News

State Expects $200m Sales Tax to Be Collected from Out-of-State Online Retailers, New ‘In an Instant’ Video with Sen. Jim Stamas, MTO Outage Scheduled, and more

by MICPA | Aug 14, 2018   ()

State Expects $200m Sales Tax to Be Collected from Out-of-State Online Retailers
State Treasurer Nick Khouri estimates more than $200 million in additional state revenue will be collected annually under the new sales tax rule following the U.S. Supreme Court ruling in Dakota v. Wayfair. The state will require many mail order and online retailers located outside of Michigan to pay the 6 percent sales tax on taxable sales into this state. The new rule begins for sales after September 30, as outlined last week in this Revenue Administrative Bulletin. Treasury also recently published Frequently Asked Questions.
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New ‘In an Instant’ Video with Sen. Jim Stamas
Shane and John visit Tawas to discuss Michigan’s thriving tourism industry with Sen. Jim Stamas.
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MTO Outage Scheduled
Due to a system upgrade, Michigan Treasury Online (MTO) will be unavailable from 5 p.m. August 29 through 8 a.m. September 4. During this outage, Essential Services Assessment (ESA) taxpayers will be unable to review, amend or submit ESA statements or returns through MTO or make electronic payment of ESA liability and late payment penalty through Pay Connexion.
MTO

IRS Issues New Guidance on Section 199A
The IRS issued the long-awaited Section 199A guidance. The Section 199A deduction for qualified business income was widely regarded as the most complicated and least understood topic of the Tax Cuts and Jobs Act. These regulations are designed to provide much needed computational, definitional and anti-avoidance guidance regarding the application of Section 199A. Numerous upcoming MICPA educational programs will delve into the details.
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PTIN Email Server Domain Change
The IRS issued a notice that Preparer Tax Identification Number (PTIN)-related email messages will be sent from a new mail server. This change, effective now, increases security of IRS systems. The new address is Taxpros@ptin.irs.gov; mail will cease being sent from Taxpros_PTIN@irs.gov. If you receive these emails, you may wish to add the new email address to your address book or update your email security filter to allow emails from the new address.

Free Tool for 2018 OMB Compliance Supplement
The AICPA Governmental Audit Quality Center offers a free Supplement Access Tool, which breaks down the Office of Management and Budget (OMB) Compliance Supplement by section.
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Research Funding Opportunity for Members in EducationMembers in education who are planning research into private company assurance topics: the AICPA's Assurance Research Advisory Group (ARAG) wants to help you make it happen. Submit your research proposals by Sept 28, 2018. ARAG supports academic research by providing access to firm personnel, funding, anonymized firm data and access to peer reviewers.
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Source: MICPA
Source: MICPA

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