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 Are You Prepared for the Implementation of the Use Tax Expansion? Editor’s Note: As of publication deadline, the use tax on services is scheduled to take effect on December 1, 2007. However, many businesses and organizations (including the MACPA) are calling for an elimination of the tax. Meanwhile, MACPA has developed educational programs to prepare for the new tax, in the eventuality it will affect. The expansion of the use tax on a multitude of services is scheduled to become effective on December 1, 2007. Although it appears this new use tax expansion will not directly impact accounting, auditing or tax preparation services, it will affect consulting and investment services, which will have a direct impact on the CPA profession. The definitions of consulting and investment services are tricky. Questions such as, “Where does tax consulting stop and tax preparation begin?” are bound to cause confusion for many in the profession, as well as their clients. The Michigan Department of Treasury is currently working to define what is and what is not taxable to help answer those questions. However, in the meantime, you need to know which services are and are not subject to the new tax, as well as how to tell if your business, or your client’s business, will be impacted. Also, you need to become familiar with how to account for services billed before the December 1, 2007 effective date, but provided after the effective date. To make life easier, the Association has added new courses to our CPE roster focusing on the use tax expansion. We will help answer all of these questions, and many more to help make sure you are prepared. New Tax on Services educational courses include:
The MACPA will continue to add new courses on the service tax expansion to
our CPE catalog. If the courses listed do not fit into your schedule please
continue to check the online
CPE catalog for new courses or contact the
MACPA CPE department at 248.267.3700. |
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| PO Box 5068 Troy, MI 48007-5068 Phone: 248.267.3700 Fax: 248.267.3737 E-mail: macpa@michcpa.org | |
