We often get asked by clients how long to keep their paper records. Here’s a good list: Three Years (from Date of Filing Return or Due Date of Return, Whichever Is Later) Bank deposit slips Cancelled checks Daily sales records Entertainment records Expense reports Paid vendor invoices Written acknowledgment from charity for contributions of $250 […]
New White Collar Employee Overtime Regulations
The United States Department of Labor recently issued a new overtime regulation related to white collar employees. The new regulation changes the requirements of an employee to be considered exempt or nonexempt from time-and-a-half overtime pay. There are three requirements to being considered exempt from overtime pay (all must be met): Salary Level Test- The […]
Watch Out For Tax Related Scams
Taxpayers continue to be targets of various scams. Here are a few we’ve heard about lately, and encourage you to watch out for: Phone scams – The IRS will never call to demand immediate payment, call about taxes owed without first having mailed a bill, call to demand payment without the opportunity to question or appeal, […]
Start Planning For Next Year
Even though we just wrapped up another busy tax return filing season, its already time to start planning for next year. We would like to help you avoid surprises when preparing your next tax return. Here are a couple common situations we see: Did you have any life changes? Getting married or having a child can […]
Thank You!
As another tax filing season comes to a close, we would like to take this opportunity to say “thank you.” First, we would like to thank our clients. We really enjoy working for and with our clients on a daily basis. We thank you for that opportunity, and appreciate allowing us into your lives and […]
Pay Your Taxes Online
Did you know that both the IRS and State of Michigan offer taxpayers the option of making their tax payments online? Check out the links below: Click here for IRS Direct Pay Click here for the Michigan Electronic Payment system Both of these services are free to you. Note the Michigan payment system charges a fee […]
New Team Members
Back in December, we added three new people to our team. We’re excited to introduce them here: Christin Drozd is from Allegan, MI. She is currently a junior at Hope College studying Public Accounting. Christin has enjoyed getting a glimpse of what the “CPA Life” is all about and working with all the amazing […]
Where Is Your Refund?
If you have filed your 2015 tax return, and are wondering where your refund is, we’d like to make you aware of the following two resources. The IRS’ Where’s My Refund is a great place to start. In order to use this website, you’ll need the following information: Your social security number Filing status Exact […]
Fake IRS Phone Calls
A common scam we see during tax season is phony calls from people stating to be the IRS. They claim they are the IRS and that you owe money. As they get more aggressive, they will try to scare you by threatening that you must pay within the next few hours to avoid going to […]
IRA Contribution Deadlines
Did you know that you may still be able to make a contribution to your Traditional or ROTH IRA for 2015? You have until April 18, 2016 to make the contribution. A contribution to a Traditional IRA can lower your taxable income, and therefore, decrease your overall tax due for 2015. Please consult your financial […]