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Governor Announces State Board of Accountancy Appointments, and more - July 23,2019 News

by MICPA | Jul 24, 2019   ()

Michigan CPAs: Countdown to License Renewal
The July 31 deadline for CPA and firm license renewal is fast approaching. If you have not met your CPE 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.
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Governor Announces State Board of Accountancy Appointments
Gov. Gretchen Whitmer announced the following appointments to the Michigan State Board of Accountancy:

  • David Barrons, of Rockford, is a certified public accountant and partner with Beene Garter LLP. He is appointed to succeed Stephanie Bergeron to represent certified public accountants for a term expiring June 30, 2021.

  • Teressa Keena, of Ada, is a certified public accountant and senior manager for Hungerford Nichols CPAs and Advisors. Keena is appointed to succeed Kathleen Post to represent certified public accountants for a term expiring June 30, 2023.

  • Matthew Roling, of Detroit, is the chair of the Accounting Department at Wayne State University and entrepreneur-in-residence for TechTown Detroit. Roling is appointed to succeed Robert Clark to represent the general public for a term expiring June 30, 2023.

The appointments are subject to State Senate approval.
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FASB Gives Private Companies Breathing Room on Lease Accounting
The Financial Accounting Standards Board (FASB) voted unanimously last week to propose delaying the effective date of some of its major accounting standards, including lease accounting for privately held companies, nonprofits and small reporting companies. The delay means those organizations would have an extra year — until January 2021 — to adopt the new lease accounting rules, according to CFO.com. The delay would also apply to the deadlines to adopt ASC 326 (Current Expected Credit Losses) and ASC 815 (Derivatives and Hedging). FASB has to issue a formal proposal for public comment before finalizing the new effective dates.
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IRS to Start a New Practitioner Services Division?
On July 1, President Trump signed the Taxpayer First Act, an IRS reform bill aimed at revamping the IRS. In addition to these changes, IRS Commissioner Charles Rettig is considering creating a new division that would focus on the needs of tax practitioners, reports Bloomberg Tax. The AICPA proposed the creation of a division dedicated to practitioner services in an April 2018 letter to lawmakers.
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MeF Planned Shutdown
The IRS Modernized E-File system (MeF) will be upgrading to a new system beginning this month. During the migration, MeF will be unavailable for use. The next system shutdown will occur at 12:01 a.m., Aug. 3 through noon Aug. 5. MeF submissions should not be made during the outage periods, so please plan accordingly. An IRS QuickAlert bulletin will be issued once MeF is available for submissions again. QuickAlerts is a free online service that sends important e-mail messages to subscribers.
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Taxpayer Roadmap: Illustration of U.S. Tax System
For the first time ever, the Taxpayer Advocate Service has mapped out the modern U.S. tax system, and it’s no surprise that it looks as complex as you imagine it might. The map illustrates, at a very high level, the stages of a taxpayer’s journey, from getting answers to tax law questions, all the way through audits, appeals, collection and litigation. It shows the complexity of tax administration, with its connections and overlaps and repetitions between stages.
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Strong Investor Demand as State Sells Over $235 Million in Building Authority Bonds
State Treasurer Rachael Eubanks announced that the State of Michigan successfully sold more than $235 million in 2019 revenue and refunding State Building Authority bonds. The sale came with strong investor interest as more than 85 investors put in orders for bonds. Exceptionally high demand resulted in a lower interest rate on the bonds (all-in true interest costs of 3.19%) maturing in 2054, with several new investors purchasing the bonds.
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IMA Offers Tips for Companies Lagging FP&A Execution
The Institute of Management Accountants (IMA) has released a Statement of Management Accounting report that uncovers the 12 principles of financial planning and analysis (FP&A) critical to organizational success. FP&A, or how a company allocates resources, is the arguably the CFO’s most powerful tool to either create or destroy value.
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5 Things You Need to Know About the New Auditor Reporting Standards
The new auditor’s report was designed to be easier for users to understand. A recent AICPA Insights article will help you navigate what’s changing.
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Podcast: How a New Take on Pricing Can Generate Unexpected Benefits
For many small firms, the value pricing model can help increase the value of services, reduce hours and strengthen a firm’s bottom line. But for one tax CPA, it also led to some surprising new career opportunities, as the latest Small Firm Philosophy podcast episode reveals.
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10 Steps to Effective Finance Staff Meetings
A high-functioning team needs to have a weekly meeting to make sure it stays on track with goals. That goes for finance, the company leadership team, the HR team, or any part of the company. Once finance leaders understand how to make these meetings better in their own area, they can be heroes and teach everyone else how to be more productive and solve problems fast. CFO.com outlines a playbook for making them work the right way.
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Podcast: Take the CPA Exam for a Test Drive
CPA Exam candidates should definitely check out the latest episode of the Next Stop: CPA podcast. The AICPA’s Lead Manager of Product Development, Henrietta Eve, discusses the CPA Exam sample tests and tutorial are essential to a candidate’s preparation strategy.
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Every Big Move Requires a First Step
CPAs and financial planning have been around for over a century — not because they’ve stayed the same, but because they’ve adapted. Client needs and expectations are evolving, and your skillsets should be evolving, too. This Building a Financial Planning and Tax Advisory Business podcast series will walk you through formalizing your own financial planning services.
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MICPA Career Center: Post Internships for Free
Your MICPA Career Center webpage is a job board dedicated to accounting and finance positions. Members may advertise internship opportunities for free and post open positions at a special member rate. Additionally, job seekers can search openings and upload resumes.
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Tax Problem Solving Days Coming Up
Michigan Tax Problem Solving Day events are free walk-in events open to the general public where representatives from the Office of Chief Counsel and the IRS, United Way Volunteer Income Tax Assistance, and the State of Michigan Taxpayer Advocate will be available to help individual taxpayers resolve tax issues. Two Michigan events include the following:

  • July 25 from 10 a.m.-6 p.m. – Legal Services of Southeast Michigan, 15 S. Washington Street, Ypsilanti.   

  • August 12 from Noon-7 p.m. – Heart-West Michigan United Way, 118 Commerce Avenue SW, Grand Rapids.

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Source: MICPA
Source: MICPA

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