Category: Business Practices
IRS issues new guidance on cryptocurrency and digital assets
The IRS recently made several updates related to cryptocurrency and digital asset transactions which investors and digital asset owners should be aware of: Revenue Ruling 2023-14 There has been debate for some time about the treatment of staking activities. Some...
IRS moving forward with ERC claims
The IRS is adding new actions to help process valid Employee Retention Credit claims amid misleading marketing that led to an exceptionally high rate of improper ERC claims. The IRS says it did not have the resources to process the...
Michigan Supreme Court upholds minimum wage increase, will affect tipped workers
On July 31, 2024, the Michigan Supreme Court issued a ruling that upheld the state's minimum wage law, which is significant because it affirmed the increases to the minimum wage that had been set by previous legislative and ballot initiative efforts. The...
SR Client Question: How do I compensate nonexempt employees for travel time?
Time spent traveling during normal work hours is considered compensable work time. Normal work hours are defined as the standard hours a company is posted open, or in the case of flexible company hours, the standard hours an employee typically...
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...
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...
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...
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...
2024 Standard Mileage Rates announced
Beginning January 1, 2024, the standard mileage rates for cars, vans, pickups, and panel trucks will be 67 cents per mile for business purposes, 21 cents per mile for medical or moving purposes for qualified active-duty members of the Armed...
Reasonable Compensation for Determinations of Business Valuations
Closely held businesses often require valuations for various purposes such as securing loans, estate planning, business acquisitions, and strategic planning. One critical aspect of valuing these businesses is assessing the adequacy of compensation paid to owners. Normalization Adjustments Valuing a...