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Happy Holidays, 2017 Tax Filing Season, User Fees for IRS Installment Agreements and more

by MICPA | Dec 20, 2016   ()

Happy Holidays from all of us here at the MICPA! 

2017 Tax Filing Season: Tools and Resources to Help You Prepare
Experts predict significant changes to tax law when President-elect Donald Trump takes office. The current proposal simplifies the tax code and cuts rates while removing a number of deductions. To prepare for the 2017 filing season when these anticipated tax law changes could go into effect, check out this exclusive 1040 tax tool provided free to MICPA members by LJPR Financial Advisors (watch related video). You can also learn more at upcoming MICPA courses that cover Trump’s tax plan. READ MORE

Why You Might Want to Renew Your Vehicle Registration Now
An article in today’s Detroit Free Press outlines increases in vehicle registration fees and state gas taxes that go into effect Jan. 1 as part of a 2015 road funding plan to raise an additional $600 million annually. If your birthday is within the next six months, you can renew your registration before year-end at 2016 prices. Otherwise, plan to pay about 20 percent more in 2017 for your new license plate tabs. READ MORE

User Fees for IRS Installment Agreements Finalized
Regulations on new user fees for IRS installment payment agreements are now final. The new fees go into effect Jan. 1. The lowest cost, lowest fee option for taxpayers that need an installment agreement is the IRS Online Payment Agreement application with payments made by direct debit. The new fee for that option is $31, down from $52. The fee for low-income taxpayers using other options to set up an installment agreement remains at $43. READ MORE

New Tool Helps Audit Committees Assess Implementation of New Revenue Recognition Standard
The Center for Audit Quality (CAQ) released a tool to help audit committees assess a company’s implementation of the new revenue recognition standard, which will take effect for many public companies January 1, 2018. READ MORE

Contribute to the Profession in a Unique Way
Inspire and influence the lives of accounting students by donating to the Michigan Accountancy Foundation (MAF), which provides fifth year scholarships to the next generation of CPAs. As you complete your 2016 year-end tax planning, please consider making a tax-deductible contribution to the Foundation. Your support enables students to take the next step in their careers and, as you know, that's a gift that keeps giving over a lifetime. Donate to the MAF today online or call 248.267.3700.

2017 GAAP Financial Reporting Taxonomy Now Available
The Financial Accounting Standards Board (FASB) announced the availability of the 2017 GAAP Financial Reporting Taxonomy (Taxonomy) pending final acceptance by the U.S. Securities and Exchange Commission (SEC). The 2017 GAAP Taxonomy is available here. READ MORE

Survey Says: Client Accounting Services Emerging as Significant Revenue Category Across CPA Firm Segments
Client accounting services has become an important line of business for CPA firms in all size segments, even as overall client fees grow, according to a survey sponsored by the AICPA Private Companies Practice Section and CPA.com. READ MORE

The Employers' Holiday Wish: An Easy Hiring Process
With the holiday season underway, one item that may be on many employers' wish lists is a great new hire, suggests results from a recent Robert Half survey suggest. Sixty-two percent of CFOs reported difficulty finding skilled candidates for professional-level positions. Controller, financial analyst and senior accountant positions are among toughest positions to staff, according to Robert Half. The recruiter also offers tips to attract skilled candidates. READ MORE

Source: MICPA
Source: MICPA

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