Income Tax Credit for Working Families Checks will be Sent in Early 2024

Michigan families will receive Michigan Earned Income Tax Credit (Michigan EITC) for Working Families checks ahead of schedule, beginning February 13, 2024. The administration is taking steps to send the checks to more than 700,000 Michigan households, putting an average...

2024 Standard Mileage Rates announced

Beginning January 1, 2024, the standard mileage rates for cars, vans, pickups, and panel trucks will be 67 cents per mile for business purposes, 21 cents per mile for medical or moving purposes for qualified active-duty members of the Armed...

IRS Announces Pandemic-Related Penalty Relief

  • January 2, 2024
  • ShindelRock

The IRS is offering new penalty relief for approximately 4.7 million individuals, businesses, and tax-exempt organizations that were not sent automated collection reminder notices during the COVID pandemic. Due to the unprecedented effects of the COVID-19 pandemic, the IRS temporarily...

Reasonable Compensation for Determinations of Business Valuations

Closely held businesses commonly require valuations for many different reasons.  They can be required for borrowings from banks, estate and gift planning, buying and selling businesses, and strategic planning.  One of the key components in calculating the value of a...

New CTA reporting requirements affecting millions coming January 1, 2024

As we shared in June, the new federal Corporate Transparency Act (CTA), intended to help prevent and combat money laundering, terrorist financing, corruption, tax fraud, and other illicit activity, takes effect on January 1, 2024.  This new Act will affect most...

ShindelRock’s Year-End Checklist for Small Businesses

As the year draws to a close, small business owners have a valuable opportunity to wrap up their financial matters on a strong note and strategically plan for the future. In this guide, we'll explore a checklist designed to streamline...

Managing tax implications for professional athletes

Professional athletes can have unique income and expense circumstances to consider when tax filing season comes.  These typically high-income individuals must be extremely mindful of the tax implications associated with their careers. Doing so will not only help them maximize...

Welcome Elena Prendes!

  • December 5, 2023
  • ShindelRock

ShindelRock is pleased to welcome Elena Prendes to our team as our Practice Administrator! Elena oversees the firm's day-to-day operation and leads project management efforts for firm-wide changes focusing on client service and profitability.  She also manages all Human Resources...

Michigan Personal Property Tax exemption rules clarified for businesses

Last year, the state increased the Personal Property Tax (PPT) exemption from $80,000 to $180,000 of true cash value.  With that change came a new reporting requirement for companies that fell in the $80,000-$180,000 range, requiring they file an exemption...

Lower Form 1099-K threshold delayed again

The IRS again delayed the effective date of the $600 threshold for Form 1099-K reporting for third-party settlement organizations and will treat 2023 as another transition year, the Service said Tuesday in Notice 2023-74. When the IRS starts implementing the...