Blog posts from: 2022
“Representative payee” can help Social Security or SSI recipient manage their benefits
Many Social Security recipients are capable of managing their own affairs, but not all can. If someone you love needs assistance with their federal government benefits, the Social Security Administration (SSA) can appoint a person or an organization to act as...
SafeSend Returns email to “Please update your K1 Recipient Information” is legitimate
ShindelRock clients may have received an email on December 25 related to updating K1 recipient information in SafeSend Returns. These are legitimate emails related to built-in product functionality. This feature is designed to ensure that the K1 recipients’ personal information...
File a Protective Claim with IRS to preserve a possible refund claim
There are situations where a taxpayer may be entitled to a federal tax refund, but the refund is based upon future contingent events that are not determinable at the present time. There are numerous situations where this can occur: There...
IRS tax rules for self-rental properties
When a taxpayer both owns and materially participates in an operating business while also owning the real estate rented to that business, this scenario is defined as "Self-Rental" according to IRC, Section 469. The taxation of self-rental property involves intricate...
Guest Author Robert Steinberg of Blue Chip Partners: What you need to know about capital gains distributions
One of the most significant downsides of investing in mutual funds in non-retirement accounts is that they are required to make annual distributions of virtually all capital gains recognized during that year. This article highlights potential issues and steps that...
MICPA Connections: Three Steps for a Successful Firm Integration
Mergers and acquisitions (M&As) have been on a uptick in the accounting industry, but for CPA firm owners across Michigan, the process can succeed or fail based on the acquiring firm’s ability to successfully integrate the new business. Transitioning ownership of a firm is...
SR In the News: MICPA’s Off the Ledger Podcast featuring SR Manager Amanda Sayn
ShindelRock Manager and Emerging Leaders Taskforce Chair Amanda Sayn was the featured guest on the latest episode of the MICPA podcast "Off the Ledger", where Michigan CPAs get real and cover everything from stories, personal financial tips, and leadership development....
IRS offers penalty relief to ERTC claimants
The IRS has recently highlighted penalty relief options for employers related to claims for the Employee Retention Tax Credit (ERTC). A common scenario occurs when additional income tax is owed because the deduction for qualified wages is reduced by a...
Cryptocurrency Tax Losses May Be Subject to a $3,000 Cap
Dramatic losses in digital wallets should be accounted for on tax returns. However, even the IRS appears unsure of how to treat these losses for tax purposes, although they have given some limited guidance on the matter. The standard rule...
Work Opportunity Tax Credit incentivizes businesses to hire targeted groups
The Work Opportunity Tax Credit (WOTC) is a business credit jointly administered by the IRS and the Department of Labor (DOL). Employers can claim the WOTC if they hire individuals certified by a designated local agency as belonging to one...