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Proposed Regulations on Charitable Contributions and State and Local Tax Credits, New Redacted Tax Transcript to Debut Sept. 23, and more

by MICPA | Aug 28, 2018   ()

Proposed Regulations on Charitable Contributions and State and Local Tax Credits
The U.S. Department of the Treasury and the IRS issued proposed regulations last week providing rules on the availability of charitable contribution deductions when the taxpayer receives or expects to receive a corresponding state or local tax credit. The proposed regulations are available in the Federal Register.
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Proposed Rules Would Curb Avoidance of SALT Deduction Limit; States File Lawsuit
The Journal of Accountancy outlines what practitioners need to know about the IRS’s proposed rules that would curb the deductibility of charitable contributions that qualify for state and local tax credits, a technique some states have enacted to let residents circumvent a $10,000 limitation on individuals' state and local tax deductions. Four states call the cap an "unconstitutional assault on states' sovereign choices" in a lawsuit, reports CNBC.
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MI Republicans Nominate CPA Mary Treder Lang for Secretary of State
Michigan Republicans nominated CPA Mary Treder Lang for secretary of state at the Republican nominating convention in Lansing on Saturday. Lang, who served on the MICPA Board of Directors from 2009-2015, started her career in public accounting with KPMG. She went on to become a recognized computer security expert and served in senior management roles with numerous companies. 
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New Redacted Tax Transcript to Debut Sept. 23
The IRS unveiled a new format for individual tax transcripts that makes taxpayer information more secure. The new format redacts personally identifiable information but keeps financial entries visible, allowing tax professionals and third parties the data they need for tax preparation or income verification. The new redacted transcript debuts on Sept. 23. A sample of the new transcript and an FAQ are available on IRS.gov.
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IRS Announces Adjustments to the Compliance Assurance Process (CAP) Program
The IRS announced changes to the Compliance Assurance Process (CAP) program for 2019. CAP is a cooperative pre-filing program for some of the largest taxpayers. To give affected taxpayers more time to assess the proposed changes, the IRS will shift the start of the application period to Oct. 1, 2018 and it will close on Nov. 30, 2018.
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Aretha Franklin Left No Estate Plan or Will
The Queen of Soul is a case study in the dangers of poor financial planning, says Accounting Today.
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Add Ph.D. to your CPA
You have knowledge and practical experience. Share both! Apply to the Accounting Doctoral Scholars program by Sept. 4 to join a growing community of CPAs who are inspiring tomorrow's professionals.
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Treasury: All Ages Eligible to Open MiABLE Accounts
With August as #AbleToSave Month, the Michigan Department of Treasury reminded individuals with disabilities of all ages and their families that they may be eligible to open a special investment savings account with state tax benefits. The Michigan Achieving a Better Life Experience—commonly called MiABLE—is a 529(A)-savings account program administered by the state Treasury Department for those who wish to save for individuals with disabilities. Individuals who were disabled before they were 26 years old may open accounts.
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Top Five TCJA Tax Planning Opportunities for Businesses in 2018
As we enter into the tax planning stage of the year, the focus shifts to helping clients understand the impact of the Tax Cuts and Jobs Act and optimize their tax positions, says Accounting Today.
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Source: MICPA
Source: MICPA

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