E-News - March 26, 2019 - Treasury: Principal Residence Exemption Doesn't Expire, and more

by MICPA | Mar 27, 2019   ()

Treasury: Principal Residence Exemption Doesn't Expire
The Michigan Department of Treasury is reminding Michiganders that a Principal Residence Exemption – known as a PRE – does not expire. Inaccurate posts being shared on social media are claiming that Michigan taxpayers will experience a surge in property taxes due to their PRE expiring after 25 years. In return, the state Treasury Department and local assessors are experiencing a surge in inquiries from residents who are trying to verify this misinformation or submit unneeded paperwork. 
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FASB Modifies Definition of "Collections"
Rules issued by the Financial Accounting Standards Board (FASB) align its definition of "collections" with that used by the American Alliance of Museums' Code of Ethics for Museums. The standard might help museums and other not-for-profits maintain collections, reports the Journal of Accountancy.
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Win A Year of CPE with MICPA!
Two lucky winners will receive 40 hours of CPE from the MICPA, redeemable from Aug. 1, 2019 – June 30, 2020. Plus, four runners-up will win a $500 VISA gift card. Entry is easy: register by May 10 for any May or June MICPA in-person program or webinar using the code 40HOURSN. Receive one entry for each credit hour (an eight-hour conference earns eight entries!). Winners will be chosen the week of July 22. Special thanks to Ayar Law for making this contest possible.

When asked why he stepped up to make this special opportunity possible, Mr. Venar R. Ayar, Esq., Principal Attorney at Ayar Law, said the following: "I love education, and the educational role of the MICPA. I very much value CPAs in our society, and I am very grateful to Michigan CPAs. I am always happy to give back whenever I can, and I felt this was a fun and worthwhile way to do just that!"
Contest Rules

What Is A Recession Anyway?
Everyone is interested in a glimpse into the future, wondering when the next recession will hit, according to contributor, MICPA Board Member and Chief Growth Officer at Sequoia Financial Group, Leon LaBrecque. When it comes to recessions you can learn a lot by looking into the past and, if you’re prepared, a recession can present a planning opportunity.
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Get More Readers!
If you’re an MICPA member authoring for publication, let us share your content. Please send to Sarah Evoe at

Podcast: 4 Key Tax Reform Provisions for Not-For-Profits
Tax-exempt organizations were not exempt from the impact of the Tax Cuts and Jobs Act. With tax season underway for calendar-year taxpayers, Betsy Krisher, CPA, president of the Pennsylvania-based firm Maher Duessel, explains four key provisions in the new tax law that have a significant effect on not-for-profits.

For Candidates: Watch the CPA Exam Booklet Come to Life
What’s better than reading about the CPA Exam? Hearing and seeing it. With the AICPA’s augmented reality-enhanced CPA Exam Booklet, candidates and students gain another engaging learning experience. The free Apple and Android CPA Exam AR app lets readers bring pages of the booklet to life with videos.
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How to Work with Someone You Dislike
Colleagues are a bit like your family. You don’t get to choose them, but you have to spend a lot of time with them. So what do you do about a co-worker you really don’t like? Can you change the relationship or find ways of coping? How do you make the best of the situation? These nine steps from FM Magazine will help you make the best of tense work relationships.
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Working Families Eligible for Michigan Earned Income Tax Credit
Working families and individuals with low to moderate income who receive a federal Earned Income Tax Credit (EITC) can receive a six percent matching tax credit from the State of Michigan, according to the Michigan Department of Treasury. To qualify, individuals must meet certain requirements and file a federal income tax return, even if no tax is owed or there is no requirement to file a return.
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Source: MICPA
Source: MICPA

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