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...

Children’s Hospital of Michigan project honors ShindelRock client John G. Levy

  • November 21, 2023
  • ShindelRock

We recently lost a longtime ShindelRock client and friend, John G. Levy.  In addition to being a successful business owner, John served on the Board of The Children’s Hospital of Michigan for nearly four decades.  He dedicated countless hours to...

IRS Raises Estate Tax Exemption Amount for 2024

  • November 20, 2023
  • ShindelRock

The federal estate tax exemption amount is going up again for 2024. A higher exemption means more estates may be exempt from the federal tax, which can save heirs from a hefty tax bill. The amount is inflation-adjusted by the IRS each year. So,...

Potential Private Retirement Benefit Information notices sent by SSA

Recently, the Social Security Administration (SSA) mailed notices to social security filers about Potential Private Retirement Benefit Information.  It is a reminder about private employer retirement benefits that may have been earned, also called "deferred vested benefits". The Internal Revenue...

Using the “Cohan Rule” to take record-less deductions

Most taxpayers realize they must keep adequate records in order to substantiate tax deductions and credits. Adequate business records can also be critical for a host of other situations, i.e., insurance losses, wage and hour claims, and civil litigation, to...

Understanding and minimizing the chance of employee fraud

Do you ever wonder if any of your employees are capable of committing fraud? Trusted persons can become trust violators if three factors are present, often referred to as the “Fraud Triangle”: A secret need for cash. Whether it’s excessive...

ERC withdrawal process initiatied for those who may have been scammed

Internal Revenue Service is allowing small businesses who believe they may have entered the ERC process fraudulently or under incorrect guidance to withdraw without penalty. This new withdrawal option allows certain employers who filed an ERRC claim but have not...

Social Security wage base, COLA set for 2024

Seniors got some welcome news this week, when the Social Security Administration (SSA) announced a cost-of-living adjustment (COLA) of 3.2% for both Social Security and Supplemental Security Income (SSI) benefits beginning in January 2024. COLA, which is based on the consumer...

IRS pauses the processing of new Employee Retention Credit (ERC) claims

Internal Revenue Service has placed an immediate moratorium on processing new Employee Retention Credit (ERC) claims following growing concerns that a substantial share of these claims are ineligible and putting businesses at financial risk by being scammed by aggressive promoters....

You may qualify for monthly Medicare premium refund

  • September 13, 2023
  • ShindelRock

Medicare premiums, Parts B and D, are based on a sliding scale of income known as, Income-Related Monthly Adjustment Amounts (IRMAA).  Premiums are determined generally using income from two years prior (2022 premiums are based on 2020 IRS-reported income). If...