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CPA Advocate March, 2018

by MICPA | Mar 16, 2018   ()

Changes for CPA Licensure 

House Bill 5236 has passed both the House of Representatives and the Senate, on its way to Governor Snyder, CPA for his signature.

Firm Mobility more aptly described as attest mobility - CPA firms who do not maintain a physical presence in the State of Michigan and are appropriately licensed in another licensing jurisdiction will no longer need to apply for firm licensure.

CPE Reciprocity - a nonresident licensee who is renewing their license is considered to have met the continuing education requirements for Michigan if he or she meets the continuing education requirements for licensure in their home state. 

CPE Carry-Over – is now in statute and this protects it going forward. Michigan is one of only a handful of states where carry-over is still allowed! 

Ethics CPE in Statute – beginning with this license cycle, a CPA licensed in Michigan will be required to complete a Michigan specific ethics course as one of his or her 4 ethics courses required for renewal of his or her license. The MICPA will serve as the content creator for that course to ensure its high standards. 

Education Requirements to Sit for the Uniform CPA Exam – The MICPA worked with universities and LARA to clarify the requirements to sit for the CPA exam. Michigan allows students to sit for the CPA exam at 120 credit hours, this clarification of law allows LARA to ensure students are taking the proper courses to prepare them for the exam. 

The MICPA worked closely with the bill sponsor, Representative Brandt Iden 
(R-Oshtemo) to ensure the language represented the best interest of the profession. The MICPA educated members of the legislature on the CPA profession and the benefits of these measures to the profession and the public. House Bill 5236 passed both House of Representatives and the Senate with overwhelming bi-partisan support and a vote of 102 – 8 and 36 – 0 respectively. The bill has been sent to the Governor for his signature. We anticipate that signage in the next few weeks, stay tuned!

Federal Tax Reform 

The MICPA has been closely following the comprehensive federal tax reform and remains committed to educating members on what these changes mean for them. While #MICPATaxTeam provides articles, podcasts and information on federal reform, the MICPA understands that there are many state-based implications of this sweeping legislation. The MICPA will collaborate with the Department of Treasury to navigate through these changes. Visitmicpa.org/taxteam to stay up to date. 

 

UIA Issues 

CPAs experience frequent difficulties when dealing with the Unemployment Insurance Agency (UIA) for their clients. The MICPA has formed a workgroup to collaborate with the UIA to improve department processes. The group will focus on common issues with the UIA’s processes and communications and will develop recommendations to present to the agency. If you have examples of problems with the UIA, please send them to the MICPA’s  Government Relations department at legislation@micpa.org

Support Your Profession at the Policy Level – Contribute to the MICPA PAC  

2018 marks the largest election year in Michigan’s recent history, making it 
as important as ever to maintain strong relationships with our friends in state government. 
The CPA profession is highly regulated and decisions are made on a regular basis in Lansing affecting Michigan CPAs. Supporting the MICPA PAC helps:

• Build positive relationships in key areas of government.
• Educate lawmakers regarding issues important to the profession.
• Provide support to candidates for state office who uphold the interests of CPAs.
• Make your voice heard.

To contribute today, visit micpa.org/pac, or simply add a PAC contribution when renewing MICPA membership.

 

Medical Marihuana Guidance Issued 

With the legislative changes in the medical marihuana industry in Michigan, CPAs have been reaching out to the MICPA for guidance on how to assist this growing industry. The MICPA team worked closely with the Department of Licensing 
and Regulatory Affairs (LARA) to advocate for guidance for CPAs in Michigan. 
On February 2, 2018 LARA issued guidance regarding CPA attestations and capitalization, as provided in Rule 11 of the Emergency Administrative Rules. The guidance can be found on their website at www.michigan.gov/bmmr.

Please contact the Bureau of Medical Marihuana Regulation at (517) 584-8599 with any questions.

Source: MICPA
Source: MICPA

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