Tax Reform Updates, Michigan CPA Receives Award for Volunteerism, Financial Literacy Month and more

by MICPA | Nov 14, 2017   ()

Don’t Miss the Latest Updates on Tax Reform
Be sure to visit the MICPA Tax Reform Resources page frequently so you don’t miss the latest news on the tax reform discussion including MICPA podcasts, weekly Federal Tax podcasts, a comparison of the House vs. Senate bills, tax planning tips, a link to all MICPA tax-related courses, and much more. READ MORE

Michigan CPA Receives National Award for Volunteerism
Congratulations to MICPA board member Michelle Gallagher, CPA, CFF, ABV received the Business Valuation Volunteer of the Year Award today at the AICPA Forensic and Valuation Services Conference in Las Vegas. Gallagher owns and operates Gallagher Valuation & Forensics and she is a principal with Gallagher, Flintoff & Klein in Lansing. She currently chairs the AICPA ABV Credential Committee. READ MORE

Tools You Can Use: MICPA Supports Your Financial Literacy Outreach Efforts
April is Financial Literacy Month, and NOW is the best time to plan for it. Your local libraries – great venues to reach out to your community – are booking now for their spring programs. The MICPA Financial Literacy Task Force makes it easy for you to share financial literacy tips while promoting the expertise of CPAs with a ready-made, customizable one-hour presentation. Email Karleigha Kranz today for the materials.

MAF Scholarship Application Opens Tomorrow
The Michigan Accountancy Foundation 2018 scholarship application is now open through Jan. 31, 2018. The MAF scholarship program, with awards ranging up to $5,000, assists current accounting majors in funding their fifth/graduate year. Accounting majors in their senior year are encouraged to apply. READ MORE

MI Student Aid Offers Six Tips When Applying for Scholarships
As a part of Michigan’s Scholarship Month, MI Student Aid is offering Michigan students and their families six easy tips to consider when applying for scholarships. MI Student Aid also offers a scholarship search service. READ MORE

IRS: Caution About Refund Timing
The MICPA’s IRS liaison LaTanya Bacon reports that taxpayers should not rely on misleading refund charts on the internet that project tax refund dates, as any speculation about refund dates in 2018 is premature. In addition, the IRS and state revenue departments have increased their security protocols against identity theft and refund fraud, which also can affect the timing of federal and state refunds. Also, due to law changes first affecting last year’s returns, the IRS cannot issue refunds for tax returns claiming the EITC or ACTC before mid-February. Where’s My Refund? has the most up to date information available. WHERE’S MY REFUND

Treasury Launching E-Lien Recording Process Option
The Michigan Department of Treasury is going paperless and launching an E-lien recording process option for the state’s 83 counties. Through a partnership with Simplifile, all Michigan counties will be able to electronically receive a majority of state tax lien filings, lien releases and reinstatements online. Treasury will begin submitting documents electronically in early 2018. The Treasury Outreach Team will be holding information sessions for county officials interested in participating in the E-lien recording process in Escanaba (Nov. 16) and Traverse City (Nov. 17). READ MORE

PCAOB Publishes Staff Inspection Brief Previewing 2016 Inspection Findings
The brief highlights certain observations from 2016 inspections, including three recurring areas where audit deficiencies were most frequently identified. READ MORE

GASB Proposes Clarifications To Guidance On Majority Equity Interests
The Governmental Accounting Standards Board proposed guidance to clarify the accounting and financial reporting for a state or local government’s majority equity interest in an organization that remains legally separate after acquisition. READ MORE

7 Things to Do Before You Retire in 2018
U.S. News & World Report says if you plan to retire in 2018, now is the time to start planning for your transition into retirement. You will need to set up new health insurance, max out your workplace benefits while you still can and take last-minute steps to sure up your finances. Here are seven ways to make sure you’re ready to retire next year. READ MORE

Source: MICPA
Source: MICPA

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