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MI Treasury Continues Improving Service, Beware of FEMA Impersonators, Petya Cyberattack and more

by MICPA | Jul 05, 2017   ()

State Treasury Continues Taxpayer Service Improvements
The Michigan Department of Treasury continued making process improvements to ensure taxpayer refunds are processed and issued in a timely manner. To date, Treasury has processed more than 4.9 million income tax returns, with 95 percent reviewed and finalized within two weeks of receipt. For the first time in Treasury’s history, all 2015 state income tax returns were processed and reviewed during the 2016 processing year due to process and procedural improvements. Treasury is currently ahead of benchmarks and expects to process all 2016 returns within the 2017 processing year. READ MORE

Latest Michigan Treasury Tax Policy Newsletter Online
Read the latest Michigan Department of Treasury Update published by the Tax Policy Division. Topics include instructions to unitary business groups for LaBelle compliance, record retention rules for sales and use tax, use taxes for contractors and more. READ MORE

Beware of Individuals Posing as FEMA Officials
The Michigan State Police Emergency Management & Homeland Security Division warns of individuals posing as Federal Emergency Management Agency (FEMA) representatives going door-to-door. Federal officials are not going door to door in the counties affected by the flooding at this time. READ MORE

ICYMI: Protect Clients From Petya Cyberattack
After last week's global ransomware attack, Petya, it is more important than ever to help clients fortify their defenses against cyberattacks. This AICPA Insights article will tell you how to do so with recent AICPA resources.

Electronic Tax Administration Advisory Committee Issues 2017 Annual Report
The Electronic Tax Administration Advisory Committee released its annual report to the IRS and the Congress, which includes numerous recommendations on improving electronic security in the tax system and fighting tax fraud related to identity theft. READ MORE

National Taxpayer Advocate Reviews Filing Season and Identifies Priority Areas and Challenges in Mid-Year Report to Congress
The National Taxpayer Advocate released her mid-year report to Congress that presents a review of the 2017 Filing Season, identifies the priority issues the Taxpayer Advocate Service will address during the upcoming fiscal year, and contains the IRS’s responses to each of the 93 administrative recommendations the Advocate made last year. READ MORE

What's New - Estate and Gift Tax
Revenue Procedure 2017-34 provides a simplified method to obtain an extension of time under § 301.9100-3 to file a return to elect portability of the deceased spousal unused exclusion (DSUE) amount pursuant to § 2010(c)(5)(A). READ MORE

FASB Issues Proposed ASUs
Last week the Financial Accounting Standards Board issued two proposed Accounting Standards Updates:

GASB Establishes Approach For Reporting Leases
The Governmental Accounting Standards Board issued a statement that establishes a single approach to accounting for and reporting leases by state and local governments. This single approach is based on the principle that leases are financings of the right to use an underlying asset. READ MORE

PCAOB Staff Inspection Brief Details Scope of 2017 Inspections of Auditors of Broker-Dealers
PCAOB inspectors are focusing on audit areas and attestation procedures where inspectors previously found deficiencies, including auditor independence, engagement quality reviews, and certain areas of the financial statement audit. READ MORE

Train Yourself to Avoid Email Overload
Want to save time at work? This CGMA Magazine article shares three ways to improve productivity by rethinking your approach to email.

Six Risk Management Mistakes CPA Firms Make
Managing CPA liability risk exposures is a complex process, and it’s easy to underestimate the potential for risk along the way. Author Tim Huggins of CAMICO offers tips on how to avoid six mistakes by being aware and taking the right steps. READ MORE

Source: MICPA
Source: MICPA

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