E-News March 6, 2018: Updated Witholding Calculator, UK Audit Signing Rights for U.S. CPAs and more

by MICPA | Mar 06, 2018   ()

Updated Withholding Calculator, Form W-4 Now Available
The IRS released an updated withholding calculator on and a new version of Form W-4. The calculator and new W-4 can be used to ensure that 2018 individual tax withholding amounts are accurate in light of the recent tax law changes. The Great Lakes IRS Stakeholder provided this Withholding Calculator FAQ for MICPA members.
Read More

Special Opportunity for Business & Industry Members
Join us on Wednesday, April 11th for an exclusive networking event at the Federal Reserve Detroit. Don’t miss this chance to meet and exchange ideas with other MICPA members working in business. Take a rare behind-the-scenes tour of the Federal Reserve and then hear from Chair of the Special Tax Task Force, Leon C. LaBrecque, as he discusses what tax reform means for business and tax planning. The event is free for MICPA members.
Read More

In the News: Hackers Target CPA Computer Networks
Following  multiple IRS warnings urging all tax preparers to be on “high alert” and “step up security,” an NBC Nightly News story on Monday showed how hackers are gaining access to a treasure-trove of data from CPA offices.
Watch It

Filing Season Reminder: Include Form 8867, Paid Preparer’s Due Diligence Checklist
Congress recently expanded due diligence requirements. Tax preparers who submit two or more paper returns claiming any of three refundable tax credits without attaching Form 8867, Paid Preparer’s Due Diligence Checklist, will receive follow-up letters from the IRS. Previously, the due diligence requirements applied only to Earned Income Tax Credit (EITC) returns. Now, preparers who file returns claiming the Child Tax Credit/Additional Child Tax Credit (CTC/ACTC) and the American Opportunity Credit (AOC) must also follow due diligence requirements.
Read More

New Agreement Smooths Pathway to UK Audit Signing Rights for U.S. CPAs
The Journal of Accountancy reports on a new agreement signed last Wednesday that provides a clear route for U.S. CPAs to obtain the CA designation from the Institute of Chartered Accountants of Scotland (ICAS) and be on the pathway to U.K. audit signing rights.
Read More

FASB Addresses Accounting for Implementing Certain Cloud Computing Arrangements
The Financial Accounting Standards Board (FASB) issued proposed guidance to clarify accounting for implementation costs related to a cloud computing arrangement that is a service contract.
Read More

Michigan Treasury Issues Update
The Michigan Department of Treasury issued its latest Update newsletter with articles on changes to filing amended returns, alternative dispute resolution, unitary business groups, a change in SUW filing frequency and more.
Read More

Members: Racing for the Cure with the MICPA
Help us make this year’s team our biggest yet! This annual event is so inspiring and fun, you're going to want to invite your friends to join you (walking or running) on Team MICPA for the Komen Detroit Race for the Cure on Saturday, May 5. Questions? Contact Emily VanMeter at or call 248.267.3680.
More Info

Source: MICPA
Source: MICPA

News Archive