SR In the News: MICPA’s Off the Ledger Podcast featuring SR Manager Amanda Sayn
ShindelRock Manager and Emerging Leaders Taskforce Chair Amanda Sayn was the featured guest on the latest episode of the MICPA podcast "Off the Ledger", where Michigan CPAs get real and cover everything from stories, personal financial tips, and leadership development....
IRS offers penalty relief to ERTC claimants
The IRS has recently highlighted penalty relief options for employers related to claims for the Employee Retention Tax Credit (ERTC). A common scenario occurs when additional income tax is owed because the deduction for qualified wages is reduced by a...
Cryptocurrency Tax Losses May Be Subject to a $3,000 Cap
Dramatic losses in digital wallets should be accounted for on tax returns. However, even the IRS appears unsure of how to treat these losses for tax purposes, although they have given some limited guidance on the matter. The standard rule...
Work Opportunity Tax Credit incentivizes businesses to hire targeted groups
The Work Opportunity Tax Credit (WOTC) is a business credit jointly administered by the IRS and the Department of Labor (DOL). Employers can claim the WOTC if they hire individuals certified by a designated local agency as belonging to one...
Michigan First-Time Home Buyer Savings Program offers favorable state tax treatment to new homebuyers
The Michigan First-Time Home Buyer Savings Program was created in 2022 to assist first-time home buyers (a Michigan resident who has not owned or purchased a single-family residence during a period of 3 years before the date of the purchase...
Caretakers may exclude certain Medicaid waiver payments from income
Family members who care for a disabled relative in their shared home and receive Medicaid payments for this care may qualify to exclude certain Medicaid waiver payments from their gross income calculation. IRS Notice 2014-7 offers guidance on how these...
Employer-provided tuition assistance programs must meet requirements
An employer-provided educational assistance program is a formal plan that offers educational benefits to employees*. The program qualifies under these conditions: It does not favor highly compensated employees**. Exclusion from the program based on a collective bargaining agreement is disregarded...
Tax consequences of compensation clawbacks for issuers and executives
Corporate executives with lucrative contracts may face "clawbacks," where previously paid compensation is reclaimed due to policy violations, breaches of agreement, or legal infractions. This situation triggers tax considerations both for the company initiating the clawback and the executives affected....
New IRS proposal could affect timing of inherited IRA distributions
If you've inherited an IRA in 2020 or later, take note: the wait-until-the-tenth-year approach to distributing the account might no longer work. Most have interpreted the IRS' regulation of the 2019 SECURE Act to mean that an IRA inherited in...
SR Client Question: Is a salary advance taxable?
Some employers allow employees to request a salary advance, receiving their paycheck earlier than the standard payday. For example, if a paycheck is issued on the 1st of the month instead of the usual 15th, the advance received on the...