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New 'In an Instant' video, Preparing for Natural Disasters, GASB Clarifies Guidance, and more

by MICPA | Sep 11, 2018   ()

'In an Instant': New Video Takes an Inside Look at MSHDA
Shane and John chat with Earl Poleski, CPA, who serves as director of the Michigan State Housing Development Authority.
Watch the Video

Preparing for Natural Disasters
Disasters often strike quickly and without warning. Whether it is a weather emergency, natural disaster or personal crisis due to illness, unemployment or disability, most families will experience some form of disaster that leaves them with little or no time to think before making important decisions. The IRS offers steps for individuals and businesses to take now and create or update their emergency preparedness plan. Another resource is the Disaster and Financial Planning Guide from the American Red Cross and the AICPA.
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GASB Clarifies Guidance on Majority Equity Interests
The Governmental Accounting Standards Board (GASB) issued guidance clarifying the accounting and financial reporting requirements for a state or local government’s majority equity interest in an organization that remains legally separate after acquisition. A public hospital’s acquisition of a rehabilitation center that remains legally separate after acquisition is an example of the type of transaction the new guidance addresses.
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Michigan Treasury Offers Fall 2018 Local Government Summit Conference
The Michigan Department of Treasury’s Community Engagement and Finance Division invites local units of government to the 2018 Local Government Summit on Wednesday, Oct. 10, in Livonia.
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Time Running Out to Apply for Home Heating Credit
The Michigan Agency for Energy reminds qualified homeowners or renters that they must apply by Sept. 30 to receive the state’s Home Heating Credit.
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Payments Under State or Local Tax Credit Programs May Be Deductible as Business Expenses
If you have clients who make business-related payments to charities or government entities for which they receive state or local tax credits, they can generally deduct the payments as business expenses. The IRS clarified that this general deductibility rule is unaffected by the recent notice of proposed rulemaking.
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Preview New e-Services User Agreement
Beginning Oct. 14, e-Services users, after entering their accounts, will see a pop-up asking them to accept the terms of the updated user agreement. The IRS strongly encourages e-Service users to read this content and be ready to accept its terms when asked, as these changes will improve security for users. To review the agreement, read the linked article visit www.irs.gov/eservices.
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Tax Reform Changes Affecting Small Business and Self-Employed; Q3 Estimated Taxes Due Sept. 17
With the last third of the year now in full view, the IRS reminds small business and self-employed taxpayers of the importance of meeting their tax obligations. Part of those obligations normally include making quarterly estimated tax payments.
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Interest Rates Remain the Same for the Fourth Quarter of 2018
The IRS announced that interest rates will remain the same for the calendar quarter beginning Oct. 1.  
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Business & Industry Member Exclusive: Behind-the-Scenes at Frederik Meijer Gardens
Join fellow MICPA business and industry members for an exclusive networking event and private tour of the Frederik Meijer Gardens & Sculpture Park in Grand Rapids. Enjoy appetizers while touring tropical or Victorian seasonal biomes then hear about the $150 million expansion project’s community impact and financial progress by President and CEO David Hooker. The event is free for MICPA members.
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Change Your Competencies – and Your Mindset
Technology and other outside influences are vastly changing the skills finance professionals need to stay ahead. Download this new free briefing paper – Changing Competencies and Mindsets – to learn about the importance of an evolving mindset for finance professionals and how it complements continuous technological change. 
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Percentage of Women Partners is Highest at Smaller Firms, AICPA Survey Finds
Women have made the greatest inroads in attaining partnerships within the CPA profession at firms with 20 accounting professionals or less, according to new research by the AICPA. The highest ratio of female partners (43 percent) falls within the firm category of 2-10 CPAs, while the lowest (20 percent) is associated with the largest firms of 100-plus CPAs, the AICPA CPA Firm Gender Survey found.
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‘Bite-Sized’ Blueprints for CPA Candidates
Studying for the CPA exam can be tough, but some new tools might make it a bit easier. CPA candidates can now get the exact study information they need with section-specific guides provided by the AICPA. Look under the Exam Sections.
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Source: MICPA
Source: MICPA

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