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Treasury, IRS Release Draft of New Form W-4, and more - June 4, 2019 News

by MICPA | Jun 05, 2019   ()

Treasury, IRS Release Draft of New Form W-4
The U.S. Department of the Treasury and the IRS released a draft Form W-4 that would be used starting in 2020. The re-designed Form W-4 uses a building block approach that replaces complicated worksheets with straightforward questions that make it easier for employees to determine a more accurate withholding. While it uses the same underlying information as the old design, the new form uses a more personalized, step-by-step approach to better accommodate individual taxpayer needs.
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Rules for Certified Professional Employer Organizations Finalized
Certified professional employer organizations (CPEOs) enter into contracts with employers to be treated as the employer for employment tax purposes and are subject to IRS rules to qualify as CPEOs and to maintain that status. The Tax Advisor examines the details of the new IRS rules finalized in May.
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2020 Limits on HSA Contributions are Issued
The IRS issued its annual notice of inflation-adjusted limits on contributions to health savings accounts. All limits increased from 2019 to 2020, reports the Journal of Accountancy online.
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FASB Extends GAAP Alternatives to Not-for-Profits
The Financial Accounting Standards Board (FASB) issued an Accounting Standards Update that reduces the cost of accounting for goodwill and measuring certain identifiable intangible assets for not-for-profit organizations. In 2014, the Private Company Council (PCC) worked with the FASB to issue two private company alternatives on accounting for goodwill and accounting for identifiable intangible assets in a business combination. Stakeholders told the FASB that these two private company alternatives would also benefit not-for-profit organizations. The standard is effective immediately.
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10 Steps to Avoid Business and Employee Fraud
Small and mid-sized businesses are more vulnerable to fraud than larger organizations, and the effects can be more damaging. The types of fraud that businesses need to be aware of generally fall into three categories: Theft, financial statement fraud and asset misuse. Theft, or misappropriation of assets, makes up the majority of fraudulent activity, according to the Association of Certified Fraud Examiners. CPA Practice Advisor offers 10 steps small businesses can take to deter and detect fraud.
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The Rise of the Gig Economy Finance Professional
Interim financial staffers can provide employers a big boost for special projects and can fill gaps when a company loses a full-time employee. Financial Management Magazine looks at how finance professionals can succeed in these roles.
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Podcast: Ethics Code Changes You Need to Know
A new IT-related interpretation and a revised state and local government interpretation are just a couple of the key changes on the horizon for the AICPA Code of Professional Conduct. Listen to the Ethically Speaking podcast to learn more about these interpretations and other developments.
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This Is the Number 1 Benefit New College Grads Seek at Work — and It’s Not Debt Repayment
The hottest workplace benefit for the newly-graduated set isn’t 401(k) matches or even student debt repayment. It’s health insurance. CNBC reports that more than half of the people participating in a survey conducted by the AICPA said medical coverage was a “top three workplace benefit.”
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How to Handle Your Money After You're Laid Off
While the layoffs at Ford Motor Co. are the latest to grab headlines, the automaker isn't alone in trimming its payrolls. Many times employees are caught totally off guard. Several experts including MICPA Board member Leon LaBrecque of Sequoia Financial Group spoke with Susan Tompor of The Detroit Free Press about what to do with your bills – and your 401(k), severance pay and student loans if you’re laid off unexpectedly.
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CPA Candidates: A Must-Listen Podcast
Next Stop: CPA is a great resource for any CPA Exam candidate looking to learn more about the profession and the exam process. Current podcast episodes focus on having an exam strategy and preparing for the AUD and BEC sections.
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For Many Finance Leaders, the CFO Path Includes Diverse Career Steps
Many chief financial officers have seen their influence expand beyond the traditional finance function, as they help to drive business and technology transformations at their company. To meet these expectations, and be an effective partner to the business, today’s CFOs need to have a depth of experience — and not necessarily just in finance, says Robert Half.
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Source: MICPA
Source: MICPA

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