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Millions of American taxpayers received federal benefits intended to provide relief from the economic impact of COVID-19 shutdowns, in the form of stimulus payments and unemployment compensation, during 2020. As we begin the new year and look to the…
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You may have noticed that the IRS has been pushing us more and more toward electronic filings, as opposed to paper. Up until now, most nonprofits have escaped that push. That exemption from electronic filing requirements vanished this summer, however…
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If you’ve lived in Michigan a while, you know that we have a quirky system for determining the “Taxable Value” of residential real estate. Under Proposal A (passed in 1994), the increase in the taxable value of residential real estate cannot ex…
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We can each gift unlimited wealth to our spouses without having to pay gift tax. In addition, we can each make lifetime gifts totaling $11,400,000 to people other than our spouses before gift tax kicks in. This number is indexed for inflation, so it…
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The reforms in the Tax Cuts and Jobs Act represent the most sweeping tax overhaul in 30 years. Here are some of the most important changes that may affect your business: Qualified Business Income Deduction. Many owners of pass-through businesses, suc…
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