Blog posts from: 2021
SR Client Question: Do I need to pay tax on the sale of an asset paid out over many years in the year it’s sold or as I collect the installments?
Installment payments received for assets, such as proceeds from a stock sale spread out over several years or a seller-financed mortgage, allow the seller to defer recognizing the income tax liability over the period the payments are received. Under IRS...
SR Client Portal now requires multi-factor authentication (MFA) for added security
ShindelRock clients who log in to the SR Client Portal will now see additional layers of security protecting their accounts, with the launch of multi-factor authentication (MFA) and reCAPTCHA. MFA and reCAPTCHA add a layer of protection to the sign-in...
SR Client Question: How do I handle taxes for my Health Savings Account (HSA)?
If you have a high deductible health insurance plan (HDHP), you're eligible to contribute to a Health Savings Account (HSA) up to the annual maximum limit. Often, employers also contribute to an HSA, but your total contributions cannot exceed this...
Michigan’s popular MESP 529 program adds app
The Michigan Department of Treasury announced the launch of READYSAVE 529, a new education savings mobile app available to Michigan Education Savings Program (MESP) account owners. The app provides a convenient way to access information, track progress and make contributions....
IRS offers ways to determine Reasonable Compensation in Not-for-Profit and For-Profit entities
The IRS routinely encounters contentious issues in business tax audits, particularly regarding the appropriateness of compensation paid to owners/employees. For example: Businesses that compensate employees who are also shareholders may inadvertently classify payments that should be dividends as compensation. This...
Happy 30th Anniversary, ShindelRock!
We're proud to celebrate 30 years serving our clients in 2021! Co-founder Steve Rock remembers: "ShindelRock was formed by two hard working CPAs who wanted to go to work every day and just enjoy doing their job, build a successful business...
Employer-offered Simplified Employee Pension (SEP) Plans: How to stay in compliance
Many small business owners opt to establish Simplified Employee Pension (SEP) plans as retirement savings vehicles for themselves and their eligible employees. These plans are designed to be straightforward in implementation and compliance with regulatory standards. However, non-compliance can incur...
Why you might need an audit of your financial statements
There are numerous advantages to conducting an audit of a company’s financial statements, particularly for privately held businesses with revenues exceeding $1,000,000. An audit provides the highest level of assurance that a company’s financial statements present a fair view (in...
SR Client Question: Do I owe Michigan sales tax when I buy a vehicle from a business I own?
The transfer of vehicles from a business entity to the owner of the business is addressed in Revenue Administrative Bulletin 1991-1 and makes, in most instances, the transfer or "sale" of a vehicle from a business to its owner exempt from owing State...
Request a copy of filed 1040 or 1040 transcript with these IRS forms
Filers may seek a copy of a previously filed 1040 federal tax return in two ways: Request a copy of the tax return as filed (Form 4506). This request will provide an exact copy of what filed and the return...