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E-News - December 11, 2018 - State Treasurer Writes Open Letter to Michigan CPAs, New Name for State’s Marijuana Regulator, and More

by MICPA | Dec 12, 2018   ()

State Treasurer Writes Open Letter to Michigan CPAs
As State Treasurer Nick Khouri prepares to leave office, he wrote this letter to Michigan CPAs. Khouri, appointed to his post by Gov. Rick Snyder in April 2015, thanks MICPA members and leadership for helping to improve processes, procedures and systems within the Department of Treasury during his tenure.
Treasurer Khouri’s Letter 

Asked to Buy a Gift Card?  Don’t.
The email or text may look like it is coming from someone pretending to be your company executive or a family member in need. In a typical example, a victim receives a request from their management to purchase gift cards for a work-related function or as a present for a personal occasion. Then, the person requests the gift card numbers and PIN. The gift cards are then used to purchase goods or services, and POOF, your money is gone. The FBI has reported significant growth in this type of Business Email Compromise scam and indicates that a variety of sectors have been targeted.
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New Name for State’s Marijuana Regulator
The state department that regulates the marijuana industry has a new website and is changing its name, reflecting the recent vote to legalize pot for recreational use. The Bureau of Medical Marihuana Regulation is now the Bureau of Marijuana Regulation (BMR). The new department is also using the more common spelling of marijuana instead of the more antiquated marihuana (with an “h”).  All legal documents and references to statutes will continue to use the spelling in the state’s legal code – marihuana – unless the Legislature acts to change the spelling originally adopted in the state’s Marihuana Tax Act of 1937.
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Treasury: Business Taxpayers Reminded About Wage Statement Due Date Change
Business taxpayers are reminded about a new state law that modifies the due date for wage statements, according to the Michigan Department of Treasury. Public Act 118 of 2018 requires that wage statements — such as W-2, W-2G, 1099-R and 1099-MISC — must be submitted on or before Jan. 31, 2019. This state law change was made to match both Treasury and IRS wage statement submission deadlines.
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Emerging Leaders Invited to Connect at Jolly Pumpkin in January
Young professionals are invited to stop in for some good beer and conversation at the Jolly Pumpkin Restaurant and Taphouse in Royal Oak from 6-8 p.m. on Jan. 10. Hear from a panel that includes the owner of Kuhnhenn Brewing Co., the CEO of Brew Detroit, the numbers guy behind Hopcat's expansion, and a CPA in the craft brewing industry. All are welcome to this Emerging Leaders Connect event! Visit the MICPA website for details and registration.
Event Info

New Tax Credit Benefits Employers Who Provide Paid Family and Medical Leave
Last year’s tax reform legislation offers a new tax credit for employers who provide paid family and medical leave. The credit is available for wages paid in taxable years beginning after Dec. 31, 2017, and before Jan. 1, 2020. Some employers can claim the credit retroactively to the beginning of their first taxable year beginning after Dec. 31, 2017, if they meet the terms of a transition rule on or before Dec. 31, 2018.
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Guidance Addresses New Tax Benefit for Stock Options and Restricted Stock Units
The IRS issued guidance on a recent tax law change that allows qualified employees of privately-held corporations to defer paying income tax, for up to five years, on the value of qualified stock options and restricted stock units (RSUs) granted to them by their employers.
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IRS Issues Guidance on Nondeductible Parking Fringe Expenses
The IRS issued interim guidance regarding the treatment of qualified transportation fringe benefit expenses paid or incurred after Dec. 31, 2017. The new rules assist taxpayers in determining the amount of parking expenses that are no longer tax deductible. They also help tax-exempt organizations determine how these nondeductible parking expenses create or increase unrelated business taxable income (UBTI).
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Employee Benefit Plan Auditing Rules to Change
Standards for auditors reporting on financial statements of employee benefit plans subject to ERISA will soon change. Review the final balloted draft that, when issued, will address a wide range of reporting and performance requirements for employee benefit plan audits.
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8 Things to Know About Lease Accounting Implementation
Implementing the Financial Accounting Standards Board's new lease accounting standard has not been easy for many companies. This Journal of Accountancy article outlines some things that company finance departments may wish to keep in mind as the standard takes effect at the beginning of next year for public companies.
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Tax Preparers: Protect Yourself and Your Clients
Cybercriminals are stepping up their attacks on tax professionals. Because of this, the IRS offers a list of essential steps tax preparers can take to protect client data and their computer networks from these threats. Thieves search for client data so they can create a fraudulent tax return that looks legit and might bypass IRS filters. They also impersonate tax professionals, using stolen Electronic Filing Identification Numbers, Preparer Tax Identification Numbers, and Centralized Authorization File numbers.
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MICPA+ Highlight: Looking to Buy a Home Now or in the Future?
Get 100% financing up to 850k – no PMI – exclusively for CPAs. Flagstar Bank offers a mortgage product crafted for CPAs called the professional loan. Well-qualified CPAs can take advantage of favorable loan terms offered in the professional loan. Please contact Flagstar to get preapproved.
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Source: MICPA
Source: MICPA

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