Tag: income tax

“Snowbirds” may want to establish residency in their low-tax Florida winter destination

Florida's sunny winter climate is not its only attraction for retirees from chilly northern climates; Florida is also one of only nine states without an income tax. For "snowbirds" who summer in a high-tax state up north, there is a...

Determining nexus for multi-state income tax filings for businesses

Establishing "nexus" of a corporation's business activity determines the state or foreign country which has jurisdiction to impose an income tax or franchise tax measured by net income.  For businesses generating revenue in multiple states, or doing activities that generate...

Online tool to register for monthly Child Tax Credit payments is now available

  • June 21, 2021
  • Maria Montie, CPA, MST, CVA, MAFF

The Treasury Department and the Internal Revenue Service have unveiled an online Non-filer Sign-up tool designed to help eligible families who don’t normally file tax returns register for the monthly Advance Child Tax Credit payments, scheduled to begin July 15....

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 waives penalty for underpayment of estimated income tax

  • January 14, 2019
  • David Shindel

The IRS recently announced that it will waive the Section 6654 penalty for the underpayment of estimated income tax for certain individuals who would otherwise be required to make estimated payments on or before January 15, 2019. The waiver is...

Where services revenue is sourced has changed for Michigan cities

The rules for where city sales for service-based businesses are sourced has changed, but the city of Detroit may appeal it. Honigman, the largest law firm in Detroit, wanted to source its services not based on where its attorneys were...

Income tax ramifications of Bitcoin, Ethereum, Ripple Litecoin and other cryptocurrencies

Cryptocurrency is an electronic medium of exchange; Bitcoin, Ethereum, Ripple, and Litecoin have become some of the most widely circulated digital currencies, and the rapid growth of the market has invited both experienced HODLers and new speculators to invest in...

How to save taxes if you have residences in more than one state

Being domiciled in a state for tax purposes requires some planning, but can save a great deal of taxes. Each state has mechanisms to protect its residents from another state's income tax. Some planning and attention to the rules can...

2017 Federal Tax Key Facts & Figures

In partnership with PayChex, we're pleased to offer 2017 Federal Tax Key Facts and Figures our clients' reference.

FBAR deadline moves up to April 15

  • August 27, 2015
  • Maria Montie, CPA, MST, CVA, MAFF

This article appeared in Accounting Today. It’s the beginning of the end of the filing date disconnect between foreign bank account reports and income tax returns. On July 31, President Obama signed the Surface Transportation and Veterans Health Care Choice...