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MICPA Update: Personal Property RAB, Video from MICPA Chair and More

by MICPA | Feb 09, 2016   ()

State Issues Tangible Personal Property RAB
The Michigan Department of Treasury approved Revenue Administrative Bulletin 2016-4 on February 1. The RAB discusses the factors the department will apply in determining whether property remains tangible personal property or loses its character as personal property and becomes a fixture through its affixation to real estate. The outcome of this determination has consequences under various Michigan tax laws, particularly in the context of the sales and use tax, which is the primary focus of this RAB.

New Video Message from MICPA Chair of the Board
Stay connected with the MICPA through this new video message from Stephanie Bergeron, MICPA Chair of the Board. She discusses the power of change and provides an important reminder of a valuable and unique member benefit only available to MICPA members.

ESA Updates
The Michigan Department of Treasury added more resources to the Essential Services Assessment (ESA) overview website including a new section that answers the Top 3 Questions of the week. Other new resources include a Form 5278 Filing Checklist and ESA Topic 9 – Property in a Renaissance Zone.

CPA Takes Helm at Detroit Public Lighting Authority
The Detroit News reports that MICPA member Nicolette Carlone was appointed chief executive officer of the Detroit Public Lighting Authority. Carlone, who has served as both chief operating officer and chief financial officer of the authority, succeeds Odis Jones, who was appointed CEO in 2013. The Public Lighting Authority is a state-created organization, and a separate legal entity from the City of Detroit, with the goal of fixing the city’s longstanding street lighting problem. The News says last year, Carlone as COO, was instrumental in securing $185 million in financing to install more than 60,000 LED streetlights throughout the city's neighborhoods.

3 Good Reasons to Attend the Members Advisory Symposium
Connect with peers and experts. Discuss important issues facing the profession. Explore hot topics in Michigan. Mark your calendar now to attend the popular MICPA Members Advisory Symposium on May 4 in Livonia. The program will include AICPA President Barry Melancon and MICPA President Peggy Dzierzawski, as well as other top-notch speakers.

Call for Nominations: MICPA Public Service Award
Do you know a CPA who goes above and beyond through community service at a local, state or regional level? Maybe this person is you. The MICPA takes great pride in honoring one individual each year as the recipient of the MICPA Public Service Award. Please take a moment to nominate a peer, or yourself, by entering a nomination online. Nominations are due by March 4, 2016. The winner of the MICPA Public Service Award will also become the Michigan nominee for the AICPA’s equivalent award. If you have any questions, contact Karleigha Kranz at 248.267.3703 or at kkranz@micpa.org.

GASB Issues Exposure Draft on Lease Reporting for State and Local Governments
A Governmental Accounting Standards Board (GASB) proposal would establish a single approach for state and local governments to report leases based on the principle that leases are financings of the right to use an underlying asset. The proposed statement would provide guidance for lease contracts for nonfinancial assets—including vehicles, heavy equipment, and buildings—but exclude grants, donated assets, and leases of intangible assets (such as patents and software licenses). The Exposure Draft—and a high-level GASB in Focus overview—is available on the GASB website, www.gasb.org. Comments are due May 31.

Tax Preparers: IdentityTheft.gov Can Help Your Clients
As a tax professional, you may be the first to discover that your client is a victim of tax-related identity theft. You also can be the first to tell the client that free help is available at IdentityTheft.gov, the government’s one-stop resource to help people report and recover from identity theft. The website offers step-by-step guidance for victims of identity theft – including tax ID theft – helping them regain control of their finances and reputations. New features on the site provide personal recovery plans and pre-filled letters and forms victims can use to resolve the identity theft.

Tax Legislation Amends Individual Tax Credits
Buried in the news of a number of tax credits finally being extended permanently in the Consolidated Appropriations Act were revisions to the child tax credit, the American opportunity credit and the earned income tax credit. This article in Tax Insider discusses the current rules and the changes that have been made to those popular credits.

Source: MICPA
Source: MICPA

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