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The Gift Tax: IRS Rules What’s the Tift Tax? Quick Review: The gift tax applies when you transfer assets to someone without getting the full value in return. If the value of your gift exceeds the yearly limit, it might require you to submit a gift tax return. However, filing doesn’t always translate to owing …
The inflation and recession relationship In the vast landscape of economic phenomena, two terms often dominate discussions: inflation and recession. While they may seem distinct, their interplay significantly influences global financial dynamics and everyday life. Inflation, the steady rise in the general price of goods, erodes the purchasing power of money, subtly taxing consumers without …
Hey there, fellow CPA nerds! We’ve got a question that might have crossed your mind while crunching numbers: Do nonprofits in Michigan have to file a tax return since they don’t owe tax? Well, the answer might surprise you, but it’s a resounding yes! So, grab your pocket protectors, and let’s dive into the fascinating …
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 …
Should a Non-Profit pay taxes on their property? In Michigan, there’s a property tax exemption for charitable institutions that own and use property exclusively for their charitable purposes. However, some assessors wrongly denied this exemption to charities that charged fees for their services, arguing that they were operating like businesses. In 2006, the Michigan Supreme …
Understanding the IRS Audit Process in Metro Detroit and Macomb County, Michigan Reminder and, shameless plug here: The seasoned experts at CPA Nerds, Lotito & Lazzara bring a comprehensive understanding of IRS audits, ensuring that their clients navigate the process with clarity and confidence. With their extensive experience and deep knowledge of tax laws and …
Michigan State Income Tax Guide Michigan’s tax system ranks 12th overall, according to the 2023 State Business Tax Climate Index. If you live, work, do business, or earn income in the Great Lakes state, it can be confusing to understand how the income tax system works since some cities levy additional income taxes with varying …
IRS Announces Requirement to E-file Form 8300 Hold onto your digital hats, folks! The IRS, in their never-ending quest to be the life of the party, just dropped a tech-savvy bombshell. Starting on the futuristic date of 1/1/24, businesses must embrace the 21st century and electronically file Form 8300, the Report of Cash Payments Over …
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 …
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 …
