By this point virtually every business owner in Michigan has received a State mailing putting them on notice that they are looking for any unclaimed property businesses may hold. This can include uncashed vendor checks, uncashed payroll checks, customer overpayments, and inactive bank accounts, to name a few. While this law has been on the [...]
One of the existing rules under HARP is about to get a major rewrite during 2012. Currently homeowners whose loans are owned by Fannie Mae or Freddie Mac can refinance their underwater home if the loan to value (LTV) is less than 125% of the appraised value. During 2012 as the major changes to this [...]
Unless you operate on a cash basis, a common problem is getting paid within a reasonable time. Many reports by credit organizations confirm not only that the problem is widespread, but it seems to get worse every year and bad debts are the number one reason businesses fail! While many small business owners gauge their [...]
Congress is at it again. Despite the much publicized agreement in principle last week between the President and Republican leaders to extend various tax cuts, the House Democrat leadership has decided to reject the agreement in its current form. Here is the press release from Nancy Pelosi yesterday: “We will continue discussions with the President [...]
In her article “Last-Minute Business Tax Deductions for 2010” Barbara Weltman provides some “crisis” tax planning ideas for those of us that are less inclined to do the proactive tax planning, as recommended by our firm, through out the year. In fairness to all business owners out there, if there were ever an argument to [...]
Normally the due date to file an individual income tax return for calendar year end taxpayers without an extension is April 15th.However the date will be April 18th next year, even though April 15th falls on a Friday in 2011. To find out the reasons why you are getting an extra three days you can [...]
In the last two months we have a seen a significant number of our clients calling and asking us questions regarding emails that they have received for tax payments that have been rejected. Please be advised that the IRS does not send emails to taxpayers. All of these emails are phising scams and should be [...]
There is a great quote in an article title “Accountant 101: Finding the Right Match” by Tom Harnish. “Do you want to eat well or sleep well?” In this economic environment most business want to cut costs (“eat well”) versus investing additional dollars in professional services. However a great certified public accountant will not only [...]
Dick Morris targets not only the United States, but also the State of Michigan in particular, when he indicates that we aren’t far removed from the crushing wave of the economic tsunami now sweeping over Greece and other members of the EU. To those of us that have resided in Michigan most of our lives [...]
The most important thing is that you do not panic or ignore the notice. Most of these notices are for simple things like mathematical errors or even for items that you missed on your return that now may result in a favorable outcome to you. The IRS has an excellent list of things you should [...]
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