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LaBelle Court Case, National MAP Survey, 2016-2017 Officer and Director Nominees, and more

by MICPA | May 17, 2016   ()
Treasury Issues Notice on LaBelle Court Case

On March 31, Reversing the Court of Claims, the Court of Appeals found in favor of LaBelle Management, holding that indirect ownership as used in the Michigan Business Tax definition of a Unitary Business Group means ownership “through an intermediary.”

Treasury is evaluating the decision and reviewing the actions that must be taken by the Department and by taxpayers to comply. Compliance instructions will be forthcoming. Treasury is also considering its appeal options. READ MORE

2016 National MAP Survey is Live
With the key performance indicators relevant for today’s practitioners, the 2016 AICPA PCPS / CPA.com National MAP Survey provides an unparalleled firm-specific benchmarking opportunity. The survey is open to all CPA firms (PCPS membership not required), and all  participants will receive a free personalized summary report. If you participated in 2014, you will receive an email from mail@dynbench.com with login credentials. If you did not participate in 2014, you can sign up for the survey here. READ MORE

Clock Is Ticking on Personal Property Tax Filing Extension
Manufacturers who missed the original February deadline for the 2016 Personal Property Tax (PPT) exemption or were denied, still have an opportunity, but they must file or re-file before May 31. Visit the Department of Treasury’s Essential Service Assessment webpage and check out this toolkit from the Michigan Manufacturers Association

Free Workshop to Help Businesses Hire Michiganders with Disabilities
The MI Hidden Talent workshop on June 21 in Flint is a free seminar for businesses of all sizes offering training and resources for inclusive hiring practices. READ MORE

Michigan Tax Burden Remains below National Average
A new interstate comparison shows that Michigan ranks in the lower tier of all states in per capita tax burden. READ MORE

MICPA Announces 2016-2017 Officer and Director Nominees 
In accordance with Article VII, Section 2 of the MICPA Bylaws, the Nominations Committee met on April 21, 2016, and nominated officers and directors for terms expiring on the dates listed below. The following is a report from the Committee:

Officer Nominees - Terms expiring August 31, 2017
Chair of the Board – Elizabeth W. Meter, KPMG LLP, Detroit
Chair‐Elect of the Board – Alan C. Young, Alan C. Young & Associates PC, Detroit
Treasurer – Robert M. Johnson, Dynatrace, Detroit
Secretary – David G. Echelbarger, Echelbarger Himebaugh Tamm & Co. PC, Grand Rapids
Immediate Past Chair – Stephanie W. Bergeron, Walsh College, Troy
Past Chair – Douglas P. Roosa, General Motors Company, Detroit

Director Nominees - Terms expiring August 31, 2019
Donald W. Gribbin, Western Michigan University, Kalamazoo
Michelle F. Gallagher, Gallagher Valuation & Forensics PLC, Lansing
Andrew K. Hubacker, Deloitte & Touche LLP, Detroit
Leon C. LaBrecque, LJPR Financial Advisors LLC, Troy
Marianne M. Lilly, ShindelRock, Novi
Laura L. Horvath, Baker Tilly Virchow Krause LLP, Southfield

Revised Offer in Compromise Procedures
Effective immediately, the IRS will return newly filed Offer in Compromise (OIC) applications in cases where the taxpayer has not filed all required tax returns. Any fees included with the OIC will also be returned. This new policy does not apply to current year tax returns if there is a valid extension on file. To confirm your client is eligible and get an estimated offer amount, use the OIC Pre-Qualifier Tool.

FASB Update
The Financial Accounting Standards Board issued Proposed Accounting Standards Update – Intangibles – Goodwill and Other (Topic 350): Simplifying the Accounting for Goodwill Impairment. READ MORE

SEC Approves PCOAB Rule on Audit Transparency
The Public Company Accounting Oversight Board announced its rules that require  disclosure of the names of audit engagement partners, as well as information about other firms that participate in the audits, were approved by the Securities and Exchange Commission. READ MORE

Additional Clarity Around Next Exam Structure
Last month, the AICPA announced changes to the Uniform CPA Examination, which take effect April 1, 2017. A recently released white paper offers additional clarity around the structure of the next version Exam.

Peter Margaritis Will Keynote Tax Practitioners Conference
Peter Margaritis, noted author, trainer and CEO of The Accidental Accountant, will address new FASB accounting standards in the keynote session at the MICPA Accounting for the Tax Practitioner Conference on June 7 in Livonia. Additionally, he will lead a breakout session on revenue recognition. Check out his preview video here. Margaritis will also present seminars for MICPA on June 8 - Key Concepts of Adding Value (preview video) and June 9 - How to Identify, Explain and Present Pertinent Financial Information to Non-Accountants (preview video).

Easiest Way to Renew Your MICPA Membership? Online
Please renew online today and continue to get the most from your MICPA membership and remain part of one of the most respected professional associations in the country.

Source: MICPA
Source: MICPA

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