E-News: April 10, 2018 - Michigan Treasury's New APR Form, IRS Guidance Addresses Business-Interest Expense Limitations and more

by MICPA | Apr 10, 2018   ()

Michigan Treasury To Release New Online APR Form
Beginning April 12, a new Auditing Procedures Report (APR) form will be online for local government units to submit pension and retiree health care reports for retirement systems.  The reports are required under PA 202 of 2017 – Protecting Local Government Retirement and Benefits Act. Three new fields will need to be completed for each retirement plan and each postemployment benefits plan: plan assets (from RSI), plan liabilities (from RSI), and actuarial determined contributions/annual required contributions.
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You’re Invited:  Gain Big-Picture Insights at MICPA's Members Advisory Symposium
All MICPA members are invited to the not-to-be-missed Members Advisory Symposium on Wednesday, May 9 at the Shenandoah Country Club in West Bloomfield. With an update from AICPA President and CEO Barry Melancon and presentations from leading experts on workforce and the economy, the agenda is packed with forward-looking information to help you plan for the future. Note: an optional free afternoon session meets the new Michigan-specific ethics requirement.
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MICPA Members Help Consumers During Financial Literacy Month
As part of Financial Literacy Month, members are invited to join with the MICPA Financial Literacy Task Force in a robust social media campaign. Help spread the word all month by following the MICPA on social media and sharing posts with photos and videos, infographics, financial tips and relevant articles. Building upon last year’s success, task force members are also coordinating a series of Financial Scrapbooking presentations throughout the state. A financial scrapbook provides a single location for all-important records, such as insurance policies, retirement accounts, investments and other financial documents. Visit the MICPA Financial Literacy webpage for more consumer resources and links.
Financial Literacy 

Changing the Way Healthcare is Delivered
Ready for the latest on telemedicine regulatory compliance and valuation considerations as it relates to cybersecurity and protection of HIPAA? Explore the regulatory environment surrounding the burgeoning field of telemedicine, along with its opportunities and challenges. Discover how entities are working with the ongoing changes in regulation and client protection by registering for the Healthcare Conference today. Members can use promo code FEBAPR20 for $20 off new registrations.
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IRS Guidance Addresses Business-Interest Expense Limitations
The IRS issued initial guidance on new rules governing the deductibility of business interest in Section 163(j), as amended by the Tax Cuts and Jobs Act of 2017.
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Taxpayers Leaving $1 Billion on the Table
The IRS says an estimated one million taxpayers are running out of time to file a 2014 tax return and claim refunds totaling more than $1 billion. To claim any refund due, taxpayers must file their 2014 federal tax return by April 17, 2018.
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IRS Seeks Applications for Seats on Two Advisory Boards

The IRS is seeking qualified applicants for the following two advisory boards:

  • Electronic Tax Administration Advisory Committee (ETAAC), which provides an organized public forum for discussion of electronic tax administration issues
  • Taxpayer Advocacy Panel (TAP), a federal advisory committee that listens to taxpayers, identifies major taxpayer concerns and makes recommendations for improving IRS service and customer satisfaction. The IRS is looking for a Michigan member for TAP.

AICPA Issues Technical Q&A on Tax Accounting Considerations under Partnership Audit Regime
The AICPA issued a Technical Questions and Answers document on accounting considerations under the new IRS partnership audit regime. The TQA was developed following questions on how the rules apply and how a partnership should account for amounts it pays to the IRS for previous underpayments of tax, interest, and penalties. The rules apply to all partnerships, except for qualifying partnerships that may elect out for a tax year.
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Credit Card Signatures Are About to Become Extinct in the U.S.
Credit card networks are finally ready to concede what has been obvious to shoppers and merchants for years: Signatures are not a useful way to prove someone’s identity. The New York Times reports that later this month, four of the largest networks — American Express, Discover, Mastercard and Visa — will stop requiring them to complete card transactions.
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Source: MICPA
Source: MICPA

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