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E-News: April 17, 2018 - IRS e-File and Direct Pay Crash on Tax Day, State Sales Tax Under Scrutiny of U.S. Supreme Court and more

by MICPA | Apr 17, 2018   ()

Uh-Oh. IRS e-File and Direct Pay Crash on Tax Day
The IRS announced they are having technical issues with e-File and Direct Pay systems today. IRS personnel reported to the AICPA that they are working to resolve the problem. Additionally, Get Transcript, Status of Amended Filing and EIN Application are down. Check on the operational status by visiting these pages: IRS e-File system and Direct Pay. At time of publication, each page contains a banner at the top notifying you of the outage. This banner should disappear when regular service is available again.
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State Sales Tax Under Scrutiny of U.S. Supreme Court This Week
All eyes are on the U.S. Supreme Court this week as it takes another look at states’ rights to collect sales taxes on purchases from all online sellers (even those without a physical presence in the state). More than 50 years ago, the justices ruled that companies do not have to collect sales taxes for out-of-state purchases. The court reaffirmed that ruling in 1992, but that was before the internet revolutionized the economy, reports NPR. (Editor’s note: Audio recordings of all oral arguments heard by the Supreme Court are available online at the end of each argument week. Look for South Dakota v. Wayfair.)
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Many Corps Will Pay Blended Federal Income Tax Under New Law
Many U.S. corporations elect to use a fiscal year end and not a calendar year end for federal income tax reporting purposes.  Due to a provision in the recently enacted Tax Cuts and Jobs Act (TCJA), a corporation with a fiscal year that includes Jan. 1, 2018 will pay federal income tax using a blended tax rate and not the flat 21 percent tax rate under the TCJA that would generally apply to taxable years beginning after Dec. 31, 2017. 
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Inflation Adjustments Under Recently Enacted Tax Law
The IRS updated the tax year 2018 annual inflation adjustments to reflect changes from the Tax Cuts and Jobs Act. The tax year 2018 adjustments are generally used on tax returns filed in 2019.
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RAB 2018-8 Addresses Elimination of Oil and Gas Income/Expenses
The Michigan Department of Treasury issued Revenue Administrative Bulletin 2018-8 on April 13. This RAB clarifies questions related to the Michigan Income Tax and eliminating oil and gas income and expenses.
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IRS Chief Says Tax Season Has Gone Well, Prep for New Tax Law Continues
Acting IRS commissioner David Kautter told lawmakers last week that the tax season has gone well and described how the IRS is preparing to release draft versions of tax forms, instructions and guidance for the new tax law over the next few months, reports Accounting Today.
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People With Special Circumstances Get Extra Time to File 2017 Taxes
Most taxpayers who haven’t yet filed their tax return may request an extension, but certain taxpayers get extra time without even asking.
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Why States and Cities Are Short on Cash
The New York Times examines why Oregon's pension system is in financial trouble and how it has put a squeeze on state and local budgets.
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New MICPA Conference Helps Firms/Companies Advance Diversity Initiatives  
Globalization and fast-changing technology bring new challenges that can best be addressed by a high-performing diverse team. To help members strengthen their diversity initiatives, the MICPA is excited to announce “Advancing Diversity and Inclusion for Good Business,” a new conference on June 12 in Troy.
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Lowest Price of the Year - Hot Topics at NEW CPE by Design Conference 
On May 10-11 in Troy, MICPA members can take advantage of low-cost high-quality continuing education and choose the sessions and hot topics that are most applicable to them. Designed by CPAs for CPAs, a new CPE by Design two-day conference will include up to 16 hours of CPE with sessions on tax reform, cybersecurity, city and state tax issues and more. A free Michigan-specific ethics session is also available.
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Hospice of Michigan Invites You to Barley, BBQ & Beats
MICPA members are invited to take advantage of discounted tickets to Hospice of Michigan’s Barley, BBQ & Beats events in Grand Rapids (May 19) and Novi (June 9). The events will showcase barbecue from leading pit masters, hand-crafted cocktails from select Michigan distilleries and live music from hometown favorites. Be sure to use the links in this article to save $5 per person on advance ticket purchases. 

The MICPA is a proud supporter of HOM, including producing Financial Affairs at the End of Life to help patients and families get their financial affairs in order.

 

 

 

 

 

Source: MICPA
Source: MICPA

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