E-News November 13, 2018 - Michigan CPAs At The Movies In November, Recreational Marihuana Approved by Michigan Voters – What Does That Mean for CPAs?, and more

by MICPA | Nov 14, 2018   ()

Michigan CPAs At The Movies In November
Making plans for a holiday movie? Get to one of Emagine’s Michigan theaters in November and see “It’s A Great Day To Be A CPA”.  The dynamic new video series, created by the MICPA, introduces students to the numerous opportunities available to CPAs as well as the important role they play in our communities. 

The first 5 episodes, sponsored in part by Deloitte, are showing before the feature film trailers at all Emagine theaters throughout the month. 
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ICYMI: Recreational Marihuana Approved by Michigan Voters – What Does That Mean for CPAs?
As the votes were tallied Tuesday evening, it became apparent that recreational marihuana would be approved in Michigan. For CPAs who have relationships with clients who have or will choose to enter this industry, there are a few things to consider.
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Cannabis Taxation: Where We Are Now, What You Should Expect in the Future
Over the past 50 years, public opinion on the legalization of marihuana has changed dramatically among the states from significant opposition in 1969 to approval over the past several years. The results of the recent U.S. midterm elections continue to support that trend: in Michigan, voters approved the legalization of recreational adult-use cannabis; and in Utah and Missouri, voters approved the legalization of medical marihuana. Only in North Dakota did voters turn away the legalization of recreational adult-use cannabis. Accounting Today examines how this growth in legalization has brought complexity as each state develops its own set of rules for the tax and legal administration of these laws.
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Look For A Message From LARA Coming To Your Mailbox
The Department of Licensing and Regulatory Affairs (LARA) reminds all licensed Michigan CPAs that 1 of the 4 Ethics hours required every two-year reporting period must now be Michigan Specific in accordance with Public Act 81 of 2018. The Department has authorized the Michigan Association of CPAs to develop and deliver the content for this course. Michigan Specific Ethics Edition 2018-19 Edition, from the MICPA, is the only course that qualifies for this new requirement. View course options to complete your requirement by the June 30, 2019 deadline.
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Updates from the MICPA Special Tax Task Force
Introduced by State Senator Dave Hildenbrand last week, Senate Bill 1170 creates a new tax on pass-through businesses. In an attempt to allow for full deduction of state and local taxes at the federal level, SB 1170 shifts the state tax liability from an individual to a business entity. Across the state, Michigan businesses should expect to save more than $250 million in federal taxes, notes Lynn Gandhi, of Honigman and a member of the MICPA Special Tax Task Force. She also reports the Treasury Department and IRS are crafting rules that could thwart the use of pass-through businesses to evade the new $10,000 ceiling on deducting state and local taxes (SALT), according to the agency's newly released priority guidance plan.
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Curtis Ruppal Named 2018 Thomas M. Hoatlin Award Winner
The MICPA announced Curtis Ruppal, CPA and partner at Plante Moran, as this year’s winner of the Thomas M. Hoatlin Award. The award is presented in memory of Michigan’s first Single Business Tax Administrator and Revenue Commissioner, Thomas Hoatlin. He was a visionary who cultivated a positive relationship between the MICPA and the Michigan Department of Treasury. The award honors the MICPA State & Local Tax Task Force member who most significantly embodies Hoatlin’s philosophy. Ruppal has been a valuable addition to conversations with Treasury on the state implications of federal tax reform. Due in large part to his contribution, the MICPA has continued to enhance its relationship with the Department and provide feedback on notices and administrative bulletins released by Treasury.
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Get Ready for Taxes: How the New Tax Law Revised Family Tax Credits
More families will be able to get more money under the newly revised Child Tax Credit, according to the IRS in a reminder to help taxpayers get ready for the upcoming tax-filing season. Additionally, the IRS recently updated a special page on its website with steps to take now for the 2019 tax filing season.
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Tax Preparer Due Diligence Rules Finalized
The IRS issued final regulations on the penalty that applies to tax return preparers who fail to exercise due diligence in preparing returns for taxpayers who are claiming head-of-household filing status, the earned income tax credit, the child tax credit, the additional child tax credit or the American opportunity tax credit, reports the Journal of Accountancy.
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Taxpayers Should Renew ITINs Soon
Taxpayers with expiring Individual Taxpayer Identification Numbers should submit their renewal applications as soon as possible. Failing to renew them by the end of this year will cause refund and processing delays in 2019.
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AICPA Comments on Treasury and IRS Guidance Regarding Executive Compensation
In a letter to the U.S. Department of the Treasury and the IRS, the American Institute of CPAs (AICPA) offered recommendations about the guidance in Notice 2018-68, which was issued to comply with the changes made by the Tax Cuts and Jobs Act (TCJA) relating to executive compensation under section 162(m) of the Internal Revenue Code.
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SASB Codifies First-Ever Industry-Specific Sustainability Accounting Standards
The Sustainability Accounting Standards Board (SASB) published the world’s first set of industry-specific sustainability accounting standards covering financially material issues. Covering 77 industries, the standards are designed to help businesses better identify and communicate significant opportunities for sustaining long-term value creation.
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Podcast: Brewing Up Business in a Niche Industry
How did one small firm owner become the accountant of choice to so many craft brewery businesses across the country? In the latest episode of the Small Business Philosophy podcast, you'll hear from Chris Farmand, CPA, CITP, who talks about how you can build your practice to service very specialized and focused industries.

MICPA+ Highlight: Trusted Advisors Guide You Toward Digital Transformation 
Konica Minolta Enterprise Content Management guides customers to the best solution for digital transformation. Their solutions capture and distribute documents in any form, automate routing, maintain compliance, preserve records and more ­– to speed the flow of information, enhance security, control costs and make all essential document processes more productive. Representatives will sit with you to understand your data management and business process problems in order to find a solution that fits your needs.
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Source: MICPA
Source: MICPA

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