E-News October 9, 2018 - Yellow Book Changes, MICPA Chair's Video Message, and more

by MICPA | Oct 09, 2018   ()

Get Up-to-Speed on Yellow Book Standard Changes
Members working with government entities will need to familiarize themselves with the new 2018 Government Auditing Standards. Updates to the “Yellow Book,” last revised in 2011, were issued in late July. The 2018 revision is effective for financial audits, attestation engagements and reviews of financial statements for periods ending on or after June 30, 2020, and for performance audits beginning on or after July 1, 2019. Learn the ins and outs of the new standards at upcoming MICPA events.
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Grants Available for Financially Distressed Cities, Villages and Townships
Cities, villages and townships experiencing financial struggles can now apply for a grant to help fund special projects and free up tax dollars for important services, according to the Michigan Department of Treasury. Applications must be submitted by Nov. 21.
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Streamlined Sales Tax System After Wayfair
In South Dakota v. Wayfair, the Supreme Court reversed decades of precedent created in Quill Corp. v. North Dakota, by abandoning Quill’s bright line physical presence nexus standard. The taxing powers of a state may be limited by constitutional clauses. One of these clauses, the Commerce Clause, limits a state’s authority to impose tax if the tax will burden interstate commerce.
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Michigan Treasury Launches New Unclaimed Property Website
Claiming lost or abandoned property in Michigan became easier with the launch of Michigan Unclaimed Property’s new, state-of-the-art website. Individual and business claimants now have access to enhanced search options, the ability to check on previously-filed claims, and to file new claims and verifying documentation electronically, uploading it directly to Michigan Unclaimed Property. Previously, claimants had to file paper claims and documentation through the mail.
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Tax Reform: Guidance on Business Expense Deductions
The IRS issued guidance in Notice 2018-76 on the business expense deduction for meals and entertainment following recent changes to the tax law.
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2017-2018 End of the Year Chair's Message
Thank you, Alan C. Young, for a great year. You made a difference.
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Time Is Limited to Elect Out of New 100 Percent Depreciation Deduction for 2017
Businesses that placed qualifying property in service during 2017 but choose not to claim the new 100 percent depreciation deduction have a limited time to file the required election with the IRS. The new 100 percent deduction allows businesses to write off most depreciable business assets in the year they are placed in service. Because the deduction is retroactive and applies to qualifying property acquired and placed in service after Sept. 27, 2017, it may affect many 2017 tax returns.
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5 Tips for Nudging Procrastinating Clients on Extension
With the Oct. 15 tax extension drawing near, you can use these tips for getting the information you need from clients who are dragging their feet.
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Help Clients Better Cope with IRS Audits
Reassurances about IRS audits are often insufficient to assuage the fears of some clients. A column in AccountingWeb offers advice on how to alert them to tactics that can make the experience less traumatic and expensive.
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3 Things Firms Need to Get Started With SOC Services
System and Organization Controls (SOC) services can be a profitable business line for many CPA firms, but it isn’t something you can learn as you go. An AICPA blog post outlines what CPAs should know before embarking on SOC services. In addition, this free brochure – SOC for Cybersecurity: Helping you build trust and transparency – shows how CPAs are uniquely qualified to perform SOC engagements.
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More than 60 CPAs honored at last week's Awards Dinner
More than 60 CPAs were honored last week at the 2018 MICPA Awards Dinner recognizing individuals within the accounting profession that have exemplified excellence through dedication, leadership and service. Governor Rick Snyder, recipient of the Distinguished Achievement Award, was among those honored at this truly special event. Congratulations to all the winners and thank you to all of our guests for supporting the MICPA. View the Facebook gallery for a look into this memorable evening.
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MICPA+ Highlight: Monetek Helps CPAs Uncover R&D Tax Credits for Clients
MICPA+ partner Monetek, LLC, a Bloomfield Hills-based boutique consulting firm, has helped hundreds of companies claim over $1B in R&D tax credits. Monetek can complement your services to clients, with all assessments and evaluations offered at no charge to MICPA members and their clients. Contact Monetek now to learn more ahead of December tax planning time.
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Source: MICPA
Source: MICPA

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