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In an Instant, Informal Conference Alternative Resolution, MICPA Night at Little Caesars Arena and more

by MICPA | Dec 19, 2017   ()

Wishing you and yours a happy holiday season
~ From your friends at the MICPA

Watch New Segment of In and Instant Now

Don’t miss Rep. Brandt Iden (R-Oshtemo) discuss new legislation (HB 5236) that benefits Michigan CPAs in numerous ways in our latest episode of In an Instant. Also, read more in the latest issue of CPA Advocate.

House Passes Tax Bill, Senate to Vote Tonight
This afternoon, the House voted 227-203 to pass the final version of the Republicans’ $1.5 trillion tax overhaul. No Democrats voted in favor of the bill. Senate Republicans will now debate the reconciled bill and could vote as early as this evening. For the latest news and resources, visit the MICPA Tax Reform Resources page

Informal Conference Alternative Resolution Legislation Goes to Governor
MICPA members worked collaboratively with the Michigan Department of Treasury to create improvements to the informal conference process in the state. A joint workgroup was ultimately able to compromise on legislation in the form of House Bill 4976, which the MICPA supported through the legislative process. It is anticipated that Gov. Rick Snyder will sign the bill. Rep. Jim Tedder (R – Clarkston), chair of the House Tax Policy Committee, sponsored the legislation.

State Treasury Issues Two RABs on Dec. 15
The Michigan Treasury approved two Revenue Administrative Bulletins on Dec. 15. RAB 2017-25 updates RAB 1988-30 and discusses the tax treatment of contributions to and distributions from an annuity plan created under Internal Revenue Code (IRC) 403(b). RAB 2017-26 replaces RAB 1990-4 and explains the tax base for the transfer of vehicles, off-road vehicles, manufactured housing, aircraft, snowmobiles and watercraft.
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Tickets Going Fast for MICPA Night at Little Caesars Arena
Don’t wait any longer to get your tickets if you want to be part of the first-ever MICPA Night at Little Caesars Arena on Wednesday, Jan. 31 as the Red Wings take on the San Jose Sharks. Special-offer ticket prices for MICPA members include a V.I.P. experience: a $10 food and beverage credit and seats in the Labatt Blue Club with access to a multi-level lounge with unique views of the ice with dedicated concession stands and restrooms. An added bonus: a portion of each ticket purchased will be donated to the Michigan Accountancy Foundation. To purchase tickets for this official MICPA Night please email Joe Colosi, MICPA membership department.

IRS Issues Statement on Payroll Withholding for 2018
The IRS issued the following statement on Dec. 13:  The IRS is continuing to closely monitor the pending legislation in Congress, and we are taking the initial steps to prepare guidance on withholding for 2018. ‎We anticipate issuing the initial withholding guidance (Notice 1036) in January reflecting the new legislation, which would allow taxpayers to begin seeing the benefits of the change as early as February. The IRS will be working closely with the nation's payroll and tax professional community during this process.
IRS STATEMENT

Standard Mileage Rates for 2018 Up from Rates for 2017
The IRS has issued the 2018 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. For the first time in a couple of years, the rates have increased slightly.
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IRS Provides Additional Relief for Partnerships and Certain other Entities
On Dec. 14 the IRS issued revised guidance extending relief for certain partnerships, real estate mortgage investment conduits (REMICs), and other entities that did not file the required returns by the new due date for tax years beginning in 2016.
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Get Ready for Taxes: What to Do Before the Tax Year Ends Dec. 31
As tax filing season approaches, taxpayers should prepare now to get ready for filing season. The IRS offers some tips.
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Set Growth Objectives that Won't Lead Employees Astray
Aggressive targets and good corporate behavior can coexist. This CGMA Magazine article explains how to set objectives and structure incentives that work for your organization.
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Source: MICPA
Source: MICPA

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