Last minute rule changes could affect tax payments made by partnerships and S-Corps

Michigan Governor Gretchen Whitmer recently signed into law the ability for pass-through entities (partnerships and S-Corps) to elect and pay an entity-level tax.  This would allow for the pass through business owners to take a state income tax deduction at...

Net Operating Loss (NOL) carry-forward requires careful record-keeping

Taxpayers who claim a net operating loss (NOL) on a tax return must keep careful records to substantiate the claim, including past tax returns that show consistent treatment of NOLs and financial data (or strong corroborating testimony and recreated records), or...

Determining nexus for multi-state income tax filings for businesses

Establishing "nexus" of a corporation's business activity determines the state or foreign country which has jurisdiction to impose an income tax or franchise tax measured by net income.  For businesses generating revenue in multiple states, or doing activities that generate...

Reporting guidelines for cryptocurrency, digital assets change under Infrastructure Bill

Although not slated to take effect until January 2024, cryptocurrency investors and other digital asset holders should be aware of new reporting requirements spelled out in the recently signed $1.2 trillion Infrastructure Investment and Jobs Act: Form 1099-B Reporting Requirements: Cryptocurrency...

Infrastructure Bill ends ERTC for employers early

The recently passed $1.2 trillion Infrastructure Investment and Jobs Act includes key provisions affecting American employers, including an early end to the Employee Retention Tax Credit (ERTC), also referred to as the Employee Retention Credit (ERC).  The ERTC was created in...

Meet the SR Team: Derek Reece, Staff Accountant

  • November 10, 2021
  • ShindelRock

Welcome to our newest teammate, Derek Reece, who joins our audit, tax and accounting practice.  He is a Certified Public Accountant with a Master's in Accountancy from Walsh College.  We're glad to have you with us, Derek!

SR Client Portal now requires multi-factor authentication (MFA) for added security

ShindelRock clients who log in to the SR Client Portal will now see additional layers of security protecting their accounts, with the launch of multi-factor authentication (MFA) and reCAPTCHA. MFA and reCAPTCHA add a layer of protection to the sign-in...

401(k) Contribution Limit increased to $20,500 in 2022

Starting in 2022, the maximum contribution that individual U.S. taxpayers can contribute to their 401(k) plans will increase to $20,500, up from $19,500 for 2021 and 2020. The limit on annual contributions to an IRA remains unchanged at $6,000. The...

IRS advises business owners to follow these steps when closing a business

There are many reasons a business owner may choose to close their doors, and there are many things that must be done to officially "go out of business". Two important steps all business owners must take are fulfilling their federal...

What to do first when your identity is stolen

The Federal Trade Commission has a new resource to help people whose identity is stolen, to report the theft and begin the restoration process at IdentityTheft.gov.  In addition to engaging in the FTC process, we recommend the following basic first steps:...