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E-News - December 26, 2018 - Partial Government Shutdown Begins as Tax Season Approaches, IRS to Stop Transcript Faxing Service, and more

by MICPA | Dec 26, 2018   ()

Partial Government Shutdown Begins as Tax Season Approaches: Impacts on the IRS & Taxpayers
There is currently no federal budget in place which means that funding for numerous government agencies has run out, resulting in a partial shutdown. The Internal Revenue Service (IRS) is among those affected. Find out more about functions which the IRS typically maintains or puts on hold in the case of a shutdown and how they directly impact taxpayers.
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IRS to Stop Transcript Faxing Service
After working with the tax preparation community, the IRS today announced it would stop its tax transcript faxing service as of Feb. 4, 2019, and offer a more secure alternative to taxpayers and tax professionals.
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IRS Issues Guidance on Changes to Excess Business and Net Operating Losses
The IRS issued guidance on excess business loss limitations and net operating losses following law changes in the Tax Cuts and Jobs Act (TCJA).
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FASB Proposes Alternative to Accounting for Goodwill and Certain Identifiable Intangible Assets for Not-For-Profits
The Financial Accounting Standards Board (FASB) issued a proposed Accounting Standards Update that would reduce the cost and complexity of accounting for goodwill and measuring certain identifiable intangible assets for not-for-profit organizations. Stakeholders are encouraged to comment on the proposed update by Feb. 18, 2019.
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4 Tips to Identify Audit Client Risks
Before diving into your next audit, learn more about your client and their controls so you can identify their risks. This information will help you determine the appropriate audit procedures to perform.
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Spoiler Alert: Nice People Don’t Finish Last
Forget the grinches of the world. Being nice generates better performance and increased profits. This blog from the AICPA-CIMA Human Intelligence series explains how.
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New Year’s Resolution:  Go From Spending Time to Investing It
If your to-do list outweighs your ‘done’ list, there’s no time like the present to take control of all your daunting tasks. Don’t grind gears. Grind down your to-do list with these tips.
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Test Yourself on 2018 Accounting News
The accounting news scene was a bit quiet in 2018, but there were some newsworthy developments. Take this short quiz to determine how well you followed the news.
Take the Quiz 

How to Determine the Cost of Caregiving
Calculating the cost of providing care to elderly relatives can be complicated by misconceptions that have arisen about the topic. This U.S. News & World Report article debunks some of these misunderstandings to give a clearer view of the cost of caregiving.
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CFOs Are the New Value Architects
CFOs are feeling increasing pressure to use digital technologies to transform business processes. This podcast shares how newer technologies such as robotic process automation (RPA) are making finance a better business partner.
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Take These 3 Steps to Fix Your Passwords
The IRS urges everyone with any type of online account to review new, stronger standards to protect their passwords. Doing so will help protect against savvy cybercriminals who want to access accounts and steal identities. The IRS offers three steps to follow to build a better password.
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Support Inclusion in the CPA Profession
Do you know a minority accounting college student who’s thinking about getting the CPA credential? Invite them to apply for the Accounting Scholars Leadership Workshop, May 15-17, in Denver. Sponsored by the AICPA Foundation, this all-expenses-paid workshop will strengthen students’ professional skills and promote the benefits of earning the CPA. Applications will be accepted until Jan. 21.
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Source: MICPA
Source: MICPA

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