News

Wayfair: Supreme Court Decides Online Sales Tax Case, Chair’s Message: Public Act of 81 and more

by MICPA | Jun 26, 2018   ()

Wayfair: Supreme Court Decides Online Sales Tax Case
Any business with sales in multiple states, including online sales, should consider the wide-reaching ramifications of last Thursday’s 5-4 Supreme Court South Dakota v. Wayfair, Inc. decision. As a result, companies should expect to see significant state audit and legislative activity in the coming months. Previous rulings relating more to due process nexus will come to the forefront now that physical presence is not required.

Note: this is the first in a series of articles prepared exclusively for MICPA members from state tax experts at Foster Swift Collins & Smith that will examine the far-reaching impact of the Wayfair decision.
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Chair’s Message: Public Act of 81
In his latest video message to members, Alan Young, MICPA chair of the board, dives into Public Act 81 of 2018 and the Michigan-specific ethics requirement. Click on the video to view.
Watch the Video

Is Your Firm as Profitable as Others Its Size?
Be in the know in less time with the newly redesigned and streamlined 2018 AICPA PCPS/CPA.com National MAP Survey. It’s the CPA profession’s largest benchmarking tool; and all participants get a free personalized report to see how their firm aligns with similar-sized practices, both regionally and nationally. The survey is open through July 16. Visit www.aicpapcpsmapsurvey.com.
MAP Survey

GASB Issues Guidance on Interest Cost Incurred Before a Construction Period Ends
The Governmental Accounting Standards Board (GASB) released guidance on accounting for interest cost incurred before the end of a construction period.
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FASB Clarifies Accounting for Not-For-Profit Grants and Contributions
The Financial Accounting Standards Board (FASB) issued an Accounting Standards Update, which clarifies whether certain transactions should be characterized as contributions or exchanges.
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Local Government Filing Deadline Is July 2
The Michigan Department of Treasury issued an e-mail notice for local units of government with a fiscal year ending December 31, 2017. Because the six-month deadline for filing local governmental unit reports falls on Saturday, June 30, reports such as the audit report, Annual Local Unit Fiscal Report (F65 Report), and the Retirement System Annual Report (form 5572), are not due until Monday, July 2, 2018.

UIA Publishes Summer Newsletter; Seeks Feedback
Find information about reporting holiday pay, an update on new UI legislation related to responding to information requests and more in the latest issue of the Michigan Unemployment Insurance Agency’s newsletter. In addition, the UIA seeks feedback on customer service in an online survey available until July 25.
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Trucking Industry: Understanding Form 2290
The IRS invites those who work closely with the trucking industry to participate in a 30-minute web-conference on Thursday, June 28. Download the flyer for details on “Understanding Form 2290 – Heavy Highway Vehicle Use Tax.”
Flyer

Add Ph.D. to your CPA
You have knowledge and practical experience. Share both! CPAs are invited to apply to the Accounting Doctoral Scholars program by Sept. 4 to join a growing community of CPAs who are inspiring and educating tomorrow's professionals. Michigan State University is participating in 2018 enrollment.
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Source: MICPA
Source: MICPA

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