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E-News - January 2, 2019 - PCAOB Adopts New Estimates, Governor Whitmer Names Cabinet Members, and more

by MICPA | Jan 03, 2019   ()

PCAOB Adopts New Estimates Standard and Amendments Related to Using the Work of Specialists
The Public Company Accounting Oversight Board adopted a new standard to enhance the requirements that apply when auditing accounting estimates, including fair value measurements. The Board also adopted amendments to its auditing standards to strengthen requirements that apply when auditors use the work of specialists in an audit.
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Governor Whitmer Names Cabinet Members, Including Director of LARA
Democratic Gov. Gretchen Whitmer appointed many Cabinet members in the last week along with top aides in her executive office. Among those, Orlene Hawks of Okemos, Snyder’s director of the Office of Children’s Ombudsman, will head the Department of Licensing and Regulatory Affairs and Rachael Eubanks, has been named state treasurer.
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IRS Issues Guidance on Section 179 Expenses and Section 168(g) Depreciation
The IRS issued Revenue Procedure 2019-08 to provide guidance on deducting expenses under Section 179(a) and on deducting depreciation under Section 168(g).
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IRS Provides Safe Harbors Related to the SALT Deduction
The IRS is offering business taxpayers some safe harbors related to the state and local tax deduction that was limited under the Tax Cuts and Jobs Act. Accounting Today explains that the IRS released Revenue Procedure 2019-12, which provides safe harbors under section 162 of the tax code for certain payments made by a C corporation or a specified pass-through entity to, or for the use of, an organization if the C corporation or specified pass-through entity receives, or expects to receive, a state or local tax credit in return for such a payment.
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The Tax Cut One Year Later: What Happened?
Many corporations made good on promises to raise wages and pay bonuses. But others announced layoffs, even as the $1.5 trillion tax cut added billions to their bottom lines. The New York Times looks at what companies promised and what has come to pass as we enter Year Two of the Tax Cuts and Jobs Act.
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New RAB Outlines Alternative Apportionment for the Michigan Business and Income Taxes
Revenue Administrative Bulletin (RAB) 2018-28 describes the procedures and standards governing the alternative apportionment relief provisions in parts 1 and 2 of Michigan’s Income Tax Act and in the Michigan Business Tax Act.
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RAB Clarifies Income Tax for Nonresident Professional Athlete
The Michigan Department of Treasury issued Revenue Administrative Bulletin (RAB) 2018-27, which describes the state’s income tax treatment of income earned by a nonresident professional athlete for personal services performed in Michigan for any professional team including, but not limited to, football, baseball, basketball, or hockey teams.
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Doug Roberts to Retire after Serving on the State Tax Commission for 16 Years
The Michigan Department of Treasury announced that State Tax Commission Chairperson Doug Roberts is retiring after nearly 42 years state of Michigan service. Roberts has been a member of the State Tax Commission since 2003, serving as chairperson for the last eight years.
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Michigan Firm Licensure Reminder
Michigan accounting firms must renew licenses every other year, in odd-numbered years, which means this is a renewal year. Unlicensed practice puts a firm at risk for citations and fines. Check license status on the Department of Licensing and Regulatory Affairs website.
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Powerful Internship Programs for Smaller Firms
When run correctly, an internship provides an opportunity to help aspiring CPAs develop new skills and an affinity for the firm that will carry over into the recruiting process. Internships benefit the firm as a source of promising job candidates whose skills, work ethic, and personalities you're already familiar with, and give you the chance to show them why they should work for you full time.
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Inspiring the Next Generation of CPAs
Former AICPA Chair Bill Ezzel believed the best way to encourage the next generation of CPAs was to put educators in the classroom. A new scholarship honors his passion by providing financial assistance to CPAs pursuing a doctorate degree in accounting. Find out how you can nominate a CPA or donate to the fund.
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10 Best Technology Articles of 2018
It seems that almost every business decision today involves technology in one way or another. That made for an interesting exercise in selecting our best tech content of the year. Mainly, we went for variety. Here are CFO editors’ picks for the 10 best technology articles of 2018.
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What Information Is Tested by the CPA Exam?
To find out, review the CPA Exam Blueprints effective Jan. 1, 2019, which detail the minimum level of knowledge and skills needed to qualify for initial licensure. Use the Blueprints as a study guide in conjunction with other Exam review and preparation materials. New section-specific guides break down the exam into bite-size blueprints.
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Source: MICPA
Source: MICPA

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