Reporting guidelines for cryptocurrency, digital assets change under Infrastructure Bill
Although not slated to take effect until January 2024, cryptocurrency investors and other digital asset holders should be aware of new reporting requirements spelled out in the recently signed $1.2 trillion Infrastructure Investment and Jobs Act: Form 1099-B Reporting Requirements: Cryptocurrency...
Infrastructure Bill ends ERTC for employers early
The recently passed $1.2 trillion Infrastructure Investment and Jobs Act includes key provisions affecting American employers, including an early end to the Employee Retention Tax Credit (ERTC), also referred to as the Employee Retention Credit (ERC). The ERTC was created in...
Meet the SR Team: Derek Reece, Staff Accountant
Welcome to our newest teammate, Derek Reece, who joins our audit, tax and accounting practice. He is a Certified Public Accountant with a Master's in Accountancy from Walsh College. We're glad to have you with us, Derek!
SR Client Portal now requires multi-factor authentication (MFA) for added security
ShindelRock clients who log in to the SR Client Portal will now see additional layers of security protecting their accounts, with the launch of multi-factor authentication (MFA) and reCAPTCHA. MFA and reCAPTCHA add a layer of protection to the sign-in...
401(k) Contribution Limit increased to $20,500 in 2022
Starting in 2022, the maximum contribution that individual U.S. taxpayers can contribute to their 401(k) plans will increase to $20,500, up from $19,500 for 2021 and 2020. The limit on annual contributions to an IRA remains unchanged at $6,000. The...
IRS advises business owners to follow these steps when closing a business
There are many reasons a business owner may choose to close their doors, and there are many things that must be done to officially "go out of business". Two important steps all business owners must take are fulfilling their federal...
What to do first when your identity is stolen
The Federal Trade Commission has a new resource to help people whose identity is stolen, to report the theft and begin the restoration process at IdentityTheft.gov. In addition to engaging in the FTC process, we recommend the following basic first steps:...
ShindelRock acquires accounting firm Kushner, Kippelman & Taub
ShindelRock is pleased to announce the acquisition of Farmington Hills-based accounting firm Kushner, Kippelman & Taub. The addition of the KK&T team of accounting professionals gives ShindelRock more resources to service clients' assurance and business tax strategy and preparation needs. Please help us welcome...
Social Security beneficiaries to receive 5.9% increase for 2022
On October 13, 2021, the Social Security Administration (SSA) announced that in 2022, benefits will increase by 5.9%. In addition, the Social Security wage base will increase from $142,800 to $147,000. This change reflects the largest cost of living adjustment...
SR Client Question: What happens if a PPP loan is defaulted upon?
A Paycheck Protection Program (PPP) loan default is treated just like any other SBA loan guaranteed by the government to a lender (under the 7A program, the government secures 85% of a loan to the bank; for PPP loans, the...