E-News - April 29, 2019 - LARA Alerts Michigan Corporations of Scheme to File Bogus Document, and more

by MICPA | May 01, 2019   ()

LARA Alerts Michigan Corporations of Scheme to File Bogus Document
The Michigan Dept. of Licensing and Regulatory Affairs (LARA) warned Michigan corporations of a non-governmental entity called “Michigan Council for Corporations” seeking to collect a $150 fee to prepare “corporate consent records in lieu of annual meeting minutes.” This deceptive notice is not issued by LARA or any governmental agency. Corporations are only obligated to file their annual report through LARA’s Corporations, Securities and Commercial Licensing Bureau (CSCL) and not an “Annual Records Solicitation Form.”
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RAB Sets Interest Rates Beginning July 1
The Michigan Department of Treasury issued Revenue Administrative Bulletin 2019-6, establishing the annual rate of interest due on underpayments and overpayments for the period beginning July 1, 2019 and ending on December 31, 2019.
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Data Shows How Tax Refunds Compared to Last Year
IRS data through April 19 shows that total tax refunds reached $260.9 billion, down nearly $5 billion from the previous year. The average refund check for the week ended April 19 was $2,725. That’s down two percent from a year ago, reports CNBC.
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Missed the Tax-Filing Deadline? IRS Says File Now to Avoid Bigger Bill
While the federal income tax-filing deadline has passed for most people, there are some taxpayers who have not yet filed their tax returns. The IRS offers tips for handling some typical after-tax-day issues.
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IRS Modernization Plan Seeks to Improve Services for Taxpayers, Tax Community
The multi-year IRS Modernization Plan includes dozens of initiatives to improve how the agency interacts with taxpayers and the tax community while continuing to strengthen cybersecurity protections and information technology systems.
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Who Should Do a Paycheck Checkup?
Millions of taxpayers filed a 2018 tax return in the last few weeks, making now a prime time for everyone to consider whether their tax situation came out as they expected. Though doing a paycheck checkup is a good idea every year, for many people, it’s even more important this year. This includes anyone who:

  • Adjusted their withholding in 2018 – especially those who did so in the middle or later part of the year.

  • Owed additional tax when they filed their tax return this year.

  • Had a refund that was larger or smaller than expected.

  • Had life changes such as marriage, childbirth, adoption, buying a home or when income changes.  

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IRS Seeks Applications for the Electronic Tax Administration Advisory Committee
The IRS is seeking qualified applicants for nomination to the Electronic Tax Administration Advisory Committee (ETAAC) to serve three-year terms beginning in September. The ETAAC provides an organized public forum for discussion of issues in electronic tax administration, such as prevention of identity theft and refund fraud. ETAAC supports the overriding goal that paperless filing is the preferred and most convenient method of filing tax and information returns. Applications accepted through May 29.
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FASB Issues Narrow-Scope Improvements to Financial Instruments Standards
Financial Accounting Standards Board (FASB) issued an Accounting Standards Update that clarifies and improves areas of guidance related to the recently issued standards on credit losses, hedging and recognition and measurement.
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Take CPA Firm Top Issues Survey Today
The AICPA’s Private Companies Practice Section (PCPS) CPA Firm Top Issues survey asks practitioners about critical issues facing firms. Provide your insights through this 10-minute survey by May 17 and help set the focus for AICPA and PCPS resources.
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Podcast: What Should Your Digital Mindset Be?
When the world around you is changing, the most dangerous thing you can do is stay the same. The Go beyond disruption podcast recently asked AI researcher and all-around tech expert Jim Bourke, CPA, CGMA, CITP, CFF questions about change-drivers. What digital mindsets will help move the accounting profession forward?

Elevate Your Coaching Game: How You Ask vs. What You Ask
Asking the right questions is at the core of a coach's role. So, be purposeful about the questions you ask, and be intentional about how you ask them to ignite engagement for your team.
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EY Continues to Grow Neurodiversity Program
EY has launched a Neurodiversity Center of Excellence in Chicago as it expands its neurodiversity program, which debuted in 2016. EY plans to open centers in San Jose, Calif., and Nashville, Tenn., this year, reports Accounting Today.
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Tune in to Next Stop: CPA – the Official CPA Exam Podcast
Exam candidates need to check out the AICPA’s Next Stop: CPA podcast, with topics ranging from exam content and study strategies to career opportunities. New episodes drop each month in the iTunes podcast app and Google Play. Search for Next Stop: CPA and subscribe.

Conquering Busy Season With "Game of Thrones" Employee Video
Philadelphia accounting firm Drucker & Scaccetti created a video featuring employees dressed in clothing inspired by "Game of Thrones" as they confront the taxman.
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Source: MICPA
Source: MICPA

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