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We are committed to bringing you the latest news and impacts related to the Coronavirus and business operations—COVID-19 Resources. In addition, we can help navigate the challenges ahead.

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.

Employee Retention Tax Credit Updated and Extended by Most Recent Stimulus Package

Posted by Sarah Russell on December 30, 2020

The most recent COVID-19 Stimulus Package extended and made some key adjustments to the Employee Retention Credit (ERC) making it likely more business will qualify for the credit.

Why It’s Important to Classify Employees vs. Independent Contractors

Posted by Margaret Amsden on December 18, 2020

Worker misclassification has been a long-standing issue because of the difficulty in distinguishing employees from independent contractors. Learn about the key differences between employees vs. independent contractors and how to classify each in your business.

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.

Pre-transaction Tax Structuring Considerations for the Closely-held Business

Posted by Margaret Amsden and Benjamin Smith on December 13, 2020

There are alternatives to a S Corporation which may provide more flexibility and accessibility to investors.

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.

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.

2021 Proposed Mexico Tax Reform Package

Posted by Carlos Calderon on October 27, 2020

Here are some of the proposed amendments of the 2021 Mexico tax reform package. If approved by October 31, these new laws will go into effect on January 1.

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&E 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.

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.

Considering a Merger or Acquisition?

Posted by Margaret Amsden and Ben Smith on September 20, 2020

The changes that occurred under the 2017 Tax Cuts and Jobs Act (TCJA) continue to impact businesses in multiple ways, and while some of these are favorable, others are not. More recently, the Coronavirus Aid, Relief, and Economic Security (CARES) Act further adjusted some of these rules. Businesses considering a transaction, such as a merger or acquisition, should be sure to discuss the following items.

Expatriate Employees and Global Taxation

Posted by Eric Lin on September 9, 2020

As Chinese companies expand their businesses globally, expatriate employees’ individual income taxes become more critical for the employees themselves, and Chinese-owned foreign subsidiaries. Here are some important considerations under the Chinese IIT Rules.

Additional Stimulus on the Horizon: Understanding the Anticipated HEALS Act

Posted by Tarah Ablett on September 8, 2020

Here are some key takeaways from the initial draft of the anticipated HEALS Act, unveiled this summer in response to the ongoing effect of COVID-19 on the economy.

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.

Payment Processing Delays Due to COVID-19

Posted by Margaret Amsden on August 26, 2020

Taxpayers may unfortunately find that their checks, mailed with tax returns, are on backlog at the IRS due to processing delays as a result of COVID-19. Learn what the IRS is doing about it and discover what you should do as a taxpayer.

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.

Estate Planning 101

Posted by Margaret Amsden on August 17, 2020

With all of the change in 2020, now is an ideal time to revisit your estate plan. Learn about the essentials of estate planning and why it's important to review and update your plans on a regular basis.

COVID-19 Relief: Executive Orders

Posted by Sue Tuson on August 12, 2020

The news over the past few weeks has been filled with stories about the failed attempts of Congressional leaders and the White House to agree upon new COVID-19 relief legislation.

Three Lessons Learned from the 2020 Tax Season

Posted by Margaret Amsden on July 27, 2020

It goes without saying that this year’s tax season was surprising—to say the least. Here are some of the takeaways from 2020’s tax season, and although we hope it’s an experience we never have to face again, these strategies can improve the process—even in the best of times.

New Nexus Standards for Remote Sellers

Posted by Sue Tuson on July 23, 2020

Most equipment manufacturers in manufacturing-friendly states like Michigan take it for granted that equipment used in manufacturing is exempt from sales tax in other states. Much to their unhappy surprise, it is not the case in all states!

Debt Restructuring: How Does it Impact Your Taxes?

Posted by Margaret Amsden on June 22, 2020

Throughout the ordinary course of business, you could very well find yourself in a position of insolvency leading to the restructuring of your debt. Dealing with cash flow issues or insolvency can be very stressful and time-sensitive for business owners and taxpayers alike. Learn how debt restructuring impacts your taxes and what to do if you find yourself in this situation.

Paycheck Protection Program Flexibility Act Passed by the Senate!

Posted by Sarah Russell on June 4, 2020

It took a little longer than anticipated, but after some back and forth between a few Senators, the Senate passed the Paycheck Protection Program Flexibility Act (The Act) on June 3 with unanimous consent. We expect the President to sign the bill before the end of the week, giving small business more to utilize the funds and achieve full forgiveness.

Good News for PPP Loan Borrowers

Posted by Sarah Russell on May 14, 2020

As we have previously stated, there is a fair amount of uncertainty regarding all of the rules surrounding the Paycheck Protection Program (PPP). One item which caused concern among many small businesses was the previous SBA guidance regarding the good-faith certification required as part of the PPP application.

HEROES Act Introduced May 12: Stimulus Package Phase 4

Posted by Sarah Russell on May 13, 2020

As we anxiously wait for additional guidance related to the CARES Act and the Paycheck Protection Program (PPP) loan, the House is busy drafting their next round of legislation.

State Tax Questions as We Move Back to Business

Posted by Sue Tuson on May 12, 2020

As businesses start to reopen, we look to the future imagining what the new “normal” will look like. During the crisis, most states have been taxpayer friendly, extending filing deadlines and payment due dates.

IRS Revises Cross-Border Activity During COVID-19

Posted by Teresa Gordon on May 5, 2020

The IRS has been busy, and this time, that is a good thing. Within the past couple weeks, they have released two Revenue Procedures (Rev. Proc.) and one frequently asked questions (FAQ) that explains how treatment of cross-border activities will change in light of the COVID-19 disruptions.

PPP Forgiveness & Full Time Equivalents

Posted by Tim Hilligoss on May 5, 2020

Another day, another number. The number 40, to be specific. FAQ # 40 addresses one of the many PPP loan forgiveness questions: what happens if a laid off employee declines to come back to work? Will this affect your forgiven amount? The answer: no.

The IRS is the New Player with New Numbers in the PPP Loan Program

Posted by Tim Hilligoss on May 1, 2020

It’s all in the numbers. How many times have we heard this in our lives? Or, how about the numbers don’t lie? Well, maybe they don’t lie, but the numbers can - and do - change the playing field.

‘Plan B’ Considerations for Foreign-owned Companies in the U.S. to Withstand the Global Pandemic

Posted by Teresa Gordon on April 29, 2020

While the PPP application, approval, and funding process have been challenging for everyone, foreign-owned subsidiaries based in the U.S. with U.S. employees continue to face additional challenges that their domestic counterparts did not encounter.

Tales From the Front: New Funding, Loan Forgiveness Ambiguities and…Giving the Money Back?

Posted by Tim Hilligoss on April 28, 2020

With round two of funding from phase 3.5, the Paycheck Protection Program and Health Care Enhancement Act ready for an SBA restart, businesses, and non-profit organizations will be divvying up a new pie...

7 Cash Considerations in Challenging Times

Posted by Kevin Johns on April 24, 2020

We are living in unprecedented times; learning and adapting every day without clarity as to what the future may look like. In the midst of the uncertainty, it is as critically important that business owners lead and make wise decisions.

Who Got What in the CARES Act Lending Program? Prepare for the Next Round of Funding!

Posted by Tim Hilligoss on April 22, 2020

The CARES Act loans caused a flurry of activity among SBA-approved banks and credit unions, as small businesses (the definition of which has irked many would-be borrowers) sought Paycheck Protection Program (PPP) and Economic Injury Disaster Loans (EIDL) under the CARES Act stimulus beginning on April 3.

Senate Passes Additional Paycheck Protection Program (PPP) Funding

Posted by Sarah Russell on April 21, 2020

Late this afternoon, the Senate passed a bill that expanded funding for PPP by an additional $310 billion. It also increased funding for the Emergency Injury Disaster Loan (EIDL) program by $60 billion, of which $10 billion is earmarked for grants, and $50 billion for the loan program.

Changes to Employer Provided Education Assistance Due To COVID-19

Posted by Margaret Amsden on April 14, 2020

As part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, opportunities exist for employers to help their employees in multiple ways. One such opportunity relates to the change made to the Education Assistance Program.

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