Opportunities CPAs Can’t Ignore

"Prepare yourself to grasp opportunity, and opportunity is likely to come your way."
– B. C. Forbes
 

 
 

Faced with one of the worst economic recessions to hit America in decades, our state government is battling unprecedented budget fallout. At our recent MACPA Michigan Tax Conference, Speaker of the House Andy Dillon emphasized the need for state lawmakers to make substantive, long-term, structural reforms in state spending.

Also at the Tax Conference, State Treasurer Bob Klein said we need to
  • consolidate state and local government services,
  • reduce local governments and school districts,
  • reform the tax structure,
  • contain government healthcare costs, and
  • maintain or boost the investment in education.

These are daunting challenges – and perhaps even more so in light of the 2010 election cycle. After November 2010, Lansing politics will have a whole new face. (See the Top Story on the election in this issue.)

The next 12 months will be pivotal for the Michigan Association of CPAs from an advocacy standpoint. Continuing to cultivate relationships with officeholders – and those who wish to be officeholders come next November – will be vital as we move forward. Your support and involvement in our advocacy efforts is more important than ever. Advocacy is an opportunity we cannot ignore. Lawmakers value CPAs’ expertise, objectivity and integrity; and they welcome input on critical financial problems from our Legislative Advisory Group as well as from individual MACPA members.

Economic Development Opportunities
Another area where CPAs can make an impact was highlighted in an economic development session at the MACPA Michigan Tax Conference. A panel of speakers, including Michigan Economic Development Corporation President Greg Main, talked about tax credits and abatements, grants, jobs fund monies and other incentives available to businesses relocating to or expanding in Michigan.

These incentives, and the paperwork involved, can be intimidating for even the most sophisticated business owner. That’s where CPAs can make a difference.

We’re the tax and finance experts … who is in a better position than CPAs to help business owners make the most of these opportunities?

We can add value to their bottom line; and we can be part of the effort to help transform Michigan’s economy.

Community Outreach Opportunities
As Michigan and its citizens have faced hardships, CPAs have continued to support local community organizations, provide books for schoolchildren, raise money for cancer research, and so much more. In a pilot program taking hold this year, CPAs will “give back” by providing tax preparation assistance to men and women serving in the Navy. Our Navy Tax Return Pilot Program Task Force is working out the details – but any members interested in volunteering should e-mail Jill Rafferty at MACPA.

As we reflect on these challenging times and explore ways to build for the future, it is clear that Michigan CPAs have not been – and never will be – afraid to make the most of the opportunities before us.


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