E-News - January 8, 2019 - IRS Confirms Tax Filing Season to Begin January 28, What Else is Affected by the Shutdown?, and more

by MICPA | Jan 08, 2019   ()

IRS Confirms Tax Filing Season to Begin January 28
Despite the government shutdown, the IRS confirmed on Monday that it will process tax returns beginning Jan. 28 and provide refunds to taxpayers as scheduled. Congress directed the payment of all tax refunds through a permanent, indefinite appropriation, and the IRS has consistently been of the view that it has authority to pay refunds despite a lapse in annual appropriations. The IRS will be recalling a significant portion of its workforce, currently furloughed as part of the government shutdown, to work. Additional details for the IRS filing season will be included in an updated FY2019 Lapsed Appropriations Contingency Plan to be released publicly in the coming days.
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What Else is Affected by the Shutdown?
Some essential work, like mail delivery and law enforcement, is still being performed, but the shutdown has affected the operations of nine departments, including Homeland Security, Justice, State and Treasury, and several agencies, including the Environmental Protection Agency and NASA. The New York Times offers a brief look at some of the government functions that have been affected by the shutdown, and some that haven’t.
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MICPA Volunteer Opportunity: Tax Assistance
The MICPA, in partnership with the Accounting Aid Society, invites member volunteers to join us at Focus: Hope in Detroit on Jan. 26 and Feb. 2 to assist local citizens with their tax preparations. Volunteer certification and training have moved to a convenient online platform in 2019, making it easier to get prepared for the event. For further information regarding this rewarding volunteer opportunity, please contact Kristin Fritschi at or 248.267.3743. 

Reminder: Rules Changed for Submitting 1099 Forms
Starting in January 2019, the IRS will institute new rules regarding how to submit 1099-MISC with Box 7 and those without Box 7 after the due date of Jan. 31, 2019. If submitted improperly, companies may receive penalty notices for their non-Box 7 1099-MISC forms. These new rules apply to both paper and electronic filings.
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Tax Reform Myths and Facts for 2019: What the TCJA Really Means for Taxpayers
For tax practitioners, one hat that will be well-worn by the end of the 2018 tax season is that of the navigator. The CPA Practice Advisor examines a plethora of information (and more pointedly, misinformation) about the Tax Cuts and Jobs Act of 2017 (TCJA) that taxpayers are taking as gospel and applying to their 2018 tax situation.
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NASBA Proposes Changes in UAA for Peer Review
Peer review requirements in the Uniform Accountancy Act Model Rules would be revised under a proposal issued by the National Association of State Boards of Accountancy (NASBA). The MICPA Peer Review Task Force is reviewing the proposal and preparing to comment by the June 30 deadline.
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Will Taxes Unravel Your Clients' Retirement Plans? 
Retirement planning is complicated. Your clients need you to understand how taxes affect the many moving parts of their finances in retirement. Listen to this Personal Financial Planning Section podcast to learn some of the strategies and considerations you need to help your clients succeed.

ASB Changes Align GAAS With PCAOB Standards
The AICPA’s Auditing Standards Board (ASB) voted to issue a new auditing standardOmnibus Statement on Auditing Standards — 2019, that will more closely align standards for auditors of nonpublic clients to the auditing standards of the Public Company Accounting Oversight Board (PCAOB), in order to enhance audit quality, reports the Journal of Accountancy.
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ICYMI – Reflections on 2018: A Year of Change and Opportunity
Through Q&A, AICPA President and CEO Barry Melancon, CPA, CGMA, shares progress the profession has made to embrace change and opportunity in 2018, and he provides a glimpse of what more you can expect in the year ahead.
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Source: MICPA
Source: MICPA

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