Blog posts from: 2021
ShindelRock acquires accounting firm Kushner, Kippelman & Taub
ShindelRock is pleased to announce the acquisition of Farmington Hills-based accounting firm Kushner, Kippelman & Taub. The addition of the KK&T team of accounting professionals gives ShindelRock more resources to service clients' assurance and business tax strategy and preparation needs. Please help us welcome...
Social Security beneficiaries to receive 5.9% increase for 2022
On October 13, 2021, the Social Security Administration (SSA) announced that in 2022, benefits will increase by 5.9%. In addition, the Social Security wage base will increase from $142,800 to $147,000. This change reflects the largest cost of living adjustment...
SR Client Question: What happens if a PPP loan is defaulted upon?
A Paycheck Protection Program (PPP) loan default is treated just like any other SBA loan guaranteed by the government to a lender (under the 7A program, the government secures 85% of a loan to the bank; for PPP loans, the...
Fourth round of healthcare Provider Relief Funds (PRF) available starting Sept. 29
A fourth round of Provider Relief Funding (Phase 4 General Distribution) will be available on the HHS portal beginning September 29 for healthcare providers who can demonstrate lost revenues and expenditures between 7/1/20 – 3/31/21. PRF Phase 4 will reimburse smaller...
Sixty day grace period announced for Provider Relief Funds’ Period 1 reporting deadline
The September 30, 2021 Reporting Period 1 deadline for Provider Relief Fund (PRF) recipients has not changed; however, in response to challenges providers are facing given the COVID-19 surges and natural disasters around the country, a 60-day grace period is...
QuickBooks will no longer sell a Desktop product after December 10
Small business owners who prefer QuickBooks for Desktop to the company's online, cloud-based offering should upgrade to Quickbooks Desktop Pro 2021 before December 10, as QuickBooks will be changing to a subscription model-only with the release of the 2022 version....
State Pass-Through Entity Tax law changes allow owners to mitigate SALT deduction limits
Recently several states have enacted legislation for a pass through entity (PTE) tax, including states with high income tax rates like California and New York. A PTE tax provides for a state income tax deduction for owners at the entity...
PPP loans of $150,000 or less can now be forgiven directly through the SBA
Business owners who received Paycheck Protection Program (PPP) loans of $150,000 or less can now apply for forgiveness directly through the SBA, according to a new SBA announcement. The new streamlined application portal will simplify the forgiveness process for over 6.5...
Taxpayers should obtain Identity Protection PIN each year for tax filing security
In an effort to provide enhanced security to federal income taxpayers, the IRS is offering a voluntary, opt-in Identity Protection (IP) program for taxpayers. The PIN is a six-digit number known only to the taxpayer and the IRS and prevents someone else...
What to do if you’ve earned more than the yearly Social Security limit in the months before you retire
Sometimes people younger than full retirement age retire in the middle of the year and have already earned more than the yearly earnings limit. There is a special rule that applies to earnings for one year, usually the first year...