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E-News - March 5, 2019 - Governor Unveils 2020 Budget, GASB Issues Proposed Lease Accounting Implementation Guide, and more

by MICPA | Mar 05, 2019   ()

Governor Unveils 2020 Budget
This morning Gov. Gretchen Whitmer presented her first budget to state lawmakers. The $60.2B budget focuses on roads, education and clean water. If you missed the presentation, you can review it online.
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GASB Issues Proposed Lease Accounting Implementation Guide
GASB issued a proposed implementation guide that is designed to help state and local governments understand the board’s new standard on lease accounting.
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IRS Waives Estimated Tax Penalty for Farmers, Fishermen Who File Returns and Pay Tax by April 15
The IRS will waive the estimated tax penalty for any qualifying farmer or fisherman who files his or her 2018 federal income tax return and pays any tax due by Monday, April 15. The IRS is providing this relief because, due to certain rule changes, many farmers and fishermen may have difficulty accurately determining their tax liability by the March 1 deadline that usually applies to them. For tax year 2018, an individual who received at least two-thirds of his or her total gross income from farming or fishing during either 2017 or 2018 qualifies as a farmer or fisherman.
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Michigan Treasury Also Waives Estimated Tax Penalty for Farmers, Fishermen
The Michigan Department of Treasury is following the IRS and waiving the estimated tax penalty for any qualifying farmer or fisherman who files their 2018 state income tax return and pays any tax due by April 15.
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Tax Policy Division Publishes Treasury Update
Michigan Department of Treasury Tax Policy Division published its latest newsletter with articles on new tax exemptions for veterans’ organizations and school bus/transportation providers, nonresident professional athletes, changes to financial institution taxation and more.
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SALT Cap Will Leave About 10.9 Million People Feeling Tax Pain
About 10.9 million people are losing out on one of their most prized tax breaks -- the deduction for state and local taxes. Bloomberg reports that’s the number of people the Treasury Inspector General for Tax Administration estimates had tax bills above the $10,000 deduction cap included in the 2017 tax overhaul.
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Here’s How Tax Reform Affects Taxpayers Who Claim the Child Tax Credit
Many people claim the child tax credit to help offset the cost of raising children. Tax reform legislation made changes to that credit for 2018 and later. This article outlines important things for taxpayers to know.
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Traveling? Resolve Tax Debt Before Getting Your Passport
Individuals may not be able to renew a current passport or obtain a new one if they owe federal taxes, says the IRS. Individuals should take prompt action to resolve tax issues to avoid delays in travel plans.
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PEEC Update: New Hosting Services FAQ; Comments Due on Ethics Proposals
The Professional Ethics Executive Committee (PEEC) recently released six FAQs on hosting services that address issues and questions most frequently encountered on the AICPA ethics hotline. Check out pages 21-23 of the Nonattest Services FAQ for the questions specific to hosting services. The PEEC also reminds members that deadlines are quickly approaching for two ethics exposure drafts. They include:

Are Your Clients’ Retirement Goals Being Detoured?
Your clients have mapped out a general retirement plan in their heads, but there may be unexpected roadblocks and blind spots they haven’t considered. Discover how you can be their compass in the latest episode of the Personal Financial Planning podcast.
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FICO Making Big Changes to Credit Scores
FICO 2.0 is arriving. A new method in credit scoring from the Fair Isaac Corporation (FICO), called the UltraFICO Score, is being rolled out this spring, reports CPA Tax Advisor. The change is expected to open up credit avenues to tens of millions of Americans who would have been turned down or restricted in the past.
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Members Invited: Race for the Cure with the MICPA
Spend a memorable morning with the MICPA on Saturday, May 11, as our team walks to honor lives touched by breast cancer at the Komen Detroit Race for the Cure® starting at Comerica Park. This is our fifteenth year as a sponsor, and it’s always an inspirational experience to share with our members, coworkers, families and friends. Visit the Race for the Cure webpage and select “Join a Team” to sign up as part of the Michigan Association of CPAs team.

You can also participate by helping to “Pink the Town”. Provide the name of a friend or loved one who has fought the battle against breast cancer and we will decorate a pink ribbon in their name to line the race path. If you prefer, the MICPA can supply ribbons so your firm, family, friends and colleagues can get involved. Questions or have a ribbon request? Contact Jenna Yuhase at Jyuhase@micpa.org or 248.267.3685.
Sign Up

Source: MICPA
Source: MICPA

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