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E-News: April 3, 2018 - IMPORTANT - New State Law Affects Michigan CPAs

by MICPA | Apr 03, 2018   ()

New Michigan Law Addresses Firm Mobility, CPE Reciprocity and Other Changes 
The Michigan Department of Licensing and Regulatory Affairs issued a notice on April 2 to licensed and registered accountants and firms highlighting provisions of Public Act 81 of 2018. Signed into law by Gov. Rick Snyder on March 19, the new law revises continuing education requirements for licensed CPAs and makes Michigan the 26th licensing jurisdiction to adopt full firm mobility legislation. It takes effect June 17, 2018.
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Treasury: Tax Professionals Should Be On Alert for Data Theft Scams
The Michigan Department of Treasury is joining the IRS, state tax agencies and the tax industry to warn tax professionals to be on alert for possible taxpayer data theft scams in the final weeks of the income tax filing season. “Tax professionals should enhance their data safeguards immediately,” said Deputy State Treasurer Glenn White, head of Treasury’s Tax Administration Group. “Nationally, there has been a rise in cybercriminal thefts of taxpayer data from tax professionals.” So far this filing season, the IRS reports that taxpayer data theft is up 60 percent nationwide.
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Business & Industry Members Behind the Scenes: Federal Reserve Detroit
MICPA Business and Industry Members are invited to gather from 1:30-4:30 pm on April 11 for a rare behind-the-scenes tour of the Federal Reserve in Detroit and a special opportunity for networking with other members. This free member event will also include an expert presentation with important take-aways about the new tax law and its implications for business and tax planning. 
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U of M Study: When the IRS Visits, Tax Enforcement Methods Matter
Tax enforcement actions by the IRS can have an impact on the behavior of those directly affected and also some taxpayers connected to them via a network. University of Michigan tax researchers worked with the IRS to run random experiments that examined the effects of letters and in-person visits on how much tax withheld from paychecks at at-risk firms was turned in to the IRS. Depending on the approach, the IRS was able to collect a varying amount of taxes owed, according to the researchers. The research results may inform future policy changes to maximize revenue collection.
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Individual Audit Rate at Lowest Point Since 2002
IRS audits declined for the sixth consecutive year in 2017 to reach 1 in 160 individual tax returns, the lowest rate since 2002, according to the recently issued 2017 IRS Data Book. 
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IRS and US Treasury Issue Guidance Related to New Tax Law
On April 2, the Treasury Department and the IRS issued three sets of guidance on issues related to the recently enacted Tax Cuts and Jobs Act. The guidance covers the following:

GASB Establishes New Guidance on Debt Disclosures, Addresses Direct Borrowings and Direct Placements
The Governmental Accounting Standards Board (GASB) released guidance designed to enhance debt-related disclosures in notes to financial statements, including those addressing direct borrowings and direct placements.
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Accountant by Day, NHL Goalie at Night?
Yes, you read that correctly. Scott Foster, a 36-year-old accountant, made seven saves for the Chicago Blackhawks in his NHL debut Thursday night.
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7 Ways Women Can Advance Their Careers
Women are proving now's the right time to assert themselves in the CPA profession. This AICPA Insights article explains how to take stock of what you have to offer as a professional and determine the best ways to put your talents to work to reach your goals. 
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Call for Nominations for ‘Most Powerful Women in Accounting’ Awards
The AICPA and CPA Practice Advisor will co-present the Most Powerful Women in Accounting awards, given annually to 25 women leaders who are helping to define and advance the profession. Nominations for the 2018 awards are being accepted until April 27.
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Source: MICPA
Source: MICPA

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