View From The Rock

Changes to partnership audit procedures may prompt the need for review

Wednesday, August 16, 2017 at 8:58 AM by Kelly O'Donnell

Congress recently enacted significant changes to partnership audit and adjustment rules which are expected to dramatically increase the audit rates for partnerships. These changes will require partners to carefully review, if not revise, their partnership’s operating agreement. The new rules generally apply to partnership returns filed after 2018, however, taking the time to plan today

Failure to substantiate charitable contributions could cost you

Wednesday, August 09, 2017 at 9:05 AM by Maria Montie, CPA, MST, CVA, MAFF

Substantiation requirements for charitable contributions vary depending on the size and nature of the donations—and taxpayers should be prepared with adequate documentation. While a recent article in Forbes pokes fun at substantiating charitable contributions, it reminds us that the IRS is not kidding around when it comes to holding taxpayers accountable. To read the full

Client Question: What should I do if an employee claims a high number of exemptions?

Thursday, August 03, 2017 at 10:04 AM by Maria Montie, CPA, MST, CVA, MAFF

According to the IRS, if an employee submits a valid Form W-4 that appears to be claiming an incorrect withholding amount, you should withhold federal income tax based on the allowances claimed on the Form W-4. But, you should advise the employee that the IRS may review withholding to ensure it is adequate, and that

Do you qualify for a like-kind exchange?

Wednesday, July 26, 2017 at 8:57 AM by Mark Hughes CPA CFE

Are you thinking about selling parcels of land and then turning around and purchasing additional parcels?  If you’ll realize gains on the sale of your existing parcels, you should consider a “like-kind exchange”. Under Code Section 1031, the IRS provides an exception that allows you to postpone paying tax on the gain if you reinvest

Thank you to our generous clients for supporting Community Living Centers

Thursday, July 20, 2017 at 9:39 AM by Kelly O'Donnell

Our matching donation campaign to Metro Detroit non-profit Community Living Centers closed recently, with ShindelRock presenting $2,785 to CLC on behalf of our firm and our clients!  This donation allows CLC to continue to provide developmentally disabled adults with the services and facilities they need to live productive, independent lives.  Thank you everyone for your generosity!

How to start a Michigan LLC

Wednesday, July 19, 2017 at 9:33 AM by Steve Wisinski CPA CFE MAFF

Many entrepreneurs in Michigan wonder “How can I legally form my new Michigan business?”  We talked about how to choose if you should form an LLC or a Corporation in a previous post, and it’s critical you talk to someone like us first to determine which type of business is best for you.  Once you have

Conference call annoyances and how to avoid them

Wednesday, July 12, 2017 at 8:58 AM by Paul Carter CPA

Conference calls are part of many organizations’ business routines.  And, sometimes, part of conference calls are routine annoyances: interrupting co-workers, background noise or the awkward silence that comes from waiting on a caller to speak, only to learn the caller was talking but had been on mute. Establishing a few essential rules at the start

How to turn constraints into opportunities

Tuesday, June 27, 2017 at 8:58 AM by Paul Carter CPA

When we come up against a constraint in the workplace, such as a lack of resources or an impossible short time frame, we tend to see it as a limitation, which ultimately stifles creativity and performance.  But what if we started to look at constraints as opportunities instead? There are strategies that leaders and organizations

IRS Fringe Benefit Guide

Thursday, June 22, 2017 at 9:03 AM by David Shindel

The Taxable Fringe Benefits Guide was created by the IRS office of Federal, State and Local Governments (FSLG) to provide governmental entities with a basic reference guide to Federal tax rules relating to employee fringe benefits and reporting. As a supplement to other IRS publications, the Taxable Fringe Benefit Guide is designed to help individuals responsible

Audit statute for net operating losses

Tuesday, June 20, 2017 at 8:56 AM by Maria Montie, CPA, MST, CVA, MAFF

Did you know that audits of net operating losses (NOLs) and other carryforwards can reach back past the otherwise applicable statute of limitation? Some amounts that are created in a prior year and carried over to the current year’s return can be included in the calculation of taxable income. As this carryover period extends beyond