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U.S. Senate Bill Would Ban
Tax Strategy Patents; AICPA Supports
The AICPA commended last week the introduction of a bill by Senate Finance
Committee leaders, Chairman Sen. Max Baucus of Montana and ranking-minority
member Sen. Chuck Grassley of Iowa, to prohibit patents on tax planning
methods. S. 2369 would halt the granting of tax strategy patents by the U.S.
Patent and Trademark Office. The AICPA is urging the Senate to pass the
bill, which is similar to the ban in the broad patent reform bill passed by
House earlier this year. “Taxpayers should not have to worry about
infringing patents when preparing their tax returns,” said Barry C. Melancon,
AICPA president and CEO. “Neither should the tax professionals who prepare
millions of tax returns each year. Tax patents are an obstacle to equal
application of the tax laws.” For more, read the AICPA’s
press release.
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GASB Issues Statement on
Real Estate Held as Investments by Endowments
The Governmental Accounting Standards Board (GASB)
issued a statement requiring endowments to report their land and other real
estate investments at fair value.
Statement No.
52, Land and Other Real Estate Held as Investments by Endowments, is
designed to create consistency in reporting among similar entities that
exist to invest resources for the purpose of generating income. Previously,
state and local government endowments were required to report land and other
real estate held as investments at historical cost, which provides
information on investment results only in the year the investments are sold.
Statement No. 52 is effective for financial statements for periods beginning
after June 15, 2008. Earlier implementation is encouraged.
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Get Your Copy of the
One-of-a-Kind Michigan Tax Conference CD and Manuals
This is your chance to get a copy of the 1st Annual Michigan Tax Conference
CD and manuals. Purchase the Michigan Tax Conference CD, complete with the
presentations from day one and day two of the conference. Or, purchase the
manuals from day one, day two or both days of the conference. To order your
copy of either the CD or the manuals
click
here.
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Disaster Assistance
Available to Michigan Farmers
The U.S. Department of Agriculture has granted the state’s August 2007
request for
frost and freeze assistance. Michigan farmers in numerous counties who
have faced weather-related crop losses are now eligible for federal disaster
assistance. Twenty-nine Michigan counties experienced extreme frost and
freeze conditions from April 4, 2007, through June 13, 2007. The weather
conditions devastated crop yields across the state, particularly impacting
fruit, vegetables, and other weather-sensitive crops. This designation, in
addition to the recent drought disaster designation for all 83 counties,
will help Michigan farmers access low-interest loans to overcome significant
crop losses.
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Quick Response – Renew
Your CPA License Online
The Department of Labor & Economic Growth Bureau of Commercial Services says
CPAs who take advantage of online renewal can expect to receive their
renewed license or registration within five business days. The renewal cycle
for CPAs ends December 31, 2007, when all licenses and registrations expire.
Individuals who wish to make a name change, or change from licensed to
registered, or from registered to licensed, should renew by mail. Mailed
renewal process applications take two to four weeks to. For more
information, read this
article published in the November/December issue of Leaders’ Edge,
or visit the Bureau’s
web site.
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Skipping the Mall for
Holiday Shopping? Stay On Guard When You Are Online
Experts are predicting that consumers will spend more online this holiday
season than ever. While you can easily avoid crowds by shopping online, if
you’re not careful you may run into hackers, identity thieves and other
spammers. The Federal Trade Commission, together with the National Cyber
Security Alliance, offers these tips for safer and smarter online shopping
this holiday season: check out the seller; read return policies; know what
you’re getting; don’t fall for a false email or pop-up; look for signs a
site is safe; secure your computer; consider how you’ll pay; know the full
price, and check out incentives; keep a paper trail; and, finally, turn your
computer off when you’re finished shopping. For more details on these tips,
click
here.
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Here's Software to Manage
Your Business Like the Big Guys
Small businesses now have access to automated
lead tracking, call logging, accounting, and other productivity and sales
support software once available only to large companies. Offerings intended
for small firms include Microsoft Business Contact Manager and Intuit
Quickbase. To read this
article in its entirety and 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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