Insights

It s been a while since we ve reported news from Washington as things have been a little slow on the tax front All that changed this week when it was announced Senator Joe Manchin had reached an agreement with Senate Majority Leader Chuck Schumer on tax climate change energy and healthcare provisions to be included in the Inflation Reduction Act of 2022

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