2021 Proposed Mexico Tax Reform Package
Posted by Carlos Calderon on October 27, 2020
Carlos Calderon
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.
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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.
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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.
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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.
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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.
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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) have impacted businesses in multiple ways. In particular, businesses considering a transaction, such as a merger or acquisition, should be sure to discuss the following items. Continue reading to learn about the new tax regulations and get the most return out of your investment.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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!
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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‘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.
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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...
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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.
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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.
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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.
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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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Employee Retention Credit Provision of the CARES Act
Posted by Miroslav Georgiev on April 9, 2020
As we know, on March 27th, 2020, the President signed into law the Coronavirus Aid, Relief, and Economic Security (CARES) Act. CARES added many new sections to the Internal Revenue Code (IRC) to assist both employers and employees during this time of economic uncertainty.
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Be On the Lookout for Tax Fraud
Posted by Ruben Ramirez on April 6, 2020
Tax filing season is a particularly fertile time for scammers to take advantage of taxpayers. With the stimulus payments that most American’s will receive as a result of the Coronavirus Aid, Relief and Economic Security (CARES) Act added to the mix, it is critical that taxpayers are on alert for scammers.
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CARES Act: Largest Stimulus Package in U.S. History!
Posted by Sarah Russell on March 27, 2020
After days of Congressional negotiations, the President signed the CARES Act, the largest stimulus package in U.S. history. Below is an overview of the provisions included in the package...
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New COVID-19 Stimulus Package Results in 5 Key Action Steps
Posted by Sarah Russell on March 27, 2020
To help navigate the myriad business disruptions caused by COVID-19, Congress has been busy working on a Stimulus package to help taxpayers. For a deep dive into those topics, please see our article on the Summary of Cares Act.
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International Investment Filing Date: BE-10
Posted by Sue Tuson on March 27, 2020
Every five years, the U.S. Department of Commerce Bureau of Economic Analysis (BEA) requires that people with certain investments abroad file a survey. The mandatory survey is based on investments held at the end of the 2019 fiscal year.
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Coronavirus Stimulus – Where do we Stand Today?
Posted by Sarah Russell on March 23, 2020
As mentioned in recent days, things are changing fast in the wake of Covid-19. There is a lot of information out there, which makes it difficult for business owners to make informed decisions.
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Treasury Extension Revisions
Posted by Sarah Russell on March 22, 2020
As the Coronavirus numbers move fast, so does the Treasury Department! On Friday, March 20 the Treasury revised the previous guidance issued.
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2020 IRS Tax Filing Deadline Extended – 3.20.20 Update
Posted by Sarah Russell on March 21, 2020
Treasury Secretary Mnuchin announced the IRS has moved the tax filing deadline from April 15 to July 15 to allow taxpayers more time to prepare filings and pay income taxes owed.
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Treasury Announces 90-Day Extension
Posted by Sarah Russell on March 18, 2020
Yesterday we let you know the Treasury has announced they were providing a 90-day extension of time to pay taxes owed for many taxpayers. Today the IRS has provided some guidance as to what was included in the extension.
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