E-News - November 20, 2018 - New Treasury Report Highlights Financial Recovery Since Great Recession, The Latest Developments in CPA Firm Mobility, and more

by MICPA | Nov 20, 2018   ()

Treasury: New Report Highlights Local Government Financial Recovery Since Great Recession
The Michigan Department of Treasury released a new financial report that highlights how local units of government across the state have recovered since the Great Recession. While general fund balances have increased overall and the number of general fund deficits have decreased, the improvement is not uniform. The report notes that some entities have not seen the same level of recovery and continue to face challenges with lower general fund balances and lower property tax values.
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Lights, Camera …Accounting?
CPAs Make the Big Screen for Thanksgiving’s Blockbuster Weekend
As “Ralph Breaks the Internet”, “Creed II” and “Robin Hood” roll into your local theater, Thanksgiving weekend officially kicks off the big holiday movie season.

Whatever movie you plan on taking in, get to one of Emagine’s Michigan theaters and see “It’s a Great Day to be a CPA.”

Created by the MICPA, this new video series introduces students to the varied opportunities available to CPAs and the important role CPAs play in our communities. The short videos will play before the trailers through mid-December.

A special thanks to MICPA member, and Emagine Entertainment CEO, Paul Glantz, for making this opportunity a reality.

Paul’s generosity will also be making the season brighter for several Michigan families, as he gifted $25,000 to Channel 95.5’s annual drive to help those who deserve a better holiday.

Podcast: The Latest Developments in CPA Firm Mobility
Learn why firm mobility is an important issue right now in a podcast from the Journal of Accountancy featuring MICPA Chair-elect David Echelbarger of Echelbarger Himebaugh Tamm & Co., Grand Rapids. Echelbarger talks about Michigan’s path to firm mobility and how it has opened up markets for his firm and other small- to mid-size practitioners.

MAF Announces New Educator Grant to Promote CPA Profession
The Michigan Accountancy Foundation recently announced a new grant opportunity to support projects or programs designed to increase the number of students becoming CPAs in Michigan. Up to $10,000 may be awarded per project. The deadline for submission is Jan. 31, 2019.
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Applications Currently Accepted for MAF Scholarships
The Michigan Accountancy Foundation is accepting applications for scholarships through Jan. 31, 2019. The MAF scholarship program, with awards ranging up to $5,000, assists current full-time accounting students in funding their fifth/graduate year. The scholarships are funded through generous donations of CPAs throughout the state.
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Small Businesses Can Expense More; Bonus Depreciation Expanded
Recent tax law changes allow your small business clients to immediately expense more of the cost of certain business property. Many can write off most depreciable assets in the year they are placed into service.
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Tax Inflation Adjustments for 2019
The IRS issued tax year 2019 annual inflation adjustments for more than 60 tax provisions, including the tax rate schedules. Revenue Procedure 2018-57 provides details about the adjustments.
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IRS Warns of “Tax Transcript” Email Scam; Dangers to Business Networks
The IRS warned the public of a surge of fraudulent emails impersonating the IRS and using tax transcripts as bait to entice users to open documents containing malware.

The scam is especially problematic for businesses whose employees might open the malware because this malware can spread throughout the network and potentially take months to successfully remove.
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Keeping an Eye on Fraud
Monetary damages from cybercrime are estimated to reach $6 trillion by 2021, experts say. A recent article from the AICPA Forensic Litigation Services Fraud Task Force provides greater insight and best practices on how you can play a critical role in helping your clients keep their defenses strong.
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Like-Kind Exchanges Now Limited to Real Property
The IRS reminded taxpayers that like-kind exchange tax treatment is now generally limited to exchanges of real property. Effective Jan. 1, 2018, exchanges of personal or intangible property such as machinery, equipment, vehicles, artwork, collectibles, patents and other intellectual property generally do not qualify for non-recognition of gain or loss as like-kind exchanges.
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Think Fast: Predicted Skillsets Are Changing Quickly
The future is closer than you may think, and the pace of change is altering the skills experts think you’ll need from year to year. Here are the skills you’ll need to thrive in 2022 – and how to acquire and strengthen those skills along the way.
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Still Time to Nominate for Women to Watch Awards
Nominations are due Dec. 7 for the 7th Women to Watch Awards, which recognize the accomplishments of women in the profession. The online form takes less than five minutes to nominate a deserving woman in your firm or business in two categories: CPA Experienced Leaders and CPA Emerging Leaders.
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Popcorn, Movies and CPAs
If you plan to take in a movie over the holiday weekend, get to one of Emagine’s Michigan theaters and see “It’s a Great Day to Be a CPA.” Created by the MICPA, this new video series introduces students to the varied opportunities available to CPAs and the important role CPAs play in our communities. The short videos will play before all films through the end of the month.
Watch Now

Source: MICPA
Source: MICPA

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