Blog posts from: 2017
Changes to partnership audit procedures may prompt the need for review
Congress recently enacted significant changes to partnership audit and adjustment rules which are expected to dramatically increase the audit rates for partnerships. These changes will require partners to carefully review, if not revise, their partnership’s operating agreement. The new rules...
Failure to substantiate charitable contributions could cost you
Substantiation requirements for charitable contributions vary depending on the size and nature of the donations—and taxpayers should be prepared with adequate documentation. While a recent article in Forbes pokes fun at substantiating charitable contributions, it reminds us that the IRS...
Client Question: What should I do if an employee claims a high number of exemptions?
According to the IRS, if an employee submits a valid Form W-4 that appears to be claiming an incorrect withholding amount, you should withhold federal income tax based on the allowances claimed on the Form W-4. But, you should advise...
Do you qualify for a like-kind exchange?
Are you thinking about selling parcels of land and then turning around and purchasing additional parcels? If you’ll realize gains on the sale of your existing parcels, you should consider a “like-kind exchange”. Under Code Section 1031, the IRS provides...
Thank you to our generous clients for supporting Community Living Centers
Our matching donation campaign to Metro Detroit non-profit Community Living Centers closed recently, with ShindelRock presenting $2,785 to CLC on behalf of our firm and our clients! This donation allows CLC to continue to provide developmentally disabled adults with the services and...
How to start a Michigan LLC
Many entrepreneurs in Michigan wonder "How can I legally form my new Michigan business?" We talked about how to choose if you should form an LLC or a Corporation in a previous post, and it's critical you talk to someone like...
Conference call annoyances and how to avoid them
Conference calls are part of many organizations’ business routines. And, sometimes, part of conference calls are routine annoyances: interrupting co-workers, background noise or the awkward silence that comes from waiting on a caller to speak, only to learn the caller...
How to turn constraints into opportunities
When we come up against a constraint in the workplace, such as a lack of resources or an impossible short time frame, we tend to see it as a limitation, which ultimately stifles creativity and performance. But what if we...
IRS Fringe Benefit Guide
[caption id="attachment_3952" align="alignright" width="300"] Hand writing Benefits with blue marker on transparent wipe board.[/caption] The Taxable Fringe Benefits Guide was created by the IRS office of Federal, State and Local Governments (FSLG) to provide governmental entities with a basic reference guide...
Audit statute for net operating losses
Did you know that audits of net operating losses (NOLs) and other carryforwards can reach back past the otherwise applicable statute of limitation? Some amounts that are created in a prior year and carried over to the current year's return...