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Tax & Assurance Guidance

Tax & Assurance Guidance

Keeping Up With Digital Taxes

Posted on September 6, 2022 by

Miroslav Georgiev
Sue Tuson
To the uninitiated, selling digital products and services can seem like a much easier business model than selling physical goods. While there may be advantages to skipping inventory and warehouse needs, the digital tax landscape can be tricky to navigate. 

Tax & Assurance Guidance

Insights from Washington: Inflation Reduction Act Signed

Posted on August 19, 2022 by

Sarah Russell
On August 7, 2022, the U.S. Senate approved the Inflation Reduction Act of 2022, a bill to finance climate and energy provisions and an extension of the enhanced Affordable Care Act (ACA) subsidies totaling $369 billion in additional spending.

Tax & Assurance Guidance

Insights from Washington: Senate Passes the Inflation Reduction Act

Posted on August 9, 2022 by

Nick Lloyd
On August 7, 2022, the U.S. Senate approved the Inflation Reduction Act of 2022, a bill to finance climate and energy provisions and an extension of the enhanced Affordable Care Act (ACA) subsidies totaling $369 billion in additional spending.

Tax & Assurance Guidance

Insights from Washington: Reconciliation Package on the Horizon?

Posted on July 28, 2022 by

Sarah Russell
It’s been a while since we’ve reported news from Washington as things have been a little slow on the tax front. All that changed this week when it was announced Senator Joe Manchin had reached an agreement with Senate Majority Leader Chuck Schumer on tax, climate change, energy and healthcare provisions to be included in the Inflation Reduction Act of 2022. 

Tax & Assurance Guidance

Michigan Flow-Through Entity Tax Return Format

Posted on July 18, 2022 by

Miroslav Georgiev
The Michigan Department of Treasury recently issued templates to assist taxpayers with filing their 2021 Michigan Flow-Through Entity (“FTE”) Tax Returns. Michigan adopted an elective FTE tax in late December 2021 as a workaround to the state and local tax deduction limitation.

Tax & Assurance Guidance

Why Your Company’s Financial Statements Matter

Posted on July 13, 2022 by

Dave Van Damme
While anything with a dollar sign may be considered a financial statement by some, the term ‘financial statements’ is used in accounting and in business as a specific set of financial reports that businesses prepare at recurring intervals—monthly, quarterly, or annually. Regardless of the size of your business, they’re essential.

Tax & Assurance Guidance

Buying or Selling a Business? Consider These Obligations!

Posted on July 11, 2022 by

Miroslav Georgiev
Once you adopt the perspective that you’ll be selling your business at some point, it’s time to take stock of what needs to be done. While planning is great, sometimes opportunities arise for a sale earlier than expected or circumstances change that require a rapid priority shift that necessitates a sale.

Tax & Assurance Guidance

Understanding Your Cash Flow is Important-Here’s Why

Posted on June 24, 2022 by

Dave Van Damme
Managing cash flow in a business should go far beyond ensuring that you have funds available to pay your current bills. While that’s a threshold every new business should meet, developing deeper cash flow management skills is necessary to scale your business and prevent unnecessary stress. 

Tax & Assurance Guidance

5 Taxes You Need to Know About

Posted on June 17, 2022 by

Tarah Ablett
There are many different tax types business owners need to be aware of. Not only is it important to know the different types of tax, but equally important is an understanding of what may cause an entity to be liable for a certain tax. Here is a recap of some common tax types.

Tax & Assurance Guidance

Foreign Tax Withholding: What You Need to Know

Posted on April 26, 2022 by

Rob Cheyne
Making service payments to a foreign person is a common cross-border transaction. U.S. taxpayers need to be aware of the applicability of withholding tax and related reporting requirements to ensure they comply and avoid unintended consequences. A U.S. payor must collect withholding tax and remit it to the IRS in the case it is applicable.

Tax & Assurance Guidance

SALT Relief for Partners and S Corps

Posted on February 23, 2022 by

Miroslav Georgiev
With small businesses supporting nearly 47% of U.S. employees, states have been advocating for pass-through entities, operating partnerships and S corporations that have been harshly impacted by the Tax Cuts and Job Act ‘s state and local taxes deduction limit. Recent legislative activity is finally providing relief for many of these businesses. 

Tax & Assurance Guidance

IRS Provides Relief on K-2 and K-3

Posted on February 17, 2022 by

Margaret Amsden
In an attempt to provide more transparency with regard to reporting of foreign activity and/or information to foreign owners, the IRS came out with two new forms: Schedule K-2 (an addendum to the Schedule K) and Schedule K-3 (an addendum to the Schedule K-1). Learn about the latest K-2 and K-3 reporting requirements issued by the IRS.

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