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Celebrating MRPR’s 50th Anniversary: Opportunity in Numbers
At MRPR, we live by our motto of Opportunity in Numbers. As we celebrate our biggest number yet, our 50th Anniversary, we’re taking the opportunity to reflect on the values that got us here, the clients and team members that have grown with us, and why MRPR has stood the test of time.
Important Michigan Treasury Online Payment Changes
On April 13, Michigan Treasury Online (MTO), the online service that allows businesses to file and pay business taxes, will transition from their current payment platform PayConnection to Paymentus.
The Corporate Transparency Act
As of January 1, 2024, the Corporate Transparency Act (CTA) is in effect. Enacted as part of the 2021 National Defense Authorization Act, the CTA is the United States Government’s latest step to improve business transparency and stymie companies, entities, or people engaging in tax fraud, money laundering, and other types of business fraud.
1099-K Updates Delayed Again
Earlier this year, we discussed Form 1099-K and the IRS’ plans to delay its updated reporting threshold until the calendar year 2024/tax year 2023. In November, the IRS released Notice 2023-74, which details plans to continue this delay for another year, followed by a phased implementation. A little confusing? Let’s recap from the top.
EFTPS Now Requiring Multifactor Authentication
Beginning October 19, 2023, the Electronic Federal Tax Payment System (EFTPS) now requires multifactor authentication (MFA) for individuals and businesses to use the system. MFA is a cybersecurity best practice and adds another layer of security to the EFTPS.
IRS Releases Guidance on Employee Retention Credit
On September 14th, the IRS announced it would place a moratorium on processing new Employee Retention Credit (ERC) claims that would run through at least December 31st. The ERC, introduced in the Coronavirus Aid, Relief, and Economic Security (CARES) Act, is a refundable tax credit for businesses and tax-exempt organizations that had employees and were affected during the COVID-19 pandemic.