Appellate court expands excludable personal goodwill in divorce cases
A recent Florida appellate court decision will affect how personal goodwill is calculated in a divorce proceeding. Specifically, the case considered if in a marriage dissolution case, must the value of the personal goodwill of all physician-shareholders in a multi-member...
Recent ruling may increase estate values
In a recent unanimous decision, the U.S. Supreme Court held that life insurance proceeds received by a corporation to redeem a deceased shareholder’s stock increases the value of the corporation for estate tax value purposes, and does so without an...
Scam Alert: Requests for payment from fraudulent email accounts
Beware of requests for vendor payments from an email address that looks similar to a trusted vendor but is not, upon close review, an exact match for the legitimate sender. Common scams now include fraudsters buying domain names that are...
SR Client Question: Are business-issued cell phones considered a fringe benefit?
The value of the business use of an employer-provided cell phone, provided primarily for non-compensatory business reasons, is excludable from an employee's income as a working condition fringe benefit. Personal use of an employer-provided cell phone, provided primarily for non-compensatory...
The difference between a compilation, a review, and an audit
In the past, we've detailed the many benefits to a financial statement audit and why a business might have an audit conducted. For times when a formal audit is not required, a compilation or review may satisfy the business owner's needs....
Meet our SR Intern: Stephanie Bodmer
We get to know Stephanie Boomer, a senior at Oakland University, as she joins our ShindelRock team as a Summer 2024 intern: How did you choose ShindelRock, and what characteristics of a good place to intern did you see in...
IRS may send errant letter regarding “unpaid” 2023 taxes
Taxpayers who paid their 2023 taxes by check or electronic payment may be sent a CP14 (Balance Due, No Math Error) notice indicating a balance due even though payments were made with their 2023 tax return. Taxpayers who paid electronically...
QuickBooks will discontinue QB Desktop version in Sept. 2024
Intuit, the maker of QuickBooks, will discontinue selling and supporting most QuickBooks desktop products after September 30, 2024. Only the Enterprise version, hosted online, will be available after that date. We recommend that any QuickBooks desktop users with a version...
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...
Michigan Personal Property Tax exemption rules clarified for businesses
In 2022, the State of Michigan 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...