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...
How to classify an employee vs. independent contractor
The classification of employee vs. independent contractor can have many ramifications, from the way the person gets paid to the cost of utilizing their services. For instance, if someone performing services for your company is an independent contractor, you do...
Meet our Intern: Daron Hebeler
Daron Hebeler is a recent graduate of Michigan Technological University, majoring in accounting. He joined ShindelRock as a 2024 summer intern, where he is assisting the ShindelRock tax professionals with accounting and tax matters, as well as investigating data-driven process...
SR Client Question: Does our HOA need to file a tax return?
Yes, Homeowner Associations (“HOAs") must file a tax return every year. To qualify as an HOA, 60% of revenues and 90% of expenses must relate to the management and maintenance of the properties. Any income that is not from members (i.e.,...
SR Client Question: Are theft losses deductible?
Theft losses are NOT deductible under the current law, which was enacted as part of President Trump's 2017 Tax Cuts and Jobs Act. If a person is scammed out of their retirement savings, they have to pay taxes on the...
Scam Alert: Fraudulent or misleading tax information online
All tax advice is not equal, and all tax advice on the internet and social media is DEFINITELY not equal! We sometimes have clients call to verify information they've learned from a friend on Facebook or an influencer on Instagram,...
IRS rules general health and wellness expenses are NOT medical expenses
IRS has recently said that personal expenses—things like food and general wellness purchases—are not deductible or reimbursable under health flexible spending or reimbursement arrangements, health savings accounts, or medical savings accounts. The warning comes after what the IRS said were...
Tax credits for new clean vehicles purchased in 2023 or after
Starting in 2023, if you begin using a new plug-in electric vehicle (EV) or fuel cell vehicle (FCV), you could be eligible for a clean vehicle tax credit. At the point of sale, sellers must provide details about whether your...
Tax relief for Michiganders affected by storms on August 24, 2023
The IRS announced tax relief for individuals and businesses designated by the Federal Emergency Management Agency in parts of Michigan affected by the severe storms, tornadoes and flooding that began on August 24, 2023. The areas include: Eaton, Ingham, Ionia,...
SR Glossary: Lady bird deed
A lady bird deed, or enhanced life estate deed, is a type of life estate deed that lets the owner maintain control of a property until their death, when the property automatically transfers to a beneficiary without going through probate. ...