In the current environment of changing tax laws, Rehmann is committed to providing updates to potential changes that could affect our clients with international activity. Two proposals addressing overhauling the U.S. international taxation system are on the table...
The client, a packaging manufacturer based in southeast Michigan, decided it was time to sell. A tax analysis on the sale of the business soon followed. During this process, our team suggested – and they agreed – that the family-owned and operated business could benefit from a deeper dive into their financials, to ensure that after closing this chapter of their lives, they’d be in the best position possible for their future plans. Makes sense, right?..
Updated: 3/20/21 We are watching state and local authorities for updates and will keep you informed of additional developments. Please note that despite these extensions, we’re continuing to focus on filing returns by April 15. Extended Tax Deadline The IRS extended the due date for filing Form 1040 to May 17, 2021 (this includes the payment of any amount due with the return). As of now, the extension is only for individual income tax returns (not business returns or trust returns)...
With the 2020 tax-filing season well underway, here are 7 tips to help you file safely. Keep your radar out for scammers. The IRS and tax preparers are among the few parties who do need your personal information; be sure to verify the identity of anyone who asks for it. Also be wary of tax preparers who refuse to sign off on returns they complete...
Many people have found themselves working from home during the COVID-19 pandemic. If you’re one of them, you might wonder, “Can I claim the home office deduction on my 2020 tax return?” The short answer is: Only if you’re self-employed. Employees can no longer claim home office expenses, and even self-employed taxpayers must follow strict rules to claim a deduction...
In light of myriad coronavirus relief efforts, stimulus packages and frequently updated guidance, accountants have been challenged to stay on top of this ever-changing environment. With the pandemic continuing and the entry of a new Presidential administration, there will surely be more changes ahead. Amid these turbulent times, advisors must be fact-based and proactive when it comes to client-facing communication. It is crucial to remain clear and transparent, rather than jump too quickly to conclusions...
As the roll-out of the second round of Paycheck Protection Program loans gets underway, we’ve compiled answers to common questions relating to this revamped coronavirus relief funding. The renewed program gives small businesses a second chance at PPP loans and expands the program to additional types of organizations, among other provisions. We expect to receive further guidance and clarification from the U.S...
The Tax Cuts and Jobs Act temporarily doubled the federal gift and estate tax exemption through 2025. Adjusted for inflation, the exemption currently allows an individual to transfer up to $11.7 million free of federal gift or estate tax in 2021 (up from $11.58 million in 2020)...
Right now, you may be more concerned about your 2020 tax bill than you are about how to handle your personal finances in the new year. However, as you deal with your annual tax filing, it’s a good idea to also familiarize yourself with pertinent amounts that may have changed for 2021. Not all tax figures are adjusted for inflation and, even if they are, they may be unchanged or change only slightly each year because of low inflation. In addition, some tax amounts can only change with new tax legislation...
The CAA is expansive and at nearly 5,600 pages, many are left with more questions than answers. Join us for a complimentary webinar and Q&A session where we'll begin to address the most broadly applicable elements of the CAA, including the greatest tax impacts and relief aid provisions affecting both businesses and individuals...