MICPA Awards, PTIN Renewal Season, CPA Exam Sample Test and more

by MICPA | Oct 11, 2016   ()

MICPA Announces 2016 Awards
The Michigan Association of Certified Public Accountants has named the winners of its 2016 annual awards recognizing professionals who have made a lasting impact in their industry and in their communities. The winners were honored on Oct. 5 at the MICPA’s annual Awards Dinner in West Bloomfield.

“We are proud to recognize these winners who are shining examples of the accounting profession,” said Peggy Dzierzawski, president and CEO of MICPA. “These CPAs embody our best standards – a commitment to our profession and a commitment to give back to their communities.”  READ MORE

Legislation Expands Paid Preparer Due Diligence Requirements
Effective for tax year 2016, Congress expanded the EITC due diligence requirements to include two additional refundable credits – the Child Tax Credit/Additional Child Tax Credit and the American Opportunity Tax Credit. One of four due diligence requirements is completion and submission of Form 8867, Paid Preparer’s Due Diligence Checklist. Form 8867 requires paid tax preparers to certify they have confirmed their clients’ eligibility for each of the credits – EITC, CTC/ACTC and AOTC. The draft Form 8867 and instructions, which are now available for public comment, have been modified to include these credits. Learn more from the EITC Central tax preparer toolkit.

It’s PTIN Renewal Season
All PTINs expire on Dec. 31 and must be renewed annually. Paid tax preparers are required to have a valid PTIN. The renewal fee is $50. Get started at

IRS Accepting ITIN Renewal Applications
If a client is affected by recent changes involving the Individual Taxpayer Identification Number (ITIN) program, you can now submit an ITIN renewal application to the IRS. By submitting the application package in the next few weeks ITIN taxpayers may avoid unnecessary delays and allow for smoother and faster processing.

Tax-filing Extension Expires Oct. 17 for Millions of Taxpayers; Check Eligibility for Overlooked Tax Benefits
If you have clients whose tax-filing extension runs out on Oct. 17, be sure to double check the returns for often-overlooked tax benefits. READ MORE

AICPA Lays Out Recommendations to IRS Regarding Guidance to Implement New Centralized Partnership Audit Regime
The AICPA has submitted more than 40 specific recommendations to the IRS to consider when drafting the necessary administrative guidance to implement the new partnership audit rules, which were enacted as part of the Bipartisan Budget Act of 2015 and are generally effective for tax years 2018 and later. READ MORE

Next CPA Exam Sample Test Now Available
The new sample test for the next version CPA Exam, which launches April 1, 2017, is now available. The updated sample test provides candidates with a preview of exam content as well as the functionality experienced in a Prometric test center. The sample test is compatible with both Macs and PCs, and runs on most major web browsers. READ MORE

Fraud Risk Management Guidance Updated by COSO
Developing a transparent anti-fraud culture and conducting periodic risk assessments are important steps for organizations in deterring fraud, according to a fraud risk management guide updated by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). Learn more from this Journal of Accountancy online article. The AICPA is a member of COSO.

Five Low- or No-cost Ways for CPAs to Help Slam the Door on Cybercriminals
With the news media announcing hacks, breaches or phishing scams virtually every week, cybersecurity has become a major concern for businesses of all sizes. The AICPA is recognizing National Cybersecurity Month with a new series of AICPA Insights blog posts. The first post helps CPAs understand five low- or no-cost ways to defend against cybercrime. READ MORE

How to Develop Skills Worthy of a CFO
In addition to the traditional finance and compliance roles, CFOs are seeing their duties expand to include responsibilities in IT, human resources and risk management. A new report in CGMA Magazine shows how CFOs can develop the skills to manage all of those duties. READ MORE

Source: MICPA
Source: MICPA

News Archive