Category: Business Practices
IRS issues final regulations under section 199A (20% deduction)
The U.S. Department of the Treasury has issued final regulations and other guidance on a substantial provision of the Tax Cuts and Jobs Act, which allows owners of sole proprietorships, partnerships, trusts, and S corporations to deduct up to 20...
Add tax consulting and preparation services to your employee benefit menu
Offering tax consulting & preparation services to your employees is a nice addition to your benefits menu, especially as the deduction for personal tax preparation fees (including payments to accountants, tax prep firms, and the cost of tax preparation software) has been repealed for tax years 2018 through 2025. Studies...
Three Small Business Accounting Resolutions for 2019
Every small business owner should start the year off right, with strategic planning and "resolutions" aimed at solving some of the more vexing management problems facing his or her business. To begin, set aside one 8- hour day with NO...
How small business owners can save on college
Small business owners with college-bound children can save thousands of dollars a year if they plan ahead and adopt a few simple strategies. While it's best to plan when children are young, even some last-minute tips can cut parents' costs....
Children and FICA withholding rules
If a child under age 18 is paid a wage from a sole proprietorship in which one parent is an owner or a partnership in which each owner is a parent, no FICA withholding is required. However, if the wage...
Nurses working independently must apply for LLC, not PLLC
Nurses working independently in the state if Michigan must apply for an LLC, not a PLLC. Here’s why. Under the Public Health Code, a nurse must work under the delegation and general supervision of a physician. Therefore, the service being...
Understanding business fraud warning signs
According to a recent article in the Journal of Accountancy, accountants and business owners should watch for these five common fraud red flags. Living beyond means Unusual email Loose controls Not-so-friendly kickbacks Exceptional performance or cooked books? These are the...
Recent IRS guidance on the deductibility of meals
This month, the IRS issued guidance clarifying that taxpayers may generally continue to deduct 50% of the food and beverage expenses associated with operating their trade or business, despite changes to the meal and entertainment expense deduction under Sec. 274...
Police officers not entitled to compensation under FLSA for donning and doffing police gear
A federal appeals court has affirmed a district court ruling that former sheriff deputies in a Florida police department were not entitled to compensation under the Fair Labor Standards Act (FLSA) for the time they spent donning and doffing police...
Sales tax to be collected from out-of-state online retailers
Following a recent U.S. Supreme Court decision, State Treasurer Nick Khouri announced a change to the state’s sales tax administration that will require many mail order and online retailers located outside of Michigan to pay the 6 percent sales tax...