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State’s SBT E-File and
Federal E-File Open for Business
Michigan Single Business Tax
Direct e-file and Single Business Tax Fed/State e-file are open for tax
year 2007 production returns. As of January 11, the
IRS e-file was ready to accept most taxpayers’ returns.
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GAO Not Worried About
Market Concentration for Public Company Auditors
In a recent report to Congress, the Government Accountability said no action
is necessary to counter the concentration in the market for public company
audits. According to surveys conducted by GAO, 82 percent of large public
companies – the Fortune 1000 – saw their choice of auditor as limited to
three or fewer firms, and about 60 percent viewed competition in their audit
market as insufficient. Most small public companies reported being satisfied
with the auditor choices available to them. Although audit fees rose
significantly in recent years, market participants attributed these
increases to expanding accounting and auditing requirements and higher costs
for accounting firm personnel. GAO's model also found that factors other
than concentration appeared to explain audit fee levels. Public company
officials generally acknowledged that audit quality had increased. Given the
lack of significant adverse effect of concentration in the current
environment and that no clear consensus exists on how to reduce
concentration, the GAO sees no compelling need for immediate action. Read
highlights of the GAO report.
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FASB Proposes Delay
of Interpretation 48 for Nonpublic Enterprises
Comments are due by January 18 on a Financial Accounting Standards Board
(FASB) proposal to delay the effective date of Interpretation 48 for
nonpublic entities to fiscal years beginning after December 15, 2007.
Proposed
FASB Staff Position FIN 48-b, Effective Date of FASB Interpretation No.
48 for Nonpublic Enterprises was developed in response to a recommendation
of the Private Company Financial Reporting Committee (PCFRC), which said
many nonpublic entities, in particular nonpublic pass-through entities,
required more time to study and apply the provisions of Interpretation 48.
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Information Security
Management Still Number One Technology Concern
Information Security Management will be the most important initiative
affecting IT strategy, investment and implementation in business
organizations over the next 12-18 months, according to the AICPAs’ 19th
Annual Top Technology Initiatives survey. IT Governance moved up the list
from sixth to second place this year, reflecting the market’s renewed
emphasis on corporate governance and responsibility. See where your
technology priorities rank – read the
full story.
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New Battery Rules in
Effect for Airline Passengers
Laptops, cell phones, cameras, PDAs, iPods, camcorders: Most of these
consumer electronics are powered by lightweight, rechargeable lithium
batteries. Effective January 1, 2008, new Department of Transportation rules
apply to the spare lithium batteries you carry with you in case the
battery in a device runs low. Spare batteries are the batteries you carry
separately from the devices they power. When batteries are installed in
a device, they are not considered spare batteries. You may not pack a spare
lithium battery in your checked baggage, but you may bring them in carry-on
luggage. Quantity limits apply to both spare and installed batteries, based
upon grams of lithium content. For more information, including a detailed
chart explaining the new rules and tips on how to safely pack spare
batteries, visit this
DOT web page.
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Tax Season Fun Facts
The IRS began the e-file program in 1986 as a pilot project in three cities:
Cincinnati, Phoenix and Raleigh-Durham, N.C. That year, there were 25,000
tax returns filed electronically. The e-file program expanded nationwide in
1990 and 4.2 million tax returns were filed. In 2007, e-file totaled nearly
80 million tax returns, representing about 57 percent of all returns. Almost
two-thirds of all Michigan taxpayers e-filed their 2006 income tax returns,
placing Michigan third in the nation when it comes to e-filing.
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MACPA Member Named to
IRS Advisory Committee
The IRS announced the selection of 20 new members – including a Michigan CPA
– of the
Information Reporting Program Advisory Committee (IRPAC), which provides
an organized public forum for discussion of relevant tax administration
issues between IRS officials and representatives of the public. Barbara
McArthur, CPA of Detroit, is vice president, manager, tax planning and
analysis with Comerica Incorporated.
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Eight Steps to Improve Business Security in 2008
There are several ways companies can make their computer networks safer this
year, the first being to keep all the business' software and hardware
operating with the most up-to-date versions and with all the latest security
updates, which requires a patch management plan.
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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