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Treasury Continues to
Update Online MBT Frequently Asked Questions
The Michigan Department of Treasury recently updated the extensive
Frequently Asked Questions on the new Michigan Business Tax (MBT) available
on the Department’s
web site. The FAQ includes many practitioner-submitted questions
regarding the implementation of the new tax. Members are also encouraged to
submit their own questions via the MACPA's online
MBT Q&A
Forum, as well as track
MBT
legislation that could affect the implementation of the tax.
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Senate Approves Use Tax
Credits
On Thursday, January 17, 2008, the Michigan
Senate passed legislation (Senate
Bills 967 and
999) granting tax credits for the costs related to preparing for the
recently defeated tax on services. The credits, if approved by the House and
ultimately signed by the Governor, will be added to the new Michigan
Business Tax and income tax, respectively. Although the legislation may not
move further through the legislative process towards passage, the MACPA has
endorsed SB 967 and is urging the House to address the measure.
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AICPA Applauds Supreme
Court Decision in Stoneridge Case New York
In ruling 5 to 3 last week that third parties cannot be sued in corporate
fraud cases, the U.S. Supreme Court decided in favor of
a position held by the AICPA, which had filed an amicus brief in the
case of Stoneridge Investment Partners LLC v. Scientific Atlanta Inc. and
Motorola Inc. “In this common-sense and balanced ruling, the court said
that investors may only sue those who issued statements or otherwise took
direct action that the investors had relied upon in buying or selling
stock,’’ said Richard I. Miller, AICPA general counsel. The U.S. Supreme
Court heard arguments in the case last October. Stoneridge is an investment
fund that lost money in shares of Charter Communications Inc. and accused
third parties Motorola Inc. and Scientific-Atlanta, Inc. of helping Charter
inflate its revenues. Motorola and Scientific-Atlanta were not alleged to
have made any misstatements to the public, but to have engaged in
transactions with Charter that it mischaracterized on its financial
statements. In its amicus brief, the AICPA argued that the court should
uphold established law under the Securities Exchange Act of 1934, and that
it should not allow third parties who are essentially alleged to be aiding
and abetting a security fraud to be held responsible for another person’s
primary violation.
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Baby Boomer Retirements
Most Significant Workforce Trend in Next 10 Years
There are likely to be a number of issues shaping the future of the
workforce, but for today’s companies, one stands out above the rest: Nearly
one out of every two senior executives (47 percent)
surveyed by Robert Half International said baby boomer retirements will
have the greatest impact on the workforce over the next decade. “The looming
retirement of baby boomers has captured the attention of business leaders
who are concerned about retaining the expertise of their most tenured
employees,” said Max Messmer, chairman and CEO of Robert Half International.
“Fortunately, many baby boomers are considering working past the traditional
retirement age to stay active and continue earning.” Messmer added,
“Businesses that accommodate valued staff members who are not ready for
retirement but seek new work arrangements, such as flexible or part-time
schedules, are best able to keep top performers. Consulting arrangements
allow experienced individuals to remain challenged professionally while
maintaining the flexibility to pursue outside interests.”
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AICPA Offers Plain
English Guide to Independence
The January 1, 2008 version of the AICPA Plain English Guide to
Independence is now available to
download. This guide discusses the independence requirements under the
AICPA Code of Professional Conduct (and, if applicable, other
rule-making and standard-setting bodies) in plain English to help
practitioners understand and apply the requirements with greater confidence
and ease.
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Let the 'Net Add
Flexibility to Your Productivity Apps
There are currently numerous Web-based corporate productivity suites
available, many of them inexpensive or free. When purchasing such software,
users will need to have dependable ISP. Web-based applications require some
patience, as sometimes there may be some network lag when doing particular
operations. 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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