SR Client Question: Do I owe Michigan sales tax when I buy a vehicle from a business I own?

The transfer of vehicles from a business entity to the owner of the business is addressed in Revenue Administrative Bulletin 1991-1 and makes, in most instances, the transfer or "sale" of a vehicle from a business to its owner exempt from owing State...

PPP loan program extended two months for small businesses

President Joe Biden is expected to sign into law an extension to the Small Business Administration’s Paycheck Protection Program (PPP) approved by Congress just a week before it was slated to expire.  The new deadline for applications to be submitted...

Taxpayers won’t need to refile to get new $10,200 unemployment tax break in 2020

The IRS plans to automatically process refunds for taxpayers who had unemployment income in 2020 and filed their tax returns before legislation passed that made those benefits tax-free. The American Rescue Plan, which was signed into law by President Joe...

Shuttered Venue Operators Grant program to open April 8

The U.S. Small Business Administration (SBA) has set April 8 as the date it will begin accepting applications for the Shuttered Venue Operators Grant (SVOG) program. In a news release, the SBA said it has launched a splash page for...

State of Michigan will extend filing deadline to May 17 to match federal extension

The Michigan Department of Treasury will be extending the state tax filing deadline to match with the recently adjusted federal income tax deadline now set for May 17, 2021.  Because the extension is limited to the 2020 taxes, first quarter...

IRS postpones April 15 tax filing deadline to May 17

The IRS is postponing the deadline for all individual tax returns. Returns otherwise due April 15 will not have to be filed until May 17 this year. The postponement applies only to individual taxpayers, who can postpone their federal income tax...

Request a copy of filed 1040 or 1040 transcript with these IRS forms

Filers may seek a copy of a previously filed 1040 federal tax return in two ways: Request a copy of the tax return as filed (Form 4506).  This request will provide an exact copy of what filed and the return...

Larger Loans And Other Changes to PPP Rules For Sole Proprietors And Independent Contractors

New rules to the Paycheck Protection Program (“PPP”) were announced that raised loan limits for sole proprietors and independent contractors. In an Interim Final Rule announcement on Wednesday, March 3, 2021, the SBA issued new rules which provided a number of...

IRS reminds businesses to report large cash transactions; e-file encouraged

The Internal Revenue Service today reminds businesses of their responsibility to file Form 8300, Report of Cash Payments Over $10,000, and encourages e-filing to help them file accurate, complete forms.  To help businesses prepare and file reports, the IRS created...

IRS CP59 Notices Possibly Sent in Error to Taxpayers

  • February 23, 2021
  • Maria Montie, CPA, MST, CVA, MAFF

Earlier this month, the IRS issued notices to approximately 260,000 taxpayers stating they haven't filed their 2019 federal tax return. These notices, referred to as CP59 notices , are issued yearly to identified taxpayers who have failed to file tax...