|
IRS Will Issue Guidance on
50-Percent Depreciation Allowance
The IRS plans to issue guidance for businesses on how the special
50 percent depreciation allowance that was included in the Economic
Stimulus Act of 2008 can be used to make capital investments this year.
Until the guidance is issued, businesses may rely on the regulations
previously issued regarding bonus depreciation. The IRS recognizes that
questions may arise as taxpayers evaluate the benefits of utilizing the new
50 percent bonus depreciation. Because the special 50 percent depreciation
allowance is generally patterned after prior bonus depreciation statutes,
the Treasury Department and the IRS intend to issue guidance allowing
taxpayers generally to rely on Treas. Reg. Sec. 1.168(k)-1 for purposes of
the bonus depreciation provision of the Economic Stimulus Act of 2008.
Businesses and tax professionals may e-mail the IRS at
Notice.Comments@irscounsel.treas.gov regarding issues related to the
business provisions of the Economic Stimulus Act of 2008 that they would
like addressed in the upcoming guidance. They should include “IR-2008-58” in
the subject line of the e-mail.
 Return to Top
PCAOB to Consider
Adopting New Ethics and Independence Rule
The Public Company Accounting Oversight Board
(PCAOB) will meet tomorrow, April 22, in Washington, DC, to consider
adopting a rule that would require a registered public accounting firm
to communicate to an issuer's audit committee about any relationships
between the firm or any of its affiliates and the issuer, or persons in
financial reporting oversight roles at the issuer, that may reasonably be
thought to bear on the firm's independence. The communication would be
required both before the firm accepts a new engagement pursuant to the
standards of the PCAOB and annually for continuing engagements.
Return to Top
Michigan Dept. of
Labor Encourages Businesses to use FILEOnline
Michigan Department of Labor & Economic Growth Director Keith Cooley
reminds business owners to use FILEOnline, which offers paperless filing
from the Corporation Division's web site for reports and statements.
Currently, 235,906 Profit Corporations can file online to meet the May 15,
2008 deadline for Corporation Information Updates. Customers provide the
same information using FILEOnline as required on a paper report or statement
and can also change the resident agent and/or the registered office address.
Michigan corporations and Michigan and foreign limited liability companies
in good standing can file their current year and prior year annual reports
and statements online. The service, which provides cost-savings for the
state, was upgraded last year to add the ability to file prior year reports
and statements online. FILEOnline can be accessed at
www.michigan.gov/fileonline.
Return to Top
Mark Your Calendar for
Crain’s CFO of the Year Awards on June 26
Recognizing Southeast Michigan’s most talented, accomplished and ethical
CFOs, MACPA is partnering with Crain’s Detroit Business to recognize
winners of the 2008 CFO of the Year on Thursday, June 26, 5-9 p.m. at
Meadowbrook Hall. Also, watch for Crain’s June 30 issue focusing on
the region’s most noteworthy chief financial officers – including CFO of the
Year Award winners, a list of the region’s top paid CEOs and non-CEOs, and a
CEO scorecard. Early bird ticket registration for the award dinner is $75
before June 13, $90 after June 13. Call 313.446.0300, or visit
www.regonline.com/cfoawards no later than June 19 for tickets.
Return to Top
With Rising Gas Prices,
State Steps Up Fuel Inspections
Last week, Gov. Jennifer Granholm and Michigan Department of Agriculture
Director Don Koivisto outlined continued efforts to protect consumers'
pocket books at the pump as unleaded gas prices climb toward the $4 mark.
The Department of Agriculture has re-directed employees in order to step up
the
state's inspection efforts to ensure that consumers are getting every
penny's worth at the pump. Motorists can help increase their protection by
making sure that the price display on the pump is set to zero before the
pump starts and by verifying that the sign on the roadway matches the price
on the pump before fueling. In addition, consumers should always request a
receipt as a record of their purchase.
Return to Top
Tips to Improve Your Fuel
Economy
Improve your vehicle’s fuel economy by controlling the factors that burn
more fuel. Following these steps will improve gas mileage, extend vehicle
life and make travel safer:
- Keep your engine tuned, maintain tires
at the correct pressure, change the air filter regularly and use
energy-saving motor oil.
- Avoid aggressive driving such as rapid
acceleration and braking. It can lower fuel economy up to 33 percent on
the highway and five percent around town. This can cost as much as $0.49
per gallon.
- Watch your speed - high speed creates
more wind resistance. Every five mph driven over 60 mph can cost an
additional $0.10 per gallon.
- Be aware that running electric
accessories like an air conditioner can also reduce fuel economy by five
to 25 percent.
Understanding the seriousness of the rising
cost of gas for accounting professionals, the MACPA has ways to help you
save on fuel costs. MACPA webinars are great gas-saving continuing education
alternatives. You attend the course right from your home or office computer,
no traveling required. Simply search the
CPE online catalog by course type "webinars."
Return to Top
Productivity Tips for
Instant Messaging
There are a number of steps businesses can take to make their use of instant
messaging applications as productive as possible. For instance, instant
messaging applications will only be helpful to a company if all of its
employees use the same messaging program. This will eliminate compatibility
problems and will allow employees to create and exchange buddy lists. 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.
Return to Top
|
.jpg)
Return
to Top