commission last week issued guidance for public companies to follow when they disclose cybersecurity risks and incidents. The guidance is designed to result in more complete information for investors. It also addresses the importance of cybersecurity policies and procedures and the application of disclosure controls and procedures, insider trading prohibitions, and Regulation FD and selective disclosure prohibitions in the cybersecurity context.
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Save the Date: Race for the Cure – May 5
Watch for registration to open soon for the Race for the Cure on Saturday, May 5 at Comerica Park. The MICPA is once again a sponsor, and members and friends are invited to walk (or run) with the MICPA team.

Source: MICPA
Source: MICPA

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