FINRA's BrokerCheck

Tax

Thursday, 03 October 2019

Accounting for the cannabis industry: Prepare yourself for tax scrutiny

Written by Erik, Schumacher

In light of the recent legalization of recreational cannabis in Michigan, the industry is rapidly growing and changing. Business owners and entrepreneurs are seeing the infinite opportunities, but they should be aware of the many risk areas to avoid fallout. The cannabis industry is a tightly regulated and high-risk business, and on the financial side, those involved must prepare to have their financial and tax information scrutinized. Click here to read the full article in the Grand Rapids Business Journal...

Monday, 16 September 2019

Tax calendar

Written by Thomson Reuters

October 15 — Personal federal income tax returns for 2018 that received an automatic six-month extension must be filed today and any tax, interest and penalties due must be paid. The Financial Crimes Enforcement Network (FinCEN) Report 114, “Report of Foreign Bank and Financial Accounts” (FBAR), must be filed by today, if not filed already, for offshore bank account reporting. (This report received an automatic extension to today if not filed by the original due date of April 15.) If a six-month extension was obtained, calendar-year C corporations should file their 2018 Form 1120 by this date...

Monday, 16 September 2019

Is “bunching” medical expenses still feasible in 2019?

Written by Thomson Reuters

Some medical expenses may be tax deductible, but only if you itemize deductions and you have enough expenses to exceed the applicable floor for deductibility. With proper planning, you may be able to time controllable medical expenses to your tax advantage. The Tax Cuts and Jobs Act (TCJA) made bunching such expenses beneficial for some taxpayers. At the same time, certain taxpayers who’ve benefited from the medical expense deduction in previous years might no longer benefit because of the TCJA’s increase to the standard deduction...

Monday, 29 July 2019

Are you missing out? How to qualify for the R&D tax credit

Written by Mike Powell, CPA, MST, CMP

Businesses across the United States are receiving thousands of dollars by taking advantage of the Research and Development (R&D) tax credit. But, unfortunately, there are still many who aren’t fully benefiting from the credit because of misconceptions and uncertainty about applicability. The R&D tax credit is one of the most underutilized tax savings opportunities for taxpayers, so how do you know if you qualify? Background Enacted in 1981 by the Economic Recovery Tax Act, the R&D tax credit rewards companies for investments in developing new or improved products, processes, or techniques, and developing and improving upon production/manufacturing processes...

Tuesday, 16 July 2019

Estate planning portability lives on under the TCJA

Written by Thomson Reuters

When the TCJA was passed, the big estate planning news was that the federal gift and estate tax exclusion doubled from $5 million to an inflation-indexed $10 million. It was further indexed for inflation to $11.18 million for 2018 and now $11.4 million for 2019...

Tuesday, 04 June 2019

Send your kids to day camp and you may get a tax break

Written by Thomson Reuters

Among the many great challenges of parenthood is what to do with your kids when school lets out. Do you keep them at home and try to captivate their attention yourself or with the help of sitters? Or do you send them off to the wide variety of day camps now in operation? There’s no one-size-fits-all answer, but if you choose the latter option, you might qualify for a tax break!..

Tuesday, 04 June 2019

No surprises: Why you should check your tax bracket

Written by Thomson Reuters

Many taxpayers learned some tough lessons upon completing their 2018 tax returns regarding the changes brought forth by the Tax Cuts and Jobs Act (TCJA). If you were one of them, or even if you weren’t, now’s a good time to check your bracket to avoid any unpleasant surprises next April. Under the TCJA, the top income tax rate is now 37% (down from 39.6%) for taxpayers with taxable income over $500,000 for 2018 (single and head-of-household filers) or $600,000 for 2018 (married couples filing jointly)...

Monday, 06 May 2019

Latest regulations expand potentially tax-free investment opportunity

Written by Carol Wright, CPA

People interested in Qualified Opportunity Zone (QOZ) investments, which invest capital gains proceeds in economically underdeveloped areas and can earn tax-free returns, are now able to move forward with more certainty. Earlier this month, the U.S. Treasury Department issued more proposed regulations on QOZ investments that helped clarify investor concerns and ease their hesitation...

Wednesday, 10 April 2019

Running your personal finances like a business

Written by Thomson Reuters

Most individuals don’t regard themselves as businesses, trying to turn a profit and beat the competition. But, occasionally, it may help to look at your financial situation this way to determine where you might cut expenses and boost cash flow. Here are some tips. Lay out your financials Where an executive might reach for financial statements to get a read on the company’s standing, you can create or update a net worth statement...

Question: Some of our employees are considering buying short-term, limited-duration health insurance policies instead of enrolling in our employer-sponsored health care plan. Will these employees have special enrollment rights in our group plan if they lose eligibility for short-term, limited-duration coverage? Answer: It’s likely that employees who lose eligibility for short-term, limited-duration health insurance will be entitled to special enrollment rights under your company’s group health plan — assuming they’re otherwise eligible to enroll in the plan at that time. Eligible employees (and their eligible dependents) are entitled to HIPAA special enrollment rights under your company’s plan if they lose eligibility for health insurance coverage (or if they lose eligibility for coverage under another group health plan)...

Page 1 of 27

Meet The Rehmann Team

Start typing a name ...
Searching for "{{nameQuery}}"...
Start typing a experience ...
Searching for "{{experienceQuery}}"...
Start typing a location ...
Searching for "{{locationQuery}}"...
Or view a list of team members