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ESA, Tax Exemption Claim Procedures, PCAOB Issues Staff Guidance for Firms Filing the New Form AP and more

by MICPA | Jul 05, 2016   ()

Eligible Manufacturing Personal Property and ESA: Next Steps
Last week, the Michigan Department of Treasury issued a reminder to Eligible Manufacturing Personal Property (EMPP) claimants of the next steps to certify and pay the Essential Services Assessment (ESA). The electronic ESA Statement is currently available through Michigan Treasury Online (MTO) for claimants who filed and received the exemption by February 22 and will be available on June 30 for Form 5278 filings processed in the second filing window which ended May 31. This ESA Statement is only available online and will not be mailed.

Detailed instructions on how to navigate MTO, as well as additional information regarding the EMPP exemption, ESA tax, and approved electronic filing and payment methods are available on the ESA website at www.michigan.gov/esa. To receive the EMPP exemption for 2016 and avoid late penalties, each taxpayer is required to certify this ESA Statement and pay the full ESA liability by August 15. READ MORE

State Treasury Issues RAB on Tax Exemption Claim Procedures
Revenue Administrative Bulletin (RAB 2016-14) describes the general procedures sellers and purchasers should follow when exemptions are claimed under the General Sales Tax Act and the Use Tax Act. This RAB replaces RAB 2002-15 in its entirety for periods on or after January 9, 2009 and it reflects the elimination of the “good faith” requirement for transactions occurring on or after January 9, 2009. READ MORE

PCAOB Issues Staff Guidance for Firms Filing the New Form AP
The Public Company Accounting Oversight Board issued staff guidance for firms filing the new Form AP, disclosing the names of engagement partners and other firms participating in public company audits. The PCAOB also launched a web resource page on Form AP for investors, auditors, and others interested in the information. READ MORE

New Compliance Rules for Low-Income Housing Tax Credit Projects
An article from The Tax Advisor explains how recent guidance from the IRS changes the rules for state and local housing tax credit agencies tasked with monitoring whether housing projects meet requirements to qualify for the credits, allowing the agencies to be much more flexible. READ MORE

$1.1B in Fraudulent Refunds Kept From Thieves
During a summit last week, the IRS said that it stopped $1.1 billion in fraudulent tax refunds this year through April, money that crooks attempted to collect by filing more than 171,000 fake tax returns. READ MORE

Learn How Your Firm Stacks Up Against the Competition
Do you know where your firm stands in the marketplace? Participate in the 2016 AICPA Private Company Practice Section/CPA.com National MAP Survey, where you can gain crucial competitive insights. MICPA members who take the survey will get a free personalized summary report with over 100 data points to compare when the final reports are published.

Submit Your Small Business Client Success Story for the Next AICPA #CPAPOWERED Campaign (Deadline July 8)
The AICPA is soliciting member CPA stories about their relationships with small business clients, and how these relationships have resulted in successful growth. The stories will be featured in the next #CPAPOWERED campaign, a national initiative to promote the value and reputation of CPAs serving small businesses. Please contact Susan Josephson, sjosephson@aicpa.org, by July 8 to discuss your small business success story in more detail.

Source: MICPA
Source: MICPA

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