MRPR Blog

Featured image for “Answering Your Student Loan Forgiveness Questions”

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.
Featured image for “ASC 842 and Why It Matters for Private Companies”

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?
Featured image for “Employee Retention Credit Update”

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.

Subscribe to Our Blog

Get the latest in accounting news!
Subscribe

Featured image for “Michigan Enacts Elective Flow-Through Entity Tax”

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
Featured image for “Three Tax Planning Tips for 2021”

Three Tax Planning Tips for 2021

As the 2021 calendar year comes to a close, it’s important to keep your eyes open on tax changes so you can be prepared for the filing season. Here are some important planning tips: 1. Deduct Business Meals The treatment of business meals and entertainment (either through a business entity or through an individual’s sole proprietorship) has changed significantly since

Tax Planning for the Biden Administration

Potential Strategies to Combat Increased Taxes Many individuals are stuck in a holding pattern as they wait to see what impact the Biden Administration will have on tax regulations. The President has shared what he’d like to see happen, but until those proposals are put into law, it can be hard to know what strategies to take — if any.