BHT&D Certified Public Accountants Blog

Will Your 2018 Withholding Be Right?

Posted by Joe Turnes on Tue, Feb 13, 2018 @ 07:00 AM

One of the first trouble spots of the new tax reform is the W-2 withholding for 2018. Passage of the new law in late December hasn’t given the IRS much time to develop new withholding tables. This can be a big issue, as the recent Tax Cuts & Jobs Act (TCJA) substantially altered the tax rates and standard deductions, did away with exemption deductions, and increased the child tax credits—all elements of how the withholding allowances and tables have been structured in the past. 

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Tags: Payroll Tax, Small Business, Tax Reform, Individual Tax, TCJA

A Summary Of The Tax Cuts And Jobs Act Of 2017

Posted by Joe Turnes on Mon, Jan 22, 2018 @ 09:00 AM

The Tax Cuts and Jobs Act was signed into law on December 22, 2017.  This law means significant changes for both individuals and businesses.  While all changes are not listed below, it does include a good summary of the legislation that could impact you or your business.  Most changes will take effect for 2018 – those with an effective date other than 2018 have been noted: 

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Tags: Depreciation Deduction, Business Tax, Estate and Gift Tax, Tax Reform, Individual Tax

Details From The Senate Version Of The Proposed Tax Cuts And Jobs Act

Posted by Joe Turnes on Wed, Dec 06, 2017 @ 08:07 AM

The House’s proposed Tax Cuts and Jobs Act was released on November 2, 2017.  The Senate version of the bill was recently released with some substantial modifications to the House proposal.  While not law, here are a few highlights of the Senate’s version of the bill:

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Tags: Business Tax, Tax Reform, Individual Tax

Will My Gift To My Employees Be Subject To Payroll Taxes?

Posted by Lori Shepard on Tue, Dec 05, 2017 @ 03:00 PM

This is the time of year when many employers give deserving employees a reward for a job well done.  For FICA and income tax withholding purposes, wages don’t include gifts that are classified as de minimis fringe benefits.  Tax-free de minimis fringes are benefits provided by employers that are offered infrequently and have a fair market value so small that it is impractical and unreasonable to account for them.  The following are treated as de minimis fringes: 

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Tags: Business Tax, Payroll Tax, Small Business, Gifts

Can We File The Michigan Annual Report Or Statement Online?

Posted by Lori Shepard on Tue, Nov 21, 2017 @ 07:00 AM

The State of Michigan has rolled out their new Corporations Online Filing System (COFS).

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Tags: Small Business, MICHIGAN ANNUAL STATEMENT, COFS, MICHIGAN ANNUAL REPORT

Details of the Proposed Tax Cuts and Jobs Act

Posted by Joe Turnes on Tue, Nov 07, 2017 @ 01:00 PM

The proposed Tax Cuts and Jobs Act was released on November 2, 2017.  While not law, there are some rather dramatic changes being suggested.  The goal is to provide the “middle class” with tax savings.  A few of the more important items being discussed:

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Tags: Business Tax, Tax Reform, Individual Tax

4 Reasons Accountants Work for Smaller CPA Firms

Posted by Joe Turnes on Mon, Sep 25, 2017 @ 09:00 AM

Whether you’re an accounting student deciding where to intern or take your first job or an accountant considering other options, you may have employment opportunities from both large and smaller accounting firms. We wanted to let you know about some potential differences to consider between working for large and smaller firms.

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Tags: Accounting Career

DEADLINE APPROACHING FOR MANUFACTURERS TO QUALIFY FOR PPT EXEMPTION.

Posted by Andrew Seiler on Mon, Jul 24, 2017 @ 07:00 AM

The deadline is approaching for ESA Certification and Payment.

Industrial processors who filed for the Eligible Manufacturing Personal Property (EMPP) exemption (commonly referred to as ESA or Form 5278) must complete the final steps to qualify for the exemption.

No later than August 15, taxpayers who filed for the exemption must use the MTO website to log into their portal and certify or correct and certify the return that is in the MTO system.

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Tags: PPT, EMPP, MANUFACTURING, EXEMPTION

Should Your Business Have Employees or Independent Contractors?

Posted by Joe Turnes on Mon, Jul 03, 2017 @ 08:00 AM

Are your business' workers appropriately classified as either employee or independent contractors? Do you know what the IRS standards are?

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Tags: Small Business Accounting, Employees vs Independent Contractors

Property Tax Exemption Available For Michigan Disabled Veterans

Posted by Lori Shepard on Mon, Apr 03, 2017 @ 07:00 AM
Real property used and owned as a homestead by a Disabled Veteran who was discharged from the armed forces of the United States under honorable conditions, or by the unmarried surviving spouse of a disabled veteran, is exempt from the collection of property taxes.  

For this exemption, a Disabled Veteran means a person who is a resident of this state and who meets 1 of the following criteria:
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Tags: Michigan Personal Property Tax Exemption