Macomb: 586-468-0200 - Novi: 248-380-1811
New IRS Campaign Focuses on Inflated Cost of Goods Sold The IRS’s Big Leagues, aka the LB&I Division, just dropped a spicy new campaign. It’s like the latest summer blockbuster but for taxes! Are you a fan of blowing up the Cost of Goods Sold (COGS) on your tax return? Well, they’re zooming in on …
Unannounced Visits Will End The Internal Revenue Service has declared that effective immediately, random visits to taxpayers by their revenue officers will cease, barring some exceptional situations. Instead of these surprise visits, revenue officers will establish contact with taxpayers via an appointment letter (725-B) and arrange for a subsequent meeting. This change has been prompted …
Did the student loan forgiveness go through? Nope. On June 30th, 2023 the Supreme Court invalidated President Biden’s plan to cancel student loan debt. The ruling determined that the administration lacks the authority to eliminate student loan debt under the HEROES Act. UPDATE: on Friday July 14th, 2023 The Department of Education under President Biden …
2022 Taxes Checklist Whew! Another year, another birthday, and what about those frigid temps for the end of December!? When it gets to the end of the year we tend to think of family, warm fires, and enjoying all those people we love. Call us cynical but, we are thinking of taxes and deductions, forms …
following the mid-year standard mileage rate Increase, IRS raises it again for 2023 Updated: 1/27/2023 The Internal Revenue Service has announced another increase in the optional standard mileage rate for 2023. Taxpayers may use the optional standard mileage rates to calculate the deductible costs of operating an automobile for business and certain other purposes. For …
The Michigan Legislature joined several other states last year in helping eligible taxpayers offset the SALT Deduction Cap with the passage of H.B. 5376. Governor Gretchen Whitmer signed the bill into law in December. So, what does this mean for Michigan businesses? If you have a flow-through entity and you paid more than $10,000 in …
User-friendly access to IRS online tools enables fuss-free management for your accounting needs, minimizing the risks of errors and delays. Conventionally, accessing online IRS services required a manual log-in with IRS usernames and credentials. The IRS recently launched a mobile-friendly verification process with the ID.me online identity network, which allows you to log into your …
Offset Those Winnings! Michigan gambling taxes are getting clarifications. If you hit it big at a Michigan casino (or while playing blackjack from your phone) in 2021, here’s some good news. Historically, the IRS has allowed gambling losses to offset gambling winnings so that taxpayers are not paying tax on the money they don’t have. …
Year-End Tax Tips for a Successful Tax Season There are always changes going on in the tax world, legislation always making things interesting for us. Here are some things you can do NOW that will make your tax return go smoother. Record Keeping There are many different aspects of a tax return that depend on …
Learn More About the Advance Child Tax Credit Heya folks! This summer, the IRS will help families by sending out advance payments of the Advance Child Tax Credit. We’re here to share the news and let you know how to claim your payments. If you are still reading this, then you probably have a qualifying …
