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Treasury Issues Several RABs, New Legislation Signed, MICPA Annual Meeting and more

by MICPA | Jun 13, 2017   ()

Treasury Issues Several RABs
The Michigan Department of Treasury issued several Revenue Administrative Bulletins since June 1 including:

  • RAB 2017-10 explains the current status of the credit for contributions to a shelter for homeless persons, food kitchens and food banks.
  • RAB 2017-11 updates the requirements for claiming community foundation and/or education foundation tax credits under the Michigan Business Tax (MBT).
  • RAB 2017-12 updates the discussion of the environmental protection regulatory fee contained in RAB 2015-11.
  • RAB 2017-13 describes reciprocal agreements as they pertain to Parts 1 and 3 of the Michigan Income Tax Act and nonresident taxpayers.
  • RAB 2017-14 describes how to compute and use a net operating loss and a net operating loss deduction for Michigan income tax and also describes the impact of a federal net operating loss on Michigan tax credits.

Michigan Treasury’s Cash-Basis Small-Business Session in Detroit Area Next Week
The Michigan Department of Treasury will hold an outreach seminar on June 21 in Dearborn to provide information and answer questions from taxpayers and their representatives. The session will focus on cash-basis entities such as gas stations, convenience stores and beer/wine/liquor stores. View the flyer for details.

Governor Signs Legislation Aimed at Assisting Communities Through Brownfield Redevelopment Credits
On June 8, Gov. Rick Snyder signed into law a package of bipartisan bills allowing transformational projects to capture state sales and income taxes to redevelop challenging brownfield sites. The bills require certain investment thresholds while allowing investors to capture income tax revenues. READ MORE

MICPA Annual Meeting Notification
In accordance with the MICPA Bylaws, Article 8, Section 1, an Annual Meeting of the Association shall be held each year within six months after the last day of the fiscal year. The time and place of the Annual Meeting shall be designated by the Board of Directors and the members shall be notified by mail communication or by publication in an official publication of the Association. This year’s Annual Meeting is scheduled for September 20, 2017 and will be webcast.

FASB Votes to Proceed With Final Standard on Hedging
The Financial Accounting Standards Board (FASB) voted last week to proceed with a new accounting standard expected to improve and simplify accounting rules around hedge accounting. The final Accounting Standards Update (ASU) is expected in August 2017. READ MORE

IRS Issues Statement on PTIN System
The IRS, working with the Department of Justice, is considering how to proceed after a court ruled the agency cannot charge a user fees for issuing and renewing Preparer Tax Identification Numbers (PTINs). As a result of this order, PTIN registration and renewal is currently suspended. The IRS will post on the Tax Pros page as additional information becomes available.

Interest Rates Remain the Same for the Third Quarter of 2017
The IRS announced that interest rates will remain the same for the calendar quarter beginning July 1, 2017. READ MORE

Source: MICPA
Source: MICPA

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