Blog posts from: 2022

“Representative payee” can help Social Security or SSI recipient manage their benefits

[caption id="attachment_8264" align="alignright" width="300"] A senior woman with her daughter online purchasing together[/caption] 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...

SafeSend Returns email to “Please update your K1 Recipient Information” is legitimate

  • December 27, 2022
  • ShindelRock

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

  • December 9, 2022
  • ShindelRock

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 owns and materially participates* in an operating business AND also owns the accompanying real estate rented to that operating company, that is defined as a “Self-Rental” per IRC, Sec. §469.  There are complex regulations around reporting income and losses...

Annual Michigan Individual Income Tax System Maintenance Begins on Thursday

FYI: Effective after 5 p.m. on Thursday, Dec. 8, the state Treasury Department will suspend processing state individual income tax refunds due to annual tax processing system upgrades required for the upcoming 2023 tax filing season. Individuals will be able...

SR Client Question: What is considered a “service” for 1099 reporting purposes?

In light of the higher penalties for failure to file Form 1099s correctly, examining your business' vendor payments is more important than ever before.  While many transactions will be fairly straightforward and clearly not merit a 1099-NEC, some vendor lines...

‘Tis the season: Real estate gifts must be appraised

If your holiday list this year includes gifts of real estate, the gifts must be appraised and made at their current fair market value per the IRS.  A detailed appraisal by a professional appraiser, who is thoroughly trained in the...

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...

Check tax withholding amount now to prevent a big surprise in April

The Internal Revenue Service today urged taxpayers to check their tax withholding at Tax Withholding Estimator while there's time left in 2022 to benefit from any necessary changes.  An adjustment made now will help people avoid a big surprise, such...

2023 retirement contribution limit increases announced

The IRS has announced new contribution limit increases fro both 401(k) and IRA retirement savings plans: The contribution limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal government's Thrift Savings Plan is increased to $22,500,...