Category: Business Practices
Penalty relief for 2016 partnership filings
The IRS has issued a notice providing more time for partnerships, real estate mortgage investment conduits and some other types of businesses to file their returns. If your partnership has received a late filing notice for 2016 tax year because...
Michigan’s minimum wage to increase on January 1
On January 1, Michigan's minimum wage will increase to $9.25 per hour, up from $8.90 per hour. The increase is the third and final scheduled increase approved in 2014 by the Legislature. They started in 2016, when the minimum wage...
How to prepare for the annual review of your employee retirement plan
This article appeared in the Journal of Accountancy on November 1, 2017. Many business owners believe their work is done once they establish an employee retirement plan. They don't realize how important it is to review the plan annually and...
Year-end checklist for employers
Courtesy of PayChex, below is a year-end checklist for employers. Have you reported the following information? All payroll checks issued in-house Voided checks Employee pension information Group Term Life adjustments Tax deposits made for an amount other than the amount...
Using the Corporations Online Filing System (COFS)
The State of Michigan recently made changes the to the way Corporations and LLCs renew their annual reports online. The Corporations Online Filing System (COFS) is now available and allows businesses to submit documents and annual filings online, pay filing...
Reporting cash transactions over $10,000
The Internal Revenue Code (IRC) provides that any person who, in the course of its trade or business, receives in excess of $10,000 in cash in a single transaction (or in two or more related transactions) must report the transaction...
Monitoring fraud risks in the supply chain
Nearly one-third of about 2,600 supply chain professionals said their companies experienced supply chain fraud, waste or abuse the previous year, but only 40% had a program in place to detect or prevent these issues. Companies can probe one of...
IRS issues proposed regulations for TTINs on Forms W-2
In an effort to reduce identity theft, the IRS has issued proposed regulations that would permit employers to use truncated taxpayer identification numbers (TTINs) on Forms W-2, Wage and Tax Statement, issued to employees (REG-105004-16). Permissible TTINs are Social Security...
Shared services benefits for CPAs
Client needs have become increasingly complex over the years and with this comes new opportunities for accounting firms to evaluate how they might increase the services they are able to offer clients without adding overhead or resources in-house. A solution...
Fraud controls may be lacking at smaller organizations
Organizations with fewer than 100 employees significantly trail their larger counterparts in the implementation of formal antifraud controls, according to a worldwide survey by the Association of Certified Fraud Examiners (ACFE). The industries most commonly victimized by fraud are banking...