Blog posts from: 2014
Guest Author Julianne Cassin Sharp: Across Borders – What the Windsor decision ruling means for immigration
By Julianne Cassin Sharp Partner, Jaffe Law In U.S. v. Windsor, the U.S. Supreme Court struck down Section 3 of the Defense of Marriage Act (DOMA) as unconstitutional. This decision was the final appeal in the U.S. legal system and...
SR Client Question: When are transportation expenses deductible?
The IRS has rules to determine if transportation expenses are deductible. Here are a few of their guidelines: Between home and regular or main job, Never deductible. Between home and temporary work location, Deductible if you have a regular or...
SCAM Alert! LARA Alerts of Telephone Scam Targeting Michigan Businesses
The Michigan Department of Licensing and Regulatory Affairs (LARA) Director Steve Arwood today warns Michigan corporations not to give out their business information to callers identifying themselves as representatives from the State of Michigan Corporations Division. They are not. Michigan...
The Simplification of Accounting
To quote Russell G. Golden, FASB Chairman in his column addressing the real need to simplify Generally Accepted Accounting Principles…… “If you can't explain it to a six year old, you don't understand it yourself.” The FASB is listening to...
Successful strategic planning for the small business owner
A lack of robust strategic planning is not unusual for a small business owners with many other pressing issues to deal with and plan for. Create a strategic planning process that is geared toward aligning the company’s various activities or...
New tax rules will affect IRA rollovers starting Jan. 1, 2015
Thinking about rolling over your IRA? You may want to do this 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...
Holiday pay can be used to reduce unemployment benefits
Coming off the Labor Day holiday, it's important to note that the Michigan Unemployment Insurance Agency (UIA) notes that payments like vacation pay, holiday pay, or bonus pay may be used to reduce a worker's unemployment benefits. To ensure claimants...
Michigan’s minimum wage increases Sept. 1
Here in Michigan, the State minimum wage will be increasing to $8.15 on September 1st. For more information about the specific details and dates for the next several years of increasing wages for hourly and tipped employees, click here. Depending...
New law will improve offer in compromise program for Michigan taxpayers
On June 27, 2014, Michigan Governor Snyder signed legislation to provide an offer in compromise program in Michigan for any tax administered under the Revenue Act. This is another big step in making Michigan and its tax collection agency more...
Longevity annuities can be purchased through qualified plans and IRAs
Qualified retirement plans and IRAs are subject to the Required Minimum Distribution (RMD) rules of IRC Sec. 401(a)(9). In February 2012, the IRS issued proposed regulations removing RMD impediments to longevity annuities. Final regulations (TD 9673) have been issued, modifying...