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E-News - April 9, 2019 - CAQ Releases Guide to Reviewing Auditors, and more

by MICPA | Apr 10, 2019   ()

CAQ Releases Guide to Reviewing Auditors
There continues to be interest from investors, regulators and others regarding how audit committees perform their responsibilities, says the Center for Audit Quality (CAQ). CFO.com offers an overview of the CAQ’s updated external auditor assessment tool, released last week.
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Employers: SSN No-Match Letters are Back
Many employers still recall opening a letter from the Social Security Administration (SSA) informing them that the name or Social Security number (SSN) reported on a recent wage report does not match a name or SSN in the SSA’s records. At times the letter listed numerous individuals with a mismatch. The question for employers was what to do and when to do it. The answers were not always clear. CPA Practice Advisor reports that the letters are back and explains what to do if you receive one.
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CPAs Play a Leading Role in Financial Literacy
April is Financial Literacy Month. That means it's a great time (maybe after busy season ends) to join fellow CPAs in educating Americans about how small steps can improve their financial lives. AICPA Insights offers three ways you can get involved. Learn more about what the MICPA is doing for Financial Literacy Month by going to our social media platforms.
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Interactive Tax Assistant (A helpful tool even if you’re a tax professional)
The Interactive Tax Assistant (ITA) is a tool that provides answers to a number of tax law questions. It can determine if a type of income is taxable, if you're eligible to claim certain credits, and if you can deduct expenses on your tax return. It also provides answers for general questions, such as determining your filing status, if you can claim dependents and if
you have to file a tax return.
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IRS Warns of New Phone Scam Using Taxpayer Advocate Service Numbers
The IRS warned the public about a new twist on the IRS impersonation phone scam. Similar to other IRS impersonation scams, thieves make unsolicited phone calls to their intended victims fraudulently claiming to be from the IRS. In this most recent scam variation, callers “spoof” the telephone number of the IRS Taxpayer Advocate Service office in Houston or Brooklyn. Calls may be ‘robo-calls’ that request a call back. Once the taxpayer returns the call, the con artist requests personal information, including Social Security number or individual taxpayer identification number (ITIN).
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MICPA Emerging Leaders & SBM Young Tax Lawyers Committee Tackle Success in Professional Services with New Event
Join MICPA Emerging Leaders and the State Bar of Michigan Young Tax Lawyers Committee for Achieving Success in Professional Services on April 25 from 5-7:30 p.m. at Detroit Beer Company. Local attorneys and CPAs network followed by a panel discussion, sharing their experiences and keys to success. The event is free to attend and drinks and appetizers will be provided. Please RSVP to Kimberly Hammond. Panelists included:

  • Sean Cook, Partner at Warner Norcross Judd

  • Donna Frye, Director of Transfer Pricing at UHY Advisors

  • Rob Johnson, CFO, Shift Digital

  • Andrew MacLeod, Member at Dickinson Wright

  • Ryan Price, Tax Accountant, EHTC

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On-Demand Career Paths for Current or Aspiring CFOs
Part-time, interim or project-based work isn't for everybody. Financial Management explores how these kinds of assignments can take finance professionals out of their comfort zone and provide a more varied experience that might be useful for those whose goal is to be a CFO.
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Plan Now to Attend the Spring Members Advisory Symposium
Mark your calendar for the not-to-be missed MICPA Spring Members Advisory Symposium on May 8 at Laurel Manor in Livonia. This popular annual event includes an update from AICPA President and CEO Barry Melancon on critical national issues facing the profession.
Register

Hired Someone New? Here’s How to Make Sure They Stay
There is no denying the frustration being felt by CPA firms and employers across the country when it comes to hiring accountants. In 2018, the U.S. Bureau of Labor Statistics estimated annual unemployment for people in business and financial operations occupations to be approximately 2.5%, making it all the more important that employers of accountants retain the ones they have. CPA Insider explains how to use one very important key to retention: the on-boarding of new hires.
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Sharpen Financial Instrument Valuations
Auditors, valuation specialists and companies all have a stake in the process of making sure financial statements are reliable, consistent and transparent. The AICPA’s Certified in the Valuation of Financial Instruments (CVFI) credential provides a framework for documenting financial instrument valuations and distinguishes you from other valuation professionals.
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The Effect of the TCJA on Charitable Giving
The higher standard deduction under the Tax Cuts and Jobs Act suggests fewer people will itemize deductions. However, using a "bunching" strategy might let taxpayers continue to benefit from charitable contributions, reports CNBC.
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Podcasts: Tools of the Future as Told by Trailblazing Thought Leaders
The Go Beyond Disruption podcast celebrated the end of Women’s History Month with two special episodes. First, Daisy Ozim, a young Nigeran woman who’s been dubbed the “Mulan of Blockchain” shares how she’s using the technology to provide healthcare to underserved and marginalized communities. Next, leadership advisers Gretchen Pisano and Alexis Robin discuss what’s arguably the most important skill of the future: an adaptive mindset.
Listen

Shattering the Stereotypes of the CPA Profession – A Free Tool Kit for Educators
The MICPA offers a new tool kit for accounting educators to introduce students to the CPA profession and help if they are on the fence about their major. Using a short five-part video series featuring Michigan CPAs, students will see the power of the CPA credential through exciting and unique careers, diversity, and community impact. The tool kit includes ideas for using the videos in the classroom and sharing them with colleagues, sample social media and email communications, links to resources for students and more.
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‘Driven’: An MICPA Original Facebook Live Series for Students
The MICPA launched a new Facebook live original series to explore all the angles of helping students land a job or nail a crucial internship. Watch the newest episode with Doeren Mayhew human resources manager, Emily Stephenson, as she paints the recruiter’s picture of the ideal candidate. You can still catch up on the first two episodes featuring MICPA student champion and University of Michigan student, Ahmad Saad and Schoolcraft College Professor and MICPA Board of Directors Secretary, Michelle Randall on our Facebook page. Like and follow us now on Facebook so you don’t miss future episodes.
Watch Now

Source: MICPA
Source: MICPA

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