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....
Meet our SR Intern: Stephanie Bodmer
We get to know Stephanie Boomer, a senior at Oakland University, as she joins our ShindelRock team as a Summer 2024 intern: How did you choose ShindelRock, and what characteristics of a good place to intern did you see in...
IRS may send errant letter regarding “unpaid” 2023 taxes
Taxpayers who paid their 2023 taxes by check or electronic payment may be sent a CP14 (Balance Due, No Math Error) notice indicating a balance due even though payments were made with their 2023 tax return. Taxpayers who paid electronically...
QuickBooks will discontinue QB Desktop version in Sept. 2024
Intuit, the maker of QuickBooks, will discontinue selling and supporting most QuickBooks desktop products after September 30, 2024. Only the Enterprise version, hosted online, will be available after that date. We recommend that any QuickBooks desktop users with a version...
The Culture Test: Three ways to ensure cultural fit when selling your small public accounting firm
It's no secret: accounting firms in Southeast Michigan are eyeing each other with interest lately. Mergers between firms in our industry have been on a ten-year tear, with no abatement in sight. If you’re considering the sale of your business...
Michigan Personal Property Tax exemption rules clarified for businesses
In 2022, the State of Michigan 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...
How to classify an employee vs. independent contractor
The classification of employee vs. independent contractor can have many ramifications, from the way the person gets paid to the cost of utilizing their services. For instance, if someone performing services for your company is an independent contractor, you do...
Meet our Intern: Daron Hebeler
Daron Hebeler is a recent graduate of Michigan Technological University, majoring in accounting. He joined ShindelRock as a 2024 summer intern, where he is assisting the ShindelRock tax professionals with accounting and tax matters, as well as investigating data-driven process...
SR Client Question: Does our HOA need to file a tax return?
Yes, Homeowner Associations (“HOAs") must file a tax return every year. To qualify as an HOA, 60% of revenues and 90% of expenses must relate to the management and maintenance of the properties. Any income that is not from members (i.e.,...
SR Client Question: Are theft losses deductible?
Theft losses are NOT deductible under the current law, which was enacted as part of President Trump's 2017 Tax Cuts and Jobs Act. If a person is scammed out of their retirement savings, they have to pay taxes on the...