News

E-News - March 12, 2019 - FASB Clarifies Implementation Guidance, Talking to Clients About Extensions — A Tax Season Must-Read, and more

by MICPA | Mar 13, 2019   ()

FASB Clarifies Implementation Guidance and Disclosure Requirements in Leases Standard
The Financial Accounting Standards Board (FASB) issued an Accounting Standards Update that addresses two lessor implementation issues and clarifies that lessees and lessors are exempt from a certain interim disclosure requirement associated with adopting the new leases standard.
Read More 

Talking to Clients About Extensions — A Tax Season Must-Read
Many of your clients are still making sense of the new tax laws and pending guidance stemming from tax reform. They’ve weathered a prolonged government shutdown. They’re confused and not sure they can get everything done on time, which means it may be time to discuss tax extensions. These four tax extension talking points will help get the conversation started.
Read More

Reminder: New Due Diligence Requirements this Filing Season
This filing season tax professionals should be aware of the revised Form 8867, Paid Preparer’s Due Diligence Checklist, which covers the new Credit for Other Dependents (ODC) and Head of Household (HOH) filing status in addition to the Child Tax Credit/Additional Child Tax Credit, American Opportunity Tax Credit, and Earned Income Tax Credit.
Read More 

YouTube: How to Use the Withholding Calculator for Paycheck Checkup
Help your client do a paycheck checkup for 2019 using the IRS Withholding Calculator by watching a new YouTube video from the IRS.
Watch

Annual ‘Dirty Dozen’ List of Most Prevalent Tax Scams
The IRS kicked off its annual “Dirty Dozen” list of common tax scams and warned of the ongoing threat of internet phishing scams that lead to tax-related fraud and identity theft.
Read More 

Why Accountants Need to Be Data Storytellers
Why do we need to tell stories? Don’t the numbers speak for themselves? Peter Margaritis tells Accounting Today, “We accountants are fluent in the language of accounting, which is a foreign language for most of our clients. We see the meaning in a balance sheet and appreciate the beauty of a set of perfectly reconciled books, but to our clients, it’s just a baffling mass of numbers.” He offers tips to help you tell better stories with data.
Read More 

Taxpayers Can Minimize the Effects of Data Theft With These Steps
Every day, the theft of personal and financial information puts people at risk of additional problems. Thieves often use the stolen data as quickly as possible to sell the information to other criminals; withdraw money from a bank account; make credit card purchases; or file a fraudulent tax return for a refund using a victim’s name. The IRS outlines several steps victims of data loss should follow to minimize the effect of the theft.
Read More

Required Minimum Distributions Begin April 1
The IRS reminded individuals this week that, in most cases, April 1, 2019, is the date by which persons who turned age 70½ during 2018 must begin receiving payments, required minimum distributions (RMDs), from Individual Retirement Accounts and workplace retirement plans.
Read More 

New AICPA survey reveals clients’ top retirement fears
Findings from new research surrounding CPA financial planners found that running out of money remains the top retirement planning concern for clients. Get practical advice on how a well-thought-out financial plan can ease their clients’ worry.
Read More 

Make AI Compute
Are you still trying to wrap your head around artificial intelligence and its impact on your job? A new whitepaper titled A CPA’s Introduction to AI walks you through the basics, defines key terms and discusses how artificial intelligence can serve accounting and finance professionals.
Read More 

Easy Solution to Time Management
Careful planning and scheduling time for crucial work functions are key to time management. This short video from the Journal of Accountancy offers tips to excel at these skills.
Watch

Source: MICPA
Source: MICPA

News Archive