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Securing Mi Financial Future, Notice to MICPA Members, Cybersecurity Risk Management and more

by MICPA | Sep 20, 2016   ()

Call for Volunteers: Assist Michigan Residents in Preparing for Their Financial Futures
The MICPA, the Michigan Department of Insurance and Financial Services and others are partnering to bring Michigan residents free, non-commercial financial education programs throughout the month of October. Securing Mi Financial Future helps residents learn practical tips for retirement planning, credit scores, managing debt, long-term care and more. Your expertise is needed to provide one-on-one financial checkups – QuickChecks – for attendees at an upcoming event!

Visit this MICPA webpage for volunteer guidelines, dates and locations of events, and how to sign up. If you have any questions, please contact Shane Barry at 248.267.3710 or sbarry@micpa.org.

Notice to MICPA Members from Treasury SUW Tax Section
The Michigan Department of Treasury’s Sales, Use and Withholding (SUW) Tax Section reports it has completed 99% of returns received so far. SUW began issuing reminder letters to those taxpayers missing the required annual return, and found that in some instances, filing mistakes caused their return to be incorrectly posted and not readily identifiable by the processing system. The SUW Tax Section offers tips to ensure accuracy of filings and encourages taxpayers to file using Michigan Treasury Online. Read more in this notice to the MICPA.

AICPA Proposes Criteria for Cybersecurity Risk Management 
Two proposals issued Monday would create guidance for management in designing and describing its cybersecurity risk management program -- and would pave the way for creation of a new "cybersecurity examination" engagement by public accounting firms. The exposure drafts are the CPA profession’s latest contribution to widespread efforts to help management and boards of directors address what has emerged as a risk for organizations of all sizes, and in all sectors. Comments are due by Dec. 5. READ MORE

Interest Rates Unchanged for the Fourth Quarter
IRS interest rates will be unchanged for the calendar quarter beginning Oct. 1, 2016. The rates will be:  

  • Four percent for overpayments (three percent in the case of a corporation)
  • One and one-half percent for the portion of a corporate overpayment exceeding $10,000
  • Four percent for underpayments and
  • Six percent for large corporate underpayments 

Details were released last week in Revenue Ruling 2016-23. READ MORE

​FASB Update
The Financial Accounting Standards Board issued a proposed update for technical corrections and improvements to Topic 606 and other Topics amended by Update 2014-09, Revenue from Contracts with Customers. Comments are due by Oct. 4.   READ MORE

Plante Moran Named in Top 100 Best Workplaces for Women
Michigan-based Plante Moran is one of three CPA firms named in Fortune Magazine’s second annual 100 Best Workplaces for Women list. The three CPA firms on this year’s list are:

No. 28 – Plante Moran, Southfield
No. 93 – EKS&H, Denver
No. 97 – Crowe Horwath, Chicago

The list highlights companies with generous benefits, flexible schedules, and an emphasis on balancing work and life. Rankings are determined by employee surveys and the representation of women within the organizations. READ MORE

AICPA Seeks More Workable Deadline for Estate Basis Reporting 
Members who file estate tax returns may be interested in the AICPA’s request to Congress to change the deadline to report estate basis to February 15, following the end of the calendar year in which an estate distributes assets. Read the AICPA’s letter to tax committees.

How to Improve Your Relationship with Elderly Clients
Establishing a great relationship with your elderly clients can be more difficult than you might think. Generational differences, different styles of communication and possible impairments as a result of aging (hearing, vision) may result in the need to work a bit harder to establish a rapport with them. This article in CPA Insider offers tips to help you nurture your relationship with elderly clients. 

Source: MICPA
Source: MICPA

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