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Tuesday, 20 November 2018

Tax reform’s big savings opportunities – Here’s how

Written by Ryan Bryker, CPA

Business owners’ eyes usually roll when tax accounting methods dominate the discussion. However, since the federal tax overhaul, they matter a lot more because new opportunities exist to slash taxes — and some depend on tax accounting methods. So, it’s worth examining your company’s practices in 2018 because it could mean big savings. Expanded eligibility for cash accounting Companies generally use either cash or accrual accounting...

Published in Tax
Tuesday, 20 November 2018

Tax reform implications on charitable donations

Written by Jeff Hert, CPA

Since the passage of the Tax Cuts and Jobs Act (TCJA) in late 2017, many taxpayers have focused on how it can impact their charitable giving. According to the Association of Fundraising Professionals, donations to charity decreased overall in the first three months of 2018 compared with the same quarter of 2017 – and cites tax reform as a possible cause. Though charitable giving is generally motivated by compassion, the TCJA includes several provisions that have left individuals and charitable organizations contemplating how charitable giving will be impacted. Here are a few areas to help you in maximizing your donations due to reform changes...

Published in Tax
Tuesday, 20 November 2018

Four reasons a state sales tax audit could be costly for your business

Written by Michael Bannasch, CPA, MST

Imagine your business has received a notice that it has an upcoming tax audit, but you get to choose between two types of audits. You can choose an IRS income tax audit, requiring you to verify the completeness of your income and legitimacy of your expenses, along with ensuring these items have been recorded in the proper tax year. Or you can have a state sales tax audit by a state from which you generate 30 percent of your annual revenue. Which audit would you choose?..

Published in Tax
Tuesday, 20 November 2018

Are you considering ALL the moving parts of your financial strategy?

Written by Jeff Brogley, CPA, MT and Doug Kelly, CPA

For many people, we are in the best time of the year, football season. Although it officially kicks off in September, a successful season involves a year-round commitment to prep work—training camps, analyzing the game tape, developing the playbook and getting the right players in place. As a fan, you may admire the game days, big plays and winning streaks. But something that cannot go unnoticed is the relationship of the team...

Published in Tax
Thursday, 15 November 2018

Taxable vs. tax-advantaged: Where to hold investments

Written by Thomson Reuters

When investing for retirement or other long-term goals, people usually prefer tax-advantaged accounts, such as IRAs, 401(k)s or 403(b)s. Certain assets are well suited to these accounts, but it may make more sense to hold other investments in traditional taxable accounts. Know the rules Some investments, such as fast-growing stocks, can generate substantial capital gains, which may occur when you sell a security for more than you paid for it. If you’ve owned that position for over a year, you face long-term gains, taxed at a maximum rate of 20%...

Published in Tax
Thursday, 01 November 2018

Now’s the time to organize your tax records

Written by Thomson Reuters

The period between filing last year’s tax return and this year’s return is the perfect time to organize your tax records. Granted, it may not be something you relish doing, but tackling this now can save you a multitude of headaches later. Tax law rules Generally, you should keep tax-related records as long as the IRS has the ability to audit your return or assess additional taxes — in other words, until the statute of limitations expires. That means three years after you file your return or, if later, three years after the tax return’s original due date...

Published in Tax
Thursday, 01 November 2018

State tax implications of buying a business in Michigan

Written by Michael Bannasch, CPA, MST

The process of buying a business can be a very hectic and trying time. You have many aspects that you are working on – from agreeing with the seller on a price, to working on retaining key employees, to determining the best way to announce the transaction to the public. While you are pulled in many directions at once, there is one aspect of the purchase that often doesn’t receive the attention it deserves – the state and local tax transition from the seller to the buyer. This article focuses on the specifics of ensuring a smooth transition of state and local taxes for a business purchase in Michigan...

Published in Tax
Thursday, 01 November 2018

State and local tax due diligence for buying a business

Written by Michael Bannasch, CPA. MST

When considering the purchase of a business, the need for a due diligence process is commonly understood. The buyer needs to not only come to understand the business and be confident it is worth the price being paid, but also needs to understand the existing risks of the company and be able to adjust the terms of the purchase to account for these. The potential risks considered generally include environmental hazards, employment issues, creditor relationships, and contractual commitments with major customers or suppliers. A potential area of risk that does not always get enough attention in the due diligence process is state and local taxes...

Published in Tax
Wednesday, 31 October 2018

Turn Capital Gains into Tax-Free Returns with Qualified Opportunity Zones

Written by Carol Wright, CPA

Earlier this month, Congress clarified new tax laws, providing investors with capital gains an extraordinary investment opportunity – one that could stir a nationwide development boom and deliver tax-free returns. Legislative Recap Last year’s Tax Cuts and Jobs Act allowed investors to reinvest capital gains, like from the sale of stocks or other assets, in Qualified Opportunity Funds, which are entities dedicated to investing in mostly low-income areas throughout the country. The funds must invest in eligible tracts of land selected by each state’s governor called Qualified Opportunity Zones. In Michigan, as with other states, zone selection included input from local governments and economic development organizations...

Tuesday, 23 October 2018

Ten year-end tax tips for 2018

Written by Forefield, Inc.

Here are 10 things to consider as you weigh potential tax moves between now and the end of the year. 1. Set aside time to plan Effective planning requires that you have a good understanding of your current tax situation, as well as a reasonable estimate of how your circumstances might change next year. There's a real opportunity for tax savings if you'll be paying taxes at a lower rate in one year than in the other...

Published in Tax
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