The Internal Revenue Service is warning taxpayers of a new ‘unclaimed refund’ scam. This scam attempts to mislead people into believing they are owed a tax refund. This is another example of identity thieves posing as the IRS in hopes of tricking people into providing valuable personal information – allowing them to steal identities and […]
Standard Mileage Rate Increases July 1, 2022
The IRS has announced it is making a midyear increase to the optional standard mileage rate. As of July 1, 2022, the standard mileage rate for business travel will be 62.5 cents per mile for the last half of the year (up from 58.5 cents per mile for the first half of 2022). Typically, this […]
Intern Introduction – Anna Mason
Anna joined Geenen and Kolean as an intern in January 2022. She is a Junior from Hope College studying Public Accounting with a minor in Classical Studies. Anna attended a small classical high school in Hudsonville, MI, where she ran cross country and track. Q: What do you hope to learn from your internship? […]
Intern Introduction – Kaylyn Holtrop
Kaylyn Holtrop joined our firm as an intern in January 2022. She is a Junior at Hope College and is majoring in Public Accounting and Business. Kaylyn grew up in Grand Rapids, MI and went to Kenowa Hills High School, where she played basketball and soccer. Kaylyn went on to continue basketball at Hope College […]
Michigan Unemployment Compensation 1099-G Forms Delayed
Several taxpayers will need to hold off on filing their tax returns a bit longer this year. Taxpayers who received Michigan unemployment benefits in 2021 are still waiting on Form 1099-G that reports these benefits. The Michigan Unemployment Insurance Agency (UIA) recently announced that 1099-G forms will not be ready until the end of February […]
Stimulus Payment and Child Tax Credit Letters
In order to be prepared for this tax filing season, be on the lookout for letters from the IRS if you 1) received the third stimulus payment and/or 2) received advanced Child Tax Credit payments in 2021. The IRS will begin sending out Letter 6475 in late January. This letter applies to those who received […]
Issuing Form 1099s
As we enter the new year, it is once again time for trade and businesses to issue Form 1099s. Payments totaling $600 or more (unless specified otherwise) in a year that you make in the course of a trade or business may require you to issue a Form 1099 to the payee. Below is a […]
Year End Payroll
As 2021 comes to an end, we recommend businesses start preparing for year-end payroll forms sooner rather than later. Below are a few suggestions on what to do to get ready for year-end payroll forms: Review employee’s addresses and social security numbers so they are accurate on W-2s. Review Health Savings Account (HSA) and retirement […]
Social Security Updates for 2022
The Social Security Administration recently announced several changes to Social Security for 2022. The main one being that Social Security benefits will see a cost-of-living adjustment of 5.9% for 2022. This is up from 1.3% for 2021. Those pulling Social Security will receive this increase in benefits starting in 2022. For those who are younger […]
Nonresidential Building Improvements
Can I deduct nonresidential building improvement expenses? It depends on the type of improvement, but the Tax Cuts and Jobs Act of 2018 allows businesses to expense more types of nonresidential building improvements instead of depreciating them over several years. This change is due to the fact that building improvements now potentially qualify as section […]