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E-News March 20, 2018: Mark Your Calendars, How Prepared Are You?, Michigan School Finances and more

by MICPA | Mar 20, 2018   ()

Mark Your Calendars:
MICPA Members Advisory Symposium
Wednesday, May 9 at Shenandoah Country Club, West Bloomfield

How Prepared Are You?

 

New Website Explains Michigan School Finances
Michigan residents can now view the fiscal health of schools across the state through the MI School Financials Dashboard. The new website provides visual financial data about Michigan’s local school districts, intermediate school districts and public school academies through interactive maps, pie charts and graphs. Michiganders can view and compare school revenues and expenditures, as well as student count and funding per student, among other topics.
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Tax Pros: Protect Your EFINs, PTINs and CAF Numbers
Tax practitioners are being urged to maintain and monitor their Electronic Filing Identification Numbers (EFINs) and Centralized Authorization File (CAF) numbers to help safeguard taxpayer data. Cybercriminals sometimes post stolen EFINs, PTINs and CAF numbers on the Dark Web as a crime kit for identity thieves who can then file fraudulent tax returns. To assist tax professionals, the IRS created a new video and webpage.
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Tax Reform: Information Now Available on Section 965, Transition Tax
The Tax Cuts and Jobs Act requires various taxpayers with untaxed foreign earnings and profits to pay a tax as if those earnings and profits had been repatriated to the‎ United States. The new law outlines details on the tax rates, and certain taxpayers may elect to pay the transition tax over eight years.
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IRS to End Offshore Voluntary Disclosure Program
The IRS announced it will begin to ramp down the 2014 Offshore Voluntary Disclosure Program (OVDP) and close the program on Sept. 28. 
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Countdown to Implementation: Preparing for the Fiduciary Activities Guidance
Last year, the Governmental Accounting Standards Board established guidance on what constitutes fiduciary activity for financial reporting purposes. An article in the latest issue of GASB Outlook highlights what the standard is about and issues a reminder that it's time to begin planning implementation.
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How Audit Committees Can Evaluate Non-GAAP Measures
Evaluating a company’s use of non-GAAP measures in financial statements can be a challenge for audit committee members. This Journal of Accountancy article explores how used correctly, non-GAAP measures can provide companies with an opportunity to tell their story more fully in the financial statements. If misused, however, non-GAAP measures can present a distorted picture that’s more favorable than the company’s true results would indicate.
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How a Few Little Letters Can Change Your Career
Apart from the prestige of having specialty credential letters following your name, what else can they mean for you? Learn more about the value of all the AICPA credentials, and find out how to qualify.
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Source: MICPA
Source: MICPA

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