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Comments Invited on New Form 1040 for 2019 Tax Season, Wayfair: Is Michigan’s Legislative Nexus Standard the New Bright Line, and more

by MICPA | Jul 03, 2018   ()
Comments Invited on New Form 1040 for 2019 Tax Season
Last week, the IRS announced plans to streamline the Form 1040 into a shorter, simpler form for the 2019 tax season. The new Form 1040 consolidates the current 1040, the 1040A and the 1040EZ into one form. The IRS plans to work with the tax community to finalize the streamlined Form 1040 over the summer to ensure a smooth transition. Tax professionals can review a draft copy and submit comments to WI.1040.Comments@IRS.gov.

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Wayfair: Is Michigan’s Legislative Nexus Standard the New Bright Line?
As a result of the recent Supreme Court Wayfair decision, taxpayers will confront an array of legal analysis, tax and business planning that simply has not existed in the last thirty years. After exploring whether a seller has met the facts of Wayfair, the seller will need to re-visit potentially lower bright-line standards in other state statutes. In Michigan, out-of-state businesses contracting with Michigan businesses, third-party vendors, solicitation companies and warehouse/distribution centers will need to conduct such a re-examination. The answers may very well lead to new planning and business restructuring. 

Note: this is the second 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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What You Need to Know if Clients Receive IRS Letter CP2000
Learn about the IRS CP2000 letter and how to respond to it on behalf of your clients on this webpage and in this new YouTube video
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Taxpayer Advocate Report Focuses on Customer Service
The National Taxpayer Advocate identified priority areas in a mid-year report to Congress. The report focuses on making customer service a priority and also presents a review of the 2018 filing season.
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AICPA to IRS:  We Need Guidance on Virtual Currencies
Today, approximately 66.5 million unique households own cryptocurrencies such as Bitcoin. And the virtual currency adoption rate is only expected to rise, emulating that of the internet. This has perked the IRS’s ears, and the agency is doubling down on the requirement for taxpayers to report their virtual currency transactions. But what’s missing is guidance on how to do so, according to this AICPA Insights post.
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Is State Legislation Endangering the CPA License?
The regulatory environment around the country is causing concern among CPAs — who are keeping a close watch on state legislation that might affect CPA licensure. Listen to this Journal of Accountancy podcast as Skip Braziel, vice president of state regulatory and legislative affairs at the AICPA, and Ron Gitz, CPA, CGMA, executive director and CEO of the Society of Louisiana CPAs, discuss what happened to make state legislatures focus so much on occupational licenses.
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New CGMA Report: The Changing Role and Mandate of Finance
In the future finance function, professionals will need more than strong technical skills. They will need to be partners, strategic thinkers, advisers, problem solvers, innovators and guardians of value and the business model. This new CGMA report explains how technology is reshaping the role of finance professionals.
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What Speech Is Protected in the Workplace?
Can employees really say what they want about what they believe when they’re at work? After all, it is a free country, right? The answer is yes. And no.
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How Do Your Firm’s Billing Rates Compare?
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 similarly-sized practices, both regionally and nationally. The MAP survey is open through July 16. Visit www.aicpapcpsmapsurvey.com.
MAP Survey

Source: MICPA
Source: MICPA

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