401(k) Tax Notices must be updated for Tax Reform
The Internal Revenue Code (the "Code") requires that each qualified retirement plan sponsor provide a special tax notice to each plan participant. Read More ›
Categories: Employee Benefits, Employment Tax & Withholding, Tax
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The Post-Wayfair Future of SALT Controversies: The Due Process Clause
This is the fourth in a series of articles written for MICPA members examining the far-reaching impact of the Supreme Court’s decision in South Dakota v. Wayfair, Inc. Read More ›
Categories: Tax, Tax Disputes, U.S. Supreme Court, Use Tax
Just the Beginning: Click-Through Nexus after Wayfair
This is the third in a series of articles written for MICPA members examining the far-reaching impact of the Supreme Court’s decision in South Dakota v. Wayfair, Inc. Read More ›
Categories: Tax, Tax Disputes, U.S. Supreme Court, Use Tax
After Wayfair, Is Michigan’s Legislative Nexus Standard the New Bright Line?
This is the second in a series of articles written for MICPA members examining the far-reaching impact of the Supreme Court’s decision in South Dakota v. Wayfair, Inc. Click here to visit the first article. Read More ›
Categories: Tax, Tax Disputes, U.S. Supreme Court, Use Tax
IRS to Announce Proposed Regulations on Full Expensing
Bloomberg BNA reports that the IRS is expected to announce proposed regulations for the full expensing provision under Code Section 168(k) sometime late-June or early-July. Read More ›
Categories: Personal Property Tax, Property Tax, Tax
VCP Fee Change Represents Opportunity for Larger Plans
VCP is a program offered by the IRS to allow sponsors of qualified retirement plans (401(k)/ 403(b) plans) to correct retirement plan errors. An applicant must disclose the mistake in writing and then correct the failure and pay a fee. Read More ›
Categories: Compliance, Employee Benefits, Tax
Should You Convert Your Business to a C Corporation?
One of the biggest questions after the passage of tax reform is whether business owners should convert their pass-through entities to C Corporations to take advantage of the lower 21% tax rate. The answer to this question depends on your business goals. If your goal is to pass as much profit to yourself as possible, you should generally stick with the pass-through entity. Read More ›
Categories: Did you Know?, Tax
How Long Can the IRS Audit?
The general rule is that the IRS has three years from the return's filing or due date, whichever is later, to audit a taxpayer. However, this rule is subject to several exceptions. Read More ›
Tax Reform is Coming
The Senate is anticipated to vote on its own tax reform bill in the near future. Read More ›
Categories: Tax
Projected Increase of Annual Gift Tax Exclusion
Each year a variety of items in the Internal Revenue Code are updated based on inflation, specifically the consumer price index. Read More ›
Categories: Income Tax, Tax
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