As the world moves to address the impact and implications of the coronavirus, the MICPA continues to monitor the evolving situation in an effort to provide our members with regular updates and access to important resources.
The IRS, working alongside the U.S. Treasury Department, unveiled a new online application to assist taxpayers with their economic impact payments (EIP). The Get My Payment feature tracks the status of EIPs and allows taxpayers to update their direct deposit information.
MICPA Chair Explains Stimulus Relief Coming Your Way
This week still served as a milestone for many Americans, but it wasn’t for April 15 / tax day which has been pushed back until July 15 due to the COVID-19 pandemic. Relief checks have started to arrive in bank accounts across the country and with them – questions. Is this an advancement on my 2020 taxes? David Echelbarger, CPA, CGMA, managing partner of EHTC and MICPA board chair, answers this and more in an interview with FOX 17 Online.
GASB Releases Exposure Draft of Proposed Effective Dates Delay
The Governmental Accounting Standards Board (GASB) recently announced their intent to consider postponement of certain effective dates as a result of the COVID-19 pandemic. In a new exposure draft detailing 14 provisions to be considered, the GASB states the objective is to delay those effective dates by one year.
Just days after publishing a new interim rule regarding Paycheck Protection Program (PPP) guidance for individuals with self-employment income, the SBA announced the program is officially out of money, ABC News reports. Over 1.5 million applications have been approved, and more funding could be in the cards as Congress debates an additional $250 billion in aid.
How to Advocate for Your Clients Amid IRS Scale-Backs
As the trusted adviser, accounting professionals across the industry play an important role to their clients in times of crisis. This blog article from the AICPA explains how you can advocate on behalf of your clients as the IRS continues to scale back operations to focus its attention on pressing COVID-19 concerns.
Michigan Auto Insurance Adjustments
Many things have changed in the world since the COVID-19 outbreak and due to the governor’s “Stay Home, Save Lives” initiative, we are, largely, staying put and our cars are not getting their normal daily use. Acknowledging this change, several Michigan auto insurance carriers have announced refund and credit programs for their customers. Levin Agencies summarizes these adjustments in this article.
For Tech’s Sake
Podcast: What Tech Companies are Doing to Help
Across the globe, people and businesses are banding together to contribute their talent and resources in the fight to contain COVID-19. In this podcast, Computerworld discusses the various ways tech companies are stepping up to provide supplies, software and valuable statistics to those on the frontlines.
10 Surprising Tech Developments Amid COVID-19
The sudden shift from on-site to remote work sent many Americans in search of a new keyboard and mouse, but a bump in accessory sales is only one of the many developments in recent tech news. Accounting Today reports nine other major tech stories you might have missed in the last 30 days and how they’ll impact your clients and firm moving forward.
The Role of Digital Investment in Coronavirus Recovery
As information continues to evolve and change daily, experts struggle to predict the long-term economic impacts of COVID-19. However, according to the World Economic Forum, the trend toward digitalization has been greatly accelerated by this crisis. This report explains the role of digital competitiveness, foreign direct investment (FDI) and governmental policies to attract FDI in the economic recovery ahead.
Tax Professionals Urged to Step Up Security Measures
As data theft from tax professionals continues to see an upswing in activity amid Economic Impact Payment disbursements, the IRS and its Security Summit partners emphasize the importance of vigilance. According to IRS Commissioner Chuck Rettig, tax professionals are, in many ways, the first line of defense against tax-related identity theft.
US Dollar Yield Premiums Shrink
Before COVID-19 hit global financial markets, the U.S. dollar had begun to show signs of ending its decade-long bull market. Presently the U.S. dollar remains vulnerable despite recently reasserting strength as markets made sell-off lows on March 23 and investors moved to a risk-off approach. Volatility in both the stock and Treasury markets has receded alongside investment grade spreads.
PTIN Fees Set to Reduce Upon Reinstatement
According to the Journal of Accountancy, new proposed regulations from the IRS lower the fee associated with renewing PTINs. Prepare yourselves, tax pros, because you’re about to save twelve bucks. Rejoice!
5 Ways to Uplift Yourself at Home
The results are in: Working from home is harder than you thought it would be. The balance between personal and professional obligations can be illusive, Financial Management reports, but experts say there are five ways financial professionals can reset while working remotely.
Access the exclusive online community, MICPA Connect, to communicate with members across the state – ask questions, share information, tips and resources as you react to this developing situation both personally and professionally.