IRS offers ways to determine Reasonable Compensation in Not-for-Profit and For-Profit entities

The IRS, as part of their audit programs, regularly encounters contentious issues in a tax audit of a business.  One of theses is determining the appropriateness of an amount of compensation paid to owner/employees. For instance: Businesses that pay compensation...

Online tool to register for monthly Child Tax Credit payments is now available

  • June 21, 2021
  • Maria Montie, CPA, MST, CVA, MAFF

The Treasury Department and the Internal Revenue Service have unveiled an online Non-filer Sign-up tool designed to help eligible families who don’t normally file tax returns register for the monthly Advance Child Tax Credit payments, scheduled to begin July 15....

HHS issued revised reporting requirements for recipients of Provider Relief Fund (PRF) payments (effective June 11, 2021)

HHS recently revised the Post-Payment Notice of Reporting Requirements, which increases the amount of time to report and extends the deadline for spending for recipients of Provider Relief Fund (PRF) payments.  This includes increasing the amount of time providers will have to report...

Michigan unclaimed property reports are due soon

Michigan unclaimed property reports are due to be filed by July 1, 2021 for any property that reached its dormancy period by March 31, 2021. Most types of property have a three-year dormancy period, but there are others. This manual...

SR Client Question: Why haven’t I received my tax refund yet?

There are various factors leading to the Internal Revenue Service's delayed processing of 2020 federal income tax returns. Typically, the IRS sends most refunds within three weeks of taxpayers filing their return. But this year is complicated by several issues,...

$2 million in COVID-19 workplace safety grants now available from the State of Michigan

The State of Michigan has launched another round of funding for the Michigan COVID-19 Safety Grant Program. These grants will provide small businesses with fewer than 250 employees, including licensed non in-home childcare centers, matching funds of up to $10,000 to...

Now Hiring: Tax Season 2021 Intern

  • June 7, 2021
  • Mark Hughes CPA CFE

We’re hiring a tax season intern to start in December! Hear what current ShindelRock intern and @easternmichigan student Miranda Denver had to say about her experience this year: “Starting a new professional opportunity can be an intimidating venture. At ShindelRock,...

IRS clarifies changes to the rules regarding dependent care programs

Recent updates to IRS guidance has clarified taxability questions surrounding dependent care assistance programs for 2021 and 2022. Two new federal laws—the Consolidated Appropriations Act (CAA) and the American Rescue Plan Act (ARPA)—have created new opportunities for participants in flexible spending...

The difference between a compilation, a review, and an audit

In the past, we've detailed the many benefits to a financial statement audit and why a business might have an audit conducted.  For times when a formal audit is not required, a compilation or review may satisfy the business owner's needs....

IRS clarifies which meals qualify for 100% deduction for 2021 and 2022

Under IRS Sec. 274(n)(1), any business expense of food or beverages is generally limited to 50% of the amount that would otherwise be deductible. However, a recently-enacted temporary exception allows 100% deduction of restaurant food and beverage expenses incurred after Dec....