Category: Personal Finance

Students and parents should know the taxability rules of scholarships and grants

If you or your student receive a scholarship, a fellowship grant, or other grant, all or part of the amounts you receive may be tax-free, but there are parts that may not qualify and should be included as part of...

2021 federal tax season dates announced; expect delays

The 2021 tax filing season will begin on Monday, January 24, 2022, and run through April 18, 2022. However, taxpayers are warned that between the ongoing pandemic and a lack of resources at the Internal Revenue Service, returns could be slow...

New increase in Personal Property Tax exemption effective for 2023 filings

House Bill 5351, approved by Michigan Governor Gretchen Whitmer on December 23, 2021, amends MCL 211.9o to increase the combined true cash value limit for personal property in a local unit from $80,000 to $180,000.  The changes do not take effect...

SR Client Question: Do I need to pay tax on the sale of an asset paid out over many years in the year it’s sold or as I collect the installments?

Installment payments made on an asset, such as a stock sale payout stretched over many years, or a mortgage held by the seller, can spread the tax owed by the seller on the income generated over the years the installments...

Reporting guidelines for cryptocurrency, digital assets change under Infrastructure Bill

Although not slated to take effect until January 2024, cryptocurrency investors and other digital asset holders should be aware of new reporting requirements spelled out in the recently signed $1.2 trillion Infrastructure Investment and Jobs Act: Form 1099-B Reporting Requirements: Cryptocurrency...

SR Client Portal now requires multi-factor authentication (MFA) for added security

ShindelRock clients who log in to the SR Client Portal will now see additional layers of security protecting their accounts, with the launch of multi-factor authentication (MFA) and reCAPTCHA. MFA and reCAPTCHA add a layer of protection to the sign-in...

401(k) Contribution Limit increased to $20,500 in 2022

Starting in 2022, the maximum contribution that individual U.S. taxpayers can contribute to their 401(k) plans will increase to $20,500, up from $19,500 for 2021 and 2020. The limit on annual contributions to an IRA remains unchanged at $6,000. The...

What to do first when your identity is stolen

The Federal Trade Commission has a new resource to help people whose identity is stolen, to report the theft and begin the restoration process at IdentityTheft.gov.  In addition to engaging in the FTC process, we recommend the following basic first steps:...

Social Security beneficiaries to receive 5.9% increase for 2022

On October 13, 2021, the Social Security Administration (SSA) announced that in 2022, benefits will increase by 5.9%. In addition, the Social Security wage base will increase from $142,800 to $147,000.  This change reflects the largest cost of living adjustment...

Taxpayers should obtain Identity Protection PIN each year for tax filing security

In an effort to provide enhanced security to federal income taxpayers, the IRS is offering a voluntary, opt-in Identity Protection (IP) program for taxpayers. The PIN is a six-digit number known only to the taxpayer and the IRS and prevents someone else...