MACPA E-News MACPA E-News
Headlines and Updates for MACPA Members  
December 17, 2007 Issue 399  
 
 
From Peggy Dzierzawski, MACPA President & CEO, and the entire MACPA staff, we wish you a happy holiday season and prosperity in 2008. We appreciate your membership in the MACPA, and we look forward to serving you in the New Year.
E-News will not be published next week. Watch for the next issue on Wednesday, January 2, 2008.
 
AICPA Comments to IRS on Rulings on Trust Distribution Committees
Renew Your CPA License Online Before Dec. 31 Deadline
PCAOB Issues Staff Audit Practice Alert on Fair Value
IRS Fast Track Settlement Program Expands
U.S. Government Releases FY 2007 Financial Report
FASB Launches Series of Webcasts on Global Reporting System
Changes Expand Federal Tax Credit Program for Employers
The Technology-Productivity Equation
PAAdvisory - December 14, 2007: A weekly newsletter provided by PAA Associates, Inc., the MACPA’s lobbyist partner in Lansing.
 

 

Michigan Business Tax Sessions
 
Michigan Business Tax - Get Information on the Most Recent Developments
 
Leading Practitioners Give You Practical Tax Return Preparation Applications
 
Prepare Your New Employees on How to File Complicated Individual Income Tax Returns
 
Do You Need a Better Understanding on How to Prepare Tax Returns for
S Corporations?
 
Understand Tax Preparations Issues For Limited Liability Companies
 
Start the Year off Right - Examine the Field of Accounting & Auditing
 

MACPA Members: Remember to customize your MACPA web site homepage to obtain articles, upcoming CPE events and news specifically related to your specialty areas. Once you have updated your information in the Member Profile Section of the MACPA web site, you will receive an individualized homepage each time you logon to the MACPA web site, http://www.michcpa.org. For More Resources:
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AICPA Comments to IRS on Rulings on Trust Distribution Committees
The AICPA has told the IRS in a comment letter regarding trust distribution committee rulings that it does not believe it is necessary to reconcile several Private Letter Rulings with two particular revenue rulings in order to accomplish sound tax policy. The AICPA submitted its comments to the IRS in response to IR-2007-127, an information release which questions whether the conclusions reached in a series of Private Letter Rulings (PLRs) regarding the application of Internal Revenue Code section 2514 are consistent with two revenue rulings. The AICPA said it sees no contradiction between the conclusions in the specific PLRs and the revenue rulings because they deal with different fact patterns and applicable Internal Revenue Code sections and regulations. However, the AICPA suggested that if the IRS determines that additional guidance is needed in this area to remove any possible doubts, the IRS should clarify what it is trying to say in the PLRs by providing a new revenue ruling on this subject with examples, demonstrating that modifying the PLRs’ trust structures as detailed in the AICPA comments would achieve the intended result.

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Renew Your CPA License Online Before Dec. 31 Deadline
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 process. For more information, read this article published in the November/December issue of Leaders’ Edge, or visit the Department of Labor and Economic Growth's web site.
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PCAOB Issues Staff Audit Practice Alert on Fair Value
The Public Company Accounting Oversight Board (PCAOB) last week published a Staff Audit Practice Alert on the audit of fair value measurements in financial statements. The alert provides auditors with additional information related to auditing fair value measurements and disclosures, as well as the use of specialists in this area. The release, Matters Related to Auditing Fair Value Measurements of Financial Instruments and the Use of Specialists, highlights certain matters in four areas: auditing fair value measurements; classification of fair value measurements within the fair value hierarchy established by SFAS 157; the use of specialists in fair value measurements; and the use of pricing services in fair value measurements.
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IRS Fast Track Settlement Program Expands
The IRS is expanding the number of test areas for the Fast Track Settlement program for taxpayers under examination by the Small Business/Self-Employed Division. The Fast Track program began, and is continuing, in Chicago, Houston and St. Paul. The settlement program is now available for small businesses and self-employed taxpayers until Sept. 5, 2008, in five new areas, including Philadelphia, central New Jersey, San Diego, Laguna Nigel (Calif.), and Riverside (Calif.). The program is a jointly administered process designed to expedite case resolution. Examination and Appeals officials will re-evaluate the Fast Track program after this test phase is completed on Sept. 5, 2008. This phase will help determine whether Fast Track is adjusted, expanded to more areas or made available nationwide.
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U.S. Government Releases FY 2007 Financial Report
The Treasury Department and the Office of Management and Budget released the Fiscal Year 2007 Financial Report of the U.S. Government. The report details the government's short-term and long-term financial outlook, including the government's biggest fiscal challenge – the unsustainable growth in entitlement programs. The report can be found at http://www.fms.treas.gov/fr/index.html.
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FASB Launches Series of Webcasts on Global Reporting System
The first in a series of webcasts planned by The Financial Accounting Standards Board (FASB) will address international accounting standards. “Towards a Global Reporting System: Where Are We and Where Are We Going?” is scheduled for Tuesday, January 8, 2008, from 10:30 a.m. to 11:30 a.m. (EST), and will feature a panel of experts discussing international convergence of accounting standards. Moderated by Wall Street Journal reporter David Reilly, the panel will cover topics that include steps necessary to ensure a successful transition to IFRS; how this transition will provide better information to investors; and progress made by the FASB and the International Accounting Standards Board (IASB) to create a common set of high-quality global accounting standards.
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Changes Expand Federal Tax Credit Program for Employers
The federal program that helps employers by giving them tax credits for hiring workers who face barriers to employment has been reauthorized and expanded to include more workers. The federal Work Opportunity Tax Credit (WOTC) has recently eased some of the requirements for the program, expanding the categories of workers it can help to find employment. WOTC offers a range of tax credits from $2,400 to $9,000 for each worker an employer hires from the nine categories of workers covered by the program.
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The Technology-Productivity Equation 
The mobile workplace has allowed employees to boost their productivity by over 13 percent weekly, according to a Cisco Systems and OMNI Consulting Group study. Bluetooth technology, smartphones, and an array of wireless broadband services have facilitated workforce operations, producing a more flexible environment for wireless employees. 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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CPE By City

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Register for Upcoming CPE Opportunities:

 

Michigan Business Tax - Get Information on the Most Recent Developments

  What: FTW Presents the New Michigan Business Tax, Includes Coverage on the New Tax on Services
When & Where: December 20, 2007 - Livonia
Recommended CPE Credit: 8 General Hours
   

Leading Practitioners Give You Practical Tax Return Preparation Applications

  What: AICPA's Federal Tax Update
When & Where: December 21, 2007 - Livonia
Recommended CPE Credit: 8 General Hours
   

Prepare Your New Employees on How to File Complicated Individual Income Tax Returns

  What: Preparing Individual Tax Returns for New Staff & Para-Professionals
When & Where: January 14, 2008 - Troy
Recommended CPE Credit: 8 General Hours
   

Do You Need a Better Understanding on How to Prepare Tax Returns for S Corporations?

  What: Surgent McCoy's Guide to Understanding the Key Issues & Preparing S Corporation Tax Returns
When & Where:  January 15, 2008 - Troy
Recommended CPE Credit: 8 General Hours
 

Understand Tax Preparations Issues For Limited Liability Companies

  What: Surgent McCoy's Limited Liability Company & Partnership Tax Return Preparation Workshop
When & Where: January 16, 2008 - Troy
Recommended CPE Credit: 8 General Hours
   

Start the Year off Right - Examine the Field of Accounting & Auditing

  What: Members in Industry Accounting & Auditing Update
When & Where: February 21, 2008 - Troy
Recommended CPE Credit: 8 Hours (Includes Accounting & Auditing and Ethics)
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