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Gov. Whitmer to Deliver Second State of the State Address, and more

by MICPA | Jan 28, 2020   ()

Gov. Whitmer to Deliver Second State of the State Address
Governor Gretchen Whitmer will deliver her second State of the State address on Wednesday, Jan. 29. The focus of the address will be changes facing the state of Michigan and the Governor’s policy priorities for the year ahead. Michiganders will be able to stream the address live from Michigan’s official website.
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Michigan Launches 2020 Census Website
Every decade, the census returns to determine the allocation of federal resources toward public safety, education, housing, healthcare and other social infrastructure across the country. With the goal of increasing responses among residents, Michigan has launched a website which will allow respondents to complete the census online for the very first time.
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Easier Option Available for Businesses Filing Sales, Use and Withholding Tax
The Michigan Department of Treasury announced Form 5081 EZ, a new, annual sales, use and withholding (SUW) tax return for businesses that gross less than $10 million in receipts. This new form is only accessible through Michigan Treasury Online and requires less taxpayer information compared to the standard SUW Annual Return.
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Information Security Plans are Focus of IRS in 2020
With data security as a top concern, the IRS is becoming more and more proactive in countering the rapidly advancing sophistication of cyber threats. This article by The Tax Advisor reviews the requirement set forth by the IRS for tax professionals to develop a written security plan in 2020 or risk investigation by the Federal Trade Commission.
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IRS Lists Tax Implications of Gigging
The IRS continues its work to address the emerging “gig,” or on-demand, sharing or access, economy by reminding gig taxpayers that the absence of official documentation does not imply tax exemption. Many people working in the gig economy do not receive a Form 1099-Misc, Form 1099-K or Form W-2, but are still required to report their income from cash payments, side work and rental income and may even qualify for certain expense deductions.
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Do You Know the Taxpayer Bill of Rights?
The IRS is ensuring that taxpayers know their rights when dealing with the agency by breaking down the Taxpayer Bill of Rights into easy to understand categories. The ten categories group multiple existing rights in the nation’s tax code for easy use and reference.
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J5 Takes Global Action Against Tax Evasion
The first major operational action by the Joint Chiefs of Global Tax Enforcement, or J5, included a global effort to gather information, evidence and intelligence via search warrants, interviews and subpoenas. Formed in 2018, the coalition aims to combat international tax crime and money laundering by speeding up investigation and coordinating across borders.
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Cyberattacks Threaten More Than Data
The World Economic Forum’s 2020 Global Risk Report, compiled in partnership with Marsh & McLennan (MMC) and Zurich Insurance Group, outlined the life-threatening potential of future cyberattacks. In this article by Yahoo! Finance, Peter Bashar, MMC general counsel, explains that the real emerging threat from cyberattacks is not data theft, but the manipulation of crucial systems such as nuclear facilities, telecom networks and chemical plants.
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Dementia and the Tax Adviser’s Obligation
People suffering from dementia are soft targets for fraud but may also change their approach to finances with detrimental results as their illness progresses, according to this article from the Journal of Accountancy. Professionals with experience navigating the responsibility of managing finances for those with dementia share their tips for helping clients prepare for their later years.
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California Privacy Law Spurs Innovation Race
Bloomberg reports that an innovation boom is being spurred by The California Consumer Privacy Act for which businesses are scrambling to comply as enforcement is scheduled for July. In true Silicon Valley fashion, over 200 startups are racing to deliver a technological solution that will streamline the process of compliance, something businesses in the state are expected to spend over $55 billion to achieve.
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Break the C-Suite Communication Barrier
Trust is an important part of any business relationship, but difficulties arise when language becomes a barrier. Many professionals subscribe to a vernacular particular to their industry, however, this Financial Management report discusses the importance of translating the language of finance into meaningful information nonfinancial peers can easily understand and digest.   
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Source: MICPA
Source: MICPA

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