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Phishing Scam Alert, Michigan Treasury, MICPA Tools and Resources and More

by MICPA | Dec 27, 2016   ()

Scam Alert: New Phishing Scheme Targets Tax Pros
The IRS and the Security Summit partners continue to see new e-mail phishing schemes emerge, and tax professionals are reminded to be on the lookout for these scams as tax season approaches. A new email scheme targets tax professionals with the subject line “Mails on Hold!” These emails may appear to be from the IRS or e-services, and they may include references to such things as IRS personnel or PTINs.

The IRS and Security Summit partners strongly urge people not to click on the links or attachments contained in these emails. Review information in the Security Summit’s “Protect Your Clients; Protect Yourself”  campaign for tips to protect your information and system. You can also check IRS.gov for examples of new schemes. Report email phishing schemes to phishing@irs.gov. If you are a victim of an eservices scam, contact the eservices helpdesk at 866.255.0654 and report the incident to the FTC and TIGTA.

Michigan Treasury Issues RAB 2016-24
Revenue Administrative Bulletin 2016-24 explains the use tax base for a manufacturer/contractor that affixes its product to the real estate of others. READ MORE

Notable Changes Possible for U.S. Tax Policy. MICPA Tools and Resources Can Help You be Ready
Washington observers believe Donald Trump’s arrival as 46th President of the United States also will bring significant revisions to the tax code, including reduced rates, overall simplification and elimination of some deductions. Be ready for these changes by using the free and exclusive 1040 tax tool LJPR Financial Advisors have made available to MICPA members (watch the video below). You can also learn more at upcoming MICPA courses that cover Trump’s tax plan. READ MORE

FASB Issues Technical Improvements to Revenue Recognition Guidance
The Financial Accounting Standards Board (FASB) issued a final Accounting Standards Update that clarifies aspects of the revenue recognition guidance issued in 2014. The changes are based on input received from FASB stakeholders and its Revenue Recognition Transition Resource Group. READ MORE

IRS, Partners Move to Strengthen Anti-Fraud Effort with Form W-2 Verification Code
When taxpayers receive their Form W-2 in early 2017, they may notice a new entry – a 16-digit verification code. The expanded use of the W-2 Verification Code is a way to validate the wage and tax withholding information on the tax form. For taxpayers, taking a moment to add this code when filling out their taxes helps the IRS authenticate the information.

Many ITINs Expire Jan. 1; Renew Now to Avoid Refund Delays
Time is running out for many ITIN holders who need to file a federal income tax return in 2017 and want to avoid a long wait for a refund. READ MORE

BEC/REG Scheduling Announcement for Candidates in Your State
Candidates planning to sit for the BEC or REG sections on or after April 1, 2017 are advised that the earliest a test may be scheduled is March 11, 2017. This scheduling hold supports the change to the BEC and REG sections, which increase from three to four hours each as of April 1, 2017. Seats will be available for candidates who plan to sit for the BEC or REG sections in early April. Note: This announcement does not impact AUD or FAR test scheduling for April 1 and beyond. AUD and FAR scheduling may be done now on the Prometric website.

5 to Watch: Trends and Predictions Shaping 2017
The accounting profession has remained relevant because it anticipates and adapts to the changing needs of its clients and businesses, says AICPA Board Chairman Kimberly Ellison-Taylor, who shares the trends that will have the most impact on the profession in 2017. Read more in this AICPA Insights blog.

Safeguarding Taxpayer Data – How to Get Started
Tax professionals must safeguard taxpayer data by law. It is also critical to tax preparers’ business success. Protect your clients and yourself by taking a few common sense steps.

You can seek advice from security consultants or insurance companies. IRS Publication 4557, Safeguarding Taxpayer Data, also offers tips on how to get started. READ MORE

Source: MICPA
Source: MICPA

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