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Nonqualified
Deferred Compensation Final Regulations Issued
The Treasury Department and the IRS last week
issued
final regulations on the treatment of nonqualified deferred compensation
plans and arrangements under section 409A of the Internal Revenue Code. The
regulations provide guidance regarding the requirements for deferral
elections and payment timing under section 409A. Affected plans and
arrangements are required to comply with documentation requirements
established in the final regulations by December 31, 2007.
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In Wake of Charges,
Jackson Hewitt to Launch Own Review
A former IRS commissioner will head up Jackson Hewitt Tax Service Inc.’s
internal review of fraud charges lodged last week against a major
franchisee, according to a WebCPA
article. The tax preparer has been under fire since April 3, when the
Department of Justice announced that it was filing fraud charges against a
handful of corporations running more than 125 Jackson Hewitt locations,
including some in Michigan.
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IRS Completes Taxpayer
Assistance Blueprint
The IRS has submitted to Congress the completed
Taxpayer Assistance Blueprint in response to a congressional mandate for
the development of a five-year plan for the delivery of taxpayer service.
The Blueprint represents the most extensive IRS research ever conducted into
the needs, preferences and behaviors of taxpayers and partners who assist
them in complying with the tax laws, such as volunteer and paid tax return
preparers. This research formed the foundation for the strategic plan for
taxpayer service outlined in the Blueprint. The plan includes a variety of
specific recommendations for improving IRS services for taxpayers and
partners. The IRS hopes that improving taxpayer service ultimately will
result in reducing the “tax gap.”
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IRS E-File for Business
Tops One Million Returns
On April 11, the IRS announced that more than one million business taxpayers
have
electronically filed tax returns so far this year. Corporate e-filed
returns have increased by nearly 50 percent over this period last year.
Non-corporate business filers are also using e-file. Close to 185,000
(actual 185,809) businesses electronically filed their partnership returns
this year. Partnerships are required to file a schedule K-1 for every
partner. The IRS has received more than 1.1 million e-filed K-1s so far this
year, above and beyond the million returns.
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Survey Says American
Adults Still Expect to Retire With a Pension
Nearly half (48 percent) of all non-retired adult Americans expect to retire
with a pension, according to a new
poll conducted by Harris Interactive for the AICPA. “Despite all
evidence to the contrary, pensions are still regarded as a safety net for
retirement,” said Carl George, CPA, chair of the National CPA Financial
Literacy Commission. “Americans have to understand that many of the
entitlements of their predecessors are not guaranteed. It is up to them as
individuals to prepare for retirement.” The safety net of a pension plan may
not be there for many American workers, as more and more companies shift
from defined benefit plans to defined contribution plans such as a 401(k).
Yet, the AICPA/Harris survey found that only 14 percent of American adults
mentioned their company’s 401(k) plan when asked about ways they save.
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CPAs Can Reach Hundreds
of Kids Through One-Day Blitz With JA
If you are looking for a way to make a difference in your community, look no
further than the spring
MACPA
Accounting Blitz. This spring, the events will be held on Tuesday, May 8
and Friday, May 18. The blitzes are a joint outreach effort of the
Michigan Association of Certified Public Accountants and Junior Achievement
of Southeastern Michigan. As an MACPA member, you have the opportunity to educate young
students about vital business and economic basics. In an effort to fit into
the schedule of a busy professional, the MACPA Accounting Blitz only
requires a one-day commitment in addition to a two-hour training session.
Junior Achievement provides lesson plans and classroom materials to ensure
your success. To participate in this rewarding experience, fill out the
volunteer form
here or contact the MACPA membership department at
membership@michcpa.org or
248.267.3700.
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CFO of the Year Dinner
Slated for May 17 in Farmington Hills
For the first time on May 17, Crain’s, in special partnership with the MACPA,
will hold its CFO of the Year Awards dinner. Crain’s Detroit Business
is assembling a blue ribbon panel of experts to determine the top tier of
financial executives in our region. Profiles of the finalists will be
featured in Crain’s Detroit Business and on
crainsdetroit.com.
The dinner will be held on May 17, 5:30-8 p.m. at the DaimlerChrysler
Financial Services, 27777 Inkster Rd., Farmington Hills. Tickets are $75.
For more information, call 313.446.0300.
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Congratulations to Our
Apple iPod Winner
From January 29 through March 30, the MACPA asked members to update their
profiles on our new web site, for a chance to win an 80 GB Apple iPod.
Thank you to all of our members who updated their profiles. The lucky winner
of the 80 GB Apple iPod is Robert Adams. Adams is a life member of the MACPA,
retired and currently living in Georgia. If you have not yet updated your
profile, visit
www.michcpa.org to create your account and update your profile. You can
simply use your existing login or your member number, which appears at the
top of this E-News. If you have any questions, please contact the MACPA at
248.267.3700.
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Whew! Tax Day is Over -
Free Coffee for CPAs on Wednesday
Dunkin’ Donuts appreciates CPAs for keeping America running. In recognition
of CPAs’ relentless efforts and hard work during the tax season, Dunkin’
Donuts says “thanks” by announcing Dunkin’ Donuts’ Certified Public
Accountants Appreciation Day on Wednesday, April 18, 2007. From
6:00 a.m. to 6:00 p.m., all CPAs can receive a FREE, large freshly brewed
coffee, including their choice of many available flavors, at any
participating Dunkin’ Donuts in Michigan, simply by showing their business
cards.
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Keys to Creating a Small
Business Web Site
When developing company web sites, one of the most important things
small-business owners can do is offer sufficient content. The content should
provide information about the company to prospective clients and include
plenty of pertinent keywords to boost its search-engine ranking. 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.
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