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FASB Votes to Delay Effective Dates for 3 Major Standards, and more - November 5, 2019 News

by MICPA | Nov 06, 2019   ()

Michigan Treasury Raises Awareness of Cybersecurity and Tax-Related Identity Theft
During Gov. Gretchen Whitmer’s proclamation of October as Michigan’s Cybersecurity Awareness Month, the Department of Treasury reminded Michiganders, both taxpayers and preparers alike, that cybersecurity remains a growing concern. “Cybercriminals are getting more and more sophisticated in their schemes to steal from taxpayers,” warned State Treasurer Rachel Eubanks.
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IRS Issues Final Regulations for Life Insurance Contract Transactions
The IRS recently issued final regulations on the new information reporting requirement for life insurance contract transactions. Authorized under the 2017 Tax Cuts and Jobs Act (TCJA), these final regulations apply to reportable policy sales and payments of death benefits occurring after Dec. 31, 2018. Every person who acquires a life insurance contract, or any interest contract, in a reportable policy sale will be required to file a return with the IRS. Additionally, the final regulation will guide those who make payments of reportable death benefits and how to calculate the amounts which are excluded from annual gross income.
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The Financial Accounting Foundation Seeks New Executive Director
The Financial Accounting Foundation (FAF) invites qualified individuals to apply for the role of executive director. The deadline for nominations is Nov. 29, and an accounting background is preferred, but not required. The FAF is responsible for appointing the Financial Accounting Standards Board (FASB), and its executive director will lead a team of 45 professionals responsible for critical support services within the FASB and the Governmental Accounting Standards Board (GASB), including public affairs, legal, IT, human resources, publishing, financial management and administration.
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Video: GASB Board Member Jim Brown Discusses Role of Conservatism in Accounting
Jim Brown, public accounting board member of the Governmental Accounting Standards Board (GASB), addressed the application and impact of conservatism when applied to accounting. “By being very conservative, you reduce your reliability, you introduce an element of inconsistency but, probably most importantly, you impede transparency,” stated Brown.
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Maximizing the QBI Deduction with UBIA Property
Taxpayers subject to the limitation on the Sec. 199A deduction based on the unadjusted basis immediately after acquisition of qualified property should take advantage of opportunities to maximize the limitation and enjoy enhanced qualified business income deductions, reports Tax Insider.
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Where Do the 2020 Democratic Presidential Candidates Stand on Taxes?
With the 2020 presidential election only a year away and the ranks of the Democratic challengers for the nomination slowly start to dwindle, CPA Practice Advisor offers a run down the key tax proposals being touted by some of the front runners.
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WalletHub Ranks S&P Corporate Taxes for 2018
A report from WalletHub provides an in-depth analysis of the 2018 federal, state and international tax rates paid by the S&P 100 companies, the largest and most established businesses in the U.S. The overall tax rate that S&P 100 companies pay, around 21 percent, is more than 15 percentage points lower than it paid in 2017.
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Federal Deficit Increases 26% to $984 billion for FY2019
The U.S. Treasury said that the federal deficit for fiscal 2019 was $984 billion, a 26% increase from 2018 but still short of the $1 trillion mark previously forecast by the administration. The gap between revenues and spending was the widest it’s been in seven years as expenditures on defense, Medicare and interest payments on the national debt ballooned the shortfall.
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Will Moving Help You Cut Your Tax Bill?
Moving from a high-tax state to a low-tax one can generate savings, but there are other costs to consider. And these days, people affected by tax reform’s squeeze on the federal deduction for state and local income taxes (SALT) are feeling increased pressure to make such a move. Be sure to account for all types of taxes, including property tax, and consider travel costs, reports Kiplinger’s Retirement Report.
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Source: MICPA
Source: MICPA

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