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More than $1.9 Billion in State Income Tax Refunds Issued for 2018 Tax Year - July 9, 2019 News

by MICPA | Jul 09, 2019   ()

Treasury: Business Taxpayer Seminar Being Held in Traverse City
Business taxpayers can attend a seminar in Traverse City next week to learn more about taxes and audits. In partnership with the Michigan Department of Licensing and Regulatory Affairs, the state Treasury Department will host a Tax and Audit Seminar on July 10 that covers the entire business tax process, including sales, use and withholding tax basics, collecting tax, and filing and payment rules, as well as verifying tax obligations through the audit process.
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More Than $1.9 Billion in State Income Tax Refunds Issued for 2018 Tax Year
More than 3.3 million state income tax refunds were processed for the 2018 tax year that provided taxpayers with over $1.9 billion, according to the Michigan Department of Treasury. As of mid-June, the average taxpayer refund was $571, up from last year’s $552 average. To date, more than 4.8 million returns have been processed, with 91 percent reviewed and finalized within two weeks of receipt.
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MICPA Annual Meeting Notification
In accordance with the MICPA Bylaws, Article 8, Section 1, an Annual Meeting of the Association shall be held each year within six months after the last day of the fiscal year. The time and place of the Annual Meeting shall be designated by the Board of Directors and the members shall be notified by mail communication or by publication in an official publication of the Association. This year’s Annual Meeting is scheduled for Sept. 18, 2019 from 9 a.m. – 9:30 a.m. and will be via conference call.
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Taxpayer First Act Modernizes IRS and Adds Whistleblower Protections
On July 1, President Donald Trump signed the Taxpayer First Act into law. This new bipartisan IRS reform closes a loophole in corporate whistleblower protections, includes significant reforms to the IRS whistleblower reward law, requires the IRS to submit plans to Congress relating to improving the infrastructure of its operations and modernizing its technology systems, makes it easier for taxpayers to obtain “innocent spouse” relief, and expands safeguards addressing the types of ID theft that have plagued taxpayers in recent years. CPA Practice Advisor highlights these provisions and numerous others in the new law.
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What to Do When the IRS Bypasses a Power of Attorney
The Internal Revenue Manual provides IRS employees with the procedures and tools they should follow and use. For tax professionals who represent taxpayers before the IRS, it is an advantage to become familiar with some of the more common IRM provisions that are used on a regular basis, so that they can be pointed out to IRS employees during an audit.
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Taxpayers Should Be on the Lookout for New Versions of These Two Scams
With scam artists hard at work all year, taxpayers should be on the lookout for a surge of evolving phishing emails and telephone scams. The first of two new versions tax-related scams involves Social Security numbers related to tax issues. The other threatens taxpayers with a tax bill from a fictional government agency.
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TED’s Giant Summer Reading List: Books to Open Right Now
You’ll find something on this summer reading list for every kind of reader. This summer reading list offers plenty of suggestions from TED speakers, TED-Ed educators and TED Fellows. Now, where do I start?
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IRS Announces Summer Downtimes
This summer, the IRS Modernized e-File (MeF) will be upgrading systems and therefore will be unavailable at certain times, the service announced. The system shutdown will occur in two phases starting on July 18.
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Gen X Financially Behind Prior Generations at Same Ages
Generation X is being called the “sandwich” generation because they are both taking care of their children and their parents, according to a new issue brief from Employee Benefits Research Institute (EBRI), “Comparing the Financial Status of Generation X Families.” In addition, this generation experienced the Great Recession of 2008, when many of them were in their 30s and in prime earning years.
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MICPA Supports Practitioner Services Division at IRS
This past May, at the conclusion of the AICPA’s Spring Meeting of Council, several hundred CPAs from across the nation met with Members of Congress to ask them to support consolidating existing IRS units into a Practitioner Services Division so that taxpayer issues are more efficiently resolved. Representatives from the MICPA met with thirteen members of Michigan’s congressional delegation to share how tax practitioners now rely on many different IRS programs, processes and tools situated throughout the organization to resolve clients’ tax issues.
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Should You Wait to Claim Social Security Benefits?
Claiming Social Security before full retirement age leads to a reduced monthly benefit. This article from CBS News explains the advantages of waiting past retirement age and offers guidance for finding the optimal claiming strategy.
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Close Any Deal Using These Human Intelligence Skills
Most accounting and finance professionals have technical skills down to a science. And when it comes to crunching numbers, they’re undisputed dynamos. But the digital age requires more – namely, fine-tuning the skills that make us uniquely human. Whether interviewing for a job or pitching an idea to a client, this set of skills will help anyone land any deal.
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Maintaining a Strong Voice in Advocacy
The AICPA submitted over 140 recommendations on behalf of the profession to the IRS regarding its 2019-2020 Guidance Priority List. Tax issues related to crowdfunding, virtual currency and the shared economy (such as Uber and Airbnb) are just some of the items included in the suggestions.
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3 FAQs on the Hosting Services Ethics Interpretation
The clock is ticking, and the effective date for the hosting services ethics interpretation is around the corner. Make sure you’re prepared.
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Survey: Business Execs Say Complex Financial Instruments Continue to Pose Risk
A recent AICPA study of senior level CPAs reveals concern about the valuation of complex financial instruments. Almost 70 percent expect financial instruments to become more complex over the next one to three years, and 55 percent expressed concern about financial instrument valuations.
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Source: MICPA
Source: MICPA

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