How to Increase Tax Savings with a Roth IRA-Owned IC-DISC
Posted by Casey Haggerty on April 7, 2021
Did you know combining IC-DISC and Roth IRA tax saving strategies can help you save even more tax dollars?
Read more
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.
Read more
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.
Read more
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.
Read more
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.
Read more
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.
Read more
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.
Read more
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.
Read more
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.
Read more
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.
Read more
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.
Read more
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.
Read more
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.
Read more
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.
Read more
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.
Read more
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.
Read more
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.
Read more
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.
Read more
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.
Read more
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.
Read more
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.
Read more
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.
Read more
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.
Read more
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.
Read more
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.
Read more
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.
Read more
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.
Read more
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.
Read more
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.
Read more
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.
Read more
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.
Read more
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.
Read more
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.
Read more
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.
Read more
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.
Read more
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.
Read more
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.
Read more
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.
Read more
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.
Read more
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!
Read more