Blog posts from: 2019
Does converting your business to a C corporation make sense under the TCJA?
If you’re thinking about converting your business entity to a C corporation to take advantage of the new flat 21% corporate federal income tax rate under the Tax Cuts and Jobs Act (TCJA), it’s important to do your homework. The...
Understanding the treatment of training costs as business expenses
For businesses, amounts paid or incurred for training, including costs of trainers and routine updates of training materials, are generally deductible as business expenses, even though they may have some future benefit. For example, if your company has a point-of-sale...
10 ways small businesses can avoid fraud
As most of us know, small and mid-sized businesses are more vulnerable to fraud than larger organizations, and the effects can be much more damaging. To keep your business one step ahead, follow these ten tips to avoid business and...
Meet the SR Interns: Jordan Faulkner
Welcome to the ShindelRock summer team, Jordan! What are you doing during your internship at ShindelRock? What do you hope to come away with at the end of the summer? This summer I plan to learn as much as...
Meet the SR Interns: Brianna Stubbs
Welcome to the ShindelRock summer team, Brianna! What are you doing during your internship at ShindelRock? What do you hope to come away with at the end of the summer? During my summer internship I will be utilizing my...
Understanding Section 179 and passive income
Section 179 of the Internal Revenue Code allows a taxpayer to elect immediate expensing on qualifying assets purchased during the year, rather than the default asset capitalization rules, which require the asset cost to be written off over several years. Qualifying property...
Guest Author Monica Yost: Estate sales becoming more attractive thanks to tax law changes
As part of the Tax Cuts and Jobs Act (TCJA), the standard deduction has increased to $12,200 for individuals, $18,350 for heads of household, and $24,400 for married couples filing jointly and surviving spouses in 2019. This means that many of us can no longer take advantage...
LARA alerts Michigan corporations of scheme to file bogus document
Michigan Dept. of Licensing and Regulatory Affairs (LARA) Director Orlene Hawks today warns Michigan corporations of a non-governmental entity called “Michigan Council for Corporations” seeking to collect a $150 fee to prepare “corporate consent records in lieu of annual meeting...
Maximizing higher education tax credits
There are two education credits available to college students (or parents of students) on their personal income tax returns. American Opportunities Credit (AOTC) Credit can be as much as $2,500 (dollar for dollar reduction of tax liability). If you have...
Tax court rejects theft deduction loss
In a recent Tax Court ruling (McNely v. Comm'r, T.C. Memo. 2019-39), the Court held that a couple could not deduct theft losses of more than $400,000 that they alleged were incurred by their wholly owned S corporation in 2011...