CPAs, Get Into The Act, New Treasury Website, GASB Report and more

by MICPA | Nov 21, 2017   ()

CPAs, Get Into The Act
With today's uncertain tax environment, Leon LaBrecque, JD, CPA, CFP, CFA, talks about the conversations CPAs should be having with their clients right now.

Nonprofits: Pay Attention to Proposed Tax Reform
In an article prepared exclusively for MICPA members, CPA Steve Dilley, president of Federal Tax Workshops located in East Lansing and a member of the MICPA Special Tax Task Force, says non-profits may want to pay attention to the proposed tax legislation working its way through the House and Senate. Dilley’s article outlines the potential impact on the non-profit sector related employee compensation and benefits, certain UBIT, private foundations and more. For other tax reform updates, visit the MICPA tax reform resources page.  READ MORE

Treasury: New Website Explains Local Government Finances
Michigan residents can now view the fiscal health of communities across the state through the MI Community Financial Dashboard, according to the Michigan Department of Treasury. The new website provides visual financial data about Michigan’s counties, townships, cities and villages through interactive maps, pie charts and graphs. Michiganders can view and compare local government revenues and expenditures, as well as long-term debt and unfunded pension liability costs. READ MORE

GASB Report Explores Costs and Benefits of Statement 84
The Government Accounting Standards Board recently issued a six-page report on its cost and benefit evaluation of Statement No. 84, Fiduciary Activities. The GASB considered consistency and comparability along with clarity in the standards. READ MORE

National Tax Security Awareness Week Is Nov. 27-Dec. 1
Beginning Monday, Nov. 27, the IRS, state tax agencies and the tax preparation industry will host National Tax Security Awareness Week, encouraging both individual and business taxpayers to protect their tax data and identities in advance of the 2018 filing season. READ MORE

Reminder: Jan. 31 Filing Deadline Applies to Wage Statements and Independent Contractor Forms
Wage statements and independent contractor forms must be filed with the government by Jan. 31. The Protecting Americans from Tax Hikes (PATH) Act includes a requirement for employers to file their copies of Form W-2 and Form W-3 with the Social Security Administration by the end of January. This deadline also applies to certain Forms 1099-MISC filed with IRS to report non-employee compensation to independent contractors. READ MORE

Wanted: Young, Diverse CPAs for National Ad Campaign
If you’re a 25-35-year-old CPA, love your job and have an exciting life inside and outside the office, start practicing your most dazzling grin in the mirror. The AICPA is looking for members like you to feature in a “Real CPAs” campaign, which encourages teenagers and young adults from minority groups to pursue the CPA. Submit your story and headshot by Dec. 7, 2017. LEARN MORE

Quiz: How Much Do You Know About Blockchain?
Emerging blockchain technology has implications for many disciplines that are important for CPAs, including auditing, cybersecurity and financial planning and analysis. Take this five-question quiz to find out how much you know about the basics of this important technology. QUIZ

Three Ways to Outpace Change in Extraordinary Times
The pace of disruption is radically changing the way we live and work. But if we stay ahead of change, we will reap the benefits of unprecedented opportunities. Kimberly Ellison-Taylor, CPA, CGMA, chairman of the AICPA and the Association of International Certified Professional Accountants, offers three ways to outpace the change. READ MORE

Source: MICPA
Source: MICPA

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