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MBT Overpayments, National Volunteer Week, Tax Day, and more

by MICPA | Apr 12, 2016   ()

Time Running Out to Recover Old MBT Overpayments
The Michigan Department of Treasury issued a statement last week regarding overpayments remaining on Michigan Business Tax (MBT) accounts. On their final MBT return for the tax year ending December 31, 2011, some taxpayers requested that part or all of a 2011 overpayment be credited forward to the immediately succeeding tax year, rather than requesting it as a refund.  To date, some of those credit-forwards remain with Treasury, unused and unclaimed. The statute of limitations may expire on April 30. READ MORE

We Appreciate Our MICPA Volunteers
This week is National Volunteer Week and we would like to thank all of our members who have helped out in the community over the last year. Whether you volunteered at Race for the Cure, served on a task force, provided tax assistance, or helped with other initiatives, your time and hard work are tremendously appreciated. Without you, this organization would not be as strong as it is and we look forward to your continued involvement. Check out upcoming opportunities on our volunteer web page.

Be Prepared: Severe Weather Awareness Week
April 10-16 is also Michigan’s Severe Weather Awareness Week, which reminds us to have a plan and be ready to react quickly. CPAs can also help family, friends and clients safeguard their finances in case of a catastrophic event by sharing Disasters and Financial Planning: A Guide for Preparedness and Recovery, from the AICPA, American Red Cross and the National Endowment for Financial Education.

April 18 is Tax Day for Detroit Individual Tax Returns
A reminder for City of Detroit individual income tax filers: 2015 Tax Year returns must be filed with the Michigan Department of Treasury and the filing due date is April 18.  This is earlier than the standard City filing deadline of April 30. READ MORE 

Taxpayers Can Now Pay Federal Tax at 7-Eleven Stores
In a new IRS partnership with retail stores (currently 7-Eleven), taxpayers who need to pay their taxes with cash have a new option. READ MORE

Revised Offer in Compromise Booklet and Application Available
The 2016 revision of Offer in Compromise Booklet Form 656-B is now available for download. READ MORE

IRS Seeks Members for Various Advisory Groups
Are you interested in advising the IRS on various tax administration issues? The IRS seeks members for the following:

GASB Issues Pension Guidance
The Governmental Accounting Standards Board (GASB) issued guidance yesterday addressing practice issues raised by stakeholders during implementation of pension accounting and financial reporting standards for state and local governments. READ MORE

PCAOB Requests Comment on Engagement Quality Review Standard
The Public Company Accounting Oversight Board (PCAOB) seeks comments for its first post-implementation review to evaluate whether its standard for engagement quality reviews helps firms identify significant deficiencies before they issue an audit report. READ MORE

Source: MICPA
Source: MICPA

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