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MICPA Members Visit Lawmakers in Washington, D.C., and more - May 28, 2019 News

by MICPA | May 28, 2019   ()

MICPA Members Visit Lawmakers in Washington, D.C.
Modernizing IRS taxpayer services, changing policies surrounding natural disaster-related tax extensions, the digital economy, and the fiscal state of the nation were top on the agenda of MICPA members during a recent visit with Michigan lawmakers in Washington, D.C. The Michigan CPAs were attending the AICPA Spring Meeting of Council (see related article below) and the visits to Capitol Hill were a highlight of the AICPA meeting.

“Making these personal visits with our elected officials on Capitol Hill is one of the best ways to build relationships and talk with them about issues important to the accounting profession and they taxpayers they represent,” said Shane Barry, vice president of government relations at MICPA.
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Congratulations to Michigan Native James Leisenring, Recipient of AICPA Gold Medal Award of Distinction
The AICPA named James J. Leisenring, CPA, as the recipient of the Gold Medal Award of Distinction for 2019. The Gold Medal Award is the highest honor granted by the AICPA and is bestowed upon CPAs whose influence on the accounting profession has been especially notable. Early in his career, Leisenring was a partner with Bristol, Leisenring, Herkner & Co. of Battle Creek (a firm that is now a part of Plante & Moran) and served on the faculty of Western Michigan University. He went on to work at the Financial Accounting Standards Board and the International Accounting Standards Board and is widely recognized for the significant role he’s played in developing high quality standards. The MICPA paid tribute to Leisenring’s achievements in 1995 with the Distinguished Service Award and in 2010 with a Special Recognition Award.
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Michigan Infrastructure Council Facilitating Summits Across State
Owners and managers, government officials and practitioners across public and private water, transportation, utility and broadband infrastructure are invited to attend a Regional Infrastructure Asset Management Summit to collaboratively tackle challenges to and seek opportunities for infrastructure asset management, according to the Michigan Infrastructure Council. The Council, administered by the Michigan Department of Treasury, will facilitate 18 summits between May 28 and June 28.
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IRS Corrects Error in Schedule D Tax Calculation Worksheet
The IRS notified tax-software companies it had discovered an error in the Schedule D, Capital Gains and Losses, Tax Worksheet used to calculate tax on certain capital gains that had new rates as a result of the law known as the Tax Cuts and Jobs Act. The IRS corrected the worksheet and advised practitioners to download corrected instructions.
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GASB Proposes Guidance on Cloud Computing and Similar Subscription-Based IT Arrangements
The Governmental Accounting Standards Board (GASB) proposed new guidance on the accounting and financial reporting for subscription-based information technology arrangements (SBITAs), which have become increasingly prevalent among state and local governments over the past several years.
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NASBA and AICPA Propose Revisions to CPE Standards
The National Association of State Boards of Accountancy (NASBA) and the AICPA proposed revisions to Continuing Professional Education standards, asking for public comment before finalizing the proposals, which include adding adaptive learning for self-study programs. Adaptive-learning programs provide customized learning that fits individual needs, instead of a one-size-fits-all approach. The last time the standards were revised was three years ago.
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Highlights: AICPA Spring Meeting of Council
In these video highlights from the recent AICPA Spring Meeting of Council, learn about initiatives and issues affecting CPAs today and into the future:

 How Your Feedback Is Shaping and Evolving CPA Licensure
From the geopolitical landscape to advances in machine learning, there’s no shortage of outside forces that are disrupting business and the CPA profession. The AICPA is collaborating with the National Association of State Boards of Accountancy to assess how initial CPA licensure may need to evolve to reflect emerging marketplace demands. As discussions continue, Susan Coffey, AICPA executive vice president – public practice, outlines valuable feedback received so far.
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Podcast: How One Vacation Can Change Your Work Life
Many employees don't take their full allotment of vacation days. This podcast shows you why taking a vacation of longer than a week can give you a new perspective.
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Source: MICPA
Source: MICPA

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