Blog posts from: 2019
IRS issues guidance on investments in qualified opportunity zones
The Internal Revenue Service today issued guidance (PDF) providing additional details about investment in qualified opportunity zones. The proposed regulations allow the deferral of all or part of a gain that is invested into a Qualified Opportunity Fund (QO Fund)...
Welcome to the SR team, Julia Locke!
Staff Accountant Julia Locke Julia Locke has joined ShindelRock full-time as a Staff Accountant after a successful internship position! We're thrilled to continue to see our one-time interns become part of our permanent team here at ShindelRock. Julie says her...
What we’re listening to…
The ShindelRock staff shares its favorite podcasts for 2019: Podcasts For Accounting & Tax Lovers: Yes, we tend to nerd out on accounting and tax issues (hey, we're CPAs!). Here are some of our favorite industry podcasts that keep up...
Department of Treasury reminds Michiganders that Principal Residence Exemption doesn’t expire
The Michigan Department of Treasury is reminding Michiganders that a Principal Residence Exemption – known as a PRE – does not expire. Inaccurate posts being shared on social media are claiming that Michigan taxpayers will experience a surge in property...
Guest Author Jim Niedzinski, CFP®, AIF®: The Benefits of Donor-Advised Funds
Jim Niedzinski, Wealth Advisor from Planning Alternatives, shares how to save taxes on charitable donations and make giving easier with a donor-advised fund. Jim Niedzinski, CFP®, AIF® , Wealth Advisor at Planning Alternatives, discusses the benefits of Donor-Advised Funds Jim Niedzinski is in his 20th year as a wealth...
Understanding written instruments and transfers of property exempt from tax
According to the State Real Estate Transfer Tax Act of 1993, the following written instruments and transfers of property are exempt from the tax imposed by this act. a) A written instrument in which the value of the consideration for...
QBI deduction and statutory employees
According to a recent article in the Journal of Accountancy, a little-noticed consequence of the proposed regulations on the 20% qualified business income (QBI) deduction introduced by the legislation known as the Tax Cuts and Jobs Act (TCJA), P.L. 115-97, is...
Understanding constructive receipt of income under cash basis
The method of accounting you use largely determines when you get to take deductions and have to recognize (and pay tax on) income. Most individuals and small businesses use the cash basis method of accounting. This method is based on...
New IRS Code 101(j) changes requires life insurance Notice and Consent in Form 8925
IRS Code Section 101(j) requires employer owned life insurance contracts to have a signed Notice and Consent and annually file of Form 8925 in order to qualify for exceptions to the general rule under this code section. Lack of compliance...
New economic nexus requirements for retailers in California
Beginning April 1, 2019, out-of-state retailers selling above certain thresholds will be required to collect California use taxes on their sales into California. The recent U.S. Supreme Court decision in South Dakota v. Wayfair, Inc. expands the tax collection obligations...