Blog posts from: 2014

ShindelRock joins movement to shine a spotlight on fraud

Fraud costs organizations worldwide an estimated 5 percent of their annual revenues, according to a study conducted by the Association of Certified Fraud Examiners (ACFE). If applied to the 2013 estimated Gross World Product, this translates to a potential projected...

How to adopt, change or retain a tax year

Partnerships, corporations or trusts may be required to file Form 1128 to adopt or retain a certain tax year. To do this, follow these steps: Prepare Form 1128. Fill in Parts I, II, III and Section B. File before the...

Knowing how to handle capital gains and losses can save taxes

If you’ve lost money in the stock market this year, consider this:  You may have other assets that have appreciated in value that could be sold before year-end, thereby offsetting gains with pre-existing losses. Long-term capital losses are used to...

Michigan to institute offer-in-compromise program

  • November 6, 2014
  • Paul Carter CPA

On January 1, 2015, the State of Michigan will institute an “offer-in-compromise” program similar to the IRS. This program is intended for taxpayers with severe financial hardship and extenuating circumstances. It will allow taxpayers to request a tax debt settlement for...

Are you an owner of a small CPA firm without a succession plan? Consider these options

As an owner of small and successful CPA firm, you’ve worked a lifetime to build your business. You’ve grown and nurtured your clients and staff—and many of them feel like family. You’ve coached them on the importance of planning for...

Rollover your IRA before Jan. 1, 2015

Thinking about rolling over your IRA? You may want to do it before January 1, 2015. Currently, taxpayers are allowed to roll over their IRA funds into another qualified IRA account tax free as long as all of the following...

Guest Authors Michael S. Khoury and Andrew T. Hayner: Understanding Michigan’s Internet Privacy Protection Act

  • October 28, 2014
  • Michael S. Khoury and Andrew T. Hayner

Imagine this: It’s your first day at a new job and your boss asks you to turn over your Facebook and Yahoo login credentials. Sound crazy? Prior to December 28, 2012, it wasn’t against the law. But the possibility of...

Looking to relieve tax debt? Get informed, not exploited

If you’re in financial distress, a company claiming to relieve tax debt may seem like the answer to your prayers. But as the old adage goes, if something sounds too good to be true, it probably is. More than 18,000...

Think twice before providing clients with “comfort letters”

In a service-oriented profession like accounting, CPAs typically want to help their clients in any way possible. While we strive to be “trusted advisors”, it’s important to be aware of situations that may put our livelihood at risk. One of...

Michigan taxpayers should insist on invoices with sales tax included

  • October 7, 2014
  • Maria Montie, CPA, MST, CVA, MAFF

As most of us know, if a Michigan-based business buys something from out of state and does not pay a sales tax, it’s required to pay a 6% use tax on that purchase (if the purchase would have been subject...