Understanding which services are exempt from sales tax can help you manage your tax liability and avoid unnecessary tax payments. CPA Nerds will break down the specific services exempt from Michigan’s sales tax and how you can ensure compliance with state tax regulations.  Let’s look into the critical exemptions and the types of services that … The post What Services Are Exempt from Sales Tax in Michigan? appeared first on CPA Nerds ..read more

Tips for Michigan Backup Witholding When a contractor refuses to provide a tax ID number, businesses are indeed allowed and required to implement backup withholding as per IRS regulations. Backup withholding ensures that taxes are collected on income that would otherwise not be reported. Here is a detailed explanation of the steps businesses should take … The post Backup Withholding: If a Contractor Refuses to Provide a Tax ID Number appeared first on CPA Nerds ..read more

Employee benefit plans are vital for providing workers with retirement, health, and other benefits. Ensuring these plans are managed correctly and transparently is crucial for the well-being of participants and beneficiaries.  This article delves into the significance of employee benefit plan audits, the requirements and responsibilities associated with Form 5500, and the essential role of … The post What Is an Employee Benefit Plan Audit and Form 5500? appeared first on CPA Nerds ..read more

Following the devastating storms, flooding, and tornadoes that struck Michigan in August 2023, the Internal Revenue Service (IRS) swiftly enacted crucial tax relief measures for affected individuals and businesses. The IRS provided information on Michigan storm tax relief provisions, including extended filing deadlines, exceptions, and penalty abatements, to alleviate the financial burdens Michigan storm victims … The post IRS Announces Michigan Storm Tax Relief appeared first on CPA Nerds ..read more

Understanding the FinCEN Reporting Mandate What Small Business Owners Need to Know The year 2024 brings new federal reporting requirements for small businesses across the United States. This mandate, overseen by the Financial Crimes Enforcement Network, commonly referred to as FinCEN, a bureau of the U.S. Department of the Treasury, is aimed at combating financial … The post New Federal Reporting Requirements: A Guide for Small Businesses in 2024 appeared first on CPA Nerds ..read more

Using Our New Gateway Portal At CPA Nerds, we’re like the superheroes of privacy and security – we’ve got your back! Your comfort is our top priority, especially when it comes to handling your important tax info. That’s why we’ve leveled up our security game! Our new, shiny multifactor authentication process is like a secret … The post Introducing Our New Gateway Portal appeared first on CPA Nerds ..read more

Breaking Down the CTA Ruling Corporate Transparency Act Update Corporate Transparency Act Update: As the business landscape navigates through the recent changes to the Corporate Transparency Act, it’s essential for companies and their advisors to stay abreast of the evolving regulatory environment. While the temporary relief from compliance requirements offers a breather to many organizations, … The post Update on Court’s Decision on the Corporate Transparency Act Explained appeared first on CPA Nerds ..read more

The IRS’s $1 Billion Tax Penalty Amnesty: Cheers to a Fresh Start! In a surprising move aimed at helping those grappling with back taxes, the Internal Revenue Service (IRS) has just unveiled an exciting new penalty relief program. Approximately 4.7 million individuals, businesses, and tax-exempt organizations are in for some good news. If you didn’t … The post Are You Eligible? IRS to the Rescue: $1 Billion in Penalties Waived for Taxpayers appeared first on CPA Nerds ..read more

The Importance of Accurate Record-Keeping Running a small business in Michigan comes with its unique set of challenges, especially when it comes to managing taxes. To help local entrepreneurs navigate the complex landscape of tax obligations and opportunities, we’ve compiled a guide to avoiding common tax mistakes that can adversely affect your business. Accurate record-keeping … The post Navigating Tax Pitfalls for Michigan Small Businesses appeared first on CPA Nerds ..read more

IRS LT38 Collections 2024: Understanding the Resumption Notices The Internal Revenue Service (IRS) has recommenced the distribution of collection notices to taxpayers, marking a continuation of its automated reminder system. These notifications, which resumed dispatch in January, are being sent via regular postal service on a phased basis over the forthcoming months, targeting an audience … The post IRS Resumes LT38 Collection Notices After Two-Year Break Due to COVID appeared first on CPA Nerds ..read more