IRS Releases Draft 2019 Forms 1065, 1120-S, and Schedule K-1, and more - October 2, 2019 News

by MICPA | Oct 04, 2019   ()

MICPA Announces 2019 Awards
The Michigan Association of Certified Public Accountants has named the recipients of its 2019 annual awards that recognize professionals who have made a lasting impact in their industry and in their communities. The winners will be honored on Thursday, Oct. 3 at the MICPA’s awards dinner at the Suburban Collection Showplace in Novi. Among the honorees are Eric Hansen – Outstanding Visionary Award; Alan Young – Distinguished Service Award; and Peggy Dzierzawski – Distinguished Lifetime Service Award. Read the news story and view the complete list of honorees on the MICPA website.
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IRS Releases Draft 2019 Forms 1065, 1120-S, and Schedule K-1
The IRS issued a draft of the tax year 2019 Form 1065, U.S. Return of Partnership Income, and its Schedule K-1, Partner’s Share of Income, Deductions, Credits, etc. The changes to the form and schedule aim to improve the quality of the information reported by partnerships both to the IRS and the partners of such entities. Among the changes is the addition of a checkbox that allows a taxpayer to indicate if certain grouping or aggregation elections have been made. The changes also reflect updates consistent with changes resulting from the Tax Cuts and Jobs Act.
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Mark your calendar for Monday, November 4, and come see the MICPA’s New Home.
Join us as we officially cut the ribbon at 8:30 AM or stop by anytime between 9:00 and 11:30 AM for refreshments and a tour of our new headquarters.

IRS Finalizes Safe Harbor Allowing Rental Real Estate as Deduction
The IRS issued Revenue Procedure 2019-38 that has a safe harbor allowing certain interests in rental real estate, including interests in mixed-use property, to be treated as a trade or business for purposes of the qualified business income deduction.
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GASB Proposes Guidance on Replacement of Interbank Offered Rates
The Governmental Accounting Standards Board (GASB) proposed new accounting and financial reporting guidance to assist state and local governments in the transition away from existing interbank offered rates (IBORs) to other reference rates.
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Emerging Issues in the Cannabis Industry
The Marijuana Regulatory Agency (MRA) is in the process of implementing the regulatory framework created by the passing of the Michigan Regulation and Taxation of Marihuana Act (MRTMA) making Michigan the 10th state nationally to allow recreational use of cannabis, in addition to medical use. Competent professionals are needed to help industry owners, investors and operators navigate this tremendously competitive and evolving marketplace. Attend the Cannabis Summit & Simulcast on the morning of Thursday, December 5 to gain valuable information for you and your clients looking to engage.
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IRS Final Regs Loosen 401(k) Hardship Distribution Requirements
The IRS has amended the requirements for hardship distributions from Sec. 401(k) plans, reports the Journal of Accountancy. The final regulations eliminate the requirements that plan participants take loans from the plan to the extent they are available before they are permitted to take a hardship distribution from the plan and that participants may not make new contributions to the plan within six months of the hardship distribution.
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Advice From a Peer Reviewer: Documentation Missteps to Avoid
Don't let these common errors derail your audit (and your next peer review). Peer reviewer Rick Reeder, CPA, CGMA, has reviewed thousands of audits in his career, and he's sharing his best documentation advice in this AICPA Insights article.
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Participate in This Virtual Conference: Add Your Voice in Preparation for the Future of the Profession
It’s no secret that the role of a CPA is fundamentally shifting, but what does that mean from a practical standpoint? What can you do today to prepare, and what trends on the horizon should you be considering? MICPA members, including educators and students, are invited to participate in CPA Convene from 12-3 p.m. on Oct. 3. This virtual conference is designed to give voice to everyone participating. During the live event, you’ll have exclusive access to pre-recorded sessions led by industry experts – and while these sessions play, a chat will run simultaneously giving you the option to communicate with speakers and other attendees to flesh out ideas together in a meaningful and practical way. After the event, all participants will receive a whitepaper capturing the collective knowledge shared during the event from both the speakers and attendees alike.
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Empowering Women Leaders
So many women seek to be liked, but does that drive sometimes mask competence? Join us the morning of October 10 to discover how striking the right balance is the key to advancement and leadership.
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New MICPA Course: Learn How Diversity and Inclusion Can Propel Your Business
Diversity and inclusion make business better but how can we dig deeper, measure ROI and discover what's going on beneath the surface? Learn from organizations that are leading the way at Getting in the Game: Diversity & Inclusion Propelling Business on Oct. 22 in Novi.
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Tips for Building a Compelling LinkedIn Profile
To create the best possible LinkedIn profile, concentrate on the professional headline and the "About" section. Other tips from CNBC include uploading a photo and elaborating on your accomplishments in the "Experience" section.
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Source: MICPA
Source: MICPA

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