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MI Treasury Waives April SUW Penalties & Interest

SUW taxes granted a 30-day waiver

 

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Michigan Treasury Waives April SUW Penalties and Interest
Michigan businesses were granted a reprieve from sales, use and withholding (SUW) tax from the Michigan Department of Treasury today in light of on-going COVID-19 disruption. Any monthly or quarterly SUW taxes due by April 20, 2020, will be granted a 30-day waiver of penalties and interest.
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SBA Issues Interim Final Rule on PPP
The U.S. Small Business Association (SBA) issued an interim final rule on regarding the Paycheck Protection Program (PPP). The rule addresses guidance for individuals with self-employment income and sets forth eligibility criteria for business concerns and requirements for certain pledges of PPP loans.
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UIA Opens Applications for Nontraditional Workforce
Michigan self-employed workers, gig workers, 1099-independent contractors and low-wage workers can now apply for federal unemployment benefits online. Applicants can apply for benefits retroactively back to the week ending April 4, 2020. Michigan’s Department of Labor and Economic Opportunity encourages workers to continue attempts to file despite slow website response times and busy phone signals.
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IRS Issues Virtually Universal Tax Extensions
The IRS has been extending tax deadlines judiciously since mid-March, with stakeholders like the AICPA calling for broader relief at each concession. Last Thursday, the IRS decided to extend deadlines for all taxpayers, including individuals, trusts, estates, corporations and other non-corporate tax filers with a payment or filing deadline on or after April 1, 2020 and before July 15, 2020, Accounting Today reports.
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GASB Breaks Out New Toolbox
Uncommon accounting and financial reporting situations are becoming more common amid the on-going pandemic. To assist with these unusual times, the Governmental Accounting Standards Board (GASB) published a quick guide to applicable state and local governmental accounting and financial reporting standards. Among the items charted by the GASB are capital assets impairments, demand bonds, contingencies, fair value measurement and going concern considerations, to name but a few.
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FASB Publishes Q&As on Lease Accounting Issues
The Financial Accounting Standards Board (FASB) sought to clarify pandemic-related questions regarding lease accounting in a Q&A posted online. According to the Journal of Accountancy, lessors are predicted to provide lease concessions to tenants as a result of economic disruption related to COVID-19, and for such concessions, entities can elect whether to apply the FASB codification guidance on lease modifications.
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Net Operating Losses: IRS Issues Guidance for CARES Act Relief
The IRS recently issued new guidance for tax relief under the CARES Act pertaining to net operating losses (NOLs). For taxpayers with NOLs, the guidance addresses carryback periods, amended returns for partnerships with NOLs, and a six-month extension period for filing NOL forms.
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Annual Update – Capital Market Assumptions
Graystone Consulting offers a strategic estimate of returns and volatility of global asset classes that reflect the past year’s significant market movements, particularly the steep decline in interest rates. Overall, the potentially V-shaped recession coupled with federal emergency actions suggest a return of inflation, an improved outlook for commodities and challenging prospects for real estate and real estate investment trusts.
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Fintech Companies Rise to PPP Challenge
The Paycheck Protection Program (PPP) is gaining ground after stumbling through logistics, but many banks are only accepting applications from existing customers, Forbes reports. While not all banks are being as selective, Fintech companies like Paypal and Square are taking advantage of a new lender application for non-bank lenders released by the U.S. Treasury to increase the availability of loans.
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PayPie Plays Match Maker with PPP
Accountants familiar with PayPie know it as a cash flow and analysis platform, but the company is now offering access to its network of Small Business Association (SBA)-authorized lending partners to businesses seeking funds through the Paycheck Protection Program (PPP), Accounting Today reports. Because the SBA is operating at capacity by servicing both the federal PPP as well as Economic Injury Disaster Loans, Paypie’s goal is to act as a stopgap so businesses can be matched with a lender quickly and securely by matching businesses with their vetted financial providers.
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IRS Online Portal for Non-filers Goes Live
Economic impact payments have begun to disburse to individuals and families with direct deposit information on file with the IRS, with paper checks prepared to begin mailing by the end of the month. For Americans that are not typically required to file a federal tax return, the IRS announced on Friday the launch of its registration web tool. Developed in partnership with the Free File Alliance, the IRS online portal will allow non-filers to submit their payment information to the agency within a matter of minutes in order to ensure receipt of their stimulus payment.
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CFOs Rally Behind Work From Home Savings
According to a recent Gartner survey, 74 percent of CFOs and finance leaders plan to permanently keep at least five percent of their workers in remote positions, seizing an opportunity to realize cost benefits associated with a remote workforce, Tech Republic reports. Additionally, CFOs are taking a number of swift actions to cut costs amid the pandemic, including drawing down credit lines proactively as a precaution.
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The Millennial Retirement Playbook
Having experienced first-hand the Great Recession, Millennials cite retirement as their second most pressing financial concern, Kiplinger reports. According to experts, despite the unknown impacts of the global pandemic, experts say time is on the side of Millennials and there are five things they can do to start down that road right now.
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Hoarders: Coronavirus Edition
Toilet paper, hand sanitizer and all things Lysol were among the first items to go missing amid the initial waves of coronavirus-induced panic shopping. Now, Market Watch reports there are five interesting items currently being hoarded by Americans as their focus shifts from paper products and disinfectant to entertainment, fitness and gardening.
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Help the MICPA to #AcCountTheWays, CPAs and Companies Are Making A Difference
We know you, as members, have already started to impact the community with your activities- whether that is donating supplies to healthcare workers on the frontline, sharing technologies and educational resources for kids out of school or supporting organizations in Michigan and your local communities - it all counts. It all adds up. We want to share what you’re doing with others in the membership. So send us a sentence or an image, tag us on Facebook, LinkedIn or Twitter with #MICPAStrong and #AcCountTheWays. Let’s share what the CPA and business community is doing to make a difference. Help us count the ways.
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Source: MICPA

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