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We Asked, You Answered – Impact of Tax Reform, The Post-Wayfair Future of SALT Controversies: The Due Process Clause and more

by MICPA | Jul 17, 2018   ()

We Asked, You Answered – Impact of Tax Reform
More than 350 MICPA members responded to a recent first-of-its-kind survey from the Association to gauge the impact of the Tax Cuts and Jobs Act on their clients. Members spoke out about tax reform’s impact on charitable giving, capital expenditure, SALT deduction limitations, pass-through provisions and more.  Learn more in this summary, or become a tax reform resource by joining the MICPA tax team on the Tax Reform Resource page.
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The Post-Wayfair Future of SALT Controversies: The Due Process Clause
Although many state tax disputes previously focused on the Commerce Clause, the fact that Wayfair lowered the Commerce Clause's bar likely means that the Due Process Clause will be significantly more important in deciding whether a state can require out-of-state companies to collect sales tax. Companies must now consider the due process doctrine to determine if enough connection exists for the state to have jurisdiction over them.

Note: this is the fourth in a series of articles prepared for MICPA members from state tax experts at Foster Swift Collins & Smith that examine the far-reaching impact of the Wayfair decision.
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MAP Survey Not Completed? No Worries
Did you start the National Management of Accounting Practice survey but didn’t finish it by yesterday’s deadline? You can still access your survey until July 31 to complete it. (You must have started your survey by July 16.)
MAP Survey

New ‘In an Instant’ Video
Rich Baird, transformation manager of the Office of Gov. Rick Snyder, talks with Shane and John about the regional economic impact of the new Gordy Howe Bridge and the role CPAs have played in Michigan’s resurgence.
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Michigan Treasury Provides Overview of Changes to LCSA Act
The Michigan Department of Treasury is working to update content on the Personal Property Tax Reimbursements website to reflect significant amendments to the Local Community Stabilization Authority Act (LCSA Act). Meanwhile, Treasury issued an overview of the changes.
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AICPA to IRS: Simplify Draft Form W-4 and Instructions
In a letter to the IRS and Department of the Treasury last week, the AICPA said taxpayers need a Form W-4 that is easy to understand and simple to complete and that employers should not bear onus for calculating employees’ withholding.
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Avoid These Not-For-Profit Financial Statement Mistakes
Not-for-profit auditors repeatedly encounter certain financial statement errors that are easily identifiable. The Journal of Accountancy offers five tips to help not-for-profits prevent some of these common mistakes.
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Alexa: What’s the Latest Accounting News?
Are you among the 20 percent of Americans who own and use a virtual assistant-enabled device on a regular basis? With Alexa from Amazon, you now can access a flash brief with accounting news from the AICPA. In your Amazon account or the Alexa app go to settings, then Alexa preferences, and scroll down for flash briefings. Search for “accounting” or “AICPA.”
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Are You Considering an Advisory Service Practice?
Are you considering an advisory service practice? Many financial professionals are in order to meet the growing demand of specialized services in the areas of business valuation, financial forensics, personal financial planning, information management and technology assurance. One of the first steps is to develop a solid business plan. And just as important, obtain a credential in your advisory area. The AICPA offers credentials that can start you on the path to adding an advisory service.
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New CPA Exam Booklet Released
The newly updated CPA Exam booklet provides a valuable overview of the Exam process, requirements and structure, and available study resources.
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Source: MICPA
Source: MICPA

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