Tax & Tax Credits | Michigan International Tax Accountant -

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How to Increase Tax Savings with a Roth IRA-Owned IC-DISC

Posted by Casey Haggerty on April 7, 2021

Casey Haggerty

Did you know combining IC-DISC and Roth IRA tax saving strategies can help you save even more tax dollars?

Cross-Border Related Party Transactions: Impact of COVID-19

Posted by Sue Tuson on March 23, 2021

Learn how to protect your business against potential transfer pricing adjustments and penalties due to the global pandemic.

IRS Extends Individual Tax Filing Deadline to May 17

Posted by Sarah Russell and Margaret Amsden on March 18, 2021

On March 17, the IRS announced an extension of the April 15 filing deadline to May 17 for individual taxpayers. Learn about the key extension details and other important considerations.

The R&D Tax Credit: 280(c) Elections

Posted by Tim Finerty and Bryan Powrozek on March 18, 2021

In this sixth installment in our series on R&D tax credits, we take a closer look at 280(c) elections and summarize the potential tax benefits for qualifying business owners.

SALT 101 for Foreign-Owned Businesses

Posted by Eric Lin on March 15, 2021

As more foreign companies expand to the U.S., it is essential for them to have a firm understanding of sales and use taxes: two of the country’s most important taxes.

The R&D Tax Credit Four-Part Test

Posted by Tim Finerty and Bryan Powrozek on March 11, 2021

In this installment of our R&D tax credit series, we’ll take a closer look at the R&D tax credit four-part eligibility test. It turns out that the qualification bar is often lower than many business owners believe.

How to Claim R&D Tax Credits

Posted by Tim Finerty and Bryan Powrozek on March 4, 2021

One of the most persistent myths about the R&D tax credit is that the claim process is too complex to be worth it. While it does require extra supporting documentation, the backup you need can most often be found in routine business records you already keep. Let's take a look at how to claim the R&D credit.

IRS Issues New Guidance on PPP and Employee Retention Credit Eligibility

Posted by Sarah Russell on March 3, 2021

The IRS recently issued highly anticipated guidance about PPP and employee retention credit eligibility and qualified wages.

How to Calculate R&D Tax Credits

Posted by Tim Finerty and Bryan Powrozek on February 25, 2021

Part three of our R&D tax credit series provides a quick overview of R&D tax credit calculation methods, including the RRC and ASC.

What Expenses Qualify for R&D Tax Credits?

Posted by Tim Finerty and Bryan Powrozek on February 18, 2021

The R&D tax credit is one of the most overlooked opportunities to boost your bottom line. Many business owners fail to claim it under the mistaken belief that they’re not eligible. Let's review the types of expenses that qualify for an R&D tax credit.

Your Guide to R&D Tax Credits

Posted by Tim Finerty and Bryan Powrozek on February 11, 2021

If you haven’t looked into the R&D tax credit before, there’s a good chance that you’re missing a big opportunity to boost your cash position. Even if they're aware of the credit’s existence, many businesses and their owners mistakenly assume that they aren’t eligible, or haven’t utilized the credit correctly. Here’s a quick business owner’s guide to the R&D tax credit and how it works.

Stimulus Checks and the Recovery Rebate Credit

Posted by Margaret Amsden on January 28, 2021

To combat the hardship presented by COVID-19, legislation was signed in late 2020 enabling many taxpayers to receive two rounds of “Stimulus Checks,” or “Economic Impact Payments” (EIPs) throughout the year. Learn what this means for taxpayers.

Do You Qualify for Employee Retention Tax Credit Refunds?

Posted by Jim Biehl on January 27, 2021

PPP loan recipients can claim the ERC for eligible wages that were not paid for with PPP forgiven loans. The change is retroactive to March 2020 and means certain businesses should immediately claim refunds. Learn more about the qualification requirements and cash benefits.

Misconceptions About the Research & Experimentation Tax Credit

Posted by Tim Finerty and Bryan Powrozek on January 15, 2021

As companies put more emphasis on Industry 4.0 and business processes become more automated and accessible, the opportunities for Research & Experimentation tax credits increase.

State and Local Tax Planning: What You Need to Know

Posted by Miroslav Georgiev on January 12, 2021

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 Ben 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!

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