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E-News: March 27, 2018 - Updated Withholding Calculator, Federal Spending Bill, MICPA Career Center and more

by MICPA | Mar 27, 2018   ()

Updated Withholding Calculator Reflects Changes in New Tax Law|
To help taxpayers, the IRS updated a Withholding Calculator tool on IRS.gov to reflect changes in the Tax Cuts and Jobs Act passed in December. With most employees seeing withholding changes in their paychecks, the IRS recommends taxpayers use the Withholding Calculator to do a “paycheck checkup.”
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Federal Spending Bill Includes Tax Provisions
The $1.3 trillion spending bill passed by Congress last week includes IRS funding and tax-related technical corrections, including changes to the centralized partnership audit regime, reports the Journal of Accountancy.
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IRS Issues Guidance on Reporting Virtual Currency Transactions
Income from virtual currency transactions is reportable on income tax returns. Virtual currency transactions are taxable by law just like transactions in any other property. The IRS issued guidance Notice 2014-21 that addresses transactions in virtual currency, also known as digital currency.
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IRS Updated Allowable Living Expense Standards for 2018
Allowable Living Expense (ALE) standards for 2018 are now posted online. The ALE Standards reduce subjectivity when determining what a taxpayer may claim as basic living expenses necessary to avoid undue hardship when the taxpayer must delay full payment of a delinquent tax.
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Fill Your Accounting Positions With MICPA Career Center
With over 18,000 members and their networks, posting open finance or accounting positions in a place they’re sure to be seen by top Michigan talent.
MICPA Career Center

White Paper Identifies New Audit Opportunities in Blockchain
A new white paper from the AICPA explains how blockchain technology could both evolve audit and assurance practices and create totally new opportunities. Specifically, the paper identifies four new jobs that may be created in a blockchain ecosystem.
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Keeping Health Care Costs Under Control in Retirement
Health care is a significant expense in retirement, with Fidelity Investments projecting that a couple who retired in 2017 can expect to pay $275,000 for care. U.S. News and World Report reports on nine steps can help people reduce their spending in this area.
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How to Manage Your App Settings on Facebook
In the wake of the Facebook and Cambridge Analytics scandal, and the news that the Federal Trade Commission has opened an investigation into Facebook's use of private customer data, a lot of people are taking a minute to check the third-party app settings on their Facebook profiles. Inc. Online offers instructions for checking (and changing) your app settings.
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New CGMA Report: Purpose Behind Profit
To achieve long-term value, executives increasingly think they need to report on both financial and non-financial metrics. A new CGMA research report, created in collaboration with Black Sun and the International Integrated Reporting Council (IIRC), shares insights from the C-Suite on the need for integrated thinking.
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Source: MICPA
Source: MICPA

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