The IRS has re-issued its warning regarding phone scams. The IRS is still receiving reports that taxpayers are receiving unsolicited calls from individuals claiming to be from the IRS. These calls typically involve a person threatening the taxpayer and demanding immediate payment. The IRS does not contact taxpayers via phone calls out of the blue. […]
Michigan Minimum Wage Change
The Michigan minimum wage will be increasing to $8.15 on September 1, 2014. The minimum wage will continue to increase over the next four years until it reaches $9.25 on January 1, 2018. The current minimum wage is $7.40. The current tipped employee hourly wage rate is $2.65. As of September 1, 2014, the minimum […]
Spotlight On: Transition Planning
Business owners know that at a certain point they will want to transition out of the workforce in some capacity. As a business owner, this makes transition planning of the utmost importance. Dan Kolean enjoys assisting clients with transition planning. Dan likes to help you get answers to questions like: What are you looking forward […]
Spotlight On: Dental & Orthodontic Practices
One of our partners, Andy Johnson, has developed a specialty working with various West Michigan area dental and orthodontic practices. For more than a decade, he has enjoyed working closely with practitioners, helping them gain control of finances to run stronger, more efficient practices. Here are some of the services we offer to our dental […]
IRS Taxpayer Bill of Rights
The IRS has adopted a Taxpayer Bill of Rights that makes it easier to understand what your rights are when dealing with the IRS. The Taxpayer Bill of Rights has been broken down into ten rights. They are: The Right to Be Informed The Right to Quality Service The Right to Pay No More than […]
Tax Information for Students
A summer job is a rite of passage for students. It is a great opportunity for them to not only earn money but also learn about the working world and its responsibilities. One of the first lessons learned by first time workers is how paychecks are taxed. The IRS has published a list of tax information for students. […]
Revenue Recognition
As discussed on the Journal of Accountancy’s website, the road to converging the United States and International accounting standards continues to be long and winding; however, a large accomplishment was reached this week when an agreement was attained on revenue recognition. It has taken 6 years to do this! This new standard will not only […]
The Importance of Cost Basis
It is important to obtain and retain cost basis for sales on investments and securities. The IRS has the right to and will tax the full sales amount if a basis is not provided. Typically, the cost basis will be noted on the 1099 you receive from your brokerage firm; however, if it is not […]
Life after April 15
The stacks of paper miles high, the burning of the midnight oil, and short weekends have faded into the background. We have now spent time outside of our offices collaborating on new projects, stretched our legs with an after tax season celebration, and enjoyed some fresh air while volunteering for Tulip Time (see Life & […]
Individual Shared Responsibility Provision
As of January 1, 2014 it is mandated everyone must be covered by a health insurance plan that meets the minimum essential coverage guidelines. The tax associated with this will be present next year during tax season. If you do not have coverage in 2014 you may have to pay the greater of: $95 per […]