E-News - February 12, 2019 - Hear New Governor’s State of the State Speech, MICPA Members Supporting the Mission of Accounting Aid, and more

by MICPA | Feb 12, 2019   ()

Hear New Governor’s State of the State Speech Tonight
Gov. Gretchen Whitmer’s first State of the State address will take place tonight, Tuesday, Feb. 12. Her speech was originally scheduled for last Tuesday, but was rescheduled to accommodate President Donald Trump’s State of the Union address. Watch online beginning at 7 p.m. at

MICPA Members Supporting the Mission of Accounting Aid
Recently members of the MICPA helped low-income families in Detroit maximize their tax refunds and uncover opportunities like the Earned Income Tax Credit (EITC). In partnership with the Accounting Aid Society, MICPA member volunteers went to Focus: HOPE on January 26 and February 2 and provided tax preparation assistance. The Accounting Aid Society runs tax assistance sites across Southeast Michigan serving people who may not otherwise be able to afford to have their taxes done by a certified professional.
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Save the Date: Spring Members Advisory Symposium
Mark your calendar now for the not-to-be missed MICPA Spring Members Advisory Symposium on May 8 at Laurel Manor in Livonia.

Tune-In as MICPA Members Answer Tax Questions
This tax season, MICPA members from across the state will be assisting Michigan residents by answering their tax questions on several local news stations including Lansing’s WILX on Tuesday, February 19, WJRT in Flint on March 19 and WNMU in Marquette on March 21. Mark your calendars and be sure to tune-in to see your colleagues in action or to ask a tax-related question of your own! More to come as other dates are finalized.

Celebrating Black History Month: Richard Austin
After graduating from the Detroit Institute of Technology in 1937, Richard Austin became a Certified Public Accountant in 1941. He was the first African American to do so in Michigan. He founded his own accounting firm and became very active in political and civil rights groups in Detroit. In 1969, he was almost elected the city’s first black mayor. Two years later, however, Austin garnered a 300,000 vote majority over his opponent to become Michigan’s first African American Secretary of State. He was subsequently reelected four times.
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Secretary of State Will Upgrade Decades-Old Computer System, Expand Online Options
If your license expires, or you have other state business, between Feb. 16-19, be sure to plan ahead. During a Presidents Day weekend closure, the Michigan Department of State will replace the outdated vehicle records system it has used for decades with a modern computer system. Secretary of State branch offices, online services and auto business transactions will be taken offline and unavailable from 5 p.m. Friday, Feb. 15, until 9 a.m. Tuesday, Feb. 19.
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FASB Proposes Transition Relief for Credit-Losses Standard
The Financial Accounting Standards Board has proposed providing an option to measure certain types of assets at fair value, a change aimed at making the transition to its new credit-losses standard easier.
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Enhancing Audit Standards: Changes That Make Sense
Changes are coming to the AICPA's private company auditing standards – primarily to AU-C Section 260, AU-C Section 550 and AU-C Section 240. The changes will more closely align the standards to those of the Public Company Accounting Oversight Board.
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Employee Benefit Plan Auditing Rules to Change
A new standard for employee benefit plan audits is coming soon. When issued, the standard will address a wide range of reporting and performance requirements for employee benefit plan audits. Have your members review the final balloted draft.
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Nearly Half of CFOs Have No Succession Plan
While most companies are prepared for a sudden CEO departure, nearly half of companies do not have a CFO succession plan in place, according to a recent survey released by Robert Half International. Financial Management Magazine explores the reasons and risks of letting succession planning fall off your to-do list.
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Busiest Season Ever?
One thing’s certain about the 2019 tax season: Nothing’s certain. The early results from the 16th annual CPA Trendlines Busy Season Barometer show tax practitioners hopeful but nervous. For many, the season seems to be shaping up for more clients and increased revenues. At the same time, however, practitioners are showing unprecedented concerns that instead of success, they could end up with a mess.
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7 Strategies to Encourage Honesty from Clients
What should you do when you think a client might be keeping important information to themselves? AccountingWeb offers seven strategies you might consider.
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Add Ph.D. to Your CPA With This New Scholarship
If the thought of teaching the next generation of CPAs excites you, apply for the AICPA Foundation’s William (Bill) Ezzell Scholarship. Honoring the late Bill Ezzell, this new scholarship provides financial assistance to CPAs pursuing a doctorate degree in accounting. Apply by March 1.
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Six Tips to Keep Your Computer and Phone Secure When Working Remotely
Those working remotely while traveling or on-site with a client may wonder if the data and work on their laptop are as safe and secure as when in the office. In many cases, the answer is no. This Journal of Accountancy article offers advice and six tips to protect your devices outside the office.
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Source: MICPA
Source: MICPA

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