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City of Detroit e-Filing Program to Expand, Draft Forms for Investment Tax Credit, Benchmarking Data from Firms Nationwide and more

by MICPA | Nov 29, 2016   ()

City of Detroit e-Filing Program Expands to Corporate Filers in January 2017
Beginning in January 2017, the Michigan Department of Treasury will begin administering the City of Detroit’s Corporate, Partnership and Fiduciary Income Tax return processes and will collect and enforce income tax withholding.

Detroit’s business taxpayers will have the ability to submit their 2016 city corporate income tax returns electronically and have access to Treasury's online services. As a result, the City of Detroit will benefit from improved accuracy of electronically filed returns as well as expanded compliance and enforcement efforts. Partnership and Fiduciary Returns will now be paper filed with Treasury.

Forms, instructions, and additional information will be available later this month on the Treasury’s website at www.michigan.gov/citytaxREAD MORE

Alert Your Clients to Possible Refund Delays in 2017
Tax professionals should alert their clients that a new law requires the IRS to hold refunds until mid-February 2017 for people claiming the Earned Income Tax Credit or the Additional Child Tax Credit. In addition, new identity theft and refund fraud safeguards put in place by the IRS and the states may mean some tax returns and refunds face additional review. READ MORE

Registration Opens for 2017 Advance Payments of the Health Coverage Tax Credit
You can now register qualified clients to receive the benefits of the Health Coverage Tax Credit on an advance monthly basis in 2017. For more information, including a set of FAQs, visit www.IRS.gov/HCTC.

Draft Forms for Investment Tax Credit Available Now
Revised Form 4255, Recapture of Investment Credit, reflects the computational steps required under section 50(a)(1) and provides additional instructions on how to adjust the unused portion (i.e., carryover) of a recaptured credit. The draft Form 4255 and instructions are available now.

Why Your Last Hire Failed: CFOs Cite 'Mismatched Skill Set' as Leading Cause
Recent research from Robert Half Finance & Accounting reflects a continuing trend: Aside from poor performance, failed hires are a result of a mismatched skill set. Nearly four in 10 CFOs interviewed (38 percent) responded this way, up two percentage points from a similar survey conducted five years ago. Another 27 percent of financial executives think unclear performance expectations is the top reason new employees don't work out. READ MORE

Leverage Benchmarking Data from Firms Nationwide
The 2016 National Management of an Accounting Practice (MAP) Survey results are in. Firms are showing solid gains in revenue and profitability, diversifying services, incorporating a greater mix of billing protocols and exploring diverse strategies for growth. This article highlights key takeaways from the survey.

AICPA Outlines Tax Reform Priorities
The AICPA Tax Executive Committee’s list of proposed tax reforms includes AMT repeal, retirement savings plan harmonization, simplification of education-related provisions and IRS service improvements. READ MORE

Source: MICPA
Source: MICPA

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