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Understanding how your retirement income will be taxed, particularly at the state level, is a huge consideration when planning. For residents of Michigan or those planning to retire there, it’s essential to know how the state handles the taxation of retirement income. Let CPA Nerds guide you through Michigan’s tax laws and help you make …
Welcome to the stress-free zone of tax preparation! With tax season upon us, CPA Nerds is here to make your tax filing experience as seamless as possible. We’re thrilled to introduce our new 1040 Checklist, a tool that promises to help reduce the stress of tax preparation. The New 1040 Checklist The 1040 Checklist is …
Using Our New Gateway Portal At CPA Nerds, we’re like the superheroes of privacy and security – we’ve got your back! Your comfort is our top priority, especially when it comes to handling your important tax info. That’s why we’ve leveled up our security game! Our new, shiny multifactor authentication process is like a secret …
Strengthening Non-Profits: Financial Audits In the world of non-profit organizations, financial transparency and accountability are paramount. Non-Profit Expert Financial Audits and Reviews need to meet state and federal regulations, as well as to assure donors and stakeholders of their fiscal responsibility, many non-profits turn to expert accounting teams for financial preparation and audit reviews. These …
The “Masters” Rule In the case of Sinopoli v. Commissioner,[1] the taxpayers aimed to take advantage of IRC 280A(g), a clause that permits individuals to lease their personal homes for a maximum of 14 days each year without reporting the income. The taxpayer’s S corporation claimed rental expenses exceeding $290,000 across three years, alleging this …
When navigating the vast landscape of tax forms, you might come across Form 1099-C and wonder about its significance. Fear not, you are not alone in this bewildering tax labyrinth. We understand that tax forms and regulations can be as perplexing as navigating a maze. CPA Nerds shall unravel the enigma of the elusive 1099-C …
What is a Federal Tax Lien? When business owners and individuals don’t pay the income tax they owe, the federal government has methods of recovering the debt. A federal tax lien is one of those tools. A federal tax lien (also called an IRS tax lien) is a legal claim that lets the lienholder take …
Paycheck Protection Program: how much can you get? The CARES Act of 2020 included the Paycheck Protection Program. This stimulus is to help businesses in need during the Coronavirus pandemic as many have a disruption in business. The $349 billion funded under the Small Business Administration (SBA) is intended to provide loans to businesses to …
Top 5 Accounting Software for Small Businesses We have done the research to find you, the small business owner, to find the perfect accounting software. But first, why do you need one? Accounting software helps you manage your business’ finances by tracking everything. Money in, money out, who you owe, who owes you, and so …
Monetizing Your Client Base With another tax season behind us, many accountants are asking themselves “do I want to do this anymore? Nothing gets easier.” The Tax Cuts and Jobs Act (TCJA) created issues and unintended consequences that will take years to fully understand. The Financial Accounting Standards Board (FASB) and other pronouncement authorities continue …
