Category: Tax
SR Client Question: How do I handle taxes for my Health Savings Account (HSA)?
If you have a high deductible health insurance plan (HDHP), you're eligible to contribute to a Health Savings Account (HSA) up to the annual maximum limit. Often, employers also contribute to an HSA, but your total contributions cannot exceed this...
IRS offers ways to determine Reasonable Compensation in Not-for-Profit and For-Profit entities
The IRS routinely encounters contentious issues in business tax audits, particularly regarding the appropriateness of compensation paid to owners/employees. For example: Businesses that compensate employees who are also shareholders may inadvertently classify payments that should be dividends as compensation. This...
SR Client Question: Do I owe Michigan sales tax when I buy a vehicle from a business I own?
The transfer of vehicles from a business entity to the owner of the business is addressed in Revenue Administrative Bulletin 1991-1 and makes, in most instances, the transfer or "sale" of a vehicle from a business to its owner exempt from owing State...
Request a copy of filed 1040 or 1040 transcript with these IRS forms
Filers may seek a copy of a previously filed 1040 federal tax return in two ways: Request a copy of the tax return as filed (Form 4506). This request will provide an exact copy of what filed and the return...
There’s more than just taxes to consider when choosing a retirement location
If you are nearing retirement age, a move to warmer climates or nearer to relatives might be in your plans. While lists of the "best" places to retire and rankings based on how states tax retirees are plentiful, and can be...
New year is good time to review basic rules surrounding Forms 1099-MISC and W-9
January marks the annual period when most businesses complete Forms 1099-MISC, prompting a review of essential details about this standard reporting process. Generally, payments exceeding $600 made in the course of business to a non-corporate entity or individual must be...
Take five minutes to secure your tax return from identity theft
The IRS has provided a new way taxpayers can help prevent a tax return being filed under their name and SSN. The recently expanded Identity Protection PIN Opt-In Program provides a six-digit code known only to the taxpayer and to the IRS....
SR Video Client Question: “What are the benefits of year-round tax planning?”
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Delay RMDs by rolling IRAs and prior 401(k) balances into current employer’s plan
Transferring IRAs and former employer's 401(k) retirement plans into a current employer's 401(k) plan can offer a strategy for individuals facing required minimum distributions (RMDs) while still actively working. Once these retirement assets are rolled over into the current employer's...
ShindelRock Partner Maria Montie discusses pandemic tax and financial advice for businesses and individuals on WJR’s Paul W. Smith Show
On Friday, April 3, ShindelRock partner Maria Montie was a guest on 760 WJR-AM radio's Paul W. Smith Show. Listen here as she details steps businesses and individuals should take in response to the pandemic stimulus packages and relief programs recently...