Tax planning is the strategy of arranging your affairs in ways that postpone or reduce taxes. By employing effective tax planning strategies, you can have more money to save and invest or more money to spend, or both. Financial planning is the art of implementing strategies...
Medicare is a complex program with many rules, regulations, and moving parts. If clients fail to enroll at the right time, they can face serious penalties. If they don't buy sufficient insurance to cover the program's many gaps, they may be hit with heavy out-of-pocket...
Michigan Pass-Through Entity Tax Enacted - Quick Action May Be Needed for 2021 Michigan's Governor signed legislation on December 20, 2021, allowing Michigan pass-through entities to elect to pay a newly enacted 4.25% income tax and for the owners of those entities to claim a tax...
The Employee Retention Tax Credit (ERTC) can greatly help businesses that suffered revenue loss from COVID-19. The ERTC was originally included in the Coronavirus Aid, Relief, and Economic Security (CARES) Act, but it was not widely used because initially, businesses could only take advantage of either...
The GAO estimates that 38% of the employers the IRS examines have misclassified workers as independent contractors. The IRS is responsible for determining whether an individual who provides services to a business is an independent contractor or an employee. Although many independent contractor relationships begin at...
When a family member passes away, there are many decisions that need to be made and many emotions to handle. The last thing anyone thinks about is taxes. Several tax attributes and related tax planning opportunities are lost when a taxpayer dies. However, careful and...
The purpose of year-end tax planning is to project your tax liability for the current year and then identify opportunities to reduce or eliminate that tax burden before the year is over. Bottom line – a year-end tax planning meeting can save you money. [caption id="attachment_17062"...
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...
Audit data analytics is going through an exciting time. There’s a lot of growth and a lot of new tools being offered. The movement recently towards updating the audit evidence standards is going to really open the floodgates for audit data analytics. Audit analytics gives practitioners...
We passed a major milestone in pandemic economic recovery recently — the closeout of the loan application period for the PPP, which ended May 31. It’s a good time to reflect on the profession’s role in making this historic business relief program a success and...