E-News November 6, 2018 - Election Day 2018, Nominations Open for Women to Watch Awards, and more

by MICPA | Nov 06, 2018   ()

Election Day 2018… Get Out The Vote
Your vote is your voice. Mid-term elections taking place today will determine Michigan’s next Governor, the winners of 72 legislative seats, redistricting, marihuana legalization and more. Watch for a Special Breaking News update on Wednesday with election results.
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The CPAs Source for Tax Reform Resources
As you prep for the 2018 Tax Season, the MICPA is your go-to resource for the information and tools you'll need. Select from hundreds of high-quality course options covering the latest developments impacting individual and business taxpayers.

Attendees of MICPA tax programs will receive:
An All-Access Pass to the MICPA Tax Reform Tool Kit and other practical resources.
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Nominations Open for Women to Watch Awards
The Michigan Association of CPAs, in partnership with the AICPA, seeks nominations for the 7th Women to Watch Awards to recognize the accomplishments of women in the profession. The online form takes less than five minutes to nominate a deserving woman in your firm or business in two categories: CPA Experienced Leaders and CPA Emerging Leaders. Nominations are due Dec. 7.
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Promoting the Profession: ‘It’s a Great Day to be a CPA’ 
Heading to Emagine Theaters to catch a movie this month? Watch for MICPA-produced short videos playing before the movie that introduce students and the public to the CPA profession.

Michigan Treasury Letter Clarifies Debt Limit Calculation
The Michigan Department of Treasury issued Numbered Letter 2018-4 to clarify the debt limit calculation as it relates to creating an assessed value equivalent for eligible reimbursements made under the Local Community Stabilization Authority Act.
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Inflation Adjustments Issued for Qualified Retirement Plans
The IRS announced cost of living adjustments affecting dollar limits for pension plans and other retirement-related items for tax year 2019. The IRS issued technical guidance detailing these items in Notice 2018-83.
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Crunch Time for Private Companies on Revenue Recognition
Private companies that adhere to the Financial Accounting Standards Board's rules are due to implement a new revenue recognition standard at the beginning of 2019. The Journal of Accountancy explores what company leaders need to know about an implementation job that may be arduous.
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IRS Advisory Council to Expand
The Internal Revenue Service Advisory Council (IRSAC) will expand to incorporate two other advisory groups, the Information Reporting Program Advisory Committee and the Advisory Committee on Tax Exempt and Government Entities, the IRS announced last week. The combined IRSAC will provide a unified platform for representatives of the tax community and the IRS to discuss pressing tax administration issues.
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Looking at Tax Policy Through a Global Lens
The world economy knows no borders. Common sense taxation shouldn’t either. That’s why the Association of International Certified Professional Accountants crafted a new policy paper, which calls for international coordination to develop a global solution to tax issues raised by digital transactions.
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Quiz:  What's Your Fraud IQ?
How knowledgeable are you about fraudulent financial reporting? Are you able to spot the red flags of financial statement fraud? Would you know what to do if you encountered potential fraud during an audit? Take this quiz and find out.
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New Toolkit: Say So Long to Risky Risk Assessments
Risk assessment is at the core of every audit. However, in more than half of all audits, firms aren’t properly assessing risk or linking their assessment to their audit procedures. We’ve got resources to help. Check out the AICPA’s free risk assessment toolkit.
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See the Future – Without a Flying DeLorean
Unless you’ve recently installed a flux capacitor in the family mini-van, you probably can’t predict the future. But, research into major disruption drivers can help CPAs and CGMAs see the trends affecting their work now, soon and beyond.
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Baby Boomers Deriving Income, Purpose From Gig Work
Research shows that close to one-third of gig workers in the U.S. are baby boomers. While the motivation for many older workers is financial, some say gig employment also gives them a sense of purpose.
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Source: MICPA
Source: MICPA

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