Blog posts from: 2016

Understanding the medical expense deduction for home improvements

  • December 29, 2016
  • Maria Montie, CPA, MST, CVA, MAFF

According to the Family Caregiver Alliance, approximately 79% of people who require long-term care live in their homes. As such, modifications to make homes more accessible, safer, or capable of addressing specific health issues are necessary—and many individuals making these...

IRS offers tool for balance inquiries

The IRS recently announced the launch of an online application that will assist taxpayers with straightforward balance inquiries in a safe, easy and convenient way. This new and secure tool, available on IRS.gov allows taxpayers to view their IRS account...

36 months of nonpayment is no longer a debt discharge reporting event

The IRS recently finalized a proposed rule issued in 2014 removing the three-year nonpayment testing period from the list of “events” for determining when debt had been discharged for purposes of issuing Form 1099-C, Cancellation of Debt, to taxpayers (T.D. 9793)....

Why startups and smaller organizations need internal control

Because smaller organizations are often hit hardest by fraud, it's critical that they develop adequate anti-fraud controls at their organizations. A recent blog from AICPA highlighted four critical reasons why start-ups and smaller organizations need adequate and effective system of internal control....

Q&A: Qualified charitable distributions

What is a qualified charitable distribution? Generally, a qualified charitable distribution is an otherwise taxable distribution from an IRA (other than an ongoing SEP or SIMPLE IRA) owned by an individual who is age 70½ or over that is paid...

ShindelRock’s Maria Montie participates in The Field event

Banking and accounting experts Kyle Sasena of Level One Bank, Maria Montie of ShindelRock Accounting, and Amanda Gavalier of Momentum Bookkeeping participated in a round table style conversation for The Field, Detroit's new nonprofit trade organization formed to provide a platform...

5 fraud tips every business leader should act on

Organizations worldwide lose an estimated 5 percent of their annual revenues to fraud, according to the Association of Certified Fraud Examiners (ACFE) 2016 Report to the Nations on Occupational Fraud and Abuse. A single instance of fraud can be devastating:...

Understanding “use tax” in Michigan

Businesses and individuals are probably aware that most retail purchases are subject to sales taxes in states that have a sales tax. But did you know that if the seller did not charge sales tax, you may still be liable...

IRS extends Affordable Care Act reporting deadline

The IRS has extended the 2017 due date for providing 2016 health coverage information forms to individuals. Insurers, self-insuring employers, other coverage providers, and applicable large employers now have until March 2, 2017 to provide Forms 1095-B or 1095-C to...

Resource booklet: Financial affairs at the end of life

The Michigan Association of Certified Public Accountants, together with Hospice of Michigan, offers a valuable tool to assist patients and families with organizing end-of-life financial affairs. Our clients can find this guide at https://www.hom.org/wp-content/uploads/2014/07/Financial-Affairs-at-the-End-of-Life-Booklet.pdf. For more information on trust and estate planning, contact...