Category: SR Client Questions

SR Client Question: What happens if a PPP loan is defaulted upon?

A Paycheck Protection Program (PPP) loan default is treated just like any other SBA loan guaranteed by the government to a lender (under the 7A program, the government secures 85% of a loan to the bank; for PPP loans, the...

SR Client Question: Why haven’t I received my tax refund yet?

There are various factors leading to the Internal Revenue Service's delayed processing of 2020 federal income tax returns. Typically, the IRS sends most refunds within three weeks of taxpayers filing their return. But this year is complicated by several issues,...

SR Client Question: Do I owe Michigan sales tax when I buy a vehicle from a business I own?

The transfer of vehicles from a business entity to the owner of the business is addressed in Revenue Administrative Bulletin 1991-1 and makes, in most instances, the transfer or "sale" of a vehicle from a business to its owner exempt from owing State...

New year is good time to review basic rules surrounding Forms 1099-MISC and W-9

For most businesses, January means the annual completion of Forms 1099-MISC, which makes this a good time to review the basics surrounding this standard reporting procedure.  In general, amounts paid in the course of your trade or business to a...

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...

SR Video Client Question: “What are the benefits of year-round tax planning?”

[video width="1920" height="1080" mp4="http://www.shindelrock.com/wp-content/uploads/2020/08/ShindelRock-video-MM-Tax-Planning-4.mp4" poster="http://www.shindelrock.com/wp-content/uploads/2020/08/ShindelRock-video-MM-Tax-Planning.png"][/video]

SR Client Question: Can adding my child to our Michigan home’s title prevent the property tax value from uncapping when I pass?

If you add your child as a co-owner of real property, he or she won’t get a full step up in basis when it is sold after your passing. Also, there is a risk of re-assessment for real estate taxes...

SR Client Question: Can you collect unemployment pay if you received severance pay?

An individual cannot collect full unemployment benefits if there is severance pay that is allocated, by the employer, to the weeks of unemployment benefits. If there is no specific allocation of the specific weeks of severance pay by the employer,...

SR Client Question: How safe are password managers?

Many of our clients use password managers to protect and store their password libraries.  With sometimes hundreds of unique log-ins between business and personal accounts, it can become unmanageable to remember each username and password.  The convenient password managers built...

Can partners concurrently be employees?

Question:     Can a partner in a business, for tax purposes, also be an employee? Answer:        A partner CANNOT be an employee of the partnership. This conclusion is per the following: a) I.R.S. Revenue Ruling 69-184...