Category: Business Practices
Are your business assets vulnerable to theft?
The United States Trustee ("UST") encourages every chapter 11 small business owner to think about whether assets essential to the business are protected against theft or fraud. The potential for employee dishonestly, the most common type of business theft, increases...
Changes to partnership audit procedures may prompt the need for review
Congress recently enacted significant changes to partnership audit and adjustment rules which are expected to dramatically increase the audit rates for partnerships. These changes will require partners to carefully review, if not revise, their partnership’s operating agreement. The new rules...
Client Question: What should I do if an employee claims a high number of exemptions?
According to the IRS, if an employee submits a valid Form W-4 that appears to be claiming an incorrect withholding amount, you should withhold federal income tax based on the allowances claimed on the Form W-4. But, you should advise...
How to start a Michigan LLC
Many entrepreneurs in Michigan wonder "How can I legally form my new Michigan business?" We talked about how to choose if you should form an LLC or a Corporation in a previous post, and it's critical you talk to someone like...
Conference call annoyances and how to avoid them
Conference calls are part of many organizations’ business routines. And, sometimes, part of conference calls are routine annoyances: interrupting co-workers, background noise or the awkward silence that comes from waiting on a caller to speak, only to learn the caller...
How to turn constraints into opportunities
When we come up against a constraint in the workplace, such as a lack of resources or an impossible short time frame, we tend to see it as a limitation, which ultimately stifles creativity and performance. But what if we...
IRS Fringe Benefit Guide
[caption id="attachment_3952" align="alignright" width="300"] Hand writing Benefits with blue marker on transparent wipe board.[/caption] The Taxable Fringe Benefits Guide was created by the IRS office of Federal, State and Local Governments (FSLG) to provide governmental entities with a basic reference guide...
Audit statute for net operating losses
Did you know that audits of net operating losses (NOLs) and other carryforwards can reach back past the otherwise applicable statute of limitation? Some amounts that are created in a prior year and carried over to the current year's return...
Understanding the recent changes to Michigan’s unclaimed property laws
Beginning in 2018, all entities registered to do business in the State of Michigan with nothing to report will be required to submit negative reports. In an effort to help our clients understand the recent changes to our state’s unclaimed...
Negative reporting for unclaimed property starts in 2018
Beginning in 2018, all entities registered to do business in the State of Michigan with nothing to report will be required to submit negative reports. All entities have the ability to both report and remit payments electronically. Additionally, Michigan's Voluntary...