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Tax

Several arms of the federal government have taken, or are weighing, significant steps to help the country deal with the spread of the coronavirus (COVID-19) and the implications for individuals and businesses. On March 14, the U.S. House of Representatives overwhelmingly passed a bipartisan 110-page bill that has received support from President Trump and, as of this writing, is expected to be taken up by the Senate this week...

Published in COVID-19
Monday, 09 March 2020

Executive compensation requires informed decision-making

Written by Thomson Reuters

Business owners want to compensate themselves and their top executives fairly and competitively for their work, results and commitment. So, how do you achieve that goal without attracting undue IRS scrutiny and claims of inappropriate compensation? By making informed, astute decisions. Start with the basics Compensation is affected by the amount of cash in your company’s bank account...

Published in Tax
Wednesday, 12 February 2020

Careful tax planning required for incentive stock options

Written by Thomson Reuters

Incentive stock options (ISOs) are a popular form of compensation for executives and other key employees. They allow you to buy company stock in the future at a fixed price equal to or greater than the stock’s fair market value on the ISO grant date. If the stock appreciates, you can buy shares at a price below what they’re then trading for. But careful tax planning is required because of the complex rules that apply...

Published in Tax
Wednesday, 12 February 2020

Accounting for the near and the long term in a family budget

Written by Thomson Reuters

A wise person once said, “Simplicity is the key to a family budget.” (He or she may or may not have been an accountant.) However, it also needs to be comprehensive enough to cover all necessary items. To find the right balance, a budget should cover two distinct facets of family members’ lives: the near term and the long term...

Published in Tax
Wednesday, 15 January 2020

Full season tax strategy

Written by The Rehmann Team

Are you exercising the right strategy in your tax game? Similar to an NHL season, tax preparation is the culmination of strategy and effort exerted not just during games but behind the scenes year-round. In both today’s competitive sports and the ever-challenging business landscape, there’s no such thing as “off season.” Proper preparation should be a focus throughout the year to make sure your game plan and execution are as effective as possible...

Published in Tax
Wednesday, 15 January 2020

What to do about fraudulent credit or debit card charges

Written by Thomson Reuters

It’s an awful feeling to learn that someone has used your credit or debit card to make fraudulent charges. Whether you’re liable typically depends on the type of card, whether you still possess the card and when you alert the issuer. Credit cards If your card is lost or stolen and you report it to the card provider before your card is used in a fraudulent transaction, you can’t be held responsible for any unauthorized charges. If you report it after unauthorized charges have been made, you may be responsible for a specified dollar amount in charges...

Published in Tax
Monday, 06 January 2020

Is your business missing out on valuable tax dollars?

Written by Miranda Junga

The Research & Development tax credit remains one of the most underutilized tax-savings opportunities for manufacturers and other companies. Businesses across the U.S. are receiving thousands to millions of dollars by taking advantage of the R&D tax credit...

Published in Manufacturing
Wednesday, 04 December 2019

5 last-minute tax moves for your business

Written by Thomson Reuters

The days of the calendar year are vanishing quickly, but there still may be some last-minute strategies that business owners can use to lower their 2019 tax bills. Here are five to consider: Postpone invoices. If your business uses the cash method of accounting, and it would benefit from deferring income to next year, wait until early 2020 to send invoices. Accrual-basis businesses can defer recognition of certain advance payments for products to be delivered or services to be provided next year...

Published in 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...

Published in Tax
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...

Published in Tax
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