Corporations Have Brief Window to Apply for IRS CAP, and more - September 17, 2019 News

by MICPA | Sep 17, 2019   ()

Corporations Have Brief Window to Apply for IRS CAP
Last week, the IRS opened the application period for the 2020 Compliance Assurance Process program. For the first time since 2015, new corporate applicants who meet eligibility requirements can apply for CAP. The application period runs Sept. 16 to Oct. 31, 2019. The IRS will let applicants know if they're accepted into the program around Jan. 31, 2020.
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Treasury, IRS Release Final and Proposed Regulations on New 100% Depreciation
The Treasury Department and the IRS released final regulations and additional proposed regulations under section 168(k) of the Internal Revenue Code on the new 100% additional first year depreciation deduction that allows businesses to write off most depreciable business assets in the year they are placed in service by the business.
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For Exam Candidates: Free CPA Exam Webcast Next Week
Who better than the AICPA and the National Association of State Boards of Accountancy to share insights about the CPA Exam? And that’s just what they’ll be doing with the free webcast, Navigating Your Path to Success on the CPA Exam, on Sep. 19. Aspiring CPAs will learn answers to Exam FAQs and much more.
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Michigan Tax Tribunal Schedules Town Halls
The Michigan Tax Tribunal is reviving the practice of annual town halls to be held around the state. The first two are scheduled for October, with the first being held on Oct. 10 at the Grand Rapids Township Hall, and the second on Oct. 14 at the Novi City Auditorium. Both events will run from 1-4 p.m. and are open to the public. No reservations are required. The agenda will include updates from the Tribunal, as well as a question and answer session in which participants can voice concerns. Read more updates in the Tax Tribunal’s latest newsletter.
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Tax Tribunal E-mails Missing? Check Your Spam
As of August 29, emails generated form the Tax Tribunal’s case management system are from If you believe these emails are not being delivered to your inbox, check your spam or junk mail folders and also designate this a “safe” email.
Tax Tribunal

IRS Pro Newsletter for September
The IRS September Newsletter includes the 2019 regulations regarding truncation of Social Security numbers (SSNs) on Forms W-2, Wage and Tax Statement. Also highlighted is the automatic waiver of the estimated tax penalty for eligible taxpayers who already filed their 2018 federal income tax returns. 
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2019 Tax Software Survey: How Does Yours Measure Up?
Learn how industry-leading products stacked up in CPAs' estimation through a tax season with many far-reaching law changes in The Tax Adviser and Journal of Accountancy's annual survey.
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AICPA, NASBA Help Launch New Coalition to Protect Professional Licensing
The AICPA and the National Association of State Boards of Accountancy (NASBA) have helped found the Alliance for Responsible Professional Licensing (ARPL) – a new coalition of advanced professions focused on educating policymakers and the public about the importance of rigorous professional licensing standards. AICPA and NASBA will work with other ARPL members to inform lawmakers of the need to maintain standards for highly complex, technical professions like accounting that have a clear impact on the public’s fiscal health and welfare.
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FASB Issues Revised Proposal to Improve Balance Sheet Debt Classification
The Financial Accounting Standards Board (FASB) issued a proposed Accounting Standards Update (ASU) intended to improve guidance used to determine whether debt should be classified as a current or noncurrent liability in a classified balance sheet. Comments are due by Oct. 28.
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Source: MICPA
Source: MICPA

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