Blog posts from: 2016
IRS provides guidance on using QTIP elections for reducing estate taxes
The IRS has released new procedures that help a taxpayer make the decision on whether to opt for a qualified terminable interest property (QTIP) election to reduce estate taxes. In Rev. Proc. 2016-49, the IRS removed a prohibition on utilizing a...
Five steps to bringing analytics to life
In today’s digital world, the use of analytics has been recognized as a critical part of any decision-making process in businesses. The explosion in the amount of transactional and non-transactional data that organizations have access to has made the need...
Financial record keeping for small businesses: What to keep and for how long
It's important for a business of any size to keep well-organized and up-to-date financial records. For the purposes of a small business, this can be through either hard copy or electronic filing. Not only will this organizational practice help prepare...
Choice of entity considerations: LLC or Corporation?
Are you considering whether to set up your company as an LLC or corporation? Here are few insights to help you make your decision. As a practical matter, the protection for LLCs might be stronger than that for corporations. While...
Congratulations Marianne, new MICPA Board Director!
Marianne Lilly, ShindelRock partner, has been named to the MICPA Board of Directors for a three-year term expiring in 2019. Marianne has represented ShindelRock on various MICPA committees in the past and this is a new leadership role for her --congratulations Marianne! Below...
IRS warns of fake CP2000 tax bill
The IRS recently issued an alert to taxpayers and tax professionals to be on guard against fake emails claiming to contain an IRS tax bill related to the Affordable Care Act. This particular scam involves an email with a fake...
Guest Author Brian Clement: Don’t sign that lease agreement until you read this
I've done it. You've done it. We've all done it. All that legalese, really? Let’s just sign and get it over with. Well if you are leasing space in a building don't ever do it again without a thorough review...
IRS redefines marital status to include same-sex marriage
In accordance with the 2015 landmark case of Obergefell v. Hodges and the 2013 case of Windsor v. U.S., the IRS has issued final regulations redefining terms relating to marital status to include same-sex marriage for federal tax purposes. The finalized regulations amend the...
IRS issues new procedure for IRA and retirement plan rollovers
Last month, the IRS issued a self-certification procedure designed to help recipients of retirement plan distributions who inadvertently miss the 60-day time limit for properly rolling these amounts into another retirement plan or individual retirement arrangement (IRA). Previously, taxpayers who...
Red flags of employee fraud
For business owners, dealing with an employee who commits fraud is a traumatic experience. Were there signs you missed? Could you have prevented it? While there is no way to stop these types of crimes, you can educate yourself on...