Category: Personal Finance

Michigan unclaimed property reports are due soon

Michigan unclaimed property reports are due to be filed by July 1, 2021 for any property that reached its dormancy period by March 31, 2021. Most types of property have a three-year dormancy period, but there are others. This manual...

Taxpayers won’t need to refile to get new $10,200 unemployment tax break in 2020

The IRS plans to automatically process refunds for taxpayers who had unemployment income in 2020 and filed their tax returns before legislation passed that made those benefits tax-free. The American Rescue Plan, which was signed into law by President Joe...

State of Michigan will extend filing deadline to May 17 to match federal extension

The Michigan Department of Treasury will be extending the state tax filing deadline to match with the recently adjusted federal income tax deadline now set for May 17, 2021.  Because the extension is limited to the 2020 taxes, first quarter...

IRS postpones April 15 tax filing deadline to May 17

The IRS is postponing the deadline for all individual tax returns. Returns otherwise due April 15 will not have to be filed until May 17 this year. The postponement applies only to individual taxpayers, who can postpone their federal income tax...

Request a copy of filed 1040 or 1040 transcript with these IRS forms

Filers may seek a copy of a previously filed 1040 federal tax return in two ways: Request a copy of the tax return as filed (Form 4506).  This request will provide an exact copy of what filed and the return...

There’s more than just taxes to consider when choosing a retirement location

If you are nearing retirement age, a move to warmer climates or nearer to relatives might be in your plans.  While lists of the "best" places to retire and rankings based on how states tax retirees are plentiful, and can be...

Take five minutes to secure your tax return from identity theft

The IRS has provided a new way taxpayers can help prevent a tax return being filed under their name and SSN. The recently expanded Identity Protection PIN Opt-In Program provides a six-digit code known only to the taxpayer and to the IRS....

SR Client Question: Do I need to refile my unemployment claim to receive extended benefits?

The newly passed COVID-19 Relief Bill offers extended federal unemployment benefits for states like Michigan.  It appears, at least at this time, that recipients currently receiving unemployment benefits do NOT need to refile to be eligible for the extension.  There...

IRS temporarily stops mailing notices to taxpayers with balances due

The IRS has suspended the mailing of three notices – the CP501, the CP503 and the CP504 – that go to taxpayers who have a balance due on their taxes. Although the IRS continues to make significant reductions in the backlog of unopened mail that...

IRS delays due to COVID-19 may cause check and notice backlog

The IRS is working through its correspondence backlog and is experiencing delays in processing paper returns, due to its limited staff during the pandemic: Checks: The correspondence backlog includes checks that taxpayers have mailed to the IRS (either with or...