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IRS e-Services Down for
Scheduled Upgrade
The e-Services online tool will be out of service beginning 8 p.m. EDT
Friday, June 27 through 6:00 a.m. Monday, June 30, 2008 to upgrade critical
software and perform required maintenance. During this period, the e-
Services' Registration, Taxpayer Identification Number Matching, e-file
Application, Transcript Delivery System, Disclosure Authorization,
Electronic Account Resolution and Preparer Tax Identification functions will
be unavailable to all users. IRS employees can provide transcript
information from other systems, but we recommend that all users hold their
requests until the system returns to full operation early Monday morning. If
you have questions or need emergency transcript assistance during this brief
outage, practitioners should contact the Practitioner Priority Service at
866-860-4259; Income Verification Express Service users should contact their
regular Return and Income Verification Service unit contact at IRS.gov; and
state-level users should contact their local Government Liaison
representative. All others should contact the IRS Toll Free at 1-800-
TAX-1040.
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Call for MACPA Public
Service Award Nominations
Do you know a MACPA member that selflessly performs outstanding public
service for the community? Why not nominate them for the MACPA Public
Service Award? Annually, the MACPA Public Service Award honors a CPA who
has attained a high level of public service. This award not only recognizes
CPAs who are making a difference in their communities, but also encourages
CPAs to become involved in public service activities. Please take a moment
to nominate a peer by filling out the
nomination form. Return the completed form to the attention of Wendi
Salmons, MACPA Communications Specialist. If you have any questions or
concerns, please contact Wendi at 248.267.3709 or via e-mail at
wsalmons@michcpa.org. Nominations
are due to the MACPA by Monday, June 23, 2008.
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SEC Proposes Comprehensive
Reforms to Bring Increased Transparency to Credit Rating Process
Last week, the SEC proposed a comprehensive series of
credit rating agency reforms to bring increased transparency to the
ratings process and curb practices that contributed to recent turmoil in the
credit markets. Erik Sirri, director of the SEC's Division of Trading and
Markets, said, "The rules proposed today are designed to improve investor
understanding of credit ratings through enhanced disclosure of NRSRO methods
and performance data, and to promote investor confidence in credit ratings
by minimizing conflicts of interest."
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Board Adopts Rules for
Annual and Special Reporting
The Public Company Accounting Oversight Board adopted rules for
annual and special reporting of information and events by accounting
firms that are registered with the PCAOB. Sarbanes-Oxley Act requires
registered public accounting firms to submit an annual report to the Board
to provide information specified by the Board. The reporting framework
includes two types of reporting obligations. First, each registered firm
must annually provide basic information about the firm and the firm's
issuer-related practice over the most recent 12-month period. Second, the
rules and forms adopted by the Board identify certain events that, if they
occur with respect to a registered firm, must be reported by the firm within
30 days. The Board will submit the rules to the Securities and Exchange
Commission for approval.
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GASB Seeks Public Input
on Fund Balance Reporting, SEA Concepts Proposals
The Governmental Accounting Standards Board (GASB) will hold
two public
hearings next month as part of the public review of proposals in
connection with its projects on fund balance reporting, and service efforts
and accomplishments (SEA) reporting.
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Disaster Recovery: A
Guide to Financial Issues
With the recent Michigan storms, floods in the Midwest and wildfires in
northern California, a disaster recovery brochure is available from the
American Red Cross website as a public service of the AICPA, AICPA
Foundation, American Red Cross and the National Endowment for Financial
Education. Learn
more.
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Participate in the
2008 National MAP Survey Before Time Runs Out
The AICPA’s Private Companies Practice Section (PCPS) together with the
Texas Society of CPAs (TSCPA) are asking that all managing partners of
accounting firms nationwide participate in the
2008 PCPS/TSCPA National MAP
Survey. This is your opportunity to benchmark your firm against others
like yours. The 2008 survey is shorter, with 40 percent fewer questions, plus
is more
targeted and user-friendly. The survey will be open through Friday, July 11.
Do not delay, take the survey
today! For more information, please visit the MACPA
website or call us at
248.267.3700.
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