What penalties accrue if you don't make the deadline to file your taxes? If you are due a refund, there is no penalty if you file a late tax return; however, if you owe tax you will most likely owe interest and penalties on the tax you pay late. The IRS breaks down two penalties that may apply in this short article titled "Things You Should Know about Filing Late and Paying Penalties."
If you have questions about your taxes please contact one of Foster Swift's knowledgeable tax attorneys.
Sales and Use taxes are basically a 6 percent tax on the sale, use and consumption or storage of tangible personal property in the state of Michigan. Michigan has ramped up its enforcement of these two taxes. In short, Michigan is getting less revenue from its traditional tax basis so the state is really looking to enforce compliance with the sales and use tax more than what they used to. What does that mean for you? It means that you might get audited. Learn more about what you should do if you get audited in the video below.
A new phishing email scheme that purports to be from company executives and requests personal information on employees was identified by the IRS. This email scheme, known as "spoofing," will contain for example the actual name of the CEO. The "CEO" sends an email to payroll or HR and requests a list of employees and information including social security numbers. For more information on this scheme, click here.
Categories: News & Events
Each year the IRS alerts taxpayers about potential tax scams, and publishes its list of the “Dirty Dozen” problem areas. In its 2016 list, the IRS warns taxpayers about fake charities, identified as “groups masquerading as charitable organizations to attract donations from unsuspecting contributors.”
According to IRS Commissioner John Koskinen, “Fake charities set up by scam artists to steal your money or personal information are a recurring problem. Taxpayers should take the time to research organizations before giving their hard-earned money.” Read More ›
Do you believe you are a victim of identity theft? The IRS recently released tips for using credit bureaus to help protect your financial accounts. If you believe you are a victim of identity theft, the IRS suggests that you contact one of the three major credit bureaus to place a "fraud alert" on your credit account.
The three main credit bureaus are:
- www.Equifax.com/CreditReportAssistance; 888-766-0008.
- www.Experian.com/fraudalert; 888-397-3742.
- www.TransUnion.com/fraud; 800-680-7289.
Categories: News & Events
Owners have a great reason to work hard to grow their business—they’ll make more money. Do your employees have the same motivation? If not, you should consider improving your business’s compensation strategy.
Typical compensation strategies often motivate employees to do just enough to keep their jobs. An example is the strategy of combining a competitive base salary with a discretionary annual bonus program. Although the resulting competitive pay should help to attract and retain employees, it will often fail to align your employees’ goals with the goals of the business. Read More ›
Identity theft can be frustrating and time-consuming. It is always important to be on guard, especially online.
The IRS put together seven steps that you can make part of your routine to protect your tax and financial information: Read More ›
Categories: News & Events
The holiday season is well underway and if you plan on donating money or property to a charity this year, you are going to want to know these six tips before you give. The IRS recommends that you should keep these in mind:
- Give to qualified charities.
- Keep a record of all cash gifts.
- Household goods must be in good condition.
- Get an acknowledgement form from a charity for each deductible donation of $250 or more.
- Deduct contributions in the year you make them.
- Special rules apply if you give a car, boat or airplane to charity.
The U.S. Securities and Exchange Commission "SEC", in a 3-2 vote, recently adopted final rules implementing “CEO pay ratio” disclosure requirements (the “Rules”). The Rules were proposed in 2013 and mandated by Congress pursuant to Section 953(b) of the Dodd-Frank Act, and require public companies to disclose how their principal executive officer’s pay compares to that of all company employees. Companies will be required to begin complying with the Rules during a company’s first full fiscal year beginning on or after January 1, 2017 (the 2018 proxy season for calendar fiscal year companies). The full text of the Rules is available here.
Before adopting the Rules, the SEC solicited comments on the proposed pay rules. Despite considerable negative feedback, the SEC - voting along party lines - adopted Rules that are consistent with its initial proposal, leaving largely intact many of the most debated and controversial issues.
The Rules require public companies to disclose: Read More ›
The Michigan Department of Treasury has published its Other Deductions Manual (the “Manual”). The Manual provides a listing and analysis of the common sales and use tax exemptions.
If you are a business subject to Michigan sales or use tax, then the Manual is a helpful resource to have on file.
The Manual can be downloaded by clicking this link.