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Administration, Fiscal Agencies Reach Consensus on State Revenue Estimates and more - May 21,2019 News

by MICPA | May 22, 2019   ()

Administration, Fiscal Agencies Reach Consensus on State Revenue Estimates
Last week, state officials reached consensus on economic and revenue figures for the remainder of Fiscal Year 2019 and for the upcoming 2020 and 2021 fiscal years. A small FY 2019 General Fund-General Purpose revenue boost is being driven by strong individual income tax annual payments and stronger corporate income tax collections. Lower future revenue estimates for the 2020 and 2021 fiscal years are due to ongoing weaknesses in sales tax collections and individual income tax withholding.
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IRS Announces Large Corporate Compliance Program
The Internal Revenue Service announced a key advancement in how it identifies its biggest and most complex large corporations. Beginning May 15, the IRS's Large Business and International Division (LB&I) began a new application of data analytics for determining the population of its largest and most complex corporate taxpayers. This new Large Corporate Compliance program replaces the Coordinated Industry Case program.
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IRS corrects error in Schedule D tax calculation worksheet
On Wednesday, the Internal Revenue Service notified tax-software companies it had discovered an error in the Schedule D, Capital Gains and Losses, Tax Worksheet used to calculate tax on certain capital gains that had new rates as a result of the law known as the Tax Cuts and Jobs Act. The IRS corrected the worksheet Thursday and advised practitioners to download corrected instructions.
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Appeals Court Denies Taxpayers’ Attempt to Revoke NOL Election
Taxpayers whose return preparer made an election without their knowledge or intent were nonetheless prevented from revoking that election because they had signed their return affirmed the U.S. Court of Appeals for the 11th Circuit.
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Will New Accounting Standards Keep the Healthcare Industry Healthy?
A recent podcast with the chair of the AICPA Health Care Expert Panel discusses questions and observations surrounding the healthcare industry's adoption of the clarified guidance around grants and contributions. Listen to learn more about the Financial Accounting Standards Board's (FASB) Accounting Standards Update 2018-08.
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FASB Issues Targeted Transition Relief to Institutions Applying the Credit Losses Standard
The Financial Accounting Standards Board (FASB) issued an Accounting Standards Update to ease the transition to the credit losses standard as organizations adopt the board’s new standard on accounting for credit losses.
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FASB Proposal Aims to Simplify Accounting for Income Taxes
The Financial Accounting Standards Board (FASB) issued a proposed Accounting Standards Update intended to reduce cost and complexity for the accounting for income taxes. The proposal would remove specific exceptions to the general principles in Topic 740—Income Taxes in Generally Accepted Accounting Principles. Stakeholders are asked to comment on the proposal by June 28.
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4 Key Steps for Auditors in Assessing Technology Risks
Emerging technology has brought a seemingly endless set of new risks to the clients that engage CPAs to perform audits. Some of the technology challenges are addressed and key steps for auditors are outlined in a new Center for Audit Quality resource for auditors, audit committees and management.
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To Prosper, Spend for Growth and Practice Sound Cost Management
The best CFO approaches to cost management deliver up to a seven percentage-point premium on return on invested capital, according to a Gartner study of the S&P Global 1200 companies. According to CFO.com, the findings indicate companies that spend for revenue growth while also proactively cutting costs significantly outperform those companies that focus mostly on high growth or reducing costs.
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How to Implement a Change at Work Without Irritating Everybody
Quite often, it's not the particular initiative or change that's the problem. It's how you implement it. To get the best results, according to Inc.com, always work cooperatively and collaborate, and think about how to manage reactions before you start.
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How to Hone Cross-Generational Leadership Skills
Learning to communicate with members of other generations can help finance and accounting leaders progress in their careers and improve company performance. A recent article in Accounting Today explains how understanding important events that shaped each generation's worldview is a key part of the process.
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Health Insurance, Paid Time Off and Student Loan Forgiveness Top List of Millennials’ Desired Benefits: AICPA Survey
This year, it is projected that nearly two million students will graduate with a bachelor’s degree. As they enter the job market and evaluate the employment opportunities before them, student loan debt is weighing on their minds.
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Source: MICPA
Source: MICPA

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