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MICPA Updates: Meet the Players, Master Tax Guide, New RAB and More

by MICPA | Oct 27, 2015   ()
MICPA Hosts First-Ever Meet the Players Event in West Michigan

An example of the MICPA’s commitment to continually advance relationships with elected officials statewide, the Association created an opportunity for its members to network with nine area legislators on Thursday, Oct. 22 in Grand Rapids. The tremendously successful event drew praise from members and legislators alike.

“The MICPA has been very fortunate to forge such strong relationships with many of the legislators who were in the room,” said Dennis Echelbarger, a past MICPA chair of the board and current member of the Legislative Advisory Group. “We’ve made significant headway on issues important to CPAs and to the state, and an event such as this one builds pathways to continuing that good work.”

“It’s not often that groups come together to host legislators like this,” said Representative Chris Afendoulis, of the 73rd District near Grand Rapids. “Since my election into the Michigan House of Representatives, I’ve put a strong emphasis on working collaboratively with groups like the MICPA to further our great state’s comeback.”

Attorneys from the State Bar Taxation Section and members of the Michigan Women’s Tax Association also participated in the networking event.

MICPA Members Save 25% to Pre-Order 2016 Master Tax Guide
The Michigan Association of CPAs and CCH offer a member benefit that provides a 25% discount on CCH tax and accounting titles – including the popular 2016 U.S. Master Tax Guide®, which will be published on Nov. 16. Log into the MICPA website and visit this webpage to receive the member-only discount. For more information, please contact the MICPA's Membership Department at 248.267.3700.

New RAB: CIT and Where Benefit of Services Is Received

Revenue Administrative Bulletin 2015-20 issued by the Michigan Department of Treasury addresses how a taxpayer determines where the recipient of services receives the benefit of those services, for purposes of calculating the apportionment sales factor. This RAB does not address the sourcing of other types of sales under the CIT Act.

 

Michigan Treasury Launches Newsletters
Michigan Department of Treasury is expanding communications with practitioners. The Tax Policy Division has published the first issue of a new quarterly publication, The Treasury Update. The newsletter will include articles about tax issues and programs, alerts on new laws and administrative guidance, and litigation updates. As new issues are released, they can be found on this About Treasury webpage. In the personal property tax arena, stay abreast of the latest information regarding the Essential Services Assessment through a new listserv. Visit the ESA website for the link to sign up.

IRS, States, Industry Make Progress in Fight Against Identity Theft
The IRS, state tax administrators and leaders of the tax industry announced continued progress to expand and strengthen protections against identity theft refund fraud for the 2016 tax season. The initiative focuses on improved validation of the authenticity of taxpayers and information included on tax return submissions, increased information sharing to improve refund fraud detection and expand prevention, as well as more sophisticated threat assessment and strategy development to prevent risks and threats.

Many Pension Plan Limits Stay the Same for 2016
The IRS has released the cost‑of‑living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2016. Many of the limits will not change for 2016 because the increase in the cost-of-living index did not meet the statutory thresholds that trigger adjustment.

GASB Proposes Changes to Pension Standards for Certain Governments
The Governmental Accounting Standards Board (GASB) proposed new guidance to help governments meet the reporting requirements of GASB Statement No. 68, Accounting and Financial Reporting for Pensions. The guidance would apply to governments that participate in certain private or federally-sponsored, multiple-employer defined benefit pension plans, such as Taft-Hartley plans or plans with similar characteristics. Comments are due by November 16. Read more.

Source: MICPA
Source: MICPA

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