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Harness the Power of Networking, Form 1099-G is En Route, and more

by MICPA | Jan 21, 2020   ()

Harness the Power of Networking with MICPA Connect
Tax season officially begins in just six days, though many taxpayers are already beginning preparation. With several challenging tax code changes facing professionals this year, the MICPA invites its members to join MICPA Connect. Our exclusive online community offers you the opportunity to trade information and discuss tax problems with other professionals across the state.
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Form 1099-G is En Route to Michigan Taxpayers
The Michigan Department of Treasury is mailing Form 1099-G to more than 413,000 taxpayers. Often mistaken as a bill, according to Deputy State Treasurer Glenn White, taxpayers that claim itemized deductions on their federal return need Form 1099-G in order to report their 2019 Michigan refund as income.
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FASB Issues New Clarifications on Financial Instruments
A new Accounting Standards Update (ASU) released by the FASB clarifies the interaction between accounting standards regarding equity securities, equity method investments and certain derivatives. The goal of the ASU is to lower practice diversity and increase the comparability of accounting for these types of relationships.
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Labor Department Clarifies Joint Employer Standard
The U.S. Department of Labor revised its interpretation of the joint employer status under the Fair Labor Standards Act. These revisions aim to clarify the determining factors of joint employer status, including a four-factor test to identify when a person is acting directly or indirectly in the interest of an employer in relation to the employee.
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Repatriation Spurs IRS to Consider Relief from Double Taxation
Amended by the Tax Cuts and Jobs Act, unique circumstances exist under section 965 which may lead to double taxation for some taxpayers. The IRS announced that it was aware of these limited cases and would consider relief if taxpayers fit the appropriate fact pattern.
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Not All Data Security Risks Exist Online
The IRS wants tax professionals to remember to check their office for risks to client data security, starting with the state of their desks. According to the agency, securing your office space is just as vital as securing your computer.
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Working Toward a More Diverse Accounting Industry
A new report states that the number of minority accounting graduates is up 10 percent over the last decade, but that total minority hiring has remained flat since 2012. The AICPA spoke with the Director of Diversity of the Association International of Certified Public Accountants, Kim Drumgo, to discuss the implications of this disparity.
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Exploring the Art of Trade War for CPAs
As the U.S. and China move forward with a new trade agreement, industry CPAs will be charged with determining the implications on their company’s long- and short-term viability. This article from the Journal of Accountancy discusses strategies and tactics CPAs can utilize to turn trade disruption into opportunity.

Climate Change Driving Investor Focus Toward Sustainability
BlackRock, one of the world’s leading institutional investors with nearly $7 trillion under its management, announced plans to make sustainability the new center of its investment approach. In an open letter, Chairman and CEO, Larry Fink, wrote that investors are recognizing that climate risk creates investment risk, and called for improved reporting and disclosure of companies’ sustainability practices.
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Michigan Among Most Affordable States to Retire
What constitutes affordable in 2020? MarketWatch broke down the cost of retirement by state, and even the least expensive option, Mississippi, is more than half a million dollars. Michigan is the ninth most affordable state for retirees, with an estimated cost of $733K.
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Source: MICPA
Source: MICPA

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