BHT&D Certified Public Accountants Blog

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

Five Ways To Reduce Your Farm Income Taxes

Posted by Joe Turnes on Mon, Mar 06, 2017 @ 08:00 AM

 

Good tax planning and working with an accountant specializing in your field are key factors for agribusinesses in managing their tax liability.  As we head into the end of the year, here are five things to keep in mind to be prepared for next tax season:

1.  Tax PlanningDetermining your year-to-date income PRIOR to the end of the year and planning for an appropriate income level is 

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Tags: Agriculture, Tax Planning, Depreciation Deduction, Farm Taxes

Law Changing Overtime Pay For Salaried Workers Is Blocked

Posted by Andrew Seiler on Sat, Nov 26, 2016 @ 09:00 AM

On November 22, 2016, U.S. District Judge Amos Mazzant from the Eastern Texas district issued an injunction to disallow the application of the Department of Labor’s March 23, 2016 “Final Rule” ruling on overtime requirements for salaried workers.

The Final Rule would have raised the minimum salary level to qualify for exempt employee status (EAP) to $913 per week ($47,476 annually), effectively requiring employers to pay overtime to many salaried workers.

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Tags: Payroll, Compensation, Overtime

What Does My Accountant Need For My Tax Appointment?

Posted by Mindy Pennock on Tue, Nov 01, 2016 @ 07:00 AM

The time spent getting organized for your tax appointment is priceless.  It gives you confidence that your returns will be filed timely, accurately, and that all qualified deductions are accounted for. 

Partnering with an experienced Certified Public Accountant can bring you piece of mind and possibly tax savings.  Here are some tips for making the best of that partnership: 

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Tags: Tax Planning, Tax Deductions, tax appointment

What Are The IRS Regulations For Deducting Trust And Estate Costs?

Posted by Aric Salgat on Mon, Oct 31, 2016 @ 07:00 AM

On May 9, 2014, the IRS published final regulations pertaining to certain costs incurred by estates and non-grantor trusts, and finally brought an end to some controversial issues surrounding the deductibility of certain costs.  

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Tags: Tax Planning, Tax Deductions, Estate and Trust Tax