Blog posts from: 2017
Client Question: What should I do if an employee claims a high number of exemptions?
The IRS advises employers to withhold federal income tax based on the allowances claimed on employees' valid Form W-4s, even if the withholding amount seems incorrect. Employers must inform employees that the IRS may review and adjust withholding if deemed...
Do you qualify for a like-kind exchange?
Are you thinking about selling parcels of land and then turning around and purchasing additional parcels? If you’ll realize gains on the sale of your existing parcels, you should consider a “like-kind exchange”. Under Code Section 1031, the IRS provides...
Thank you to our generous clients for supporting Community Living Centers
Our matching donation campaign to Metro Detroit non-profit Community Living Centers closed recently, with ShindelRock presenting $2,785 to CLC on behalf of our firm and our clients! This donation allows CLC to continue to provide developmentally disabled adults with the services and...
How to start a Michigan LLC
Many entrepreneurs in Michigan wonder "How can I legally form my new Michigan business?" We talked about how to choose if you should form an LLC or a Corporation in a previous post, and it's critical you talk to someone like...
IRS Fringe Benefit Guide
The Taxable Fringe Benefits Guide was created by the IRS office of Federal, State and Local Governments (FSLG) to provide governmental entities with a basic reference guide to Federal tax rules relating to employee fringe benefits and reporting. As a supplement...
Audit statute for net operating losses
Did you know that audits of net operating losses (NOLs) and other carryforwards can extend beyond the usual statute of limitations? Certain amounts generated in prior years and carried over to the current year's return can impact taxable income calculations....
Protecting your child from identity theft
Just as identity theft seems to reach its peak, a troubling trend has emerged: identity thieves are increasingly targeting children. This type of crime often goes unnoticed for years since young children typically do not use their Social Security numbers...
Understanding related party debt forgiveness
Many times a debt between related parties is reduced or forgiven. This raises many questions: Are there tax consequences as a result of this? Does the lender have a tax loss to report? Does the borrower have a gain on...
Unincorporated business election for married couples
An unincorporated business jointly owned by a married couple is typically treated as a partnership for Federal tax purposes. However, under the Small Business and Work Opportunity Tax Act of 2007 (Public Law 110-28), starting from tax years after December...
A summary of partner distributions and preference payments
A partnership distribution refers to the transfer of cash or property from a partnership to a partner related to their interest in partnership capital or income. Excluded from distributions are loans to partners, payments for services or property use (like...
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