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When it comes to taxes, timing is everything. Whether you’re a small business owner, self-employed, or an individual taxpayer, missing the tax filing deadline can lead to unwanted financial consequences. At CPA Nerds, we regularly get asked: “What happens if I file my taxes late?” In this article, we break down the potential penalties, interest …
Breaking Down the CTA Ruling Corporate Transparency Act Update March 3rd, 2025 – And the beat goes on….and on…. Great news for business owners and accountants! The Treasury Department just dropped a game-changing announcement: No more penalties or fines for U.S. businesses under the Corporate Transparency Act’s beneficial ownership reporting rules—now or after the upcoming …
Tax season can be confusing at the best of times, especially when awaiting your Michigan state tax refund. Understanding how the refund process works and what to expect can help ease concerns and set realistic expectations. If you’re wondering where your Michigan tax refund is, how long it will take to receive it, and …
Sourced from the American Society of Employers‘ newsletter. On Thursday, February 20, 2025, just before the Earned Sick Time Act and Minimum Wage Act (ESTA) were to take effect, the Michigan Legislature amended the two laws. The Governor is expected to sign these amendments into law soon. The following are the amendments to these laws. …
Michigan’s Earned Sick Time Act (ESTA) is set to take effect on February 21, 2025, introducing significant changes to employee sick leave entitlements across the state. This article delves into the specifics of ESTA, its legislative journey, and its implications for both employers and employees. What Is The Earned Sick Time Act? The Earned Sick …
February 2025 Update: Corporate Transparency Act reporting requirements back in effect Following the U.S. District Court for the Eastern District of Texas ruling on February 18, 2025, in Smith, et al. v. U.S. Department of the Treasury, et al., 6:24-cv-00336 (E.D. Tex.), the beneficial ownership information (BOI) reporting requirements under the Corporate Transparency Act (CTA) …
A 1031 exchange allows real estate investors to defer capital gains taxes when selling one property to buy another. However, specific actions during this process can create a “boot,” which is taxable. Knowing how these actions can trigger boot is key to maximizing the tax benefits of your exchange. In this article, we’ll review several …
Retirement Withdrawals & Medicare In 2025, retirees often encounter two big surprises when it comes to Medicare: 1. Medicare Isn’t Free: While Medicare provides health coverage for those over 65, the costs vary based on income and coverage choices. 2. Premiums Can Fluctuate: Medicare Part B and Part D premiums are tied to your income …
Welcome to your stress-free tax preparation headquarters! With tax season just around the corner, CPA Nerds is here to simplify the process and make filing your taxes a breeze. Say hello to our updated 1040 Checklist—a handy tool designed to take the hassle out of tax prep and keep you organized every step of the …
IRS to Pensioners: Don’t Skip Your RMDs or Risk a Hefty Tax Bite The IRS has issued a no-nonsense reminder to pensioners: if you’re 73 or older, it’s time to take your Required Minimum Distributions (RMDs). Failure to do so could land you with a tax penalty that might make you wince—a hefty up-to-25% bite …
