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Overview of the New Withdrawal Process for Employee Retention Credit Claims The Internal Revenue Service (IRS) has recently released guidelines on the withdrawal process for claims related to the Employee Retention Credit (ERC). This comes after the numerous amendments and updates to the credit, which have left many employers uncertain about the status of their …
Key Provisions and Impacts of the CTA The much-anticipated Corporate Transparency Act (CTA) will be in full swing starting January 1, 2024. This act introduces fresh federal filing protocols for the majority of corporations and limited liability companies (LLCs) established in 2024 and beyond. Designed to deter illicit activities like money laundering and tax evasion …
The Gift Tax: IRS Rules Quick review: The gift tax applies when you transfer assets to someone without getting the full value in return. If the value of your gift exceeds the yearly limit, it might require you to submit a gift tax return. However, filing doesn’t always translate to owing taxes on that gift. …
The inflation and recession relationship In the vast landscape of economic phenomena, two terms often dominate discussions: inflation and recession. While they may seem distinct, their interplay significantly influences global financial dynamics and everyday life. Inflation, the steady rise in the general price of goods, erodes the purchasing power of money, subtly taxing consumers without …
Should a Non-Profit pay taxes on their property? In Michigan, there’s a property tax exemption for charitable institutions that own and use property exclusively for their charitable purposes. However, some assessors wrongly denied this exemption to charities that charged fees for their services, arguing that they were operating like businesses. In 2006, the Michigan Supreme …
Understanding the IRS Audit Process in Metro Detroit and Macomb County, Michigan Reminder and, shameless plug here: The seasoned experts at CPA Nerds, Lotito & Lazzara bring a comprehensive understanding of IRS audits, ensuring that their clients navigate the process with clarity and confidence. With their extensive experience and deep knowledge of tax laws and …
Michigan State Income Tax Guide Michigan’s tax system ranks 12th overall, according to the 2023 State Business Tax Climate Index. If you live, work, do business, or earn income in the Great Lakes state, it can be confusing to understand how the income tax system works since some cities levy additional income taxes with varying …
vendor or subcontractor refused to fill out a W-9 form? In the event that a vendor or subcontractor refuses to complete a W-9 form, there are certain steps you can take to handle the situation appropriately: Ensure that you have made a written request for the vendor to fill out a W-9 form. It is …
Tax season is when scammers try to take advantage of people by tricking them into giving up critical personal and financial information, usually through emails and text messages. To help combat this problem, the IRS released a list of the “Dirty Dozen” scams to watch out for, with email and text message scams listed among …
Here are a number of important tax dates you should be aware of. Read more to see if your tax situation falls into one of these dates. February 21, 2023 Michigan Personal Property Tax Returns Due for 2023. February 28, 2023 Michigan 2022 Form 5081 Sales, Use and Withholding Taxes Annual Return Due Date. March …
