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E-News: June 19, 2018 - State Issues Notice on Amended Taxpayer Bill of Rights, Need for IRS Guidance on New Pass-Through Deduction A Top Member Concern, and more

by MICPA | Jun 19, 2018   ()

State Issues Notice on Amended Taxpayer Bill of Rights
State Treasurer Nick Khouri issued a notice outlining Taxpayer Bill of Rights amendments that took effect in May. Among other provisions, the amendments update the requirement for a taxpayer’s written designation of an authorized representative (Power of Attorney) and identify actions Treasury must take when it fails to send copies of letters and notices regarding a dispute to the taxpayer’s designated official representative.
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Need for IRS Guidance on New Pass-Through Deduction A Top Member Concern
When will the IRS issue guidance on new Internal Revenue Code section 199A?  That’s the number one question on CPAs’ minds related to the Tax Cuts and Jobs Act, according to the AICPA. The answer is soon, according to Acting IRS Commissioner David Kautter.
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Tax Reform Allows People With Disabilities to Put More Money Into ABLE Accounts
People with disabilities can now put more money into their tax-favored Achieving a Better Life Experience (ABLE) accounts and may, for the first time, qualify for the Saver’s Credit for low- and moderate-income workers, according to the Internal Revenue Service.
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More ITINs to Expire in 2018
The IRS is now accepting ITIN renewal applications for ITINs that have not been used on a federal tax return at least once in the last three consecutive years and ITINs with middle digits 73, 74, 75, 76, 77, 81 or 82 that will expire at the end of the year.  Urge your clients with expiring ITINs to begin submitting their renewal applications as soon as possible if they have a tax filing requirement next year.
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Disguised-Sale Partnership Regulations Withdrawn
The IRS is withdrawing temporary regulations on the treatment of partnership liabilities for disguised-sale purposes and is proposing to reinstate the old rules, reports the Journal of Accountancy online.
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Companies Use Flexible Schedules To Retain Older Workers
Some companies are striving to retain talented employees by offering older workers flexible working arrangements, such as part-time schedules and phased retirements, reports USA Today. Last year, about 25% of employees worked for companies that allowed flexible working arrangements, an increase from 19% in 2015, according to the Transamerica Center for Retirement Studies.
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Work Options for People Nearing Retirement Age
Some older workers can't or don't want to toil away at the same level of intensity or in the same career they've had for decades. U.S. News & World Report explains how bridge jobs and phased retirement might be a boon for people nearing the traditional retirement age who are not ready to leave the workforce. Volunteerism can help people test the possibility of a second career in the nonprofit space.
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AICPA Announces New Personal Financial Planning Certificates Program
The AICPA has launched the Personal Financial Planning (PFP) Certificates Program offering CPAs a new pathway to the Personal Financial Specialist (PFS) credential.
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Public vs. Private Blockchains: What CPAs Should Know
If you or your organization is interested in adopting blockchain technology, it’s important to understand the difference between public and private blockchains. One might be a better option than the other, as noted in a recent AICPA Insights article.
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Everything You Need to Know About Changes to the CPA Exam
Got 11 minutes? This new podcast from the Journal of Accountancy shares everything you need to know about how tax reform and Excel are changing the CPA Exam. Potential changes include the possibility of year-round testing, meaning no more exam windows and blackout dates.
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Source: MICPA
Source: MICPA

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