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E-News: May 29, 2018 - How Do Your Firm’s Salaries Compare with Others Its Size, Legislation Introduced to Update Michigan Property Tax Laws and more

by MICPA | May 29, 2018   ()

How Do Your Firm’s Salaries Compare with Others Its Size? 
It’s so easy to get focused on hitting the next deadline or winning that next new client that we miss out on the chance to learn from others by spotting new trends, pinpointing gaps and identifying opportunities to improve our firms’ profitability. The newly redesigned and streamlined 2018 AICPA PCPS/CPA.com National Management of an Accounting Practice (MAP) Survey enables you to benchmark operations to keep your firm on pace with changes in the profession. The MICPA is pleased to be a supporting member of this popular survey once again this year. The new survey takes significantly less time to complete than in previous years. All participants receive a free personalized report. Click here (www.aicpapcpsmapsurvey.com) to get started. The survey closes on July 16.
MAP Survey

Legislation Introduced to Update Michigan Property Tax Laws
The two recently introduced property tax reform bills—House Bill 6049 and Senate Bill 1025—would update Michigan’s property assessing laws to specify minimum quality standards that every city, township or county assessing office must meet. The change is intended to improve taxpayer and local government fairness by providing transparent and consistent assessments. In Michigan, more than 1,500 local units of government are responsible for uniformly assessing property statewide and more than 1,500 local boards of review are responsible for quality control.
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IRS Warns Tax Pros of New Scam Posing as Professional Associations
Tax practitioners need to watch out for phishing emails posing as state accounting and professional associations. Last week, the IRS received reports from tax professionals who received fake emails that were trying to trick them into disclosing their email usernames and passwords.
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Law Change Affects Moving, Mileage and Travel Expenses
Last week, the IRS provided information about changes from the Tax Cuts and Jobs Act that affect move-related vehicle expenses, un-reimbursed employee expenses and vehicle expensing.
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Did you know that MICPA members are supporting the craft beer industry by providing accounting services to local breweries? Check out where Michigan ranks in the nation and how the industry is impacting Michigan’s economy.
Watch the Video

New Law Gives Individuals, Businesses More Time to Challenge a Wrongful IRS Levy
Individuals and businesses now have additional time to file an administrative claim or to bring  civil action for wrongful levy or seizure, says the IRS. The Tax Cuts and Jobs Act of 2017 extended the time limit for filing an administrative claim and for bringing a suit for wrongful levy from nine months to two years.
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IRS Issues Notice on State and Local Tax Deductions
The U.S. Department of the Treasury and the IRS issued a notice last week stating that proposed regulations will be issued addressing the deductibility of state and local tax payments for federal income tax purposes. Notice 2018-54 also informs taxpayers that federal law controls the characterization of the payments for federal income tax purposes regardless of the characterization of the payments under state law.
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Source: MICPA
Source: MICPA

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