IRS Resources, Form 5448, Michigan Business Tax Status and more

by MICPA | Jul 19, 2016   ()

Protect Your Clients, Protect Yourself: IRS Has Resources to Help
Increasingly, tax professionals are being targeted by identity thieves. These criminals – many of them sophisticated, organized syndicates – are redoubling their efforts to gather personal data to file fraudulent federal and state income tax returns. The IRS and its Security Summit partners have started a series of fact sheets and tips on security, scams and identity theft prevention measures for tax professionals, outlining steps they can take to protect client data. Bookmark this page to keep up with the latest information.

Form 5448 Completion and Essential Services Distribution Calculation
The Michigan Department of Treasury has developed Frequently Asked Questions to assist municipalities with completing Form 5448 - FYE 2012 Percentage of General Fund Operating Millage Used to Fund Essential Services. 

Business Tax Negative for Multiple Months
The state’s Single Business Tax, Michigan Business Tax and Corporate Income Tax all came in negative for the third consecutive month and the sixth time in the last eight months. Learn more in the latest newsletter from Public Affairs Associates, the MICPA’s lobby firm in Lansing. READ MORE

MICPA Member Admonished
In consideration of the MICPA foregoing a full investigation of his alleged misconduct, David H. Hoppe, entered into a nonnegotiable settlement agreement under the Joint Ethics Enforcement Program effective May 24, 2016. Under the settlement agreement, Mr. Hoppe was admonished by the MICPA pursuant to his Stipulation entered into with the State of Michigan Department of Licensing and Regulatory Affairs.

MeL Offers Newly-Designed Business Gateway
Michigan’s eLibrary,, is debuting a new Business Gateway featuring a video series designed to assist entrepreneurs in starting and growing businesses. The site offers free access to resources for businesses including market data, business articles, sample business plans, the Gale Reference Library, Gale LegalForms, and more. READ MORE

PCAOB Issues Staff Inspection Brief Detailing Scope and Objectives of 2016 Inspections of Auditors of Public Companies
The Public Company Accounting Oversight Board issued a staff inspection brief detailing the scope, focus and objectives of its ongoing 2016 inspections of auditors of public companies and other issuers. The brief may help audit firms better understand the risk-based factors that the PCAOB considers when inspecting audits. READ MORE

Tax Breaks for the Military
If you have clients in the U. S. Armed Forces, there are special tax breaks available for them. Here are some tips to keep in mind.

AICPA Expresses Concern over IRS Authority to Apply Section 385 to Partnership Debt
The AICPA has submitted a comment letter that expresses its concerns that the Treasury Department and IRS do not have the authority to extend the application of the proposed section 385 regulations to partnership equity or debt instruments issued by partnerships. READ MORE

What You Need to Know about Tax Incentives and the Federal Budget (infographic)
Tax incentives or expenditures totaled more than $1.2 trillion in fiscal year 2015 federal Budget. This infographic from the Government Accountability Office boils it down to what you need to know. READ MORE

Source: MICPA
Source: MICPA

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