Tax & Assurance Guidance

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.

Tax & Assurance Guidance

Expanded ERC Eligibility for Startups

Posted on February 1, 2022 by

Rob Cheyne
For many businesses hit hardest by the pandemic, the ERC was a lifeline for continued operations. Unfortunately, that door slammed shut for most companies looking to take advantage of the credit in Q4 2021. Now only some businesses that previously did not qualify can earn up to $100,000 in the form of a tax refund from the IRS. Is your business one of the lucky ones?

Tax & Assurance Guidance

Michigan SALT Cap Workaround Details Released

Posted on December 22, 2021 by

Sue Tuson
Michigan’s Governor has signed a SALT Cap Workaround to avoid the $10,000 limit on individual deductions for state and local taxes at the federal level. The rules are effective for tax years beginning on and after January 1, 2021. Learn about the key details and business considerations.

Tax & Assurance Guidance

Insights from Washington: Build Back Better Act Stalled

Posted on December 21, 2021 by

Sarah Russell
Tax practitioners across the U.S. can enjoy the holiday season and maybe have that extra glass of eggnog this year knowing we will not have a massive legislation to digest before the new year begins! Last weekend Congress conceded that there are not enough votes to pass the massive Build Back Better Act (BBBA).

Tax & Assurance Guidance

2021 Child Tax Credit Changes

Posted on December 20, 2021 by

Miroslav Georgiev
For many Americans, Christmas came early this year in the form of monthly payments from the Federal Government. These payments were vital for many households struggling with the lingering effects of the pandemic, and, for the majority of American households, will not need to be repaid. However, there are several circumstances where people could find themselves having to repay all or a portion of these payments.

Tax & Assurance Guidance

IRS Guidance: Retroactive ERC Termination

Posted on December 16, 2021 by

Sarah Russell
The IRS provided much-awaited guidance regarding penalty waivers for taxpayers who qualified for employee retention credits (ERC) and did not remit payroll taxes before the credit was retroactively terminated after September 30.

Tax & Assurance Guidance

12 Build Back Better Changes to Watch

Posted on December 16, 2021 by

Sarah Russell
As the Build Back Better (BBB) legislation makes its way through congressional talks, there are changes in the works that could impact your upcoming tax obligations. The first thing to know is that the Build Back Better act is evolving daily. Despite the uncertainties, it’s likely that some tax increases will be included in the final bill.

Tax & Assurance Guidance

Year-End Update Video

Posted on December 10, 2021 by

Clayton & Mckervey
Watch this live video discussion on key end of year impacts to you and your business. We'll cover everything from tax planning considerations and the employee retention credit to the latest on the Infrastructure Investment and Jobs Act and the Build Back Better Act.

Tax & Assurance Guidance

Insights from Washington: Infrastructure Bill Signed

Posted on November 16, 2021 by

Sarah Russell
As expected, President Biden signed the Infrastructure Investment and Jobs Act Monday, November 15. Now that the work on this bill is complete, Congress can get back to President Biden’s second signature piece of legislation, the Build Back Better Act (BBBA).

Tax & Assurance Guidance

New Regulations for Crypto Brokers

Posted on November 16, 2021 by

Katie Blake
Will the infrastructure bill affect personal tax reporting requirements? It could. The information reporting provisions included in the infrastructure bill contain language regarding regulations and tax requirements for cryptocurrency brokers, which is causing a stir among investors and crypto advocates.

The Sound of Automation Podcast

Industrial automation businesses are the driving force behind Industry 4.0, and Clayton & McKervey is here to help.

Skip to content