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