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Treasury Releases RAB on the Taxation of Adult Use Marijuana, and more - November 26, 2019 News

by MICPA | Nov 27, 2019   ()

Treasury Releases RAB on the Taxation of Adult Use Marijuana
The Michigan Department of Treasury approved a 10 percent excise tax on the sales of recreational marijuana as outlined in Revenue Administrative Bulletin 2019-17. Marijuana retailers, microbusinesses and taxpayers will begin remitting the tax when the Department of Licensing and Regulatory Affairs begins issuing licenses to marijuana establishments, and recreational sales in the state commence.
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Michigan Treasury Issues First Interest Rate Adjustment for 2020
A Revenue Administrative Bulletin released by the Michigan Department of Treasury reveals a slight increase in the annual interest rate on underpayments and overpayments in the first half of 2020. The rate is set to increase from 6.39% to 6.4% for Jan. 1 - June 30, 2020.
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Michigan’s Prepaid College Tuition Program to Reopen Enrollment Dec. 1
Enrollment closed on Sept. 30 in order to analyze and modify pricing, as it does every year. However, the Michigan Education Trust Board of Directors announced that enrollment into the prepaid college tuition program will reopen Dec. 1. Those who purchase a plan by Dec. 31 will be able to deduct the contribution on their 2019 Michigan tax return.
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Final Regulations Confirm: Making Large Gifts Now Won’t Harm Estates After 2025
The Treasury Department and the IRS issued final regulations confirming that individuals taking advantage of the increased gift and estate tax exclusion amounts in effect from 2018 to 2025 will not be adversely impacted after 2025 when the exclusion amount is scheduled to drop to pre-2018 levels.
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IRS Urges Tax Professionals to Review e-Services Accounts Ahead of Tax Season
The IRS provided a checklist for tax professionals headed into the 2019 tax season. Prominent on the list are reminders to update e-Services information, renew Preparer Tax Identification Numbers (PTINs) and review current security safeguards.
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IRS Advisory Council Issues 2019 Annual Report
The Internal Revenue Service Advisory Council (IRSAC) issued its annual report for 2019, including recommendations to the IRS on new and continuing issues in tax administration. The IRSAC is a federal advisory committee that provides an organized public forum for discussion of relevant tax administration issues between IRS officials and representatives of the public. Among a list of 20 key issues, the report discusses accelerating the use of e-signatures and guidance related to the Tax Cuts and Jobs Act.
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IRS Commissioner Seeks to Enhance Taxpayer Contacts, Target Enforcement
Speaking to an audience of tax professionals and accountants, IRS Commissioner Charles Rettig discussed possible IRS restructuring, more-targeted enforcement efforts and IRS use of data analytics, reports the Journal of Accountancy.
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IRS Announces 4th Annual National #TaxSecurity Awareness Week
The IRS, alongside state tax agencies and national tax industry, announced the 2019 National Tax Security Awareness Week will occur Dec. 2 - 6. The week will contain a series of education materials for both taxpayers and tax professionals, and a targeted social media effort on Twitter and Instagram with @IRSnews and #TaxSecurity.
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What I Learned From My Clients' Tax Returns
Tax season will be ramping up before you know it, so — in case you missed it — read up on Carolyn Larsen-Weiber, CPA. After 28 years working in tax, Larsen-Weiber decided to capitalize on her expertise by opening her own financial planning practice. In this AICPA Insights article, she explains how CPAs working in tax are well positioned to take client relationships to the next level. To her, tax returns are a gateway to financial planning, an added service that’ll translate to greater value for your clients — and you.
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GAO Reports Increased Usage of “Other Transactions” by DOD
According to a recent report by the U.S. Government Accountability Office, the Department of Defense saw an uptick in the use of flexible agreements, or other transactions, in 2018. These transactions are not subject to certain federal contract laws and requirements and may open doors to new business opportunities for innovative companies.

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How to Create A More Inclusive Workplace Culture
While diversity and inclusion in the workplace continue to be among organizations’ top core values – recent research from McKinsey has found its benefits range from greater employee engagement to increased business performance – challenges remain as to how to implement companywide tools and initiatives that help prevent biases in the workplace and instead encourage inclusivity, respect, appreciation and recognition of all employees.
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Source: MICPA
Source: MICPA

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