The IRS reports that hackers have breached its “Get Transcript Online” service for taxpayers and obtained more than 104,000 pieces of taxpayer identity-sensitive information from 200,000 taxpayers. According to the IRS, hackers had previously gained sufficient information from an outside source before trying to access the IRS site, allowing them to clear a multi-step authentication […]
Posts by Category: Blog
Obamacare, bitcoin add twists to 2014 tax filing checklist
You’re finally ready to sit down and do your taxes. Are you sure? The only thing worse than filling out your 1040 and all those other forms is finding that you forgot something and have to file an amended return. A tax-filing checklist will help ensure you have all the information you need to completer […]
Vehicle Depreciation and Deduction Limits for Your 2014 Tax Return
The IRS has issued the depreciation deduction limitations and lease inclusion amounts for vehicles purchased or leased in 2014. In general, there are two methods for computing vehicle expenses, the standard mileage rate (56 cents per mile for 2014, 56.5 cents per mile for 2013 and 57.5 cents per mile for 2015); or the actual […]
Meet the Banker – Learn How to Prepare for a Commercial Loan
Improve Your Odds When Seeking A Small Business Loan Learn how to prepare when approaching lenders for a small business loan. SBA and banking representatives will make presentations and answer questions. Wednesday, February 18, 2015 6:00 p.m. to 8:00 p.m. NEW Center Office Building 1100 North Main, Suite 109 Ann Arbor, MI 48104 There is no […]
NEW RULES for IRA Rollovers Begin 1/1/15
The IRS clarified in IR-2014-107 the impact that a 2014 IRA rollover has on the one-per-year limit on tax-free rollovers between IRAs. Before 2015, the one-per-year limit applies only on an IRA-by-IRA basis (that is, only to rollovers involving the same IRAs). BEGINNING IN 2015, the limit will apply by AGGRAGATING ALL of an individual’s […]
Changes in Limitations and Deductions Updated
This is the time of year when the IRS presents new values/limitations on all sorts of items in the tax code. Following are several that you will want to be aware of: Section 179 (immediate write-off of equipment purchases) is currently limited to $25,000 for tax year 2014. (We will see if this is changed […]
Higher Contribution Limits for Tax-Deferred Pension, Retirement Plans
On October 23, the IRS issued a news release (IR 2014-99) announcing cost-of-living adjustments affecting dollar limits on tax-deferred contributions to retirement plans and eligibility for retirement-related benefits for the 2015 tax year. Among the changes to the limits, the elective deferral for employees who participate in Section 401(k), 403(b), most 457 plans and the […]
Can State Law Require On-Line Retailers To Report Purchases By State Residents?
We encourage our clients who do online purchases and DO NOT pay Michigan Sales to to self report. The problem is tracking during the year where you have paid sales tax (ignore the purchase) and where you have not! (eas) *************************************************************************************************** As we all know, the growth in e-commerce has put brick-and-mortar retailers at a […]
New Earning Limit for Social Security Tax
The maximum amount of earnings subject to Social Security tax will rise to $118,500 in 2015, from the current $117,000, the Social Security Administration announced October 22. The SSA news release, available here, said that about 10 million workers will pay higher taxes because of the increase in the taxable maximum. Monthly benefits for Social […]
“Know Your Numbers” Workshop
This is not very far from Detroit… and may be a great resource for you! eas ************************************************************************************************** Sponsored by the Small Business Development Center of Michigan Five Keys to Using Financial Statements to Maximize Cash Flow and Increase Access to Capital WHO SHOULD ATTEND?? Experienced business owners and key staff who want to have a […]