Michigan SALT Tax News Impacts Owners
Posted by Sue Tuson on September 30, 2021
Sue Tuson
In mid-summer 2021 Michigan Governor Gretchen Whitmer vetoed a bill that would have provided a workaround to the current cap on the deduction for state income taxes that business owners face on pass-through income.
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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.
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SALT 101 for Foreign-Owned Businesses
Posted by Eric Lin on March 15, 2021
Eric Lin
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.
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The R&D Tax Credit Four-Part Test
Posted by Tim Finerty and Bryan Powrozek on March 11, 2021
Tim Finerty
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.
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How to Claim R&D Tax Credits
Posted by Tim Finerty and Bryan Powrozek on March 4, 2021
Tim Finerty
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.
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IRS Issues New Guidance on PPP and Employee Retention Credit Eligibility
Posted by Sarah Russell on March 3, 2021
Sarah Russell
The IRS recently issued highly anticipated guidance about PPP and employee retention credit eligibility and qualified wages.
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How to Calculate R&D Tax Credits
Posted by Tim Finerty and Bryan Powrozek on February 25, 2021
Tim Finerty
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.
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Your Guide to R&D Tax Credits
Posted by Tim Finerty and Bryan Powrozek on February 11, 2021
Tim Finerty
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.
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Payroll Fraud: What to Look for and How to Prevent it
Posted by Dave Van Damme on February 9, 2021
Dave Van Damme
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.
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Sales Analytics: A 21st Century Approach to the Consumer
Posted by Ben Smith on February 2, 2021
Ben Smith
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.
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Do You Qualify for Employee Retention Tax Credit Refunds?
Posted by Jim Biehl on January 27, 2021
Jim Biehl
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.
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Anti-Corruption Legislation and New FinCEN Reporting Requirements
Posted by Teresa Gordon on January 25, 2021
Teresa Gordon
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.
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PPP Loan Round 2 – Should You Apply?
Posted by Jim Biehl on January 14, 2021
Jim Biehl
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.
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Understanding Transactions, Even if Your Business Isn’t for Sale
Posted by Tim Hilligoss on January 12, 2021
Tim Hilligoss
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.
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State and Local Tax Planning: What You Need to Know
Posted by Miroslav Georgiev on January 12, 2021
Miroslav Georgiev
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.
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COVID-19 Stimulus Bill
Posted by Sarah Russell on December 29, 2020
Sarah Russell
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.
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4 Tips for Managing a Large Inheritance
Posted by Casey Haggerty on December 28, 2020
Casey Haggerty
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.
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U.S. Expansion: 7 Benefits of Cloud Accounting
Posted by Teresa Gordon on December 20, 2020
Teresa Gordon
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.
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Talking Industrial Automation Podcast: Year-End Tax Tips
Posted by Tim Finerty on December 16, 2020
Tim Finerty
Listen to the Talking Industrial Automation podcast featuring Shareholder Tim Finerty highlighting tax planning tips and ways to maximize cash flow.
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Inventory Optimization Creates Expanded Working Capital
Posted by Jim Biehl on December 14, 2020
Jim Biehl
Many businesses were caught off guard by the COVID-19 pandemic. Stay-at-home orders and mandatory business closures created significant operational challenges.
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Private Client Services: An Introduction
Posted by Margaret Amsden on December 1, 2020
Margaret Amsden
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.
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2020 Reporting Guidance
Posted by Margaret Amsden on November 28, 2020
Margaret Amsden
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.
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2020 Year-End Tax Planning Considerations
Posted by Tarah Ablett on November 22, 2020
Tarah Ablett
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.
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Financial Tips for Managing the COVID-19 Fallout
Posted by Jim Biehl on November 19, 2020
Jim Biehl
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.
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How Remote Work Has Impacted Auditing
Posted by Julie Killian on November 17, 2020
Julie Killian
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.
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What You Need to Know! President-Elect Biden’s Tax Plan
Posted by Sarah Russell on November 9, 2020
Sarah Russell
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.
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Financial Reporting Implications Due to COVID-19
Posted by Julie Killian on October 30, 2020
Julie Killian
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.
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PPP Double Jeopardy: Loan Forgiveness and Tax Implications
Posted by Bryan Powrozek and Sarah Russell on October 20, 2020
Bryan Powrozek
Learn about the potential tax implications of PPP loan forgiveness and how this impacts companies who claim the R&D tax credit.
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MMA October: COVID-19 Financial Tips
Posted by Jim Biehl on October 19, 2020
Jim Biehl
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.
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How CPAs Help Clients During a Pandemic
Posted by Denise Asker on October 14, 2020
Denise Asker
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.
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What Comes After COVID-19?
Posted by Tim Finerty and Bryan Powrozek on October 7, 2020
Tim Finerty
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.
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Navigating Global Trade During a Worldwide Pandemic
Posted by Jim Biehl on September 28, 2020
Jim Biehl
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.”
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Accounting for PPP Loan Forgiveness
Posted by Julie Killian on September 24, 2020
Julie Killian
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.
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Automation is the Solution for Maximizing ROI
Posted by Tim Finerty on September 23, 2020
Tim Finerty
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.
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PPP Update – Owner Compensation & Non-Payroll Costs
Posted by Tim Hilligoss on September 3, 2020
Tim Hilligoss
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.
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Rethinking Your Retirement Funding Options
Posted by Margaret Amsden on September 1, 2020
Margaret Amsden
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.
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Payroll Tax Deferral IRS Guidance
Posted by Sue Tuson on August 28, 2020
Sue Tuson
Learn about the recently issued guidance as it relates to President Trump's Executive Order on employee side payroll deferral.
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New Interim Final Rule Issued
Posted by Sarah Russell on August 25, 2020
Sarah Russell
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.
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Control Design Article: COVID-19 Impacts
Posted by Tim Finerty and Bryan Powrozek on August 19, 2020
Tim Finerty
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.
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Relief with International Tax Deductions
Posted by Sue Tuson on August 19, 2020
Sue Tuson
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.
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