Tax Implications of Repaying a Bonus
Tax Implications of Repaying a Signing or Performance Bonus Receiving a signing or performance bonus can be an exciting benefit of your job, but what happens if your employment ends prematurely, and you are required to repay that bonus? The...
Court Sides with IRS: Businesses Must Document Expense Deductions
Tax Court Sides with IRS: Why Businesses Must Document Expense Deductions A recent ruling from the Tax Court highlights the critical need for businesses to maintain proper documentation when claiming expense deductions. The case involved a self-employed individual who failed...
Attention Small Businesses and Freelancers: 1099-K Filing Changes Are Here
Changes to 1099-K Filing: What You Need to Know In recent years, the IRS has implemented stricter reporting requirements to help reduce underreported income. For 2024, the threshold for receiving a 1099-K has been updated to $5,000 in payments for...
CTA Update: Nationwide Injunction Puts Filing Deadline on Hold
If you’ve been following the Corporate Transparency Act (CTA) developments and its Beneficial Ownership Information (BOI) filing requirements, you know the deadlines have shifted multiple times over the past few weeks. As of now, a nationwide injunction has halted enforcement...
How Section 1256 Contracts Can Reduce Taxes for Investors
For most individual taxpayers, capital losses are limited to a $3,000 deduction per year, with any extra losses carried forward to future years. This can delay the tax benefits of those losses. However, there’s an exception for certain investments...
Welcome Back Stephanie Bodmer
Welcome back to Stephanie Bodmer, a recent Oakland University graduate with a BS in Accounting! After interning at ShindelRock last summer, where she prepared 1040 tax returns and gained experience with QuickBooks and UltraTax, Stephanie is excited to further develop...
Meet our Tax Season Intern: Connor Moran
Meet our tax season intern from Western Michigan University, majoring in Accounting and originally from Woodhaven, MI. This first-time accounting intern chose ShindelRock for its great workplace culture and looks forward to gaining hands-on experience with 1099s, PPTs, Business Returns,...
Rottman, Kingston & Neuvirth P.C. is now part of ShindelRock
Rottman, Kingston & Neuvirth P.C. is now part of ShindelRock. ShindelRock, a public accounting firm in Novi, Mich., is pleased to announce the acquisition of Farmington Hills, Mich.-based public accounting firm Rottman, Kingston & Neuvirth P.C. The professionals at RKN...
Reviving Accounting: Careers That Shape the Future
It’s no secret that over the past 15 years, the accounting profession has been struggling to maintain a sufficient hiring pool and keep enrollment up; with the situation continuing to worsen. The Wall Street Journal recently highlighted these issues in...
8 Year End Tax Tips
With year-end fast approaching, it is essential to focus on key deadlines and financial strategies that may affect your tax position. Taking timely action on these matters can help you optimize deductions, minimize liabilities, and close the year on a...