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What Does a Lame Duck Congress Mean for Year-End Taxes?
As 2022 winds down, the same goes for our Senators and Representatives in Congress. And after a midterms election where Republicans took control of the House of Representatives and Democrats maintained control of the Senate, the 117th Congress begins what is known as a lame-duck session, before the new congressional session begins on January 3rd, 2023.
‘Tis the Season to Give… And Get a Tax Break!
As we approach the holiday season, employers everywhere are giving gifts to their employees to mark the festivities and show their appreciation for a job well done. If those gifts are in compliance with the Internal Revenue Code, the employers can get a gift of their own – in the form of a valuable tax deduction! Read on to find
Answering Your Student Loan Forgiveness Questions
On August 24th, President Biden announced a plan to cancel thousands of dollars of student loan debt for millions of Americans. The plan included forgiving $10,000 in debt for those earning less than $125,000 per year and $20,000 for those that received Pell grants.
ASC 842 and Why It Matters for Private Companies
The lease accounting standard ASC 842, which was postponed for non-public companies due to COVID-19, also known as Leases (Topic 842), is going into effect for many companies this year. So, what is ASC 842 and what does it mean for your company going forward if you plan on adopting the standard?
Employee Retention Credit Update
Folks in the Restaurant Industry will want to pay close attention to the IRS’s latest update to the Employee Retention Credit.
Michigan Enacts Elective Flow-Through Entity Tax
On December 20th, 2021, Governor Gretchen Whitmer signed Michigan HB 5376, which creates an entity-level tax for pass-through entities (PTEs) that do business in the State of Michigan. Under this new law, PTEs would declare and pay tax on their Michigan taxable income on behalf of their shareholders or entity level partners, and would deduct these taxes from the federal