Beginning in 2024, the Corporate Transparency Act created a new beneficial ownership (25% or more) reporting requirement as part of the U.S. government’s efforts to make it harder for corrupt or dangerous individuals from hiding or benefitting (i.e. money laundering) through shell companies or other opaque ownership structures ..read more

The 2021 1040 tax return includes a question regarding virtual currency transactions during the calendar year. This question must be answered either yes or no. If the return is filed leaving the box blank, the return will be rejected and a new one must be filed ..read more

In an effort to capture unreported income flowing through third-party settlement organizations (TPSOs) such as Amazon, PayPal/Venmo, card payment processors and other marketplaces, the IRS requires these organizations to report payments made to sellers through their platforms on Form 1099-K ..read more

Early in 2021, Congress passed the American Rescue Plan, which included a provision that increased the child tax credit amount and upped the age limit of eligible children. Historically, the credit was $2,000 per eligible child under age 17. For the 2021 tax year the American Rescue Plan increased the credit to $3,000 for each child under age 18 and to $3,600 for children under age 6 at the end of the year ..read more

The American Rescue Plan Act (ARPA) expanded the Child Tax Credit for tax year 2021 only, allowing families to receive advance payments instead of taking the full credit on their 2021 tax return. The goal of increasing the credit, along with monthly payments, is to help families that have struggled during the COVID-19 pandemic and lessen child poverty in the U.S. Beginning July 15, the IRS will start issuing monthly advance payments to families based on their 2020 or 2019 tax return.  ..read more

To help trades and businesses retain employees and keep them employed during the COVID-19 crisis, the Coronavirus Aid, Relief, and Economic Security (CARES) Act created the Employee Retention Credit for 2020. As part of the Consolidated Appropriations Act, 2021 (CCA), the credit has been extended through December 2021. The credit is actually a government-sponsored program to keep workers employed and is funded by providing qualifying employers with a refundable credit against certain employment taxes equal to 70% (up from 50% prior to 2021) of the qualified wages that an eligible employer pa ..read more

To help trades and businesses retain employees and keep them employed during the COVID-19 crisis, the Coronavirus Aid, Relief, and Economic Security (CARES) Act created the Employee Retention Credit for 2020. As part of the Consolidated Appropriations Act, 2021 (CCA), the credit has been extended through June 2021. The credit is actually a government-sponsored program to keep workers employed and is funded by providing qualifying employers with a refundable credit against certain employment taxes equal to 70% (up from 50% prior to 2021) of the qualified wages that an eligible employer pays t ..read more

While it is our desire to meet face-to-face, we must follow necessary safety protocols.  As Federal or State guidelines change, we will adjust accordingly, in the best interest of the health our staff and visitors ..read more

Here are a couple quick updates on changes to 1099 non-employee compensation reporting and delay of Michigan minimum wage increase.  Please note important filing dates and related penalties ..read more

Section 139 of the Internal Revenue Code excludes from a taxpayer’s gross income certain payment to individuals to reimburse or pay for expenses related to a “qualified disaster”.  Covid-19 is a federally declared disaster ..read more