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AICPA Issues Auditing Standards for Employee Benefit Plans and Annual Reports, and more - July 16, 2019 News

by MICPA | Jul 16, 2019   ()

CPA License Renewal Due by July 31, but Short on Hours?
Michigan CPA and firm licenses must renewed online by July 31 of odd-numbered years (yes, this year). CPAs must earn 40 hours of continuing professional education each year, with a total of 80 hours reported in order to renew their license. (See details of how the 40 hours is broken down.) If you have not met the requirements, you need to do so prior to applying for licensure. If you apply for licensure without the required CPE, you may be subject to audit, and a potential fine and a citation against your CPA license, which is an enforcement action that cannot be removed from your license.  

If you have not met your requirements and need to speak with someone regarding your license renewal, please call 248.267.3700 and ask for the government relations department, or email legislation@micpa.org.
Licensure Details  

AICPA Issues Auditing Standards for Employee Benefit Plans and Annual Reports
The American Institute of CPAs’ Auditing Standards Board has released a pair of auditing standards related to the financial statements of employment benefit plans and transparency in annual reports, reports Accounting Today.
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AICPA Issues Forensic Accounting Standards
The AICPA has released authoritative guidance for members providing litigation and investigative services. The Statement on Standards for Forensic Services No. 1 defines litigation and investigation for accounting purposes, outlines key considerations for client and provider relationships, and establishes boundaries on services members can provide.
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Goodwill Impairment Testing: Time to Revisit?
The Financial Accounting Standards Board’s (FASB) invitation to comment on goodwill accounting lays out possible cases for doing away with or improving impairment testing. But the question of whether goodwill impairment testing is a burden is not that clear-cut for public companies, says CFO.com.
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IRS drafts tax return for seniors, updates 1040 for 2019
The IRS has posted a draft version of a new tax return for senior citizens, as well as a new draft version of the Form 1040 for 2019 that taxpayers and practitioners will be filing next year according to Accounting Today. Mandated by the Bipartisan Budget Act of 2018, preview the draft version of the new Form 1040-SR, U.S. Tax Return for Seniors and a new draft of Schedule R, “Credit for the Elderly or the Disabled” here. Along with these two drafts, the IRS has posted a new draft of the Form 1040 which includes changes such as separate lines for the Earned Income Credit, Additional Child Tax Credit and American Opportunity Credit among other items.
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GASB Seeks Comment on Several Issues
The Governmental Accounting Standards Board (GASB) has issued an omnibus exposure draft covering accounting and financial reporting issues identified during implementation of previous GASB guidance.
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Flip the Switch on Non-Conformity With 5 Free Audit Quality Resources
All auditors strive to perform top-notch audits. This goal is even more attainable now with free AICPA tools on risk assessment, audit documentation, internal control and more. 
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Tax Professional Community: Comment on Draft Form 1040-SR
Last Friday, the IRS invited comments on drafts of the 2019 Form 1040-SR, U.S. Tax Return for Seniors, and the 2019 Form 1040 and related numbered schedules. Comments should be sent to WI.1040.Comments@irs.gov by Aug. 15.
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Injured Veterans: Claim Refunds Now
The IRS is reminding veterans who received disability severance payments after 1991 and claimed it as income that time may be running out to claim their refund.
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IRS Announces Summer Downtimes
IRS Modernized e-File (MeF) will be upgrading systems over the summer and will be unavailable at certain times. The system shutdown will occur in two phases:

  • 12:01 a.m. EST July 18 to 12 p.m. EST on July 22; and,
  • 12:01 a.m. EST Aug. 3 to 12 p.m. EST on Aug. 5.

MeF submissions should not be made during the outage periods. A Quick Alert bulletin will be issued once the MeF is available for submissions, the IRS said.

Poll: 1 in 4 Don’t Plan to Retire Despite Realities of Aging
Nearly one-quarter of Americans say they never plan to retire, according to a poll that suggests a disconnection between individuals’ retirement plans and the realities of aging in the workforce. Experts say illness, injury, layoffs and caregiving responsibilities often force older workers to leave their jobs sooner than they’d like. According to a recent poll from The Associated Press-NORC Center for Public Affairs Research, 23 percent of workers, including nearly 2 in 10 of those over 50, don’t expect to stop working. Roughly another quarter of Americans say they will continue working beyond their 65th birthday.
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It’s Hurricane Season Again
Whether or not you are in the path of an extreme storm, Hurricane Barry served as a reminder to prepare yourself, your business and your clients for life’s unexpected disasters. The AICPA and the American Red Cross offer this guide for preparedness and recovery.
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Joyce Parker Selected as New Deputy State Treasurer
State Treasurer Rachael Eubanks announced that Joyce Parker has been selected as the Michigan Department of Treasury’s new deputy state treasurer over state and local government finance programs. Parker will lead program areas that provide financial services and bonding to local communities and school districts and oversee property tax administration.
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MICPA Career Center: Post Your Open Positions
You may have noticed that E-News features job postings every week, but you may not realize the postings are part of the MICPA Career Center webpage. Take advantage of special member pricing to post your open positions, and you can even post internships for free on this job board dedicated to accounting and finance positions.
Career Center

Source: MICPA
Source: MICPA

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