Blog posts from: 2024
SR Client Question: Are theft losses deductible?
Theft losses are NOT deductible under the current law, which was enacted as part of President Trump's 2017 Tax Cuts and Jobs Act. If a person is scammed out of their retirement savings, they have to pay taxes on the...
Scam Alert: Fraudulent or misleading tax information online
All tax advice is not equal, and all tax advice on the internet and social media is DEFINITELY not equal! We sometimes have clients call to verify information they've learned from a friend on Facebook or an influencer on Instagram,...
IRS rules general health and wellness expenses are NOT medical expenses
IRS has recently said that personal expenses—things like food and general wellness purchases—are not deductible or reimbursable under health flexible spending or reimbursement arrangements, health savings accounts, or medical savings accounts. The warning comes after what the IRS said were...
Tax credits for new clean vehicles purchased in 2023 or after
If you place in service a new plug-in electric vehicle (EV) or fuel cell vehicle (FCV) in 2023 or after, you may qualify for a clean vehicle tax credit. At the time of sale, a seller must give you information about...
Tax relief for Michiganders affected by storms on August 24, 2023
The IRS announced tax relief for individuals and businesses designated by the Federal Emergency Management Agency in parts of Michigan affected by the severe storms, tornadoes and flooding that began on August 24, 2023. The areas include: Eaton, Ingham, Ionia,...
What employers need to know about offering pet insurance
Pet insurance is on a growing list of benefits that employers may consider offering to make their overall benefit packages more enticing to existing and prospective employees. Pet insurance can cover expenses such as preventive care, accidents and illnesses, medications,...
SR Glossary: Lady bird deed
A lady bird deed, or enhanced life estate deed, is a type of life estate deed that lets the owner maintain control of a property until their death, when the property automatically transfers to a beneficiary without going through probate. ...
Find your unclaimed property at Michigan.gov
Michiganders are encouraged to conduct a simple search online to see if they have any lost or abandoned property, according to the Michigan Department of Treasury. The state-run database is updated multiple times throughout the year, so even if residents...
Meet our Intern: James Hu
James Hu is a student at Washtenaw Community College, transferring this summer to Eastern Michigan University, where he will major in accounting. He joined ShindelRock as a 2024 tax season intern, where he is assisting the ShindelRock tax professionals with...
Three big changes coming to Michigan income tax returns
When the Michigan Department of Treasury starts processing 2023 state income tax returns on Jan. 29, there will be three big changes taxpayers should expect thanks to a tax overhaul signed into law in 2023 by Gov. Gretchen Whitmer: All...