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E-News February 20, 2018: New Episode of "In an Instant," New MICPA Resource for Taxpayers and more

by MICPA | Feb 20, 2018   ()

"In an Instant" with the Michigan State Treasurer
Watch the newest episode of "In an Instant" to find out what State Treasurer Nick Khouri has to say about some tough issues the Department has been working on and the role CPAs have played in coming up with solutions.

 

MICPA Member Resource – Updated Taxpayer Brochure
To help taxpayers make the best possible choice when hiring a tax preparer, the MICPA updated “Top 10 Questions to Ask a Tax Preparer.” Members are invited to download the brochure and share it on their websites, in social media and in their circles of influence. A collaborative effort of the MICPA, the Accounting Aid Society and The Association of Latino Professionals, the update for 2018 contains questions to ask a preparer along with tips, hints and warning signs. It is available in English and Spanish.
Find It Here

Treasury Announces New Outreach Workshops on MMF and New Business Issues
The Michigan Department of Treasury scheduled new seminars covering the use of  Michigan Treasury Online (MTO) to file the medical marijuana facilities tax. These sessions will be held in conjunction with seminars on the MTO in Detroit (Mar. 8), Grand Rapids (Mar. 13) and Lansing (Mar. 15).  Treasury is also collaborating with the Unemployment Insurance Agency and Licensing and Regulatory Affairs with seminars for new businesses. These events will be held in Lansing (March 5), Grand Rapids (April 3) and Saginaw (May 3).
Outreach Calendar

IRS Warns: New Filing Season, New Scam Using Practitioners’ Stolen Data
The IRS issued a new warning of a growing scam involving erroneous tax refunds being deposited into bank accounts. In this new scheme using information breached from tax practitioners’ computer files, the number of potential taxpayer victims jumped from a few hundred to several thousand in just days. After stealing client data from tax and filing fraudulent tax returns, these criminals use the taxpayers' real bank accounts for the deposit. Thieves are then using various tactics to reclaim the refund from the taxpayers. In one version of the scam, criminals posing as debt collection agency officials acting on behalf of the IRS contacted the taxpayers to say a refund was deposited in error, and they asked the taxpayers to forward the money to their collection agency.
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IRS Issues Guidance on Changes in Accounting Periods Related to the Transition Tax  
Rev. Proc. 2018-17, issued yesterday, prevents changes to the annual accounting periods of certain foreign corporations in 2017 under either the existing automatic or general procedures if such change could result in the avoidance, reduction or delay of the transition tax.
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FASB Issues ASU on Income Tax Effects Related to New Tax Law
The Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU) to address certain stranded income tax effects in accumulated other comprehensive income resulting from the Tax Cuts and Jobs Act.
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10 Habits of Highly Effective CFOs
For many CFOs, the idea of achieving a satisfying work-life balance is something of a fantasy.  However, a good formula for a successful CFO includes a healthy work-life balance, suggests Jack McCullough. He interviewed dozens of finance chiefs to find out what characteristics they consider to be drivers of their success, and he shared the top 10 with CFO.com. The MICPA is now offering a series of courses for current and aspiring CFOs. Click here for more information

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Source: MICPA
Source: MICPA

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