SR Guest Author Justin Rush, CFP®: What to ask when choosing a financial planner
When searching for a financial planner, it’s not uncommon to meet with multiple firms prior to making a final decision. Different financial planners may have different opinions, philosophies, and personalities compared to one another. Without being immersed in this field, it...
Welcome new Staff Accountant Olivia Metcalfe!
We're thrilled to welcome (or rather, welcome back!) Olivia Metcalfe, our 2023 Spring Tax Season Intern who was recently hired on full-time as a Staff Accountant! Olivia is a 2022 graduate of Wayne State University and comes from a family...
Law changes to IRS Code Section 174 create uncertainty around R&D deductions
The Tax Cuts and Jobs Act of 2017 enacted a series of new provisions to the Internal Revenue Code. A change to Section 174, enacted in 1954 to allow businesses to deduct the costs of research and experimental expenditures, has...
Inheritance or gifts from foreign persons may require Form 3520 reporting
Although a gift or inheritance doesn’t generate any U.S. income tax reporting, it may generate other filing responsibilities for the recipient. As related to inheritances and gifts from foreign persons to a U.S. citizen or U.S. resident, Form 3520 (Annual...
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....
Permanently idled property cannot be depreciated
The IRS recognizes a distinction between temporarily-idled property and permanently retired property, and the point when you stop depreciating the asset lies within the distinction. You always stop depreciating property when you have fully recovered your cost or other basis. You...
Michigan state income tax rate decreasing by .20% in 2023 only
Michigan’s state income tax will decrease from 4.25% to 4.05% for one year, equating to a savings of approximately $50 for the average Michigan taxpayer. In 2015, Michigan enacted a law requiring a temporary reduction of the state income tax...
Compliance risk for people and businesses claiming Employee Retention Tax Credit improperly
The Internal Revenue Service today issued a renewed warning urging people to carefully review the Employee Retention Credit (ERC) guidelines before trying to claim the credit as promoters continue pushing ineligible people to file. The IRS and tax professionals continue...
May 15 tax deadline extended to Oct. 16 for disaster area taxpayers in California, Alabama and Georgia
Disaster-area taxpayers in most of California and parts of Alabama and Georgia now have until Oct. 16, 2023, to file various federal individual and business tax returns and make tax payments, the Internal Revenue Service announced today. Previously, the deadline...
IRS requires a qualified appraisal to deduct charitable contribution of cryptocurrency
Generally, IRC Sec. 170(f) requires a taxpayer to satisfy certain substantiation requirements to claim a charitable contribution deduction. Recently, the IRS disallowed a taxpayer's charitable contribution deduction for a donation of more than $5,000 in cryptocurrency because she failed to...