IRS Delays Extra Help, Michigan Treasury System Maintenance, FASB ASU Changes and more

by MICPA | Mar 14, 2017   ()

Tax Pros: IRS Delays Extra Help to Revalidate Your Identity
On Friday, the IRS announced that extra assistance would be available this week for Letter 5903 recipients who must revalidate their identities. However, a major snowstorm along the East Coast is expected to affect operations at the Massachusetts call site. As a result, the IRS will not have additional staff available this week to assist Letter 5903 recipients but will reschedule to allow those e-Services users to meet their requirements.

E-Services registration accounts were suspended for tax professionals who received Letter 5903 and failed to revalidate their identities within the required 30-day time period. Letter recipients must revalidate even if they are infrequent users of e-Services or its tools. 

Michigan Treasury Announces System Maintenance for Tomorrow
Due to system maintenance, certain forms and reports will not be available on the Michigan Department of Treasury website from 9 a.m.-1 p.m. tomorrow, Mar. 15. The affected forms include Auditing Procedures Report, Exemption Application, Long-Term Prior Approval Application, Short-Term Prior Approval Application, Qualifying Statement and Reconsideration.

FASB ASU Changes Presentation of Defined Benefit Costs
The Financial Accounting Standards Board issued ASU 2017-07 to change the presentation requirements for employers' financial reporting for pension and other post-employment benefit plans. The update is designed to improve the transparency and usefulness of financial information. Read more on the new rules in the Journal of Accountancy.

New C Corporation Due Dates Chart Available
Get additional clarification on due dates from a new AICPA C corporation due dates chart, learn more on the C corporation (Form 1120) original and extended due dates. Find the chart and other tools to help practitioners on the due dates resource page. READ MORE

Komen Race for the Cure Looking for Board Volunteer
A wonderful community service opportunity awaits you if you have the time and energy to give it. Susan G. Komen Greater Detroit Race for the Cure® is searching for someone to serve a two-year term on its board of directors. If this interests you, click here for complete details.

FinREC Exposes 5 Revenue Recognition Issues
The AICPA Financial Reporting Executive Committee exposed working drafts to address five new revenue recognition issues. Learn more in this article from Journal of Accountancy. Comments are due by May 1.

FAFSA Woes: IRS Shuts Down Data Retrieval Tool for Financial Aid Applications
Due to security concerns, the Data Retrieval Tool on and will be unavailable for several weeks. The closure creates complications for families applying for financial aid and for student borrowers seeking more affordable repayment plans. The data retrieval tool allows students to automatically transfer household tax information already on file with the IRS into aid applications – a feature created to speed up the aid application process while cutting down on errors. The IRS offers other ways to find the required tax information including contacting your tax professional. READ MORE

Free Webcast on Thursday: Register to Learn Inclusive Workforce Strategies
The second of three free webcasts in the AICPA’s 2017 Diversity and Inclusion series will address “Workforce Diversity: Retraining and Attracting Diverse Talent,” from 1-2 p.m. on Mar. 16. Register here.

Source: MICPA
Source: MICPA

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