Taxes may be certain, but the laws and regulations behind them seem to be ever changing — which is why the Michigan Association of Certified Public Accountants expects to host nearly 200 tax professionals and students at the Michigan Tax Conference on Wednesday.
The daylong event, to be held at the Suburban Collection Showplace in Novi, will bring out national and local experts to speak about recent state tax issues affecting businesses and individual taxpayers across Michigan.
“One of the sessions that’s at the top of my list is about officer liability for taxes,” says Judy Trepeck, senior vice president and chief knowledge officer for the association. “What that means is if an officer, regardless of their (level of responsibility) signs a tax return, they can be found liable for it if the taxes don’t get paid. You have to be very careful about what you sign.”
While officer liability for taxes is not necessarily a new issue, Trepeck says it’s become more complex following some new rulings that have occurred over the last year.
“We’re trying to make sure people are aware of (these changes),” Trepeck says. “That’s of real, particular interest for practitioners who advise clients or for finance professionals working at businesses.”
Other major issues that will be addressed include changes relating to the recent tax audit reform bill in Michigan as well as an update from the Michigan Tax Tribunal, which has sole jurisdiction over property tax appeals. During the election flashback, Tom Hoisington, president of Public Affairs Associates, will reflect on what the previous day’s election means for the state, attendees, and their clients.
Another hot topic is sure to be sales and use tax, Trepeck says. “That’s always a hot issue, and it’s a even bigger issue now considering that at least 85 percent of businesses are doing business outside as well as inside the state of Michigan. And with people using the cloud, these laws become much more complicated, so it’s important that people know when they need to be charging sales tax and when they should be paying use tax.”
For more information about the conference, visit micpa.org