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Renew Your CPA License
Online Today
Starting today, the Department of Labor & Economic Growth Bureau of
Commercial Services offers you the opportunity to renew your CPA license
from the convenience of your computer via the Internet. If you need to renew
your license and do not have an address change, please visit
www.michigan.gov/bcsrenewal. Follow the step-by-step instructions. If
you do have an address change, please visit
www.michigan.gov/mylicense to update and renew your information.
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Tax Glossaries
Available in Several Foreign Languages
The IRS released five new publications to help
foreign-language communities understand federal tax forms and
publications that are written in English. These new glossaries of tax
terminology will help meet increased demand for tax-related resources in
languages other than English. The five new publications are new versions of
Publication 850 for Chinese (simplified), Chinese (traditional), Korean,
Russian and Vietnamese. A Spanish version was previously available. The
Virtual Translation Office of the IRS helped create these glossaries of tax
terminology to help taxpayers and the professionals who assist them
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Help for California
Wildfire Victims
The Internal Revenue Service has issued
disaster relief for victims of the Southern California wildfires. The
following online resources may also be of help to those who have suffered
losses:
FAQs for Disaster Victims, IRS Publication 547,
Casualties, Disasters and Thefts, and IRS Publication 584,
Casualty,
Disaster and Theft Loss Workbook. The IRS has also issued an alert for a
new e-mail scam that appears to be a solicitation from the IRS and the
U.S. government for charitable contributions to victims of the recent
Southern California wildfires. A link in the e-mail, when clicked, sends the
e-mail recipients to a web site that looks like the IRS web site, but isn't.
The IRS does not send e-mails to taxpayers soliciting contributions to a
charitable cause.
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AICPA, U.S. Small
Business Administration Form Alliance
The AICPA and the U.S. Small Business Administration signed a
strategic alliance agreement giving CPAs greater access to the SBA’s
programs and nationwide network. The strategic alliance agreement will open
pathways for CPAs to join the SBA in advocacy efforts for small businesses.
In addition, the alliance will accelerate the start-up of small accounting
firms and CPAs will be able to draw on SBA resources to help clients finance
start-ups, expansions and recover from natural disasters, such as the recent
fires in California. It will enable firms in their local areas to work more
closely with SBA resource centers and offices for the benefit of their small
business clients. More information is available at the SBA’s web site,
www.sba.gov.
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AICPA Supports
National Standard for Nonresident Income Tax
The Private Companies Practice Section (PCPS)
of the AICPA has developed an online toolkit to help members understand and
implement Statement on Auditing Standards (SAS) No. 104-111 “Risk Assessment
Standards.” SAS No. 104-111 is effective for audits performed on financial
statements for periods beginning on or after December 15, 2006. The complete
toolkit, accessible to PCPS member firms, is available at
www.pcps.org. It includes
talking points, a glossary and a client communication letter, among other
resources. For interested parties, a free FAQ sheet and SAS No. 104-111 Web
Forum Archive are available on that web site.
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Justice Department
Seeks to Shut Down Detroit Tax Preparer
The United States Justice Department has sued
a Detroit
tax return preparer, seeking to bar him from preparing federal tax
returns for others. The civil injunction suit alleges that Eric D. Parrish’s
Detroit business, E P Professionals LLC, claimed bogus deductions and
credits on customers’ federal income tax returns. According to the
government complaint, Parrish is alleged to have included fabricated claims
for federal fuel tax credit, telephone excise tax refunds, and other
deductions on over 60 tax returns that he prepared since 2004, fraudulently
claiming the fuel tax credit and telephone excise tax refunds are two of the
IRS’s “Dirty Dozen” tax scams for 2007.
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Tax Help: Volunteer to
Assist Low-Income Metro Detroiters
You can make a world of difference for
low-income individuals and families in Metro Detroit this tax season. We are
ramping up for our 2008 Tax Assistance Program, a MACPA
Communications Task Force initiative, in partnership with the Accounting Aid
Society. Regardless if you are a seasoned CPA, new professional or student,
you can volunteer to complete tax returns for low-income individuals
throughout February at Focus: HOPE in Detroit. This year, we have expanded
our partnership to include three Saturdays (February 2, 9, 16). You can
choose to volunteer for one, two or all three dates. Please note: All
volunteers must attend a training session that explains the software used,
typical client situations and tax updates. Dates and locations of the
training sessions will be available soon. If you are interested in
volunteering for the 2008 Tax Assistance Program, please contact Wendi
Salmons at wsalmons@michcpa.org or
248.267.3700.
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Are IT Silos Damaging Your
Productivity? Top Data Tips
Mismanagement of business-related data can result in both productivity and
profit loss, in addition to a breach of IT compliance laws. Users are
increasingly relying on micro-silos to store data, via personal computers or
email accounts, that circumvent standard information storage procedures.
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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