Category: Business Taxes

Tips for Michigan Backup Witholding When a contractor refuses to provide a tax ID number, businesses are indeed allowed and required to implement backup withholding as per IRS regulations. Backup withholding ensures that taxes are collected on income that would otherwise not be reported. Here is a detailed explanation of the steps businesses should take …

Employee benefit plans are vital for providing workers with retirement, health, and other benefits. Ensuring these plans are managed correctly and transparently is crucial for the well-being of participants and beneficiaries.  This article delves into the significance of employee benefit plan audits, the requirements and responsibilities associated with Form 5500, and the essential role of …

The Importance of Accurate Record-Keeping Running a small business in Michigan comes with its unique set of challenges, especially when it comes to managing taxes. To help local entrepreneurs navigate the complex landscape of tax obligations and opportunities, we’ve compiled a guide to avoiding common tax mistakes that can adversely affect your business. Accurate record-keeping …