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E-News: May 1, 2018 - Small Business Week, State Treasury Offers Help to Taxpayers, IRS Provides Certain Small Employers with Relief and more

by MICPA | May 01, 2018   ()

It’s Small Business Week: Free IRS Resources to Share With Your Clients
This week, during National Small Business Week, the IRS is hosting daily webcasts designed to help small business owners and self-employed individuals navigate common tax situations they may encounter. Remaining sessions include: Pay Now? Pay Later? Can’t Pay? on May 2; Small Business Resources on May 3; and Paycheck Checkup on May 4. In addition, the IRS YouTube channel small business playlist features several short, helpful videos.
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State Treasury Offers Help to Taxpayers Who Missed Tax Filing Deadline
Michigan taxpayers who missed the April 18 state income tax filing deadline have options for filing a late return, according to the Michigan Department of Treasury. “If a taxpayer owes tax and cannot make full payment, Treasury will work with them on payment options,” said Deputy Treasurer Glenn White, head of Treasury’s Tax Administration Group.
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IRS Provides Certain Small Employers with Relief for the Small Business Health Care Tax Credit for 2017 and Later Years
The IRS issued guidance that provides relief for certain small employers that wish to claim the Small Business Health Care Tax Credit for 2017 and later years. 
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Security Summit to Tax Pros: Beware of New Twist on Old Phone Scam
The IRS and its Security Summit partners are asking tax professionals to beware of a new twist on an old phone scam as criminals use telephone numbers that mimic IRS Taxpayer Assistance Centers to trick taxpayers into paying non-existent tax bills. Remember: Scammers are still at work – even after the filing deadline passes.
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IRS Grants Relief for Taxpayers Affected by Reduction of Maximum Deductible Health Savings Account Contributions
The IRS announced relief for taxpayers with family coverage under a High Deductible Health Plan who contribute to a Health Savings Account (HSA). For 2018, taxpayers with family coverage under an HDHP may treat $6,900 as the maximum deductible HSA contribution. A change in the inflation adjustment calculations for 2018 under the Tax Cuts and Jobs Act had previously reduced the maximum deductible HSA contribution for taxpayers with family coverage under an HDHP by $50, to $6,850.
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FASB Proposes ASU on Collaborative Arrangements 
The Financial Accounting Standards Board issued a proposed Accounting Standards Update with amendments to make targeted improvements to GAAP for collaborative arrangements. Comments are due by June 11.
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Survey Says: Only 1 in 3 Businesses ‘Very Prepared’ for Recent Tax Law
The U.S. Tax Cuts and Jobs Act of 2017 is now in effect, but its implementation and impact on businesses is just starting to unfold. A survey of CFOs by financial recruitment firm Robert Half Finance & Accounting shows only about one-third of companies (32 percent) are very ready for the new demands, while 68 percent are somewhat prepared or not at all ready for the changes.
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In case you missed it...
Watch MICPA members Leon LaBrecque, Dan Hoops, Lynn Gandhi and Margaret Amsden on last Sunday's episode of Detroit Wants 2 Know discussing how we can be better prepared for tax season next year.
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Best Practices to Implement a New Business System
Technological innovation, new regulations and corporate changes require upgrading or replacing legacy business systems to streamline processes and increase efficiency.  FM Magazine offers advice.
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Source: MICPA
Source: MICPA

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