Tax & Assurance Guidance

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.

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.

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.

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.

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.

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.