Business Owners | Michigan International Tax Accountant

American Rescue Plan Act: Key Impacts

Posted by Sarah Russell and Margaret Amsden on March 17, 2021

Sarah Russell

Review the key impacts of the $1.9 trillion American Rescue Plan Act, including another stimulus payment and extended unemployment benefits.

SALT 101 for Foreign-Owned Businesses

Posted by Eric Lin on March 15, 2021

As more foreign companies expand to the U.S., it is essential for them to have a firm understanding of sales and use taxes: two of the country’s most important taxes.

The R&D Tax Credit Four-Part Test

Posted by Tim Finerty and Bryan Powrozek on March 11, 2021

In this installment of our R&D tax credit series, we’ll take a closer look at the R&D tax credit four-part eligibility test. It turns out that the qualification bar is often lower than many business owners believe.

How to Claim R&D Tax Credits

Posted by Tim Finerty and Bryan Powrozek on March 4, 2021

One of the most persistent myths about the R&D tax credit is that the claim process is too complex to be worth it. While it does require extra supporting documentation, the backup you need can most often be found in routine business records you already keep. Let's take a look at how to claim the R&D credit.

IRS Issues New Guidance on PPP and Employee Retention Credit Eligibility

Posted by Sarah Russell on March 3, 2021

The IRS recently issued highly anticipated guidance about PPP and employee retention credit eligibility and qualified wages.

How to Calculate R&D Tax Credits

Posted by Tim Finerty and Bryan Powrozek on February 25, 2021

Part three of our R&D tax credit series provides a quick overview of R&D tax credit calculation methods, including the RRC and ASC.

Your Guide to R&D Tax Credits

Posted by Tim Finerty and Bryan Powrozek on February 11, 2021

If you haven’t looked into the R&D tax credit before, there’s a good chance that you’re missing a big opportunity to boost your cash position. Even if they're aware of the credit’s existence, many businesses and their owners mistakenly assume that they aren’t eligible, or haven’t utilized the credit correctly. Here’s a quick business owner’s guide to the R&D tax credit and how it works.

Payroll Fraud: What to Look for and How to Prevent it

Posted by Dave Van Damme on February 9, 2021

Fraud is an unfortunate part of business. It can happen anywhere and to anyone, and sometimes can be at the hands of seemingly trustworthy people. Learn how we can help you survey the current environment for fraud and reinforce best practices for fraud prevention.

Sales Analytics: A 21st Century Approach to the Consumer

Posted by Ben Smith on February 2, 2021

Monitoring sales is a critical aspect of any high performing business. In the mission to work smarter, sales analytics tools provide a level of optics that help leaders predict and understand critical business trends.

Do You Qualify for Employee Retention Tax Credit Refunds?

Posted by Jim Biehl on January 27, 2021

PPP loan recipients can claim the ERC for eligible wages that were not paid for with PPP forgiven loans. The change is retroactive to March 2020 and means certain businesses should immediately claim refunds. Learn more about the qualification requirements and cash benefits.

Anti-Corruption Legislation and New FinCEN Reporting Requirements

Posted by Teresa Gordon on January 25, 2021

The Corporate Transparency Act (CTA) is an anti-corruption legislation that was passed on January 1, 2021 as part of the larger National Defense Authorization Act (NDAA). Learn about the CTA's new requirements for certain entities to report beneficial ownership interests to the U.S. government.

PPP Loan Round 2 – Should You Apply?

Posted by Jim Biehl on January 14, 2021

A new round of PPP loans was ushered in with the passage of the Economic Aid Act on December 27, 2020. In addition to the 2nd draw loans, eligible businesses that did not receive a PPP loan in the first round of funding have an opportunity to apply for a PPP loan.

Understanding Transactions, Even if Your Business Isn’t for Sale

Posted by Tim Hilligoss on January 12, 2021

Selling your small business may not have been your focus in 2020 and may not be your focus in 2021, but planning ahead comes with huge advantages. Here are four things our team walks through with every client when we prepare for a deal.

State and Local Tax Planning: What You Need to Know

Posted by Miroslav Georgiev on January 12, 2021

Every year state and local taxes play a larger role in the corporate tax season. Here are eight state and local tax planning considerations for businesses.

COVID-19 Stimulus Bill

Posted by Sarah Russell on December 29, 2020

After a surprising delay, on Sunday, December 27 President Trump signed the $900 billion COVID relief bill which was part of the larger annual federal spending package. Here is a summary of the highlights included in the Stimulus portion of the bill.

4 Tips for Managing a Large Inheritance

Posted by Casey Haggerty on December 28, 2020

Receiving a large inheritance may sound appealing to most, especially in an era where many have gone through two large financial depressions. However, there are many things that need to be considered. Here are some important tips for managing a large inheritance.

U.S. Expansion: 7 Benefits of Cloud Accounting

Posted by Teresa Gordon on December 20, 2020

Now more than ever in today’s world of virtual and remote management of a US investment, cloud accounting tools serve foreign-owned companies well. Here are seven reasons why you should consider cloud accounting when starting a US subsidiary.

Talking Industrial Automation Podcast: Year-End Tax Tips

Posted by Tim Finerty on December 16, 2020

Listen to the Talking Industrial Automation podcast featuring Shareholder Tim Finerty highlighting tax planning tips and ways to maximize cash flow.

Inventory Optimization Creates Expanded Working Capital

Posted by Jim Biehl on December 14, 2020

Many businesses were caught off guard by the COVID-19 pandemic. Stay-at-home orders and mandatory business closures created significant operational challenges.

Private Client Services: An Introduction

Posted by Margaret Amsden on December 1, 2020

Owners of closely-held businesses are passionate about what they do, masters of their practice, and driven to succeed. When it comes time to plan for the future, Private Client Services (PCS) is the partner that helps business owners take on the future with the same confidence they have in their business.

2020 Reporting Guidance

Posted by Margaret Amsden on November 28, 2020

Every year brings a list of information filing requirements necessary to make sure that payees have the information needed to file their taxes. To assist with year-end business reporting, Clayton & McKervey has identified some items for you to consider.

2020 Year-End Tax Planning Considerations

Posted by Tarah Ablett on November 22, 2020

As 2020 draws to a close, businesses and individuals should consider what tax planning strategies make the most sense for them. Here are some key tax planning considerations to keep in mind as we approach the end of the year.

Financial Tips for Managing the COVID-19 Fallout

Posted by Jim Biehl on November 19, 2020

COVID-19 has had a significant impact on Michigan manufacturing, forcing many to shift strategies to cope under crisis. Here are some financial tips for managing the ongoing COVID-19 fallout.

How Remote Work Has Impacted Auditing

Posted by Julie Killian on November 17, 2020

Auditing relies on two things more than anything else: having access and being in person. 2020 had other plans. Forced out of offices and forbidden to travel, auditors and firms across the globe have needed to adapt quickly to the world of remote work and all the issues that come with it.

What You Need to Know! President-Elect Biden’s Tax Plan

Posted by Sarah Russell on November 9, 2020

Now that presumed U.S. President-Elect Joe Biden has been named, many people may be wondering what his tax plan looks like and whether there is anything they can do now to prepare for changes that may be coming. Here are some important highlights of his plan.

Financial Reporting Implications Due to COVID-19

Posted by Julie Killian on October 30, 2020

COVID-19 has clearly disrupted life as we know it. Despite these disruptions, businesses continue to operate (some at an altered state) and therefore are required to provide financial reporting to stakeholders.

PPP Double Jeopardy: Loan Forgiveness and Tax Implications

Posted by Bryan Powrozek and Sarah Russell on October 20, 2020

Learn about the potential tax implications of PPP loan forgiveness and how this impacts companies who claim the R&D tax credit.

MMA October: COVID-19 Financial Tips

Posted by Jim Biehl on October 19, 2020

COVID-19 has had a significant impact on Michigan manufacturing, forcing many to shift strategies to cope under crisis. Shareholder Jim Biehl shares financial tips for managing the ongoing COVID-19 fallout in the October issue of the Michigan Manufacturers Association (MiMfg) magazine.

How CPAs Help Clients During a Pandemic

Posted by Denise Asker on October 14, 2020

In a crisis such as COVID-19, CPAs are able to offer an independent and thoughtful analysis of a business’s situation, as well as the best strategies to navigate issues that arise due to changing PPP guidelines and tax implications. Here are three ways that CPAs have stepped in to help clients during the pandemic.

What Comes After COVID-19?

Posted by Tim Finerty and Bryan Powrozek on October 7, 2020

The COVID-19 pandemic has impacted businesses around the world by disrupting supply chains, impacting cash flow and accelerating the pace of digital transformation. Here are some strategies to put businesses in the best future position as they navigate the impacts of COVID-19.

Navigating Global Trade During a Worldwide Pandemic

Posted by Jim Biehl on September 28, 2020

When COVID-19 emerged, global trade was brought to a standstill. Today, the global economy has slowly begun to recover, but in order to maintain trade functions that supply goods to the world, companies must adapt to the “new normal.”

Accounting for PPP Loan Forgiveness

Posted by Julie Killian on September 24, 2020

We have been receiving many questions lately about the PPP loan and forgiveness requirements. Here are some of the most common questions we are hearing from companies along with some initial guidance on what to do.

Automation is the Solution for Maximizing ROI

Posted by Tim Finerty on September 23, 2020

As more and more companies face the pressure to create a higher performing product as efficiently as possible, a number of them are now adopting Industry 4.0 technology to adapt their workflows to the 21st century. And as a result of embracing this evolution, these businesses are reaping the benefits.

PPP Update – Owner Compensation & Non-Payroll Costs

Posted by Tim Hilligoss on September 3, 2020

At the end of August, the SBA and Treasury issued an updated PPP Interim Final Rule which addresses forgiveness related to owner compensation and certain non-payroll costs.

Rethinking Your Retirement Funding Options

Posted by Margaret Amsden on September 1, 2020

As a result of market fluctuations over the past six months, many taxpayers have seen a decline in the value of their retirement portfolios, so now may not be the best time to draw from your retirement savings, even if you are eligible. Here is some guidance regarding Social Security and IRA Distributions.

Payroll Tax Deferral IRS Guidance

Posted by Sue Tuson on August 28, 2020

Learn about the recently issued guidance as it relates to President Trump's Executive Order on employee side payroll deferral.

New Interim Final Rule Issued

Posted by Sarah Russell on August 25, 2020

The SBA and Treasury issued a new interim final rule on August 24, 2020 with updates regarding owner-employee compensation and forgiveness eligibility associated with Paycheck Protection Program (PPP) forgiveness. Here is a summary of the key updates.

Control Design Article: COVID-19 Impacts

Posted by Tim Finerty and Bryan Powrozek on August 19, 2020

Industrial Automation Shareholder Tim Finerty and Manager Bryan Powrozek share some recommendations to put businesses in the best future position as they navigate the impacts of COVID-19.

Relief with International Tax Deductions

Posted by Sue Tuson on August 19, 2020

The Tax Cuts and Jobs Act (TCJA) of 2017 provided a benefit for corporations that export goods or services by creating a foreign-derived intangible income deduction (FDII), also referred to as a section 250 deduction.

CARES Act State Tax Implications

Posted by Miroslav Georgiev on August 18, 2020

The Coronavirus Aid, Relief, and Economic Security (CARES) Act, enacted March 27, 2020, was designed to assist taxpayers during difficult times by introducing new and modified tax law provisions intended to allow businesses to retain more cash to help them survive the crisis.

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