Permanently idled property cannot be depreciated
The IRS recognizes a distinction between temporarily-idled property and permanently retired property, and the point when you stop depreciating the asset lies within the distinction. You always stop depreciating property when you have fully recovered your cost or other basis. You...
Michigan state income tax rate decreasing by .20% in 2023 only
Michigan’s state income tax will decrease from 4.25% to 4.05% for one year, equating to a savings of approximately $50 for the average Michigan taxpayer. In 2015, Michigan enacted a law requiring a temporary reduction of the state income tax...
Compliance risk for people and businesses claiming Employee Retention Tax Credit improperly
The Internal Revenue Service today issued a renewed warning urging people to carefully review the Employee Retention Credit (ERC) guidelines before trying to claim the credit as promoters continue pushing ineligible people to file. The IRS and tax professionals continue...
May 15 tax deadline extended to Oct. 16 for disaster area taxpayers in California, Alabama and Georgia
Disaster-area taxpayers in most of California and parts of Alabama and Georgia now have until Oct. 16, 2023, to file various federal individual and business tax returns and make tax payments, the Internal Revenue Service announced today. Previously, the deadline...
IRS requires a qualified appraisal to deduct charitable contribution of cryptocurrency
Generally, IRC Sec. 170(f) requires a taxpayer to satisfy certain substantiation requirements to claim a charitable contribution deduction. Recently, the IRS disallowed a taxpayer's charitable contribution deduction for a donation of more than $5,000 in cryptocurrency because she failed to...
Meet the SR Staff: Olivia Metcalfe, Intern
We get to know Olivia Metcalfe, a recent graduate of Wayne State University, as she joins our ShindelRock team as a Tax Season 2022 intern: What are you doing during your internship at ShindelRock? What do you hope to come...
Meet the SR Staff: Tiara Clanton, Intern
We get to know Tiara Clanton, a recent graduate of Western Michigan University, as she joins our ShindelRock team as a Tax Season 2022 intern: What are you doing during your internship at ShindelRock? What do you hope to come...
Tax-free rollover from 529 plans to Roth IRAs will be allowed starting in 2024
In December 2022, Congress passed the Consolidated Appropriations Act of 2023, an omnibus spending bill that includes the much-anticipated and long-awaited retirement bill known as SECURE Act 2.0. One of the provisions of SECURE Act 2.0 that has grabbed a disproportionate...
Reporting delay for thresholds for third party payment platforms
The Internal Revenue Service today announced a delay in reporting thresholds for third-party settlement organizations set to take effect for the upcoming tax filing season. As a result of this delay, third-party settlement organizations will not be required to report...
IRS 2023 Mileage Rate Rises to 65.5 Cents Per Mile
Beginning January 1, 2023, optional standard mileage rates used by the IRS to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes will be: 65.5 cents per mile driven for business use, up 3 cents...