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Michigan Financial Empowerment: Discussion Continues in Lansing, and more

by MICPA | Feb 18, 2020   ()

Michigan Financial Empowerment: Discussion Continues in Lansing
State Treasurer Eubanks will moderate an on-going discussion regarding the role financial empowerment will have on shaping Michigan’s future. Scheduled for Feb. 21 at Lansing Community College, a panel of experts will focus on financial topics surrounding different phases in life and engage in conversation with attendees. The event is free and open to the public, though registration is required by noon on Feb. 19.
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Wayfair: Non-Legislative Efforts to Collect
Beyond the realm of sales tax reform, states are extending the economic nexus standard, approved in the decision of South Dakota v. Wayfair, to corporate income tax. This article from The Tax Adviser considers three state tax authorities pursuing non-legislative efforts to adopt Wayfair-esque economic nexus standards.
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Michigan Treasury Takes Extra Measures to Protect Taxpayers
Some Michiganders may receive a letter from the Michigan Department of Treasury requesting additional information to confirm their identity. These letters are an attempt by the Treasury to protect citizens from cybercriminals targeting tax refunds. Some taxpayers will be able to complete the questionnaire online or over the phone which, upon completion, will release their tax funds from the state.
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Threats to CPA Licensing Emerge in 2020
The 2020 legislative year presents new threats to future CPA licensure, the Journal of Accountancy  reports. While surveys are showing support for licensing, organizations such as the American Legislative Exchange Council and Americans for Prosperity continue to push for anti-licensing legislation at the state level.
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New Agreement Creates Mobility Between US and South African Accountants
The AICPA signed a mutual recognition agreement between the South African Institute of Chartered Accountants and the National Association of State Boards of Accountancy (NASBA). This agreement will result in reciprocal recognition of the South African chartered accountant designation and the CPA license. Its purpose is to enable mobility and growth among accounting professionals in both countries.
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Maximum Vehicle Values Final Rule Arrives
The IRS determined new fleet-average and vehicle cents-per-mile valuations rules. The final rules also include transition rules for employers that were unable to use either of these methods in previous years.
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A CPA’s Journey Through Depression
In an article featured by the Journal of Accountancy, one CPA writes about their personal struggle with depression and the effect of stigma on those who suffer with mental illness. Concerned by the lack of discussion of mental health within the profession of accounting, Mark J. Cowan, CPA, J.D., emphasizes combatting stigma and encouraging ourselves and others to seek help in times of need.
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Which Investments Should Retirees Tap First
As defined-benefit pension plans continue to dwindle, Forbes suggests that investments are where most people will turn to fund their lives into retirement. This article discusses the order in which retirees should arrange their accounts for withdrawal in order to pay the least amount of taxes while yielding the highest gains.
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Protect Your Phone from Hackers
No one is immune to hacking, not even Amazon CEO, Jeff Bezos, who allegedly opened a link in WhatsApp which rendered control of his phone and its contents to hackers, The New York Times reports. Hackers are using more sophisticated strategies to gain access to our financial lives, but you can protect yourself and your phone with a few simple tips.
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IRS Launches Identity Theft Central
Identity Theft remains a focal point of the IRS with the unveiling of a new online resource to improve access to information on how to report and prevent identity theft. Identity Theft Central is a culmination of several efforts between the IRS and the Security Summit partners to streamline information on current ID theft vulnerabilities, scams and schemes to taxpayers, tax professionals and businesses.
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Source: MICPA
Source: MICPA

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