Hurricane Harvey, New Outreach Seminars from MI Treasury, Understanding Blockchain and more

by MICPA | Aug 29, 2017   ()

IRS Gives Tax Relief to Victims of Hurricane Harvey
Hurricane Harvey victims in parts of Texas have until Jan. 31, 2018, to file certain individual and business tax returns and make certain tax payments, the IRS announced today. This includes an additional filing extension for taxpayers with valid extensions that run out on Oct. 16, and businesses with extensions that run out on Sept. 15. READ MORE

Schuette Cautions Against Scammers in the Aftermath of Hurricane Harvey
Michigan Attorney General Bill Schuette reminds Michigan residents that scammers use times of disaster as an opportunity to make a quick buck. Schuette noted that the most common scams to happen after a storm of this nature are fake charities and selling flood damaged vehicles. READ MORE

Michigan Treasury Announces New Outreach Seminars
Upcoming outreach seminars presented by the Michigan Department of Treasury will focus on the resources available to business taxpayers through Michigan Treasury Online (MTO). Following each session, participants can get one-on-one assistance with their account, or help in setting up an account. MTO sessions will be held in Rochester Hills (Sept. 14), Saginaw (Sept. 29) and Flint (Sept. 29). An additional session on sales tax will be held in Howell (Sept. 26).

Trying to Understand Blockchain?
Amanda Wilkie, chief information officer at WithumSmith+Brown, outlines some blockchain fundamentals, including current uses and future potential in this short video from the Journal of Accountancy online.  WATCH NOW

FASB Issues Improvements to Hedge Accounting
The Financial Accounting Standards Board (FASB) issued a final Accounting Standards Update that will improve and simplify accounting rules around hedge accounting. The ASU is effective for public companies in 2019 and private companies in 2020. Early adoption is permitted. READ MORE

Don’t Take the Bait: Protect e-Services Accounts, EFINs
Tax professionals are responsible for protecting access to their IRS e-Services account and safeguarding their Electronic Filing Identification Number (EFIN) from thieves. The IRS offers several steps you can take to protect yourself and your clients’ sensitive information. READ MORE

AICPA Urges IRS to Make Changes to Proposed Partnership Audit Regulations; Outlines Recommendations for Improvement
The AICPA urged the IRS to make changes to its proposed regulations that are intended to implement the new Centralized Partnership Audit Regime, which was created by the Bipartisan Budget Act of 2015. The AICPA made multiple recommendations about how to improve the proposed regulations and also requested clarification on a number of the proposed administrative provisions in its August 14 comment letter. READ MORE

Source: MICPA
Source: MICPA

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