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E-News January 24, 2018: New Episode of "In an Instant", Michigan’s Marihuana Provisioning Center Tax, Treasury Offers Courses for Local Government Officials and more

by MICPA | Jan 23, 2018   ()

New “In an Instant” Video: Investments to Grow Flint
Lots of things are changing in Flint and bringing about a spark of revitalization. State Sen. Jim Ananich (D-Flint) shares his excitement about Flint’s future in the latest episode of “In an Instant,” an insider-interview with Shane Barry, director of MICPA Government Relations. 

 
RAB Addresses Michigan’s Marihuana Provisioning Center Tax
On Jan. 18, the Michigan Department of Treasury issues Revenue Administrative Bulletin 2018-2 that explains the marihuana provisioning center tax imposed by the Medical Marihuana Facilities Licensing Act (MMFLA) and the sales and use tax treatment of marihuana and marihuana-derived products sold pursuant to the MMFLA and the Michigan Medical Marihuana Act (MMMA).
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Treasury Offers Courses for Local Government Officials
The Michigan Department of Treasury will offer a one-day course titled Understanding the Basics of Assessing for Local Unit Officials. The program provides an opportunity to learn about assessing and the Audit of Minimum Assessing Requirements (AMAR) process.  Ten sessions are scheduled at various locations throughout the state, beginning with Green Oak Township on April 27. Registration is free for local unit officials.
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IRS Asking for Taxpayer Representatives’ Personal Information
Taxpayer representatives are now being asked for their Social Security number and date of birth, in addition to their Centralized Authorization File (CAF) number, so that IRS agents can verify their identity when they call the IRS. The new questions result from an updated version of Internal Revenue Manual (IRM) Section 21.1.3.3, which took effect Jan. 3, reports the Journal of Accountancy.
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IRS Issues Additional Guidance on Transition Tax on Foreign Earnings  
Late last week, the Treasury Department and the IRS provided additional guidance (Notice 2018-13) for computing the “transition tax” on the untaxed foreign earnings of foreign subsidiaries of U.S. companies under the Tax Cuts and Jobs Act. Initial guidance on computing the transition tax was provided in late December in Notice 2018-07.
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Tax Preparers Should Check IRS.gov Before Mailing Tax Returns
Mailing addresses for federal tax returns change regularly. If you need to mail a tax return, check the where to file paper tax returns page on IRS.gov to find the correct address. You should also ensure any pre-printed envelopes reflect the correct mailing address. 
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Travelers Requiring Passports to Pay Back Taxes or Enter into Payment Agreements
The IRS encourages taxpayers who are “seriously delinquent” on their taxes – those who owe more than $51,000 in back taxes, penalties and interest -- to pay what they owe or enter into a payment agreement with the IRS. Seriously delinquent taxpayers risk losing their passports or having their passport applications or renewals denied.
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Business Taxpayers Should Be On Alert for W-2 Phishing Scam 
The IRS and Michigan Department of Treasury urged all employers to educate their payroll personnel about a Form W-2 phishing scam that made victims of hundreds of organizations and thousands of employees last year.
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FASB Proposes Reporting Changes Related to Tax Cuts and Jobs Act
The Financial Accounting Standards Board (FASB) recently issued a proposed Accounting Standards Update to help organizations reclassify certain stranded income tax effects in accumulated other comprehensive income resulting from the Tax Cuts and Jobs Act.
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FASB Issues Q&As on Implementation Issues Related New Tax Law
On Jan. 22, the Financial Accounting Standards Board (FASB) staff issued four Staff Q&A documents that address various financial accounting and reporting implementation issues related to the Tax Cuts and Jobs Act.
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What the Retail Crisis Can Teach CFOs
Despite the retail crisis, modernized players in the industry can show CFOs in other businesses a world beyond spreadsheets, says CFO.com.
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Source: MICPA
Source: MICPA

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