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Tips to Help You Get Your
Story Published in Crain's
Providing a unique angle is one of the secrets
to getting your story published by Crain’s Detroit Business, the popular
business journal in southeast Michigan. For more ideas for ways to create
attention-grabbing stories, and to access a list of key contacts, read this
tip sheet provided by Crain’s, an MACPA
partner.
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Following an
Important Regulatory Issue? List Allows Easy Tracking of Exposure Drafts
Outstanding accounting-related exposure drafts
published in the AICPA’s Journal of Accountancy are available to MACPA
members in this handy, well-organized
summary
(PDF format). This comprehensive list provides current exposure drafts
listed by organization, title and description, along with their comment
period deadline and includes web sites for more information. New exposure
drafts are bolded.
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Latest News from the
IRS
- Enhanced Online Payment
Agreement Application - With the filing deadline approaching,
the IRS announced
enhancements to the interactive Online Payment Agreement application
on IRS.gov.
- E-filing Returns With an ITIN/SSN
Mismatch - Due to programming changes, the IRS' e-file system
can now accept returns with an identification number (ITIN/SSN)
mismatch. Read the
full article to learn how to correctly fill out the form when there
is a mismatch.
- E-file Popularity Continues to Grow - According to the new
filing season statistics for the week ending March 16, 2007, one of
the biggest areas of growth is in returns filed electronically from
home, having grown more than eight percent from last year at this time. E-filed returns
from tax professionals have climbed more than four percent. Meanwhile, this
year’s filings still show about three in 10 tax returns are not
requesting the one-time telephone tax refund.
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AICPA Calls on Congress
to Repeal AMT
Last week, the AICPA called on Congress to
repeal the individual alternative minimum tax (AMT), saying that unless
Congress acts, 23.4 million taxpayers are likely to be subject to the AMT in
2007. That represents about 26 percent of individuals paying federal income
tax. AICPA calls for change due to increasing AMT complexity, impact on
unintended taxpayers and compliance problems. Recognizing that simply
eliminating the AMT would generate a new set of problems, the AICPA also
offered a baker’s dozen of alternative solutions.
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Federal Court Bars
Michigan Man From Preparing Tax Returns for Others
A federal court in Grand Rapids has issued a
temporary restraining order barring Donald A. Gray from preparing federal
income tax returns for others, the
Justice
Department announced. The court says the Portage, Mich., man has been
preparing income tax returns for customers based on the frivolous theory
that wages are not income for federal tax purposes unless the wage earner
works for the government. Gray allegedly followed a scheme promoted by Peter
Eric Hendrickson of Commerce Township, Mich., in a self-published book
entitled Cracking the Code, The Fascinating Truth About Taxation in
America. The court also found that Gray misrepresented his
qualifications, falsely claiming to be a CPA even though he is no longer
licensed as a CPA in Michigan.
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GASB Proposes Standards
for Reporting Land and Other Real Estate Held as Investments
The Governmental Accounting Standards Board (GASB) issued a
proposal
related to the reporting of land and other real estate investments by
endowments. The proposed Statement would require permanent and term
endowments and permanent funds to report the fair value of land and other
real estate held as investments and the changes in that fair value. They
also would disclose the methods and significant assumptions employed to
determine fair value, as well as other information that they currently
present for other investments reported at fair value. Comments on the
proposal are due by June 29, 2007.
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Feed the Pig™ Podcasts
Offer Money Saving Tips for Young Americans
Feed the Pig™,
a national public service campaign of the AICPA, the state CPA societies and the Ad Council, is
launching a free podcast series to help 25 – 34 year olds take control of
their finances. The first five episodes will cover Managing Your Student
Loans; Buying Your First Home; Paying Down Debt vs. Saving for the Future;
Filing Your Taxes; and Compulsive Spending. The first podcast is now
available online.
Others will be released about 10 days apart. Visit the
Feed the
Pig page on the MACPA web site to read more about the campaign and view
the television commercials.
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Planning Your Summer
Road Trip? This Cool Tool Will Help
The annual state highway construction guide is
now available from the Michigan Department of Transportation (MDOT). The
free map, called "Paving the Way," is updated each year to help motorists
locate major road and bridge projects across the state. The 2007 map will be
available at MDOT's Transportation Service Centers, Michigan Welcome
Centers, and will be posted at state rest areas. As in past years, the 2007
edition of Paving the Way also details construction on state roads in
Detroit and Grand Rapids, with maps specific to these two areas of the
state. In addition to the printed map, you can view an
electronic
version. There also is a regularly updated list of
lane closures.
To request copies of Paving the Way, call 517.373.2160.
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Choosing the Right
Managed Service Provider
There are several things small businesses should consider when choosing a
managed services provider for data backup and security. The provider should
be willing to conduct a needs analysis to determine which products are
necessary. To read this article in its entirety and learn much more about
developments in technology, access
Technology and
Productivity Weekly, the MACPA's electronic technology newsletter for
industry professionals, sponsored by Information, Inc. The MACPA's
Information Technology Conference also discusses current technology topics
and includes a session on managed services. Learn more about the
conference.
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