Category: Business Practices
Our CPAs’ advice for small and scaling business owners weathering the pandemic
In times of economic turbulence, a certified public accountant (CPA) can help small and scaling business owners prepare financially for what's ahead. At ShindelRock, our CPAs have been monitoring the near-hourly changes the COVID-19 pandemic has brought to the tax,...
The CARES Act brings help for both individuals and businesses amid coronavirus pandemic
The recently passed Coronavirus Aid, Relief and Economic Security (CARES) Act builds upon earlier versions of the CARES Act and is intended to be a third round of federal government support in the wake of the coronavirus public health crisis, succeeding...
Michigan extends state income tax filing deadline to July 15
Michigan Gov. Gretchen Whitmer announced that the deadline for filing state income tax returns is being moved from April 15 to July 15, following the IRS extension that similarly extended the due date for federal income tax payments amid the...
Paid Sick Leave and Paid Family Leave due to the COVID-19 virus explained
What: Paid Sick Leave and Paid Family Leave due to the COVID-19 virus Effective: Starting April 2, 2020 and expires December 31, 2020 Affects: Any employer with less than 500 employees. Exception: Employers with less than 50 employees may later...
MEDC offers Michigan businesses relief with $20 million grant and loan program
The Michigan Small Business Relief Program will provide up to $20 million in support for small businesses negatively impacted by COVID-19. The funding is divided between $10 million in small business grants and $10 million in small business loans to...
Economic Injury Disaster Loan applications are OPEN in Michigan
The Economic Injury Disaster Loan (EIDL) is a low-interest, fixed-rate loan that can provide up to $2 million in assistance for a small business. You can apply directly on the U.S. Small Business Administration's Disaster Loan Website.
Michigan waiving penalties for Sales, Use and Withholding (SUW) taxes due March 20
For Sales, Use and Withholding (SUW) taxes due on March 20, the State of Michigan is waiving penalties and interest for 30 days for late filings and late payments. Payments can be made penalty-free through April 20, 2020. Talk to...
Low-interest SBA loans coming to Michigan small businesses
Small business owners may get relief from economic hardships brought by the COVID-19 from a coalition of economic developers and entrepreneurial support organizations. The Michigan Economic Development Corp., the state's business attraction and marketing entity, said Tuesday it would work closely...
Tax tips for gig workers
According to a recent article in Forbes, there are some common dos and don’ts for gig workers when it comes to taxes that are often overlooked. Here’s a quick summary. Make quarterly estimated payments Federal income taxes in the U.S....
What happens to tax basis upon death of a business partner?
Upon death, the decedent’s estate is required to report as tax basis for estate tax purposes the fair market values of all applicable assets—either the values at date-of-death, or at the alternate valuation date, if elected. If the value of...