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E-News October 30, 2018 - CPAs Seek Public Office at State Level, New 'In An Instant', and more

by MICPA | Oct 30, 2018   ()

CPAs Seek Public Office at State Level
Three CPAs (highlighted below) will vie for state-level office on next week’s mid-term ballot, which will include the election of 72 new legislators. If you’re interested in viewing your sample ballot, click here. The three CPAs include:

  • Secretary of State -- Mary Treder Lang began her career at KPMG’s Detroit office where she specialized in financial institutions, not-for-profits and mergers and acquisitions. She went on to work in private industry and became a recognized computer security expert. Lang currently works for Vista Maria and serves as a regent of Eastern Michigan University.
  • State Board of Education -- Tami Carlone has been a CPA, business owner and process consultant for 30 years in Michigan.
  • State Senate -- Chris Afendoulis has served in the Michigan House of Representatives for over five years and is currently running for a state senate seat in Grand Rapids. He started his career with PwC auditing governmental agencies, cities and banks as well as insurance, manufacturing and sales firms. Afendoulis worked for 24 years in private industry for an automotive parts supplier, and is a co-owner of a small family business.

New ‘In An Instant’
Shane and John head to Lansing to discuss the CPA’s role in the Medical Marihuana industry at the state level with Andrew Brisbo, director of the Bureau of Medical Marihuana Regulation.
Watch the video

State Treasury: Be Cybersecurity Aware and Prepared to Fight Tax-Related Identity Theft
With Gov. Rick Snyder proclaiming October as Michigan’s Cybersecurity Awareness Month, the Michigan Department of Treasury urges Michiganders to be cybersecurity aware and prepared to fight tax-related identify theft. Since 2016, Treasury's increased security measures protected more than 4,500 taxpayers who confirmed their identity was stolen and used to request state of Michigan refunds. As an additional layer of taxpayer protection, Treasury also sends confirmation quiz letters to help prevent the loss of state tax refunds. Taxpayers should follow the directions if a confirmation quiz letter is received.
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Hacking for the Greater Good
‘You’ve been hacked!’ It’s something no business wants to hear. But it’s not always a bad thing. A new Go beyond disruption podcast episode explains how some hackers can help organizations spot and correct cybersecurity vulnerabilities – before a legitimate breach happens.
Listen

PTINs Expire Dec. 31; Renew Now
Tax return preparers must renew their Preparer Tax Identification Numbers (PTINs) for 2019, as all current PTINs will expire Dec. 31. For those who have a 2018 PTIN, the renewal process takes a few moments online. Those who cannot remember their user ID and password can find online tools to assist them.
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FASB Updates List of Permissible U.S. Benchmark Interest Rates for Hedge Accounting
The Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU) that expands the list of U.S. benchmark interest rates permitted in the application of hedge accounting.
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Public Comment Period for Proposed Debt Limit Calculation Numbered Letter
Michigan Department of Treasury Numbered Letter 2018-4 issued last week clarifies the debt limit calculation as it relates to creating an assessed value equivalent for eligible reimbursements made under the Local Community Stabilization Authority Act. Comments are due in writing by tomorrow, Oct. 31.
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A Simple Way to Estimate Your Retirement-Spending Needs
Questions related to issues such as life expectancy, the state of the economy and medical costs can help you determine how much money you need to fund retirement.
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MICPA+ Highlight: Grow Firm Revenue With Tax Reform
CSSI partners with MICPA firms to maximize deductions for clients (like 100% bonus depreciation and section 179) and maintain compliance with the tax code. CSSI is an engineering-based consulting firm that specializes in the tax law surrounding commercial buildings including the 2017 Tax Cuts and Jobs Act, the 2014 Tangible Property Regulations and Cost Segregation. Contact Mike Gordon or Warren Dazzio for a no-cost pre-analysis for you and your clients.
Learn More

Shop Amazon Smile to Support Accounting Scholarships
Through Nov. 2, Amazon has increased its matching donation to 5% when shopping online through smile.amazon.com. If you designate the Michigan Accountancy Foundation, your donation will help provide scholarships for accounting students in Michigan.
Shop

Source: MICPA
Source: MICPA

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