Category: SR Client Questions

SR Client Question: Is a salary advance taxable?

Some employers offer employees the option of requesting a salary advance ahead of the standard payment date; for instance, the paycheck would be issued on the first of the month, as opposed to the standard payday of the 15th of...

SR Client Question: Do I issue a Form 1099 to a law firm collecting fees for my medical practice?

When a medical practice or other business engages, on a contingent basis, a law firm or other third party to collect outstanding fees or invoices on its behalf, there are two different tax code sections that are relevant. Assuming that...

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?”

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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,...