SR Client Question: Do I need to refile my unemployment claim to receive extended benefits?
The newly passed COVID-19 Relief Bill offers extended federal unemployment benefits for states like Michigan. It appears, at least at this time, that recipients currently receiving unemployment benefits do NOT need to refile to be eligible for the extension. There...
New COVID-19 relief grants coming for Michigan small businesses
Michigan small businesses in designated industries will soon have access to another $10 million in pandemic relief funding, with the new Pure Michigan Small Business Relief Initiative announced by the Michigan Economic Development Corporation. Grant funds of up to $15,000...
IRS Confirms Paycheck Protection Program (PPP) Loan Forgiveness is Taxable in 2020
A recent IRS ruling (Rev Ruling 2020-27) specifies the circumstances of when PPP-funded expenses cannot be deducted. A taxpayer that received a covered loan guaranteed under the PPP and who paid or incurred certain otherwise deductible expenses listed in section 1106(b)...
UPDATED PPP essentials for small business owners: Qualifying Expenses, Forgiveness, and Recent Changes
It’s been several months now since many small business owners have received and spent their Paycheck Protection Program (PPP) loan awards, and many businesses are now ready to start the forgiveness process. But SBA rules and legislation have significantly changed...
Estate Planning Essentials
Estate issues are extremely important to your family should you pass away or become unable to function as you do today. To make sure your family is better prepared, take a look at the following checklist. If there are items...
ShindelRock is proud to sponsor MICPA Small Firm Interchange!
ShindelRock is proud to sponsor MICPA's Small Firm Interchange this month! Be sure to check out our virtual "booth" when you're there. (more…)
PPP loans under $50,000 get simplified forgiveness process with new rule
The U.S. Small Business Administration and the Treasury Department are making it easier for companies to get their Paycheck Protection Program loans of $50,000 or less forgiven with a simpler loan forgiveness application and interim final rule. The new application...
IRS releases guidance on payroll tax deferral, but questions remain
On August 8, 2020, the President signed an executive order directing the Treasury Department to defer the withholding, deposit, and payment ofthe employee portion of social security taxes (6.2%) for the period beginning September 1, 2020, and ending December 31, 2020. The...
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...
ShindelRock Senior Accountant Amanda Sayn, CPA, earns CFF designation
Amanda Sayn, a CPA financial forensics expert with ShindelRock, has recently been awarded the Certified in Financial Forensics (CFF) Credential by the American Institute of Certified Public Accountants (AICPA). The CFF Credential, established in 2008 by the AICPA, is granted to...