CPAs in State Primaries, Not-For-Profits: FASB Update, PCAOB Teleconference and more

by MICPA | Aug 09, 2016   ()

With Primary Victories, Two CPAs Move on to General Election
All seats in Michigan’s 110 districts of the House of Representatives were up for grabs in Michigan’s primary election on August 2. In one of the strongest presidential election cycle primary turnouts in the past 40 years, two incumbent CPAs were successful and will move on to the general election in November.

Chris Afendoulis, CPA (R-Grand Rapids Township) ran unopposed in the 73rd District, a heavily Republican-based seat. Martin Howrylak, CPA (R-Troy) won his third primary (2012, 2014 and 2016) in the 41st District and will face Cyndi Peltonen in the general election. READ MORE

Not-For-Profits: FASB Update
The Financial Accounting Standards Board proposed new accounting rules intended to clarify when a not-for-profit entity that is a general partner should consolidate a for-profit limited partnership or similar entity. In the coming weeks, the FASB is expected to issue a standard intended to simplify and improve how a not-for-profit organization classifies its net assets as well as the information it presents in financial statements and notes about its liquidity, financial performance, and cash flows. This standard is the first phase of the FASB’s project to improve financial statements for not-for-profit organizations. READ MORE

PCAOB Schedules Teleconference Calls to Answer Questions from Firms about the Technology Implementation of Form AP
The Public Company Accounting Oversight Board scheduled three teleconference calls (Aug. 15 and 24, Sept. 14) to answer questions from registered firms about their technology implementation of Form AP, Auditor Reporting of Certain Audit Participants. READ MORE

National Taxpayer Advocate Will Hold Public Forums in Ohio Aug. 16
National Taxpayer Advocate Nina E. Olson and U.S. Rep. Jim Renacci of the House Ways & Means Committee will hold a public forum on August 16 in Parma, Ohio to discuss what taxpayers want and need from the IRS to comply with their tax obligations. READ MORE

IRS Works to Help Taxpayers Affected by ITIN Changes; Renewals Begin in October
Last week, the IRS announced important changes to help taxpayers comply with revisions to the Individual Taxpayer Identification Number (ITIN) program made under a new law. The changes require some taxpayers to renew their ITINs beginning in October. READ MORE

IRS Warns Taxpayers of Summer Surge in Automated Phone Scam Calls; Requests for Fake Tax Payments Using iTunes Gift Cards 
The IRS has seen an increase in “robo-calls” where scammers leave urgent callback requests through the phone telling taxpayers to call back to settle their “tax bill.” The automated calls allow scammers to reach the largest number of victims possible. In the latest trend, IRS impersonators are demanding payments on iTunes and other gift cards. READ MORE

Memorial Day Failure-to-Deposit Penalty Error
Many taxpayers who made next-day employment tax deposits on Tuesday, May 31 or semi-weekly employment tax deposits on Thursday, June 2 were incorrectly sent notices that the deposits were late. IRS systems have been corrected and taxpayer accounts will be updated. READ MORE

2016 CPA Exam Booklet Now Available
A new resource is available for CPA Exam candidates in your state! The new 2016 CPA Exam Booklet is now available online and will benefit those preparing for the exam. 

Source: MICPA
Source: MICPA

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