IRS Loses Lawsuit, MI Treasury Small Business Outreach Series, Cybersecurity Resources and more

by MICPA | Jun 06, 2017   ()

IRS Loses Lawsuit Over PTIN Fees
Tax preparers may be getting a refund. The requirement to pay a fee for Preparer Tax Identification Number (PTIN) may be in the past, reports Accounting Today. And the IRS might have to repay hundreds of millions of dollars to tax preparers as a result of a class-action lawsuit. The IRS has temporarily suspended registration and renewal for PTINs after a federal court ruling last week that the agency has the authority to require PTINs, but does not have the authority to charge a fee. READ MORE

Michigan Treasury Kicks Off Small-Business Outreach Series This Week
The Michigan Department of Treasury announced multiple outreach seminars to provide information and answer questions from taxpayers and their representatives. Upcoming sessions are planned for cash-basis entities such as gas stations, convenience stores and beer/wine/liquor stores. Events are slated for Grand Rapids (June 8) and Detroit (June 21). View the flyer for details.

User Fee Electronic Payment Required for Letter Rulings and Similar Requests
Beginning June 15, taxpayers requesting letter rulings, closing agreements and certain other rulings from the Internal Revenue Service will need to make user fee payments electronically using the federal government’s system.

Spring 2017 Statistics of Income Bulletin Now Available
The spring 2017 issue of the Statistics of Income Bulletin is available on featuring preliminary data about individual income tax returns filed for Tax Year 2015. The Statistics of Income (SOI) Division produces the online Bulletin quarterly, providing the most recent data available from various tax and information returns filed by U.S. taxpayers.

Resources to Help Address Cybersecurity Concerns
Two new resources are now available to help you address cybersecurity concerns in your firms and businesses: the Building a Cybersecurity Practice Toolkit from the AICPA's Private Companies Practice Section (PCPS) and the CGMA Cybersecurity Tool. PCPS tools require AICPA login (some require PCPS membership).

The CPA and Cybersecurity Risk
The auditing profession can help companies and the capital markets address the growing challenges of cybersecurity, according to The CPA's Role in Addressing Cybersecurity Risk, a new white paper from the Center for Audit Quality.

New PCAOB Rule Expands Auditor Report
A Journal of Accountancy article explains the expanded reporting duties of auditors under new rules recently approved by the Public Company Accounting Oversight Board. READ MORE

6 Tips for Successful Enterprise Risk Management
Tip #1: Get buy-in from the top. Ash Noah, CPA, CGMA, shares his tips on how to implement ERM in a new American City Business Journal article. READ MORE

Source: MICPA
Source: MICPA

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