Blog posts from: 2023

Reasonable Compensation for Determinations of Business Valuations

Closely held businesses commonly require valuations for many different reasons.  They can be required for borrowings from banks, estate and gift planning, buying and selling businesses, and strategic planning.  One of the key components in calculating the value of a...

New CTA reporting requirements affecting millions coming January 1, 2024

As we shared in June, the new federal Corporate Transparency Act (CTA), intended to help prevent and combat money laundering, terrorist financing, corruption, tax fraud, and other illicit activity, takes effect on January 1, 2024.  This new Act will affect most...

ShindelRock’s Year-End Checklist for Small Businesses

As the year draws to a close, small business owners have a valuable opportunity to wrap up their financial matters on a strong note and strategically plan for the future. In this guide, we'll explore a checklist designed to streamline...

Managing tax implications for professional athletes

Professional athletes can have unique income and expense circumstances to consider when tax filing season comes.  These typically high-income individuals must be extremely mindful of the tax implications associated with their careers. Doing so will not only help them maximize...

Welcome Elena Prendes!

  • December 5, 2023
  • ShindelRock

ShindelRock is pleased to welcome Elena Prendes to our team as our Practice Administrator! Elena oversees the firm's day-to-day operation and leads project management efforts for firm-wide changes focusing on client service and profitability.  She also manages all Human Resources...

Michigan Personal Property Tax exemption rules clarified for businesses

Last year, the state increased the Personal Property Tax (PPT) exemption from $80,000 to $180,000 of true cash value.  With that change came a new reporting requirement for companies that fell in the $80,000-$180,000 range, requiring they file an exemption...

Lower Form 1099-K threshold delayed again

The IRS again delayed the effective date of the $600 threshold for Form 1099-K reporting for third-party settlement organizations and will treat 2023 as another transition year, the Service said Tuesday in Notice 2023-74. When the IRS starts implementing the...

Children’s Hospital of Michigan project honors ShindelRock client John G. Levy

  • November 21, 2023
  • ShindelRock

We recently lost a longtime ShindelRock client and friend, John G. Levy.  In addition to being a successful business owner, John served on the Board of The Children’s Hospital of Michigan for nearly four decades.  He dedicated countless hours to...

IRS Raises Estate Tax Exemption Amount for 2024

  • November 20, 2023
  • ShindelRock

The federal estate tax exemption amount is going up again for 2024. A higher exemption means more estates may be exempt from the federal tax, which can save heirs from a hefty tax bill. The amount is inflation-adjusted by the IRS each year. So,...

Potential Private Retirement Benefit Information notices sent by SSA

Recently, the Social Security Administration (SSA) mailed notices to social security filers about Potential Private Retirement Benefit Information.  It is a reminder about private employer retirement benefits that may have been earned, also called "deferred vested benefits". The Internal Revenue...