News & Resources

Understanding the Employee Retention Tax Credit

Eligible businesses can now access Employee Retention Tax Credit (ERTC) for both 2020 and 2021 for eligible employee wages as long as these specific payroll wages and/or group benefits were […]

March 19, 2021

Federal Income Tax Filing Deadline Extended to May 17

Courtesy of Ahola Corporation The filing date for the federal income tax has been postponed until May 17. The IRS has announced that individual taxpayers can also postpone federal income […]

February 27, 2021

Employee Retention Tax Credit Overview

Courtesy of Ahola Corporation The second relief bill, passed at the end of 2020, contains updates to the employee retention credit, a refundable payroll tax credit. Each option has its […]

January 4, 2021

COVID Relief Bill: Tax Credits for Paid Leave Extended to March 31

Courtesy of Ahola Corporation A new $900 billion coronavirus relief bill has become law and answers the question of whether federal Emergency Paid Sick Leave (EPSL) and Emergency Family and […]

December 21, 2020

FAQs About Tax-Free Disaster Relief Payments During the COVID-19 Crisis

Courtesy of Yeo & Yeo Many people are struggling to make ends meet during the COVID-19 pandemic. Fortunately, some individuals qualify for federal-income-tax-free disaster relief and disaster mitigation payments paid by […]

September 22, 2020

Tax Implications of Working From Home and Collecting Unemployment

By Andrew Matuzak, CPA, PFS, courtesy of Yeo & Yeo COVID-19 has changed our lives in many ways, and some of the changes have tax implications. Here is basic information about […]

August 24, 2020

President Trump Issues Executive Order To Create Temporary Payroll Tax Deferral

Courtesy of Ahola On August 8th, President Trump signed an Executive Order that would issue a temporary payroll tax deferral for the employee portion of Social Security taxes, after an […]

April 13, 2020

IRS Extends More Tax Filing Deadlines

The IRS issued Notice 2020-23, Additional Relief for Taxpayers Affected by Ongoing Coronavirus Disease 2019 Pandemic, an update to Notice 2020-18.The notice extends more tax deadlines to cover individuals, trusts, estates, corporations and others. The following is …

February 22, 2020

Numerous Tax Limits Affecting Businesses Have Increased for 2020

An array of tax-related limits that affect businesses are annually indexed for inflation, and many have increased for 2020. Here are some that may be important to you and your business.

January 22, 2020

Smart Ways to Pay Yourself as a Small Business Owner

While the government generally dictates how you can pay yourself with a salary or the equivalent of a salary, it also provides flexibility for you to make withdrawals.

January 3, 2020

Allocating Capital Gains to Distributable Net Income in Estates and Trusts

A common question that arises when preparing an estate or trust return is, can capital gains be distributed to the beneficiary?

December 17, 2019

Online Sales Tax Bill Signed Amid Consumer Protection Concerns

Amazon, Overstock, Wayfair and other major online retailers must collect Michigan sales tax from third-party retailers who sell goods and services off their websites to Michigan customers under a four-bill package that was signed into …

December 4, 2019

Are You Required to Collect and Remit Sales Tax in Other States? Help is Available!

Did you know that although your business may only be physically located in Michigan, if you ship your products to customers in other states, you may also be required to collect and/or remit sales or …

November 26, 2019

Employee Gifts – Are They Taxable?

‘Tis the season when employers often will provide employees with “gifts” of some type. We all know the entity in town that gives all of its employees a turkey for Thanksgiving or Christmas. While this …

October 3, 2019

How to Treat Your Business Website Costs for Tax Purposes

These days, most businesses need a website to remain competitive. It’s an easy decision to set one up and maintain it. But determining the proper tax treatment for the costs involved in developing a website …

September 13, 2019

W-4 is Changing for 2020

There are a number of changes coming to the W-4.

July 29, 2019

Deducting your summer vacation

Taxpayers are always looking for ways to improve their tax position by increasing deductions or credits, and there are tax provisions in place that are at least worth reviewing with your tax advisor to see …

June 30, 2019

Don’t increase taxes on small businesses

Michigan has come a long way in creating a better environment for economic success.