Tag: tax
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...
Michigan extends state income tax filing deadline to July 15
Michigan Gov. Gretchen Whitmer announced that the deadline for filing state income tax returns is being moved from April 15 to July 15, following the IRS extension that similarly extended the due date for federal income tax payments amid the...
Michigan waiving penalties for Sales, Use and Withholding (SUW) taxes due March 20
For Sales, Use and Withholding (SUW) taxes due on March 20, the State of Michigan is waiving penalties and interest for 30 days for late filings and late payments. Payments can be made penalty-free through April 20, 2020. Talk to...
New 90-day Delay in Tax Payment Deadline Offers Relief to U.S. Taxpayers
Treasury Secretary Steven Mnuchin announced that individuals and corporations can delay their tax payments for 90 days due to the coronavirus pandemic. Individuals can defer up to $1 million in payments for 90 days from the April 15 deadline and...
Tax tips for gig workers
According to a recent article in Forbes, there are some common dos and don’ts for gig workers when it comes to taxes that are often overlooked. Here’s a quick summary. Make quarterly estimated payments Federal income taxes in the U.S....
How long should a business keep its records?
This question is regularly asked by our clients. Retention of financial records can be time-consuming, and many times will require a significant amount of floor space to keep these records. Some of our clients are hesitant to throw any records...
Five tips to make the most of your non-cash donations
According to a recent article in USA Today, taxpayers should take into account these five tips when making non-cash donations this holiday season. Assess the condition of your items. The IRS says clothing and other household items should be in...
Michigan Treasury outsourcing collection of past-due taxes
Michiganders with past-due tax debts or other state debts may receive a call this fall from one of two contractors operating on behalf of the Michigan Department of Treasury. Beginning on Nov. 15, taxpayers who have been referred to collections...
IRS cancels postcard-sized income tax return
According to a recent article from The CPA Practice Advisor, plans to provide taxpayers with a postcard-sized Form 1040 have been officially scrapped. The IRS is now working on a version that‘s shorter than the traditional 1040, but looks more like the typical...