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 Legislative Update MACPA's legislative team, including the Legislative Advisory Group, lobbyists and staff, are hard at work in both the regulatory and legislative arenas. Top priorities include technical fixes to the MBT and administrative rules changes governing the profession. The following provides a brief summary of current key initiatives. Licensing & Regulatory Issues Adoption of CPA license mobility and changes to experience requirements for original CPA certification have necessitated modifications to the Administrative Rules promulgated by the State of Michigan, under the umbrella of the Michigan Occupational Code. The MACPA is working closely with members of the State Board of Accountancy and the Licensing Bureau to appropriately revise the Administrative Rules. A comprehensive draft is complete and discussions with Licensing Bureau staff have begun. The “privity” statute (MCL 600.2962), enacted largely due to the work of the MACPA and effective since 1996, was intended to provide a “bright line” test in regard to third-party reliance on CPA services and associated liability. Recent court decisions have challenged the reliability of the language in this portion of Michigan law, calling for an effort to clarify the original intent. The MACPA Legislative Advisory Group and MACPA Legal Counsel developed a legislative solution encompassed by Senate Bill 783. Introduced by State Senator Tonya Schuitmaker (R-Lawton), SB 783 will be addressed in a Senate Judiciary Committee hearing in December. State Tax Issues Leading experts on the Michigan Business Tax (MBT) from MACPA’s State & Local Tax Task Force and Business Tax Restructuring Subcommittee have been laboring on legislatives measures to correct some of the more glaring MBT technical issues and unintended consequences. A 10-page report encompassing 17 issues was finalized in late 2010. Senate Bills 368 and 369, introduced by Senate Finance Committee Chair Jack Brandenburg in May 2011, have passed the Senate and are likely to face a hearing before the House Tax Policy Committee in December. The two bills address four of the 17 issues – most significantly clarification regarding the Single Business Tax (SBT) and MBT treatment of personal investment income. Work continues on the development of legislation encompassing other changes included in the 2010 report, as well as negotiations with the Snyder Administration and the Legislature. The MACPA is always tracking policy proposals that may impact CPAs, working diligently to protect the profession’s interests. Efforts undoubtedly remain afoot here in Michigan to create a licensing or regulatory structure for paid tax preparers, a proposal that flies in the face of MACPA’s mission to protect both the public and the CPA profession. Initiatives have also surfaced in recent years to require audit partner and/or firm rotations for specific sectors (i.e. school districts, area agencies on aging, etc.) The MACPA remains committed to defeating any such proposals. For more information on the MACPA's efforts in the legislative arena, contact the Government Relations Department at legislation@michcpa.org. Top |
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| PO Box 5068 Troy, MI 48007-5068 Phone: 248.267.3700 Fax: 248.267.3737 E-mail: ;macpa@michcpa.org | |
