MACPA E-News MACPA E-News
Headlines and Updates for MACPA Members  
May 27, 2008 Issue 421  
 
Members who register for and attend any MACPA Continuing Professional Education program held before July 1 will get a chance to win a $50 gas card. Drawings will be held weekly, with a new contest starting each Monday. The drawings will run through June 30, 2008. All MACPA live classroom educational events qualify; and all member registrants will be automatically entered into the drawings. Visit our CPE web page today to find a program that fits your needs.

*Winners will be subject to attendance verification at a MACPA continuing education event before prize is awarded.

 
House Bill Prohibiting Credit Scoring in Hiring Process Exempts CPAs
New FASB Statement Clarifies Insurance Contracts
National MAP Survey - AICPA and Texas Society Seek Participants for Benchmarking Survey
Provision in Extenders Bill Would Equalize Taxpayer and Preparer Reporting Standards
Sign up for a Chance at Free Tuition
Keep Summer Fuel Costs From Burning Your Budget
PAAdvisory - May 23, 2008: A weekly newsletter provided by PAA Associates, Inc., the MACPA’s lobbyist partner in Lansing.
 

 
Have MBT Questions? Our Experts Have the Answers!
 
Latest CPE Events on MBT
 
Education, Exhibitors and Prizes - Don't Miss the Second Largest Accounting Tradeshow in the State
 
Generate More Revenue for Your Firm and Your Clients
 
FIN 48, XBRL and Peer Review - What You Don't Know May Hurt You
 
CPE Opportunities for Professionals in Business/Industry
 
Certified Financial Planner (CFP) Programs
 
Two- and Four-Hour Programs
 
Help your Clients Plan for College Expenses with New Strategies
 
Avoid Problems Now by Getting Your Complete Update on the Small Business and Work Opportunity Tax Act of 2007
 
Share Tips and Tricks on How to Increase Profitability
 
Hear About the Latest Trends in Valuations and Financing


 

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:
Logon to http://www.michcpa.org
 

 

House Bill Prohibiting Credit Scoring in Hiring Process Exempts CPAs
The MACPA Government Relations team, including the Legislative Advisory Group and Association staff, secured an amendment to House Bill 4887 on behalf of the CPA profession. The legislation prohibits employers from using a credit score as a factor in employment decisions. The amendment secured by the MACPA exempts CPAs, CPA firms and those employed by licensed firms and individuals from the proposed measure. In other words, CPAs would be allowed to use credit scores as a factor in the hiring process. The measure passed along essentially party-line votes by the Democratic-controlled House of Representatives. It now meets an unknown fate in the State Senate.
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New FASB Statement Clarifies Insurance Contracts
The Financial Accounting Standards Board (FASB) issued FASB Statement No. 163, Accounting for Financial Guarantee Insurance Contracts. The new standard clarifies how FASB Statement No. 60, Accounting and Reporting by Insurance Enterprises, applies to financial guarantee insurance contracts issued by insurance enterprises, including the recognition and measurement of premium revenue and claim liabilities. It also requires expanded disclosures about financial guarantee insurance contracts. The Statement is effective for financial statements issued for fiscal years beginning after December 15, 2008, and all interim periods within those fiscal years, except for disclosures about the insurance enterprise’s risk-management activities. Disclosures about the insurance enterprise’s risk-management activities are effective the first period beginning after issuance of the Statement.
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National MAP Survey - AICPA and Texas Society Seek Participants for Benchmarking Survey
The Private Companies Practice Section of the AICPA and the Texas Society of CPAs launched the fifth national Management of an Accounting Practice Survey for 2008. Small- and medium-sized firms are invited to participate. The survey can be accessed online at map.pcps.org. When used as a management tool, local and regional CPA firms can benchmark their management policies and financial results against other firms. Survey respondents will answer questions on practices in key performance indicators, such as billing rates, chargeability ratios and compensation. All participants will receive a free summary report that compares their firm’s results with national averages. More detailed reports are available for purchase or free to PCPS members. The survey will close on July 11 and results will be available in September 2008. For more information, read the press release.
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Provision in Extenders Bill Would Equalize Taxpayer and Preparer Reporting Standards
The U.S. House of Representatives passed a bill on May 21 that includes a provision the accounting profession and the AICPA have supported that would equalize the tax return reporting standards for tax preparers and taxpayers. The language is included in H.R. 6049, the Renewable Energy and Job Creation Act of 2008, which is commonly known as the tax extenders bill. AICPA President and CEO Barry Melancon said legislation is the only way to correct a flawed law passed by Congress in May 2007 that raised the tax-return reporting standards for tax return preparers to a level higher than that required of taxpayers.
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Sign up for a Chance at Free Tuition
Visit the Michigan Education Trust website to enter to win a free semester of tuition for a student in your life. Michigan residents, 18 years of age and older, can enter to win a one-semester Michigan Education Trust Full Benefits contract through August 31, 2008. MET will announce the winner of the random drawing during College Savings Month in September. No purchase is necessary to win the MET contract and the winner will have 60 days from notification to name a student beneficiary. For more details, click here.
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Keep Summer Fuel Costs From Burning Your Budget
Memorial Day Weekend unofficially marks the start of summer, with hotter days and family road trips following close behind. Because the costs of cooling your home and filling up your car can add up, the Federal Trade Commission offers tips to save you money. Saving Starts @ Home: The Insider Story on Conserving Energy, available at www.ftc.gov/energysavings, offers energy conservation tips to help consumers save money in every room of the house. For example, for the attic, the FTC explains the ABCs of insulation. Among other tips for the kitchen, consumers find advice on using the newly redesigned EnergyGuide labels available for all appliances. At www.ftc.gov/savegas, consumers can find tips for improving fuel efficiency from bumper to bumper on a car. For example, in the trunk the FTC advises that an extra 100 pounds of weight can reduce fuel economy by up to 2 percent. Under the hood, replacing clogged air filters can increase gas mileage up to 10 percent.
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CPE By City

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Have MBT Questions? Our Experts Have the Answers!
  What: Michigan Business Tax Advanced Issues: Unitary Business Group, Nexus, Apportionment & Constitutional Issues 
When & Where: June 4, 2008 - Troy
Recommended CPE Credit: 8 Other Hours
 
Education, Exhibitors and Prizes - Don't Miss the Second Largest Accounting Tradeshow in the State
  What: Spring Management Information Show 
When & Where: June 5, 2008 - Grand Rapids
Recommended CPE Credit: 8 Hours (includes Accounting & Auditing and Ethics)
 
Generate More Revenue for Your Firm and Your Clients
  What: Individual & Financial Planning Tax Camp by Surgent McCoy   
When & Where: June 3, 2008 - Livonia
Recommended CPE Credit: 8 Other Hours
 
FIN 48, XBRL and Peer Review - What You Don't Know May Hurt You
  What: Accounting for the Tax Practitioner Conference 
When & Where: June 12, 2008 - Livonia
Recommended CPE Credit: 8 Hours

What: Early-Bird Ethics: Ethics in FIN 48
When & Where: June 12, 2008 - Livonia
Recommended CPE Credit: 1 Ethics Hour

What: Optional Early Bird Peer Review: YOUR Peer Review…YOU Need to Know 
When & Where: June 12, 2008 - Livonia
Recommended CPE Credit: 1 Hour

 
Help your Clients Plan for College Expenses with New Strategies
  What: Planning for College Costs 
When & Where: June 3, 2008 - Troy
Recommended CPE Credit: 8 Other Hours
 
Avoid Problems Now by Getting Your Complete Update on the Small Business and Work Opportunity Tax Act of 2007
  What: Handbook for Mastering Basis, Distributions & Loss Limitations Issues for S Corporations, LLCs & Partnerships by Surgent McCoy  
When & Where: June 5, 2008 - Plymouth
Recommended CPE Credit: 8 Other Hours
 
Share Tips and Tricks on How to Increase Profitability
  What: Controllers Virtual Roundtable: Cost Savings and Profit Improvement Strategies 
When & Where: June 10, 2008 - Online
Recommended CPE Credit: 1 Other Hour
 
Hear About the Latest Trends in Valuations and Financing
  What: Mergers & Acquisitions Conference  
When & Where: June 16, 2008 - Novi
Recommended CPE Credit: 8 Hours (includes Accounting & Auditing and Ethics)

What: Early Bird Ethics Session: Ethical Risks in Accepting Clients 
When & Where: June 12, 2008 - Novi
Recommended CPE Credit: 1 Ethics Hour

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Michigan Association of CPAs, 5480 Corporate Drive, Suite 200, Troy, MI 48098