Blog posts from: 2013

Apply online for IRS tax installment plan

You can avoid unnecessary penalties and interest by paying your taxes in full and on time. If you can't meet this important obligation, the IRS would like to help you or your authorized representative (Power of Attorney) apply for an...

Be aware of recent personal property tax exemption changes in Michigan

In December of 2012, Governor Snyder signed into law eleven bills affecting the taxation of personal property. The majority of these Acts do not take effect until December 31, 2015 for the 2016 tax year; further guidance on those Acts...

Gift Cards – New Guidance on Deferral of Income

Gift cards and gift certificates have an appealing feature that makes the desirable to both givers and receivers – convenience.  Nowadays, may gift cards are not limited to a specific retailer: some gift cards are accepted by multiple merchants.  Under...

Special Guest Author Victor Hicks II, CFP: 401(k) Fee Regs Burden Small-Mid Size Business

Victor Hicks II, CFP®, AIF® is a 401(k) Advisor and owner of Lumin Financial LLC, an independent Registered Investment Adviser that specializes in 401(k) advisory services in Southfield, Michigan. He can be reached at (248) 936-9480, or vhicks@luminfinancial.com. If you’re...

Holiday shoppers, don’t forget the Use tax!

Reminder!  If you make purchases online or via catalogs from out-of-state vendors, you may be responsible for Use tax! With holiday shopping in full swing, remember use tax is due on any purchases made where the seller did not collect...

IRA Required Minimum Distributions after Death

If you have an IRA, there comes a time when you will have to take required minimum distributions (RMD).  You must start taking a RMD on April 1 after you turn 70 ½.  The IRS has tables to determine the...

Beware of the Tax Grinch when Giving Gifts to Clients or Employees

With the holiday season right around the corner we thought it would be a good idea to remind everyone of the tax rules related to gift giving.  While gifts given customer or employees are a great way to generate good...

Five Ways To Become More Data-Centric

The ability to parse data – turning the numbers into knowledge – is a tremendous opportunity for organizations and the finance professionals who work for them. That’s one key takeaway from a new CGMA report, From Insight to Impact: Unlocking...

How to deal administratively with the death of an employee

It's a difficult thing to think about, but the death of an employee has tax implications for his employers in closing out accrued wages, vacation pay and taxes withheld.  As soon as the death is reported to an employer, payroll...

Preparing for an audit? Don’t panic and follow these steps…

Small business owners may receive some unwanted mail in 2014--an IRS audit notice.  While it's likely a randomly generated inquiry into your business, the mere thought of accounting for every last step on your tax trail can be daunting.  We...