Blog posts from: 2020
SR Client Question: Can adding my child to our Michigan home’s title prevent the property tax value from uncapping when I pass?
If you add your child as a co-owner of real property, he or she won’t get a full step up in basis when it is sold after your passing. Also, there is a risk of re-assessment for real estate taxes...
SR Client Question: Can you collect unemployment pay if you received severance pay?
An individual cannot collect full unemployment benefits if there is severance pay that is allocated, by the employer, to the weeks of unemployment benefits. If there is no specific allocation of the specific weeks of severance pay by the employer,...
Protective claim for 2016 Medicare surtax and NIIT must be filed by July 15 (or later in 2020 if you extended and timely filed your 2016 return)
Recently, the U.S. Supreme Court agreed to hear appeals concerning the constitutionality of the Affordable Care Act (ACA). If the Court eventually determines the ACA is unconstitutional it could affect the legality of the taxes the ACA imposes—in particular the...
PPP Application deadline extended to August 8
Business owners have another five weeks to apply for federal pandemic relief funds through the Paycheck Protection Program after President Trump approved a five-week extension. The extension to the Payroll Protection Program (PPP), which was launched in April to keep Americans...
Michigan businesses can use MI Workshare program to bring back employees flexibly
With businesses starting to open up, Michigan is strongly encouraging businesses to consider using the MI Workshare program to start bringing employees back on a part-time basis as things ramp up. It can be a win-win for the employer and...
IRS announces rollover relief for retirement account RMDs that were waived under the CARES Act
The Internal Revenue Service is allowing anyone who already took a required minimum distribution (RMD) in 2020 from certain retirement accounts now has the opportunity to roll those funds back into a retirement account following the CARES Act RMD waiver...
New round of HHS funding for providers who missed the first round of payments
The U.S. Department of Health and Human Services (HHS) is launching an enhanced Provider Relief Fund Payment Portal that will allow eligible Medicaid and CHIP providers to report their annual patient revenue, which will be used as a factor in...
Healthcare providers must act by June 3 to receive additional relief fund general distribution payment
Today, the U.S. Department of Health and Human Services (HHS) is reminding eligible providers that they have until June 3, 2020, to accept the Terms and Conditions and submit their revenue information to support receiving an additional payment from the...
Michigan offers installment payment option for business taxpayers
Business taxpayers who have deferred paying their Sales, Use and Withholding (SUW) taxes due to the COVID-19 pandemic can now participate in an installment payment option to satisfy their outstanding tax balance, according to the Michigan Department of Treasury. In...
PPP loan forgiveness application is released, with guidelines to help borrowers calculate qualified expenses
The Paycheck Protection Program (PPP) brought many small business owners a much-needed lifeline during the pandemic to help cover payroll and other business expenses during an 8-week period. Now that PPP funds have been distributed, loan recipients must begin tracking qualified...