Tag: tax
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...
IRS clarifies changes to the rules regarding dependent care programs
Recent updates to IRS guidance has clarified taxability questions surrounding dependent care assistance programs for 2021 and 2022. Two new federal laws—the Consolidated Appropriations Act (CAA) and the American Rescue Plan Act (ARPA)—have created new opportunities for participants in flexible spending...
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
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)
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...