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E-News - December 4, 2018 - New Collections Scam Targets Michigan Taxpayers, Treasury Update Released, and more

by MICPA | Dec 04, 2018   ()

New Collections Scam Targets Michigan Taxpayers
In the latest scheme, Michigan taxpayers are receiving what appears to be a government letter about an overdue tax bill, asking the taxpayer to immediately contact a toll-free number to resolve a tax debt or face asset seizure. The correspondence appears credible and attempts to lure the taxpayer into a situation where they could make a payment to a criminal. Those who receive a letter from a scammer or have questions about their state debts should call Michigan Treasury’s Collections Service Center at 866.218.7224. A representative can log the scam, verify outstanding state debts and provide flexible payment options.
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Treasury Update Released
Published periodically by the Tax Policy Division of the Michigan Department of Treasury, the most recent issue of Treasury Update includes articles on the CIT tax rate changes for some insurance companies, drop shipment reporting requirements, Form 151 and more.
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New for Customer Refund Requests: Form 5633
Effective Jan. 1, 2019, a purchaser may request a refund directly from the Michigan Department of Treasury in circumstances where that purchaser failed to present a claim of exemption or otherwise notify the seller of an available exemption from sales or use tax at the time of purchase. Form 5633, Purchaser Refund Request for Sales and Use Tax Exemptions, will be available on the Treasury’s website beginning Jan. 1, according to an article in the current Treasury Update.
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State Treasury Delays Mandatory Implementation of 2017 Chart of Accounts
The Michigan Department of Treasury has not yet set a mandatory implementation date for the new chart of accounts issued last year. In a statement last week, officials said they are using feedback and suggestions to improve upon the chart of accounts since its release in 2017, including creating a table that shows the changes from the 2002 version and the new version, developing ongoing FAQs and slowing down the rollout.
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Call for Nominations – MICPA Public Service Award 
Do you know a CPA who goes above and beyond through community outreach at a local, state, regional or national level? Maybe this person is you. The MICPA takes great pride in honoring one individual each year as the recipient of the MICPA Public Service Award. Take a moment to nominate a peer or yourself by entering a nomination online. Nominations are due by Mar. 4, 2019. If you have any questions, contact Kristin Fritschi at 248.267.3743 or at kfritschi@micpa.org.
Nominate Now 

GASB Proposes New Implementation Guidance to Assist Stakeholders with Application of its Pronouncements 
The Governmental Accounting Standards Board (GASB) issued proposed implementation guidance containing questions and answers to address the application of the board’s standards on many topics, including cash flows reporting, post-employment benefits, derivative instruments, irrevocable split-interest agreements and more.
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“IT’S STILL A GREAT DAY, WHEN YOU EMAGINE!”
There is still time to see the MICPA’s It’s A Great Day To Be A CPAvideo series, showing before the features at all Emagine Theaters in Michigan until December 13. This quick-hitting series introduces students to the numerous opportunities available to CPAs, as well as the important role we play in our communities.

Thank you to everyone who made this effort possible!

Companies Should Check Their Recession-Survival Plans
Many economists predict the economic expansion will end in 2020, which means companies need to plan for a downturn. CFO.com offers several steps to prepare, including improving their balance sheets and reviewing compensation plans.
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Proposed Hardship Withdrawal Regulations Include Relief for Victims of Hurricanes Michael and Florence
The IRS announced that 401(k) plans and similar employer-sponsored retirement plans can make loans and hardship distributions to victims of Hurricane Michael and Hurricane Florence and to members of their families. The IRS is also relaxing procedural and administrative rules that normally apply to retirement plan loans and hardship distributions.
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IRS Issues Proposed Regulations on Foreign Tax Credits
The IRS issued proposed regulations this week on foreign tax credits for businesses and individuals.
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Changes Coming to Inventory Valuation Guidance
Proposed guidance from the AICPA Financial Reporting Executive Committee (FinREC) focuses on measuring fair value of inventory for financial reporting purposes. Feedback is requested by Feb. 1, 2019.
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#CPApowered Promotes CPAs Through Humor
Now in its fourth year, the #CPApowered campaign launched its "Thank You" Tweet campaign to promote the value of CPAs. Using humor to address issues like tax laws and small business regulations, each video encourages millennial small business owners to hire a CPA.
Watch

IRS Launches Instagram Account to Help Taxpayers
Last week, the IRS made its debut on Instagram. The IRSNews account, www.instagram.com/irsnews, will provide information on a variety of topics as taxpayers face numerous tax law changes for the upcoming 2019 filing season.
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Source: MICPA
Source: MICPA

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