Form 8867, Michigan Unemployment System, Women to Watch Award Nominations and more

by MICPA | Dec 13, 2016   ()

Form 8867, Paid Preparer’s Due Diligence Checklist, Revised for PATH
Due to language in the Protecting Americans from Tax Hikes (PATH) Act, the EITC due diligence requirements have been expanded to also cover two additional refundable credits – the Child Tax Credit/Additional Child Tax Credit and the American Opportunity Tax Credit. The Paid Preparer's Due Diligence Checklist, Form 8867 and instructions, have been updated to reflect this change. Check the Refundable Credit Central tax preparer toolkit for this and other helpful information.

State House Passes Overhaul to Automated Unemployment System
Last week, the Michigan House of Representatives unanimously passed a bill altering the automated unemployment system in the state. PAA, MICPA’s lobby firm in Lansing, reports that HB 4982  is intended to fix issues stemming from the unemployment agency’s computer system. READ MORE

Reminder: Deadline Approaching for MICPA Women to Watch Award Nominations
The MICPA Women to Watch Awards nomination deadline is right around the corner! This is the perfect opportunity to recognize the extraordinary women in your firm or within your company. Nominations are due by Jan. 6, 2017 for two categories: Experienced Leaders and Emerging Leaders. READ MORE

Tax Filing Season Begins Jan. 23, Tax Returns Due April 18
The federal tax-filing season will begin Monday, Jan. 23, the IRS announced, also noting that taxpayers claiming certain tax credits should expect a longer wait for refunds. READ MORE

Refund Timing for EITC and ACTC Filers
The IRS will begin to release EITC/ACTC refunds starting Feb. 15. However, the IRS cautions taxpayers that these refunds likely won’t arrive in bank accounts or debit cards until the week of February 27. READ MORE

GASB Issues Guidance on Certain Asset Retirement Obligations
The Governmental Accounting Standards Board (GASB) issued guidance for state and local governments on asset retirement obligations (AROs). GASB Statement No. 83 provides guidance for determining the timing and pattern of recognition for liabilities and corresponding deferred outflow of resources related to AROs. READ MORE

GAO Investigates Elder Abuse by Guardians
When an older adult becomes incapable of making informed decisions, a state may appoint a guardian with the authority to make decisions on that person’s behalf. While many guardians make these personal and financial decisions in good faith, some have been reported to abuse the person in their care. Find out what the Government Accountability Office found when they investigated. READ MORE

Business Executives Express Strong Optimism in Economy in Post-Election Survey 
Business executives reported a strong surge in optimism about prospects for the U.S. economy over the coming year, according to the AICPA’s fourth quarter Economic Outlook Survey, which polls chief executive officers, chief financial officers, controllers and other certified public accountants in U.S. companies who hold executive and senior management accounting roles. READ MORE

Source: MICPA
Source: MICPA

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