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IRS Cybersecurity, Final MICPA Night at the Joe, New Lease Accounting Rules and more

by MICPA | Jan 03, 2017   ()

IRS: Protect Your Client; Protect Yourself
Cybercriminals want sensitive client data that tax professionals have, so the tax preparation community is a target. As a tax professional, you can take the initial step to safeguard taxpayer data by assessing your risks and making a security plan. Developing a good security plan not only makes you think about areas where you could be vulnerable to intrusions, it also helps you focus on prevention. How do you get started on developing a plan that is workable for your business? Learn more in Publication 4557.

Join Us for MICPA Night at The Joe With On-Ice Group Photo
Celebrate the historic final season at The Joe with the MICPA! Members, staff and their families and friends are invited to MICPA Night at Joe Louis Arena on Tuesday, Feb. 7 to enjoy the game and be part of our group photo on the ice post-game. You’ll save on ticket prices while raising money for Michigan Accountancy Foundation scholarships. Additional game dates with our discount are available (Feb. 15, Mar. 24 and April 3), but this is the only game with our on-ice group photo. Click here for details and to purchase tickets.

Start Preparing Now for New Lease Accounting Rules
They don't take effect until 2019, but few leases will be grandfathered, so there will be an immediate bottom-line impact, says CFO.com. The new standards, approved by both the U.S. Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB), require that leases with a maximum term longer than one year be capitalized on company balance sheets. With the exception of leases with maximum terms of less than 12 months, no leases will be grandfathered in. That means the impact will be immediate and, in many cases, material to financial statements. READ MORE

Citizens Research Council Examines Massive Hit to Local Government Tax Bases
For local governments, including school districts, 2017 will mark another step in what has been a very slow recovery of the lost taxable value suffered as a result of the Great Recession. The Citizens Research Council of Michigan has quantified the severity of lost taxable value for the general-purpose local governments in the state in a new report: The Prolonged Recovery of Michigan’s Taxable Values. READ MORE

New Private-Company Stock-Based-Pay Rules: Analysis From CFO.com
Private firms using the current method for valuing stock-based compensation should consider using a newly allowed method instead, according to CFO.com. READ MORE

Is Your Company Family-Friendly?
Some companies are taking baby steps toward becoming more family-friendly, according to new research from staffing firm OfficeTeam. Just under half of human resources managers interviewed said their organization has made policy changes to better accommodate working parents in the past five years. When employees were asked which family-friendly perk would have the greatest impact on their decision to join a company, the clear winner was flexible hours (79 percent). Check out the infographic for details. READ MORE

Source: MICPA
Source: MICPA

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