News

Blog posts from CPA Nerds pertaining to the topic of news.

IRS Increases Mileage Rate For Remainder of 2022

Mileage Rate Changes

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 …

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What Is the Michigan SALT Deduction Cap Workaround?

michigan salt cap

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 …

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New Online Identity Verification Process for IRS Online

online identity verification process for IRS

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 …

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Gamblers Rejoice!

QuickBooks Backup

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 …

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Year-End Tax To-Do’s

Year-End Tax Tips

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 …

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Get Ready for the Advance Child Tax Credit

Child Tax Credit Letter

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 …

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COVID Stimulus Round 3

COVID-19 Stimulus 2021

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 …

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Employee Retention Tax Credit (ERTC) Information to Know

CPA Nerds ERTC

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 …

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Preparing 2020 Taxes

2020 Tax Season Preparation

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 …

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Paycheck Protection Program Calculator

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 …

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