Back in 2015, Governor Snyder and the Michigan legislature eliminated taxation of personal property for most small businesses. Specifically, those with personal property with less than $80,000 value, according to the state’s assessment guidelines. Basically, depreciated book value. However, to obtain the exemption, Michigan small businesses...
I'm 35 and am the sole proprietor of a small business. I've always been a good saver and have put some money in an IRA every year, but I know it's not enough. What else can I be doing? For a sole proprietor, saving for retirement...
The IRS issued 34 questions and answers on new Sec. 45S, which was added by the law known as the Tax Cuts and Jobs Act, P.L. 115-97, to provide a general business credit for employers who provide paid family and medical leave to their employees. The...
The gig economy is a sector of the workforce in which people do not have long-term employment. Those in the gig economy are contingent workers—freelancers, consultants, tradespeople—who cannot necessarily count on their next gig. They may obtain assignments or projects through companies such as Uber,...
After the school year starts in September, most calendars fill up quickly. Important dates and meeting times seem to be planned in earnest now that summer is over. It can be easy to get caught up in all the obligations everyone else has for you. But, our...
There are a few "unofficial" signs that summer is over. The first few cool days in the forecast, the day after Labor Day, and the corporate extension deadline. Well, we are CPA's! So - back to business this 1st full week of September with a few fall reminders; Final...
The IRS and DOT announced their intent to issue regulations on three recent tax law changes affecting popular 529 education savings plans. Tuition refunds The PATH Act change added a special rule for a beneficiary of a 529 plan, usually a student, who receives a refund of...
Today arrived the 30 plus summary of the 184 page proposed IRS regulations to help with what was poorly drafted legislation. I am finding that the proposed regs are generally considered favorable to taxpayers. The proposed rules address many issues that had been of concern to...
[caption id="attachment_15782" align="alignright" width="200"] Jonathan M. DeHoek, EA[/caption] DeHoek & Company is proud to announce Jonathan DeHoek is a licensed Enrolled Agent (EA). Having completed his exams earlier this year, Jon received his EA certificate this summer and we could not be happier for him, Congratulations Jon! Jon’s responsibilities...
Passport Revocation and Denial for Seriously Delinquent Tax Debts In January 2018, the IRS published procedures to begin enforcement of Internal Revenue Code (IRC) section 7345, which requires the State Department to deny the application for, or revoke the passport of, any individual whom the IRS...