Tag: tax

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...

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...

IRS delays start of 2020 tax filing season to Feb. 12, 2021

  • January 22, 2021
  • ShindelRock

The Internal Revenue Service announced that the nation's tax season will start on Friday, February 12, 2021, when the tax agency will begin accepting and processing 2020 tax year returns.  It has advised people to file their returns electronically and...

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

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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...

Protective claim for 2016 Medicare surtax and NIIT must be filed by July 15 (or later in 2020 if you extended and timely filed your 2016 return)

  • July 10, 2020
  • Maria Montie, CPA, MST, CVA, MAFF

Recently, the U.S. Supreme Court agreed to hear appeals concerning the constitutionality of the Affordable Care Act (ACA).  If the Court eventually determines the ACA is unconstitutional it could affect the legality of the taxes the ACA imposes—in particular the...

Pandemic relief programs for businesses

**Federal and state programs created in response to the COVID-19 pandemic are changing fast, and updates will be made here as more information is made available and are current as of the publishing date.** The ShindelRock tax professionals have been...

Stimulus checks are coming, including for those who don’t typically need to file tax returns

The recently-passed CARES Act gives the IRS authority to automatically send the Economic Impact Payment to Americans who qualify at certain income thresholds.  Most will be evaluated as meeting the income criteria* as evidenced by their 2018 or 2019 income...

IRS extends more tax deadlines to cover 6/15 estimates, 2016 amended 1040s, and other returns

To help taxpayers amid the COVID-19 pandemic, the Department of Treasury and the Internal Revenue Service extended additional key tax deadlines for individuals and businesses. Last month, the IRS announced that taxpayers generally have until July 15, 2020, to file and...

The CARES Act brings help for both individuals and businesses amid coronavirus pandemic

The recently passed Coronavirus Aid, Relief and Economic Security (CARES) Act builds upon earlier versions of the CARES Act and is intended to be a third round of federal government support in the wake of the coronavirus public health crisis, succeeding...