E-News on Wednesday, Michigan Dept of Treasury Issue Alert, IAASB Changes, and more

by MICPA | Mar 30, 2016   ()

E-News on Wednesday? Here’s Why
On Tuesday, our normal E-News publication day, the MICPA staff headed to Flint for a day of service to help the American Red Cross of East Central Bay-Michigan and the United Way of Genesee County compile important information on how residents can best recycle the surplus of plastic water bottles. READ MORE

Issue Alert - Business Tax Extensions, Fiscal Filers Only
The MICPA reached out to the Michigan Department of Treasury regarding requests for Business Tax Extensions that were denied. Treasury released the following statement in response:

Business Tax Extension Requests from Fiscal Year Filers – ISSUE ALERT
The Michigan Department of Treasury is aware of a system issue related to the processing of requests for Business Tax Extensions for fiscal filers only. Calendar year filers are not impacted by this issue. We are in the process of developing a system fix with an anticipated April 15 implementation date. 

Please contact the Business Taxes Division at 517.636.6925 with any questions about previously submitted extension requests that may have been inappropriately denied.

Michigan Dept. of Treasury Online Announces Planned Downtime
Michigan Treasury Online (MTO) will be unavailable while undergoing updates to the Essential Service Assessment (ESA) pages from 5 p.m. Friday, April 1 until Monday morning April 4. Enhancements effective April 4 will give taxpayers the ability to save the progress of their returns, and view and print their returns before submissions. Users will also have four different access roles: manage registration; File and Pay SUW Taxes; Fast-File SUW Now; and ESA.

IAASB Finalizes Changes for Engagements to Report on Summary Financial Statements
The International Auditing and Assurance Standards Board released ISA 810 (Revised), which provides guidance on the auditor’s responsibilities relating to an engagement to report on summary financial statements derived from financial statements audited in accordance with International Standards on Auditing by that same auditor. READ MORE

Read the AICPA's 6-Point Plan to Improve Audits
The 6-Point Plan to Improve Audits is the profession's road map for integrating quality enhancements throughout an auditor's journey. Here’s a graphic overview, or review the entire plan. READ MORE

IRS Issues New Form 3115
Announcement 2016-14, issued last week, informs taxpayers and practitioners that the IRS has revised Form 3115, Application for Change in Accounting Method, and its instructions. The Form 3115 (Rev. December 2015) replaces the December 2009 version. The announcement also provides a transition period and transition guidance. READ MORE

IRS Updates Allowable Living Expense Standards for 2016
The 2016 updates to the Allowable Living Expense (ALE) standards are now available. More information on the ALE standards and the collection process is available at Collection Financial Standards and Collection Procedures for Taxpayers Filing or Paying Late.

AICPA Council Approves Ballot Measure
The Journal of Accountancy reports that members of AICPA's Council have authorized a ballot measure on a proposal by the AICPA and The Chartered Institute of Management Accountants (CIMA) to form a new accounting association that would integrate the organizations' operations and represent the entire accounting profession, while preserving their respective membership bodies. Online voting will take place over 60 days, beginning in April after busy season. READ MORE

Source: MICPA
Source: MICPA

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