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MICPA Updates: RAB Addresses Online System Failure, MICPA Career Fair and More

by MICPA | Aug 11, 2015   ()

RAB Addresses Online System Failure
The Michigan Department of Treasury issued Revenue Administrative Bulletin 2015-14 on August 10. The RAB describes the alternative method for filing a "same day" tax return and/or remitting payment of tax by electronic funds transfer (EFT) or through Michigan Treasury Online (MTO) to avoid penalty and interest when an attempt to electronically file a tax return or electronically remit a tax payment fails.

Don’t Wait – Your New Hires Are at the MICPA Career Fair
Consolidate your recruiting efforts! Top Michigan CPA prospects will be gathering at the MICPA’s Career Fair from 1 – 4 p.m. on September 18 at Laurel Manor in Livonia. Registration for your firm/company includes a table at the event and a profile in the Career Fair booklet distributed to all candidates. As an added bonus: all participating companies will receive a free 30-day online job posting in the MICPA’s Career Center. Learn more!

CyberSAFE: New MICPA Course Teaches Employees to Protect Your Company
Cyber attacks cost businesses $400 billion per year, and cyber security is the number one concern for most connected businesses. It is even scarier when we learn that 95 percent of security breaches are caused by human error. Many of these breaches fall into the category of hacking, but have little to do with someone using advanced technical skills to access private information. Most attackers look for unsuspecting users who will unwittingly help them with their attacks. This article from Bryan Smith of CPA Crossings shares how cyber security training for your staff can help protect your organization and previews a new course offered on Sept. 22 in Troy by the MICPA: CyberSAFE - Securing Your Data & Devices in an Online World.

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ailing to File 2014 Tax Returns Affects Advance Payments of Premium Tax Credit in 2016
Remind your clients who received advance payments of the premium tax credit in 2014 that they should file their 2014 tax return as soon as possible this summer, even if they have an extension, to protect their eligibility for advance payments from their Marketplace in 2016. Depending on the situation, the IRS is currently sending Letter 5591, Letter 5591A or Letter 5596 to taxpayers who received 2014 advance payments, but have not yet filed their tax return. The letters remind taxpayers of the importance of filing their 2014 federal tax return along with Form 8962, Premium Tax Credit, as soon as possible. For more information, see Understanding your Letter 5591, Understanding your Letter 5591A, Understanding your Letter 5596 and the ACA What’s Trending page.

FASB Issues Derivatives and Hedging ASU Related to Electricity Contracts; Seeks Comments on Two Exposure Drafts
On August 10, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update 2015-13—Derivatives and Hedging (Topic 815): Normal Purchases and Normal Sales Scope Exception for Certain Electricity Contracts within Nodal Energy Markets. The FASB is also seeking comments on two other proposed ASUs released last week related to derivatives and hedging. Read more in this Journal of Accountancy article

IRS Warns Taxpayers to Guard Against New Tricks by Scam Artists; Losses Top $20 Million
Following the emergence of new variations of widespread tax scams, the IRS last week issued another warning to taxpayers to remain on high alert and protect themselves against the ever-evolving array of deceitful tactics scammers use to trick people.

IRS Seeks Applications for Advisory Committee for the Tax Exempt and Government Entities Division
The IRS is looking for applicants for the Advisory Committee on Tax Exempt and Government Entities (ACT) to fill vacancies in the following areas: Employee Plans; Exempt Organizations; Federal, State and Local Governments; and Indian Tribal Governments. Read more.

Free Consumer Webcast: Planning for Spending in Retirement
According to a recent AICPA survey on trends in personal financial planning, not having enough money for retirement is Americans’ number one concern. On August 27 from 1-2 p.m., join a panel of CPA financial planners as they address envisioning retirement, planning for spending, and connecting spending and savings goals prior to and in retirement. This webcast is hosted by the AICPA’s PFP Section and 360 Degrees of Financial Literacy. Open to all to attend for free. No CPE offered.

Accounting Enrollments and Hiring Continue Upward Trend, Reach All-Time High 
Enrollments in undergraduate and graduate accounting programs have increased in the 2013-14 academic year, and have combined to cross the 250,000 threshold for the first time. On the recruiting side, accounting firms hired a record number of accounting graduates in 2014, representing a seven percent increase from the previous survey. That’s according to the 2015 Trends in the Supply of Accounting Graduates and Demand for Public Accounting Recruits report, released by the AICPA.

Staycation Tips
Staycations are a popular way to relax and save money, but relaxing may be harder than people realize. Make the most of your end-of-summer staycation with these suggestions

Source: MICPA
Source: MICPA

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