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Attest Legislation, Real Estate Transfer Tax, IRS Alerts, and more

by MICPA | Mar 08, 2016   ()

Definition of Attest Legislation Proceeds in Michigan
House Bill 5192, which would expand the definition of “attest” and bring Michigan into compliance with the AICPA’s Uniform Accountancy Act, has passed the Michigan House of Representatives unanimously, 106-0. The bill now moves to the Senate where action is expected in the coming months. For more information, reach out to the MICPA Government Relations department at sbarry@micpa.org.   

Michigan Treasury Issues Real Estate Transfer Tax Notice
The Michigan Department of Treasury clarified how to apply for the State Real Estate Tax Transfer refund for transfers from June 24, 2011 to the present if certain requirements are met. See the notice, an FAQ and Form 2796, Application for SRETT Refund, on Treasury’s website. Read More

IRS Alerts Payroll and HR Professionals to Phishing Scheme Involving W-2s
The IRS says that payroll and human resources professionals should beware of phishing emails that purport to be from company executives and request personal information on employees. Read More

ACA: Update to the “Resolving Information Form 1095 Conflicts”
The Resolving Information Form 1095 Conflicts best practices document was updated to include a Q&A that explains the tax treatment of Medicaid and Marketplace coverage dual enrollment. Return preparers should review this information before attempting to resolve apparent conflicts between Form 1095-A and Form 1095-B. See the ACA Information Center for Tax Professionals for this and other best practices documents. Read More

Rules Issued for Attorneys' Fees and Other Costs for Taxpayers Who Prevail Against the IRS
Final regulations issued by the IRS recently govern the awarding of costs and attorneys' fees to taxpayers who meet certain net worth requirements and who prevail in administrative or court proceedings against the IRS. The IRS also issued guidance on awarding attorneys' fees for pro bono representation. Read More

FASB Makes Private Company Alternatives More Accessible
The Financial Accounting Standards Board issued a standard Monday that eliminates the effective dates of the four private company financial reporting alternatives, making the alternatives more accessible. Read More

Tips for Women Looking to Advance Their Careers
Sue Coffey, CPA, CGMA, AICPA senior vice president for Public Practice and Global Alliances, offers advice in this AICPA Insights blog to female CPAs looking to accelerate their careers. Read More

 

Source: MICPA
Source: MICPA

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