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

  • 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...

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 recently reminded employers of penalty relief related to claims for the Employee Retention Tax Credit (ERTC).  The situation may arise when additional income tax is owed because the deduction for qualified wages is reduced by the amount of a...

Cryptocurrency Tax Losses May Be Subject to a $3,000 Cap

The cryptocurrency market has been on a wild ride this year.  For some, that's meant dramatic losses in their digital wallets that should be accounted for on tax returns.  However, even the IRS appears unsure of how to treat these...

Work Opportunity Tax Credit incentivizes businesses to hire targeted groups

The Work Opportunity Tax Credit, or WOTC, is a general business credit that is jointly administered by the Internal Revenue Service (IRS) and the Department of Labor (DOL). The WOTC may be claimed by any employer that hires and pays...