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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 …
Following the devastating storms, flooding, and tornadoes that struck Michigan in August 2023, the Internal Revenue Service (IRS) swiftly enacted crucial tax relief measures for affected individuals and businesses. The IRS provided information on Michigan storm tax relief provisions, including extended filing deadlines, exceptions, and penalty abatements, to alleviate the financial burdens Michigan storm victims …
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 …
IRS LT38 Collections 2024: Understanding the Resumption Notices The Internal Revenue Service (IRS) has recommenced the distribution of collection notices to taxpayers, marking a continuation of its automated reminder system. These notifications, which resumed dispatch in January, are being sent via regular postal service on a phased basis over the forthcoming months, targeting an audience …
Embark on the tax season quest of 2024 with the precision of a seasoned strategist armed with the latest updates and critical deadlines in the realm of taxation. This year unveils a series of pivotal tax dates that demand the attention of every individual, enterprise, and arcane tax mage. By harnessing the power of foresight …
Understanding the FinCEN Reporting Mandate What Small Business Owners Need to Know The year 2024 brings new federal reporting requirements for small businesses across the United States. This mandate, overseen by the Financial Crimes Enforcement Network, commonly referred to as FinCEN, a bureau of the U.S. Department of the Treasury, is aimed at combating financial …
Using Our New Gateway Portal At CPA Nerds, we’re like the superheroes of privacy and security – we’ve got your back! Your comfort is our top priority, especially when it comes to handling your important tax info. That’s why we’ve leveled up our security game! Our new, shiny multifactor authentication process is like a secret …
Phase II of ERC Amnesty Program: What Businesses Need to Know The IRS has unveiled a second phase of the Employee Retention Credit (ERC) amnesty program. This program allows businesses that previously received ERC funds to return them without facing future penalties. Eligibility criteria include no criminal investigations, no third-party alerts, and no prior notice …
The IRS’s $1 Billion Tax Penalty Amnesty: Cheers to a Fresh Start! In a surprising move aimed at helping those grappling with back taxes, the Internal Revenue Service (IRS) has just unveiled an exciting new penalty relief program. Approximately 4.7 million individuals, businesses, and tax-exempt organizations are in for some good news. If you didn’t …
