State of the Union Tonight, New Message from Betsy Meter, Black History Month and more

by MICPA | Feb 28, 2017   ()

Watch State of the Union for Tax Reform Updates
U.S. President Donald J. Trump will address both houses of Congress in person and the nation via broadcast television tonight. Of keen interest to accounting professionals everywhere will be his discussion of potential tax reform. Pay close attention to two issues that might have far-reaching effects on our profession, specifically, what he says about 1.) the border tax adjustment and 2.) corporate tax rates.

New Message from MICPA Chair Betsy Meter
The potential of tax reform happening at the federal level can affect business decisions in the near-, intermediate- and long-term, and that is the focus of the latest video message from Betsy Meter, chair of the MICPA board of directors. 

Black History Month: Celebrating Accounting Trailblazers
In honor of Black History Month, MICPA joins with the National Association of Black Accountants to honor the vision and celebrate the contributions of black accounting and finance trailblazers. Read about NABA’s Black History Month honorees and learn more about Michigan’s first black CPA, Richard H. Austin, the state’s longest-serving Secretary of State. A current trailblazer is Kimberly Ellison-Taylor, CPA, CGMA, who became the first black chairman of the AICPA in October. She is also the youngest, the fifth female, and only one of a few chairs from business and industry. 

FASB Update
The Financial Accounting Standards Board recently issued two Accounting Standards Updates:

  • 2017-05 – clarifies the scope of its asset derecognition guidance and adds accounting guidance for partial sales of nonfinancial assets.
  • 2017-06 – updates accounting rules for how employee benefit plans report their interest in a master trust.

What to Do If You Suffer a Data Breach or Other Security Incident
Tax professionals are increasingly targets of cybercriminals seeking access to client data. Should you experience a data compromise, the first step is to report client data theft to your local IRS Stakeholder Liaison contact. The Stakeholder Liaison will notify IRS Criminal Investigation and others within the agency on your behalf. Speed is critical. If reported quickly, the IRS can take steps to block fraudulent returns in your clients’ names.

Fraud in the Procurement-to-Pay Process: Do You Really Know Who You Are Paying? Fraud in the procurement-to-pay process is very common and extremely difficult to detect. CGMA Magazine outlines seven steps small- and medium-size companies can take to identify fraud and prevent it from happening. READ MORE

Artificial Intelligence Comes to Financial Statement Audits
Artificial intelligence advocates speak of a time to come when these systems will be capable of auditing 100 percent of a company’s financial transactions. These visionaries foresee the day when AI will enable auditing that is a continuous and real-time process, not a prolonged exercise requiring large teams of accountants working overtime after the close of a fiscal year. explores if only human beings can tell the true story behind the data. READ MORE

IRS Makes Approved Form 1023-EZ Data Available Online
The IRS announced that publicly available information from approved applications for tax exemption using Form 1023-EZ, Streamlined Application for Recognition of Exemption, is now available electronically for the first time. READ MORE

New Rules Affect Popular Tax Credits
The Journal of Accountancy offers an update on the child tax credit, the earned income tax credit and the American opportunity tax credit. READ MORE

IRS Summarizes "Dirty Dozen" List of Tax Scams for 2017
The annual IRS “Dirty Dozen” list highlights various tax scams that taxpayers may encounter throughout the year, many of which peak during tax-filing season. READ MORE

3 Reasons Every Client Should Complete a FAFSA
Are you wondering if your clients should complete the Free Application for Federal Student Aid (FAFSA) for their college-aged children even if they don’t anticipate qualifying for federal aid? AICPA Insights offers three reasons all of your clients should complete the FAFSA regardless of income and assets. READ MORE

Source: MICPA
Source: MICPA

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