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SECURE Act Offers Possible Retirement Strategies, and more - June 11, 2019 News

by MICPA | Jun 11, 2019   ()

Michigan CPAs: Have You Met the June 30 Michigan Specific Ethics Requirement?
All licensed CPAs in Michigan are required to earn 2 hours of Ethics annually, totaling 4 hours every two years. One of those 4 hours must be Michigan Specific Ethics 2018-19 Edition. If you have taken the course from the MICPA since it was initially developed in 2018, you have fulfilled your requirement for this licensure cycle, which started on July 1, 2017 and ends on June 30, 2019. Search available courses, including in-person, webinar and self-study options. Beginning in September, the MICPA will offer a new course – Michigan Specific Ethics 2019-21 Edition – which will be required for the July 1, 2019 to June 30, 2021 reporting period.

Members: if you have any questions about the Michigan Specific Ethics course requirements, please contact Rachel at rreardon@micpa.org or 248.267.3725.

Ethics CPE Fact Sheet

IRS to End Faxing and Third-Party Mailings of Certain Tax Transcripts
As part of its ongoing efforts to protect taxpayers from identity thieves, the IRS announced it will stop its tax transcript faxing service in June and will amend the Form 4506 series to end third-party mailing of tax returns and transcripts in July. The IRS announced both changes last year, but the dates are now confirmed.
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SECURE Act Offers Possible Retirement Strategies for Accountants To Discuss With Clients
Not only would stretch IRAs be dead if the legislation were to pass in the Senate, but your clients’ profit-sharing plans could be next. This Accounting Today opinion piece examines pending legislation and its impact.
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AICPA set to be Awarded ‘.cpa’ internet domain
The AICPA is in the process of being awarded a specialized domain alongside over a thousand other approved well-known businesses later this year. The new domain .cpa is set to be approved by the Internet Corporation for Assigned Names and Numbers (ICANN) and will then be available to CPAs and their firms as a clear signal of their connection to the profession. More details on registering a domain name will become available later this year.
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IRS Warns of Higher Penalty for Some Tax Returns Filed After June 14
The IRS urges taxpayers who owe tax and have not filed their 2018 return to act before Friday, June 14, before a larger penalty kicks in.
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Interest Rates Decrease for the Third Quarter of 2019
The IRS announced that interest rates will decrease for the calendar quarter beginning July 1, 2019.
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Marriage Tax Penalty Post-TCJA
Married taxpayers often are subject to a "marriage tax penalty," paying more in federal income tax than they would if they were unmarried. Find out the state of the marriage tax penalty after changes made by the law known as the Tax Cuts and Jobs Act in this article from The Tax Adviser.
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Now Available: FASB Staff Q&A on ASU 2018-08
The Financial Accounting Standards Board (FASB) issue a staff Q&A on implementation of the new not-for-profit grants and contracts standard (ASU 2018-08).
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GASB Revamps Process for Measuring Implementation Costs of New Standards
The Governmental Accounting Standards Board (GASB) is revamping its procedures for collecting information about the effort and costs associated with implementing major new pronouncements. Collecting the information after the fact has proven to be very difficult, so the GASB will start the process before major new standards have been implemented and continue through the first and second years of applying the standards. The GASB will be implementing the new procedures in phases for four recent statements.
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Business Executives See a Downshift in Key Performance Indicators Over the Next Year, AICPA Survey Finds
The second-quarter AICPA Economic Outlook Survey shows a gloomier view of key performance indicators over the coming year.
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AICPA’s Auditing Standards Board Proposes Amendments to the Description of Materiality
The AICPA Auditing Standards Board has issued an exposure draft of a proposed Statement on Auditing Standards, and a proposed Statement on Standards for Attestation Engagements.
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Podcast: IRS and Private Debt Collection
In FY 2017, the IRS considered over $50 billion in unpaid taxes to be collectable. While IRS attempts to collect tax debts to promote tax compliance, it doesn’t have resources to pursue all debts. So, the agency began contracting with private collection agencies. The Government Accountability Office (GAO) examined the effectiveness and risks and issued a report and a podcast.
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Hiring Teens for the Summer
In many industries, the summer season brings a sharp increase in teen employment.  Unfortunately, for many business owners there remains a great deal of uncertainty about how federal child labor laws affect their teen workers. Brush up on the requirements and prevent child labor violations before they occur with this Department of Labor fact sheet.
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Small Firm Perspective: How We Successfully Implemented AI in Audit
Cutting-edge technology doesn't have to be out of reach for small firms. This Journal of Accountancy article shows how a firm with six CPAs uses artificial intelligence to identify high-risk transactions as part of its auditing process.
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How to Summon Motivation When You Feel Like You Don’t Have Any
You don’t need motivation to make progress on your goals. Fast Company offers several tips for conquering procrastination and moving toward your goals.
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What Will Long-Term Care Cost You?
Many people need assistance with daily tasks later in life, and this kind of long-term care can be costly. The Associated Press offers an overview of options for managing the cost, including long-term-care insurance and hybrid products.
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Source: MICPA
Source: MICPA

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