Blog posts from: 2018
Can partners concurrently be employees?
Question: Can a partner in a business, for tax purposes, also be an employee? Answer: A partner CANNOT be an employee of the partnership. This conclusion is per the following: a) I.R.S. Revenue Ruling 69-184...
Tax credit can help employers hiring new workers
With many businesses facing a tight job market, the IRS is reminding employers to check out a valuable tax credit available to them for hiring long-term unemployment recipients and other categories of workers with employment barriers. The Work Opportunity Tax...
Negative unclaimed property reports are not required (yet)
In May 2017, several of our clients received notices that negative unclaimed property reports would be mandatory starting in 2018. However, the State of Michigan’s website now says that negative reports are not required. When ShindelRock inquired with the State of...
Obtaining a refund of transfer tax paid on the sale of a home that has lost value
Thanks to a Michigan Supreme Court decision and legislation in which the Michigan Realtors® played a key role, Michigan home sellers whose homes have declined in value since they purchased them have an exemption from transfer tax and can obtain...
Report finds fraud hits small businesses harder
According to the recently released 2018 Report to the Nations on Occupational Fraud and Abuse, occupational fraud continues to drain a significant amount of money from businesses worldwide, with smaller organizations being hit particularly hard. The Journal of Accountancy recently...
IRS online tool lets taxpayers check their account balance
The IRS is urging taxpayers to use a handy online tool to check the status of their federal tax accounts. The online account feature is one of many useful online tools driving the impressive growth in visits to the agency’s...
IRS reminds taxpayers to report virtual currency transactions
The IRS recently reminded taxpayers that income from virtual currency transactions is reportable on their income tax returns. Virtual currency transactions are taxable by law just like transactions in any other property. The IRS has issued guidance in IRS Notice...
Where services revenue is sourced has changed for Michigan cities
The rules for where city sales for service-based businesses are sourced has changed, but the city of Detroit may appeal it. Honigman, the largest law firm in Detroit, wanted to source its services not based on where its attorneys were...
The tax consequences of student loan forgiveness
When it comes to student loan forgiveness, there are four income-based student loan repayment options to choose from. They are: Pay As You Earn (PAYE) Revised Pay As You Earn (REPAYE) Income Based Repayment (IBR) Income Contingent Repayment (ICR)...
Understanding use tax exemption on the transfer of vehicles between relatives and others
Michigan exempts from use tax a transaction or portion of a transaction for the transfer or purchase of any taxable property between certain relatives. Resale and other exemptions available under the use tax act also apply to the equalization tax....