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Updated Guidance Highlights Key Changes in the Auditor's Report, New Form May Simplify Tax Compliance for Seniors, and more

by MICPA | Sep 06, 2018   ()

Updated Guidance Highlights Key Changes in the Auditor's Report
The Public Company Accounting Oversight Board has issued updated staff guidance to assist practitioners as they implement the board's new auditor's reporting model. The Journal of Accountancy online offers an overview of the guidance.
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Get Free Guide to Understanding State’s Tobacco Laws and Regulations
The Michigan Department of Treasury has published the Michigan Tobacco Tax Information Guide for Licensees, Retailers and Others. The guide provides background on the Michigan tobacco tax by summarizing the requirements under the Tobacco Products Tax Act (TPTA).
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New Form May Simplify Tax Compliance for Seniors
Find out about the proposed Form 1040SR for seniors. Tax Insider explains why it should be easier to complete than other short forms in the 1040 series.
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Combat-Zone Contract Workers Qualify for Foreign Earned Income Exclusion
Certain U.S. citizens or resident aliens, specifically contractors or employees of contractors supporting the U.S. Armed Forces in designated combat zones, may now qualify for the foreign earned income exclusion. The Bipartisan Budget Act of 2018 changed the tax home requirement for eligible taxpayers, enabling them to claim the foreign earned income exclusion even if their "abode" is in the United States, and it applies for tax year 2018 and subsequent years.
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FASB Improves Effectiveness of Disclosures in Notes to Financial Statements
The Financial Accounting Standards Board (FASB) issued two changes to the FASB’s conceptual framework and two Accounting Standards Updates that improve the effectiveness of disclosures in notes to financial statements.
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FASB Simplifies Accounting for Cloud Computing Service Costs
The Financial Accounting Standards Board issued an Accounting Standards Update (ASU) to reduce complexity for the accounting for costs of implementing a cloud computing service arrangement.
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Protect Your Clients, Protect Yourself: Protecting Client Data Is the Law
In the Tax Security 101 series, the IRS and its Security Summit partners encouraged tax professionals to be aware of their obligations to protect client data and to cooperate with any IRS investigation related to data theft. Protecting taxpayer information isn’t just good for the clients and good for business – it’s also the law.
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Accounting System Selection Mistakes to Avoid
For management accountants, selecting an accounting system can be a daunting — and intimidating — task. The stakes for this decision are huge. This article from Financial Management offers advice to help you make the right choice.
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Source: MICPA
Source: MICPA

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