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E-News October 23, 2018 - ‘It’s a Great Day to be a CPA’ Video Series, AICPA Council votes to move forward with expanded eligibility for ABV credential, and More

by MICPA | Oct 23, 2018   ()

‘It’s a Great Day to be a CPA’ Video Series
The MICPA has created a dynamic new series of five short videos aimed at introducing students and the public to the CPA profession. Look for the videos to play before all films at Emagine Theaters in Michigan during the month of November.
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AICPA Council votes to move forward with expanded eligibility for ABV credential
Members of AICPA’s governing Council voted down a motion on Sunday that would have suspended and opened additional study of expanded eligibility for the Accredited in Business Valuation (ABV) credential. A Journal of Accountancy article explains further.
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New RAB Addresses Successor Liability
The Michigan Department of Treasury released Revenue Administrative Bulletin 2018-19 to explain the law governing the potential tax liability of a purchaser or succeeding purchaser of a going or closed business or its stock of goods (commonly referred to as “successor liability”).
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Michigan Treasury Seeks Input on Uniform Chart of Accounts
The Michigan Department of Treasury is seeking input on the implementation of the new Uniform Chart of Accounts for local units of government in Michigan. Are there topics you would like to know more about? Are there tools that could make the transition go more smoothly? Please email Treasury with any thoughts, concerns or ideas at LAFD_Audits@michigan.gov; put “Uniform Chart of Accounts” in the subject line.
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New Opportunity Zone Tax Incentive
The Treasury Department and the IRS issued proposed regulations and other published guidance this week for the new Opportunity Zone tax incentive. Opportunity Zones, created by the 2017 Tax Cuts and Jobs Act, were designed to spur investment in distressed communities throughout the country through tax benefits. Under a nomination process completed in June, 8,761 communities were designated as qualified Opportunity Zones including about 300 in Michigan.
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Tax Reform Brings Changes To Real Estate Rehabilitation Tax Credit
The rehabilitation tax credit offers an incentive for owners to renovate and restore old or historic buildings. Tax reform legislation changed when the credit is claimed and provides a transition rule.
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Revised Backup Withholding Publication Features FAQs
The IRS urged small businesses and other payers to check out the agency’s newly revised backup withholding publication, now available on IRS.gov.
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How Suspension of Personal Exemptions Affects Health-Care-Related Provisions
New IRS guidance in Notice 2018-84 explains that although the Tax Cuts and Jobs Act has eliminated the personal exemption deduction, taxpayers still qualify for the Sec. 36B premium tax credit and have to pay the Sec. 5000A shared-responsibility payment.
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Tech Savvy Leads Profession’s Needs
The AICPA and NASBA agree: Accounting grads need to be fluent in technology to be an attractive new hire, reports Accounting Today.
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The Innerworkings of a Perfect CPA Exam Question
Look under the hood of the CPA Exam, and find out what makes it go in this short new video.
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There’s More Time to Implement the Hosting Services Interpretation 
The effective date of the new Hosting Services ethics interpretation has been pushed back to July 1, 2019. Visit the AICPA Code of Professional Conduct to access the interpretation. Any questions should be directed to ethics@aicpa.org or 888.777.7077: option 2, then 3.
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Are You Putting Retirement Plans on Hold? What That Means for Medicare Eligibility
If you’re at least 65 and still punching the clock at work, odds are that you have two benefit enrollment periods to worry about this year. That’s because in addition to signing up for next year’s workplace health benefits, older workers must also make sure to coordinate their coverage with their eligibility for Medicare.
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What You Need to Know About Smishing
There’s a new cybercrime in town, and it’s infiltrating your text messages. Learn about smishing and how to protect your personal information.
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Source: MICPA
Source: MICPA

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