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SALT Deduction Cap Rules Finalized; Safe Harbor Proposed and more - June 18, 2019 News

by MICPA | Jun 20, 2019   ()

SALT Deduction Cap Rules Finalized; Safe Harbor Proposed
The IRS issued final regulations effective 60 days after June 13, 2019, governing the availability of charitable contribution deductions under Sec. 170. The final rules allow a charitable contribution deduction if the state program allows dollar-for-dollar state or local tax deductions instead of credits. The IRS published Notice 2019-12 in which it provided a safe harbor under Sec. 164 for certain qualifying individuals.
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Treasury Released Final Regulations Protecting U.S. Tax Base
On Friday, the Treasury Department and the IRS issued final regulations under the Tax Cuts and Jobs Act providing guidance concerning the treatment of global intangible low-taxed income. The final regulations narrow the anti-abuse provisions that were included in the proposed regulations and revise the domestic partnership provisions.
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AICPA Outlines Recommendations for IRS Guidance
The American Institute of CPAs (AICPA) has submitted more than 140 recommendations to the IRS in reference to the agency’s 2019-2020 Guidance Priority List. High priority recommendations relate to projects following the implementation of the Tax Cuts and Jobs Act addressing tax issues such as crowdfunding (such as GoFundMe, KickStarter) and the shared economy (such as Uber, Lyft); virtual currency and more.
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NASBA and AICPA Seek Input on Evolving Licensure Model
Last Wednesday, the National Association of State Boards of Accountancy (NASBA) and the AICPA issued a Request for Input asking for feedback on five guiding principles that have been developed as the foundation of a new licensing model. Feedback is requested by August 9.
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Join the NEW MICPA Connect
Our exciting new social platform, developed exclusively for MICPA members, provides an easy way to interact with other CPAs working in every aspect of business, discuss issues and benefit from the extensive base of shared knowledge.
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Local Government Filing Deadline – Monday, July 1
The Michigan Department of Treasury provides clarity for local governments with a fiscal year ending December 31, 2018. Since the six-month deadline for filing local government reports falls on a weekend, fiscal year 2018 reports, such as the audit report, Annual Local Unit Fiscal Report (F65 Report), and the Retirement System Annual Report (Form 5572) are due Monday, July 1, 2019.

What Tax Firms Need to Know About Technology
The first step in leveraging technology today is to understand what’s available and how it’s changing the business. In this Journal of Accountancy article, discover six key areas tax practitioners should consider to take advantage of tomorrow's technologies.
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AICPA Survey Results Reveal Top Concerns Among CPA Firms
The 2019 Private Companies Practice Section (PCPS) CPA Firm Top Issues Survey results have been released. CPA firms of all sizes except sole practitioners, continue to find that recruiting qualified staff is the top issue impacting their business.
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GASB Guidance Proposed to Improve PPPs and APAs
The Governmental Accounting Standards Board (GASB) released a new exposure draft, Public-Private and Public-Public Partnerships and Availability Payment Arrangements, providing proposed guidance outside the span of existing resources for partnership arrangements (PPPs) and availability payment arrangements (APAs). Expanding on current sources the guidance would make select improvements to Statement No. 60 and No. 87, while providing accounting and financial reporting direction for APAs.
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The Federal Government’s Failing (Fiscal) Health
Congress and the administration have challenging choices and opportunities ahead of them in the effort to protect and ensure the United States’ long-term fiscal health. In this video from the Government Accounting Office (GAO), dive into what actions policymakers will need to consider across the entire range of federal activities before it’s too late.
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IRS Reform Legislation Passed by Congress: Now What?
An independent office of appeals within the IRS will be established thanks to the passing of IRS reform legislation through Congress. Among its many provisions, the bill requires the IRS to submit to Congress plans to redesign the structure of the agency to increase efficiency, upgrade technology systems, boost cybersecurity and better meet taxpayer needs.
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Disruption vs. Transformation: Moving into the Future Today
Thirty-nine percent of firms that were in the Top 100 in 2000 no longer exist today. Protect your firm from the same fate in this article from Accounting Today. CEO of CPA.com, Erik Asgeirsson, and AICPA executive vice president of member relations, Mark Doziel, report on how firms can avoid being disrupted, using technology and impactful strategy to instead transform their business ahead of the changing marketplace.
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Accounting Firm Data Breaches: Find Out How to Prepare
How many accounting firms have experienced a data breach? Has your firm been targeted? Find out how to prepare for and recover from a data breach or other cybersecurity events.
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Source: MICPA
Source: MICPA

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