“Staked” cryptocurrency value may no longer be taxed as income
A recent settlement offered to taxpayers who filed a suit against the IRS may indicate a change in how staked cryptocurrencies are taxed. Previously, staking income was thought of, and treated similar to, interest income. Many crypto exchanges were handling it...
SR Client Question: Do I issue a Form 1099 to a law firm collecting fees for my medical practice?
When a medical practice or other business engages, on a contingent basis, a law firm or other third party to collect outstanding fees or invoices on its behalf, there are two different tax code sections that are relevant. Assuming that...
SR Client Question: Are disability benefits paid out under an employer group disability plan taxable to the employee?
If the employer provides group term disability insurance as a nontaxable fringe benefit to the employee, then benefits received under the plan are taxable to the employee. However, per IRS Revenue Ruling 2004-55, the employer can have the plan allow...
Meet the SR Staff: Intern Marisa Goldie
We welcome Marisa Goldie, a junior at Oakland University, to our team as a ShindelRock Tax Season 2021 intern: What are you doing during your internship at ShindelRock? What do you hope to come away with at the end of your...
Students and parents should know the taxability rules of scholarships and grants
If you or your student receive a scholarship, a fellowship grant, or other grant, all or part of the amounts you receive may be tax-free, but there are parts that may not qualify and should be included as part of...
2021 federal tax season dates announced; expect delays
The 2021 tax filing season will begin on Monday, January 24, 2022, and run through April 18, 2022. However, taxpayers are warned that between the ongoing pandemic and a lack of resources at the Internal Revenue Service, returns could be slow...
New increase in Personal Property Tax exemption effective for 2023 filings
House Bill 5351, approved by Michigan Governor Gretchen Whitmer on December 23, 2021, amends MCL 211.9o to increase the combined true cash value limit for personal property in a local unit from $80,000 to $180,000. The changes do not take effect...
SR Client Question: Do I need to pay tax on the sale of an asset paid out over many years in the year it’s sold or as I collect the installments?
Installment payments made on an asset, such as a stock sale payout stretched over many years, or a mortgage held by the seller, can spread the tax owed by the seller on the income generated over the years the installments...
Last minute rule changes could affect tax payments made by partnerships and S-Corps
Michigan Governor Gretchen Whitmer recently signed into law the ability for pass-through entities (partnerships and S-Corps) to elect and pay an entity-level tax. This would allow for the pass through business owners to take a state income tax deduction at...
Net Operating Loss (NOL) carry-forward requires careful record-keeping
Taxpayers who claim a net operating loss (NOL) on a tax return must keep careful records to substantiate the claim, including past tax returns that show consistent treatment of NOLs and financial data (or strong corroborating testimony and recreated records), or...