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New Rule Will Not
Affect Teacher Salaries in Upcoming School Year
In a move to clear up confusion about a recent
tax law change, the IRS reassured teachers and other school employees that
new deferred-compensation rules will not affect the way their pay is taxed
during the upcoming school year. Recently, the IRS has received inquiries
from teachers who had been told that they had to make certain decisions
about their pay this month or risk severe penalties. The issue at hand is a 2004 law
change that applies to people who decide to defer compensation from one year
to a future year. In April, the Treasury Department and the IRS issued final
rules implementing this law change. The IRS clarified that the new rules do
not require school districts to offer teachers an annualization election.
School districts that offer annualization elections may have to make some
changes in their procedures. The new deferred-compensation rules will not be
applied to annualization elections for school years beginning before Jan. 1,
2008, so school districts and teachers will have time to make any changes
that are needed. A
list of Frequently Asked Questions contains more
information.
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Still Time to
Comment on Form 990 Changes
If you have comments or concerns about the IRS’s proposed revisions to Form
990 released in mid-June, the MACPA wants to hear from you! A newly formed
MACPA ad-hoc task force will submit comments on behalf of the Association’s
membership. The Form 990 Ad-Hoc Task Force needs to receive your comments
and questions on the proposed form changes by no later than Friday, August
17. Please send comments/questions to
legislation@michcpa.org or contact the
MACPA Government Relations and Regulatory Affairs Department at
248.267.3700. The IRS is anticipating an implementation of the revised form
for the 2008 tax year. Additional information on proposed Form 990 changes
is available by visiting the official
IRS web site.
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Five Weeks Left to
Gather Books for Local Schools
The MACPA New Professionals Task Force is asking Association members and
friends to donate books to the
2007 Book Drive. New and
gently-used books suitable
for children ages 5 – 13 are being collected by the task force and donated
to elementary school children. More than 20,000 books were collected in 2005
and 2006 book drives. Book donations or cash contributions are being
accepted through September 20. Books can be dropped off at the MACPA office
in Troy.
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Received
a Promotion or Award? We Want to Know!
A new feature on the MACPA web site recognizes outstanding members by
featuring their professional accomplishments. If you, or a member you know,
has recently received a promotion, a professional award, or was featured in
a news story, please let us know. Submissions may be e-mailed to Cori Duluk
at cduluk@michcpa.org. Please note “Member News” in the subject line.
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Hosted VoIP for SMBs: Great Advantages at Lower Costs
With hosted VoIP services, small businesses gain access to
the same telephone systems as their larger counterparts at a decent price.
Because the systems are run and maintained by third-party providers, small
companies do not need to install on-site PBX phone systems or network and
call control infrastructure, dramatically reducing costs.
o 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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