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New IRS Tax Withholding Estimator Helps Workers With Self-Employment Income, and more - September 11, 2019 News

by MICPA | Sep 11, 2019   ()

New IRS Tax Withholding Estimator Helps Workers with Self-Employment Income
A new Tax Withholding Estimator tool from the IRS includes a feature designed to make it easier for employees who also receive self-employment income to accurately estimate the right amount of tax to have taken out of their pay.
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Empowerment Starts Here:  MICPA Announces New Women’s Initiative Events
Change the landscape of your influence, champion the pipeline with information and become your true self while supporting others through this special offering of three not-to-be-missed events, including:

  • Conquering the Woman Leader Competence-Likeability Dilemma (Oct. 10)
  • Connecting with the Pipeline of Female Accountants (Oct. 24)
  • The Power of Supportive Women's Networks (Nov. 20)

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State Treasurer: Public Forum Begins Conversation on Financial Literacy
At a State of Michigan MI Financial Literacy Forum scheduled at Henry Ford College at 10 a.m. on Monday, Sept. 16, a panel of experts will present on financial topics related to various phases in life. Attendees will engage in conversation with experts and share resources and best practices related to financial literacy. The forum is free and open to the public. Ultimately, takeaways from the discussion will be used to develop online resources and coursework to be piloted at Henry Ford College. While there is no cost to attend, registration is required.
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IRS Issues Proposed Regulations and Provides Relief for Certain Tax-Exempt Organizations
The IRS issued proposed regulations clarifying the reporting requirements generally applicable to tax-exempt organizations. The proposed regulations reflect statutory amendments and certain grants of reporting relief announced by the Treasury Department and the IRS in prior guidance to help many tax-exempt organizations generally find the reporting requirements in one place.
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New Procedures to Enable Certain Expats a Way to Come Into Tax Compliance
Last week, the IRS announced new procedures that will enable certain individuals who relinquished their U.S. citizenship to come into compliance with their U.S. tax and filing obligations and receive relief for back taxes.
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Current Developments in Individual Taxation
In a semiannual review, The Tax Advisor examines recent developments in the area of individual federal taxation. It covers cases, rulings and guidance on a variety of topics. The items are arranged in Code section order.
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FASB Proposes Guidance to Ease Transition to New Benchmark Rates
A proposed Accounting Standards Update would establish temporary guidance designed to reduce the accounting burdens associated with the shift from LIBOR and other interbank-offered interest rates to new reference rates. Comments are due Oct. 7 on the proposal, which would apply to GAAP accounting for new reference rates for contract modifications and hedging relationships, reports the Journal of Accountancy online.
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Podcast: Driving Ethical Behavior in a Global Organization
With simple value statements, an organization can align itself with appropriate customs and reduce risks in countries where business is hampered by ethical challenges. Learn more in this podcast from Financial Management.
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Podcast: Tips for Effective Not-for-Profit Governance
High-quality board oversight can be an important factor in helping not-for-profits accomplish their mission. This podcast from Journal of Accountancy describes best practices for ensuring a board performs effectively.
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New Risks Emerge for Accountants
Tail coverage if you’re thinking of buying, selling or merging with another firm, servicing the cannabis industry, and cyber attacks are among situations that could create risks with CPAs’ professional liability insurance. Accounting Today reviews the nuances to look out for.
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5 Steps to Get Started With Audit Data Analytics
Audit data analytics (ADAs) can help you move toward a more data-driven approach to planning or performing audits. Learn how to get started with ADAs by watching this video or reading the AICPA blog post.
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Business Executives Take Sharply Dimmer View of U.S. Economy, AICPA Survey Finds
Business executives hold their least optimistic view of the U.S. economy in three years, in part due to trade concerns and fears of a sustained global slowdown, according to the third-quarter AICPA Economic Outlook Survey. Some 42 percent of survey takers expressed optimism about the U.S. economy’s outlook over the next 12 months, down from 57 percent, the level it held for the past three quarters. Positive sentiment on the U.S. economy had been as high as 79 percent in early 2018.
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Source: MICPA
Source: MICPA

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