E-News - November 27, 2018 - IRS Issues Proposed Regulations on New Business Interest Expense Deduction Limit, e-Services Update for New Users, and more

by MICPA | Nov 27, 2018   ()

IRS Issues Proposed Regulations on New Business Interest Expense Deduction Limit
The IRS issued proposed regulations today for a provision of the Tax Cuts and Jobs Act, which limits the business interest expense deduction for certain taxpayers. Certain small businesses whose gross receipts are $25 million or less and certain trades or businesses are not subject to the limits under this provision.
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e-Services Update for New Users
Based upon feedback from stakeholders, the IRS has implemented changes to the e-Services registration process. Student loans are now included among acceptable financial accounts that can be used to verify identity through Secure Access.For tax professionals who lack an e-Services account and who cannot complete the identity proofing process online, the IRS created an exception process that allows for manual assistance once in-person authentication has been made. This will help new hires as well as first-time users who were unable to complete the process last year. If you already created an e-Services account using Security Access authentication, you don’t need to take any action. This is a one-time registration process.
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Popcorn, Movies and CPAs
If you plan to take in a movie over the holidays, 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 mid-December.
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National Tax Security Awareness Week Dec. 3-7
Scheduled for Dec. 3-7, the third annual Tax Security Awareness Week aims to alert taxpayers to the risks of identity theft and encourages them to protect their data. The campaign will feature daily security topics, more than 25 events nationwide and the launch of a new Twitter handle, @IRSTaxSecurity.
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Free Public Webinar on How Identity Thieves Use the Dark Web 
In support of Tax Security Awareness Week, the IRS offers a free webinar on Dec. 3 at 2 p.m. to help taxpayers understand the Dark Web and how it is used as a repository for stolen identities, credit data, tax information and banking/financial information.

Making Large Gifts Today Won't Harm Estates After 2025
Individuals who take advantage of the increased gift and estate tax exclusion amounts in effect from 2018 to 2025 will not be adversely impacted after 2025 when the exclusion amount is scheduled to drop to pre-2018 levels. The Treasury Department and the IRS issued proposed regulations, which implement changes from the 2017 Tax Cuts and Jobs Act. Comments are due by Feb. 21, 2019.
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Child Tax Credit and Credit for Other Dependents at a Glance
Help your clients take advantage of the newly revised Child Tax Credit and the new Credit for Other Dependents by understanding the eligibility requirements. Visit the Child Tax Credit page and see Publication 5307Tax Reform Basics for Individuals and Families.
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Tax Reform Changes Depreciation Limits on Luxury Automobiles
The Tax Cuts and Jobs Act changed depreciation limits for passenger vehicles placed in service after Dec. 31, 2017.
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Finance Chiefs Must Lead Organizational Innovation
Innovation can feel like a black hole with no guaranteed ROI, but CFOs are equipped to balance creativity with sound financial decision-making, from
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Do Finance People REALLY Need Soft Skills?
Listen in on a recent Go Beyond Disruption podcast to discover the role of emotional intelligence and soft skills in the future of finance.

MICPA+ Highlight: Mortgage Banking Luminaries Shine Light on Benefit Opportunity
While open enrollment may be over, MICPA members are invited to talk with the experts at Capital Mortgage Funding about how to add one more item to your benefit offering. Call Bobby Efros at 248.833.5168 for information about the Capital benefit program.
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Michigan Names and Places
For those who like to debate the correct pronunciation of words like Lahser or paczki or Peshawbestown, Michigan’s Department of Licensing and Regulatory Affairs offers a comprehensive guide for how we pronounce things in Michigan.
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Source: MICPA
Source: MICPA

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