MI Treasury Publishes Notice to Remote Sellers Regarding Sales Tax, RAB Addresses Nexus for Remote Sellers After Wayfair, and more

by MICPA | Aug 07, 2018   ()

MI Treasury Publishes Notice to Remote Sellers Regarding Sales Tax
In a notice published Aug. 1, the Michigan Department of Treasury said that effective after Sept. 30, 2018, remote sellers with sales exceeding $100,000 to – or more than 200 transactions with – Michigan purchasers in the previous calendar year will be required to remit sales tax. This notice is in line with the recent Supreme Court Wayfair ruling. Treasury will waive failure to file and deficiency penalties for returns and payments due prior to Dec. 31, 2018, so long as the taxpayer incurring those penalties has nexus solely due to Revenue Administrative Bulletin (RAB) 2018-16 and Wayfair; interest will not be waived. 
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RAB Addresses Nexus for Remote Sellers After Wayfair
The Michigan Department of Treasury Revenue Administrative Bulletin (RAB) 2018-16 issued on Aug. 8 amends the state’s nexus standards, consistent with the recent South Dakota v Wayfair decision. The RAB addresses when a seller is required to report and remit Michigan’s sales or use tax; distinguishes between sales tax and use tax; and clarifies filing and return requirements.
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IRS Issues Guidance on Small Business Accounting Method Changes Under Tax Cuts and Jobs Act
The IRS issued guidance on changes in the Tax Cuts and Jobs Act that expand the number of small business taxpayers eligible to use the cash method of accounting and exempts these small businesses from certain accounting rules for inventories, cost capitalization and long-term contracts. As a result, more small business taxpayers will be allowed to change to cash method accounting starting after Dec. 31, 2017.
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Treasury, IRS Issue Proposed Regulations on New 100 Percent Depreciation
The Treasury Department and the Internal Revenue Service recently issued proposed regulations on the new 100 percent depreciation deduction that allows businesses to write off most depreciable business assets in the year they are placed in service. The proposed regulations implement several provisions included in the Tax Cuts and Jobs Act.
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Diversity: Good for People and Business 
Plenty of data suggests that diverse organizations are more successful than their non-diverse competition. In this Facebook Live interview from the AICPA’s Not-for-Profit Conference, learn some easy steps for creating a more diverse, inclusive and successful workplace.

Your Opinion Wanted on Proposed Changes to Attestation Standards
Changes are coming for those who perform attestation engagements. A standard proposed by the AICPA Auditing Standards Board would change the terminology for what has been known as a “review engagement” in addition to making other significant changes. Michigan CPAs are invited to review the exposure draft and submit comments by Oct. 11.
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Infographic: The Four Most Common Risk Assessment Violations
Proper risk assessment is crucial to a quality audit, but some firms are struggling with the related standards. The AICPA Peer Review Program identified a few common areas of non-compliance with the standards that firms should look out for. View this infographic to learn more and access free tools to help.
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Proposal to Regulate Tax Preparers in “Protecting Taxpayers Act” Has AICPA’s Support
The AICPA recently expressed its support for the provisions of the Protecting Taxpayers Act, S. 3278, that would regulate tax return preparers. In a letter to the bi-partisan bill’s sponsors, Senators Rob Portman and Ben Cardin, the AICPA wrote that S. 3278, by authorizing the IRS to sanction tax return preparers and revoke preparer tax identification numbers (PTIN), would allow the agency to “act swiftly and efficiently to stop preparers from continuing to file inaccurate and fraudulent tax returns.”
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Source: MICPA
Source: MICPA

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