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Don't Miss It, MI Treasury Wants Your Input, Online Filing and more

by MICPA | Oct 24, 2017   ()

Don’t Miss It:  Caroline Harris Will Headline Tax Conference in Livonia
Caroline Harris, vice president of tax policy and chief tax counsel for the U.S. Chamber of Commerce, will address “The Road to Tax Reform” at the Michigan Tax Conference on Nov. 2 in Livonia. Harris, who comments on tax policy on national television networks, including Bloomberg and Fox Business, will share her analysis of impending federal tax reform. Hear how those changes may affect us on a state level and have the opportunity to ask questions. Download the brochure for MTC, one of the largest and most extensive state tax conferences in the country.  REGISTER ONLINE

MI Treasury Seeks Input on Uniform Chart of Accounts Implementation
In April, the Michigan Department of Treasury issued the new Uniform Chart of Accounts for local units of governments with an implementation date for local units with a June 30, 2018 fiscal year end and thereafter. In order to give officials more time to convert to the new accounts, Treasury is seeking input on a proposal to delay that date to local units with a fiscal year ending Dec. 31, 2018 and thereafter, with early adoption encouraged. Provide your feedback by email to Lafd_audits@michigan.gov by the close of business on Oct. 27, 2017. READ MORE

Corporations Online Filing Launches Oct. 30
Michigan Department of Licensing and Regulatory Affairs will launch the new Corporations Online Filing System (COFS) on Monday, Oct. 30 at 8 a.m.

Please note that the Corporations Division’s office and websites will be unavailable beginning Oct. 26 at 5 p.m. through Oct. 30 at 8 a.m. in preparation of launching COFS. READ MORE

IRS Will Enforce Health-Coverage Reporting on 2017 Returns
The IRS will no longer accept electronically filed individual income tax returns unless the taxpayer indicates they had health care coverage, qualify for an exemption or will make a shared-responsibility payment. This filing season will be the first time the IRS has enforced this requirement and will not accept tax returns that omit this information. Learn more in the Journal of Accountancy. READ MORE

A Closer Look at the Next 1040
Accounting Today reports the IRS has released a draft of the form for the 2017 tax year. READ MORE

IRS Announces 2018 Pension Plan Limitations, 401(k) Contribution Increases
The IRS announced cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2018. READ MORE

AICPA and Wall Street Blockchain Alliance Announce Collaboration 
The AICPA and Wall Street Blockchain Alliance announced plans to work together to define the impact of blockchain technology for the accounting profession. READ MORE

AICPA Reports on Actions Promoting Enhanced Audit Quality 
A new report by the AICPA highlights the past year’s progress in the continuing effort to enhance audit quality. The publication outlines key accomplishments in the areas of peer review, audit documentation, single audits, employee benefit plan audits and quality control. It also addresses changing talent needs with sections dedicated to the Uniform CPA Examination and Valuation credentials. READ MORE

Reevaluating the Retirement System
As traditional pensions have disappeared, more and more people must plan for their own retirements. However, the difficulty of saving for retirement, uncertainty about Social Security, and mounting health care costs may affect Americans’ ability to remain financially secure through retirement. The Government Accountability Office issued a recent report and explains the issues in this video. READ MORE

Cybersecurity Expert and Shark Tank Star Talks Data Protection
Beat the Breach, a free online event, Nov. 1 at noon, will feature global cybersecurity expert and Shark Tank star Robert Herjavec. He sits down with Association of International Certified Professional Accountants CEO Barry Melancon, CPA, CGMA, to discuss cybersecurity trends and best practices. REGISTER NOW           

3 Ways to Take Action Against Cyber Threats – for Your Firm and Clients
When news broke that roughly 143 million people could have been affected by a hack at credit monitoring agency Equifax, it was just the latest report of a significant data breach. As concerns about cybersecurity mount, CPAs are in an excellent position to help strengthen the cybersecurity risk management programs for all organizations, whether they are doing it within their own firms or organizations or for a client. Specifically, there are three ways that CPAs can use their skills and resources to guard against cyberattacks.  READ MORE


Source: MICPA
Source: MICPA

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