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IRS Offers Guidance on Recent 529 Education Savings Plan Changes, Tax Reform Updates and more

by MICPA | Jul 31, 2018   ()

IRS Offers Guidance on Recent 529 Education Savings Plan Changes
The IRS and Department of the Treasury announced their intent to issue regulations on three recent tax law changes affecting popular 529 education savings plans. Notice 2018-58 addresses a change included in the 2015 Protecting Americans From Tax Hikes (PATH) Act, and two changes included in the 2017 Tax Cuts and Jobs Act (TCJA). Taxpayers, beneficiaries and administrators of 529 and Achieving a Better Life Experience (ABLE) programs can rely on the rules described in this notice until the regulations are issued to clarify these three changes.
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Tax Reform: Updates on Like-Kind Exchanges, Rehabilitation Credit and More
The Tax Cuts and Jobs Act changed like-kind exchanges to apply only to exchanges of real property and not exchanges of personal or intangible property. The Act also affects the Rehabilitation Tax Credit for amounts that your clients pay or incur for qualified expenditures after Dec. 31, 2017.
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YouTube: Audits by Mail
A new IRS YouTube video explains what to do if your client receives a letter from the IRS stating his tax return is being audited by mail.
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Blockchain Is Creating a Surge of Job Opportunities
Companies large and small are increasingly hiring employees who can contribute to blockchain projects and colleges have added blockchain education to course plans, says U.S. News & World Report.
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FASB Issues Targeted Improvements to Leases Standard
The Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU) that reduces costs and eases implementation of the leases standard for financial statement preparers. The ASU simplifies transition requirements and, for lessors, provides a practical expedient for the separation of non-lease components from lease components.
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5 Top Blockchain and Cryptocurrency Questions Answered
Blockchain technology is expected to bring about radical change to auditing, tax and accounting services. Unsurprisingly, CPAs have a lot of questions, and the Journal of Accountancy offers some answers.
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MICPA Emerging Leaders Can Connect at Summer Meetup
CPAs with up to 10 years experience are invited to join in with other young professionals to network and hear from an experienced panel on how networking has helped them to build their companies and firms. This fun after-work event including appetizers will be held at the Emagine Theater in Royal Oak from 6-8 p.m. on August 23.
Register

MICPA Annual Meeting Notification
In accordance with the MICPA Bylaws, Article 8, Section 1, an Annual Meeting of the Association shall be held each year within six months after the last day of the fiscal year. The time and place of the Annual Meeting shall be designated by the Board of Directors and the members shall be notified by mail communication or by publication in an official publication of the Association. This year’s Annual Meeting is scheduled for September 18, 2018 and will be webcast.
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Have You Been Hacked? How Would You Know?

In today’s increasingly risky technology environment, these are fair – and necessary – questions to consider, both at a personal level and at an organizational level. In this article for MICPA members from Tommy Stephens of K2 Enterprises, you can learn about the telltale signs that your data, or that of your organization, has fallen into the wrong hands (and steps you can take to prevent it from happening).
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Source: MICPA
Source: MICPA

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