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Category: News

IRS Increases Mileage Rate For Remainder of 2022

Rising Fuel Costs The Internal Revenue Service today announced an increase in the optional standard mileage rate for the final 6 months of 2022. Taxpayers may use the optional standard mileage rates to calculate the deductible costs of operating an automobile for business and certain other purposes. For the final 6 months of 2022, the …

What Is the Michigan SALT Deduction Cap Workaround?

The Michigan Legislature joined several other states last year in helping eligible taxpayers offset the SALT Deduction Cap with the passage of H.B. 5376. Governor Gretchen Whitmer signed the bill into law in December. So, what does this mean for Michigan businesses? If you have a flow-through entity and you paid more than $10,000 in …

New Online Identity Verification Process for IRS Online

User-friendly access to IRS online tools enables fuss-free management for your accounting needs, minimizing the risks of errors and delays. Conventionally, accessing online IRS services required a manual log-in with IRS usernames and credentials.  The IRS recently launched a mobile-friendly verification process with the ID.me online identity network, which allows you to log into your …

Gamblers Rejoice!

Offset Those Winnings! Michigan gambling taxes are getting clarifications. If you hit it big at a Michigan casino (or while playing blackjack from your phone) in 2021, here’s some good news. Historically, the IRS has allowed gambling losses to offset gambling winnings so that taxpayers are not paying tax on the money they don’t have. …

Year-End Tax To-Do’s

Year-End Tax Tips for a Successful Tax Season There are always changes going on in the tax world, legislation always making things interesting for us. Here are some things you can do NOW that will make your tax return go smoother. Record Keeping There are many different aspects of a tax return that depend on …

Get Ready for the Advance Child Tax Credit

Learn More About the Advance Child Tax Credit Heya folks! This summer, the IRS will help families by sending out advance payments of the Advance Child Tax Credit. We’re here to share the news and let you know how to claim your payments. If you are still reading this, then you probably have a qualifying …

COVID Stimulus Round 3

Don’t give the IRS more money than you’re supposed to Key Provisions of Biden’s COVID Stimulus Bill Labeled as the “American Rescue Plan Act”, this bill will affect a lot of individuals and businesses. Unemployment Compensation, retroactive to 2020 tax year. The first $10,200 of unemployment benefits will be nontaxable per taxpayer, assuming their adjusted …

Employee Retention Tax Credit (ERTC) Information to Know

ERTC Money The CARES Act (passed March 27, 2020) included a novel tax credit allowing eligible employers to claim a tax credit equal to 50% of qualifying wages, up to $10,000 of compensation, for a max credit of $5,000 per employee for wages paid between March 13, 2020, to December 31, 2020. At the time, …

Preparing 2020 Taxes

2020 Tax Season Preparation It’s hard to believe, but the 2020 tax season is right around the corner! Because a little preparation today produces better results tomorrow, we are already looking ahead. We value your input and ask that you take note of the following: ~ Your 2020 Tax Organizer will be mailed out to …

Paycheck Protection Program Calculator

Paycheck Protection Program: how much can you get? The CARES Act of 2020 included the Paycheck Protection Program. This stimulus is to help businesses in need during the Coronavirus pandemic as many have a disruption in business. The $349 billion funded under the Small Business Administration (SBA) is intended to provide loans to businesses to …