Category: Business Practices
IRS Services Slowed, But Your Deadlines Still Stand
The federal government has been shut down for over a month, and the effects are rippling across many agencies, including the IRS. While the agency is currently operating with limited staff and reduced services, one thing remains unchanged: your tax...
Tax Rules for Gifts to Employees
Giving gifts to employees is a thoughtful gesture, but if you're not careful, it can also be a tax surprise for both the employee and your business. Before you hand out that gift card, here's what you need to know...
The Hidden Tax Trap of Owning Real Estate in an S-Corp
Choosing an entity structure is not just a legal decision, it is a critical tax planning strategy with long-term consequences. The type of entity that owns real estate will have long term tax consequences. All types of ownership have pros...
Federal Government Shifts to Mandatory Electronic Payments
In March 2025, President Trump signed Executive Order 14247, initiating a major transformation in the way the federal government handles payments. Beginning on September 30, 2025, all payments made by the federal government, including tax refunds, Social Security benefits, and...
My 2024 Tax Filing Is on Extension—Now What? (For Small Business Owners and S-Corp Filers)
If you're a small business owner or S-Corporation filer who requested an extension for your 2024 tax return, you’ve bought yourself a little breathing room—but it’s not a pause button. An extension gives you more time to file, not more...
Quarterly Tax Payment Tips for Self-Employed Professionals in Michigan
If you are self-employed in Michigan, quarterly estimated tax payments are an essential part of staying compliant with both the IRS and the Michigan Department of Treasury. Unlike employees whose taxes are automatically withheld, self-employed individuals must estimate and remit...
March 21 Update: CTA Final Rule Narrows Scope
The Financial Crimes Enforcement Network (FinCEN) has finalized new rules under the Corporate Transparency Act (CTA), significantly shifting compliance expectations for U.S. businesses. Effective March 21, 2025, the updated rule clarifies that U.S.-based companies and their beneficial owners are no...
CTA Update: Reporting Requirements Paused for U.S. Businesses
The Corporate Transparency Act (CTA) requires businesses to disclose beneficial ownership information (BOI) to the Financial Crimes Enforcement Network (FinCEN). However, recent legal challenges have led to a major shift in enforcement. On March 2, 2025, the Treasury Department confirmed it...
BOI Reporting Requirements Extended Again
The Financial Crimes Enforcement Network (FinCEN) has officially extended the March 21, 2024 deadline for beneficial ownership information (BOI) reporting—but don’t relax just yet. A new deadline will be announced by March 21. This update follows a Texas court decision...
Court Sides with IRS: Businesses Must Document Expense Deductions
Tax Court Sides with IRS: Why Businesses Must Document Expense Deductions A recent ruling from the Tax Court highlights the critical need for businesses to maintain proper documentation when claiming expense deductions. The case involved a self-employed individual who failed...