BHT&D Certified Public Accountants Blog

2019 Michigan Employer Updates

Posted by Beth Thomas on Wed, Jan 02, 2019 @ 01:00 PM

On Friday, December 14, 2018, Governor Rick Snyder signed revisions to both the Mandatory Paid Medical Leave Act and the Improved Workforce Opportunity Wage Act (minimum wage). These revisions gradually phase in upcoming increases in minimum wage rate and enact mandatory paid sick leave. 

The minimum wage rate will now increase from $9.25 per hour to $9.45 per hour in 2019, with annual increases thereafter up to $12.05 in 2030.  The minimum wage rate for tipped employees will remain at 38% of the hourly minimum wage, increasing to $4.58 per hour by 2030.

Read More

Tags: Payroll, Compensation, Michigan Employer

Special Wage And Benefit Reporting For 2%+ Shareholders Of S-Corporations.

Posted by Lori Shepard on Mon, Dec 17, 2018 @ 07:00 AM

2% or more shareholders of an S-corporation (and family members) are not treated as an employee when it comes to most benefits.  Please see the table below for benefits that are taxable and for benefits that are tax-free to a 2% or more shareholder (and family members) of an S-corporation:

Read More

Tags: Business Tax, Taxable Benefits

How Will Alimony Payments Be Taxed After 2018?

Posted by Joe Turnes on Fri, Nov 09, 2018 @ 08:00 AM

Alimony is the term used for payments to a separated spouse or ex-spouse as part of a divorce or separation agreement. Since 1985, to be alimony for tax purposes, the payments:

  • Must be in cash, paid to the spouse, ex-spouse, or a third party on behalf of a spouse or ex-spouse; 
  • Must be required by a decree or instrument incident to a divorce, a written separation agreement, or a support decree;
Read More

Tags: Tax Reform, Alimony, Strategic Planning, TCJA, Individual Tax

Are You Prepared For The Income Tax Changes In 2018 and Beyond?

Posted by Joe Turnes on Fri, Nov 02, 2018 @ 12:00 PM

Tax reform has changed the way most taxpayers need to think about and plan for their taxes. It is no longer business as usual. Advanced planning will become very important long before tax time next year.

For most taxpayers, the most significant change is the increase in their standard deduction, which on the surface seems like a big benefit. But, don’t overlook the fact that the same tax reform that nearly doubled the standard deduction took away the personal exemption as a deduction.

Read More

Tags: Tax Planning, Itemizing Deductions, Tax Deductions, TCJA, Individual Tax, Business Tax, Tax Deductible Travel Expenses

What Documentation Is Needed To Deduct Charitable Donations?

Posted by Andrea Bohez on Fri, Sep 21, 2018 @ 08:00 AM

At BHT&D CPAs, we get many questions regarding the documentation required to deduct charitable donations. The documentation required depends on the type and amount of the donation.

CASH DONATIONS 

  1. If the cash donation is $250 or less, you may use any of the following as proof of donation:
Read More

Tags: Business Tax, Individual Tax, Charitable Donations

New Tax Law Gives Pass-Through Businesses A Valuable Deduction

Posted by Joe Turnes on Fri, Aug 31, 2018 @ 07:00 AM

Although the drop of the corporate tax rate from a top rate of 35% to a flat rate of 21% may be one of the most talked about provisions of the Tax Cuts and Jobs Act (TCJA), C corporations aren’t the only type of entity significantly benefiting from the new law. Owners of non-corporate “pass-through” entities may see some major — albeit temporary — relief in the form of a new deduction for a portion of qualified business income (QBI).

Read More

Tags: Small Business, Small Business Accounting, TCJA, Individual Tax

Join BHT&D At These County Fairs!

Posted by Mindy Pennock on Mon, Jul 09, 2018 @ 11:18 AM

It’s fair time in Michigan and summer 2018 is all set for some great fun! Throughout Michigan, communities of all sizes bring out rides for kids and adults, special food, entertainment and prime livestock.

Coming up in July, two fairs that BHT&D CPAs has close relationships with are the Ionia Free Fair and Barry County Fair.

Read More

Tags: Community, County Fair, Agribusiness, Agriculture

Find Time For Strategic Planning

Posted by Joe Turnes on Fri, Jul 06, 2018 @ 07:00 AM

As a business owner, you know that it’s easy to spend nearly every working hour on the multitude of day-to-day tasks and crises that never seem to end. It’s essential to your company’s survival, however, to find time for strategic planning.

Business owners put off strategic planning for many reasons. New initiatives, for example, usually don’t begin to show tangible results for some time, which can prove frustrating. But perhaps the most significant hurdle is the view that strategic planning is a time-sucking luxury that takes one’s focus off of the challenges directly in front of you.

Read More

Tags: Small Business, Strategic Planning

First-Year Start-Up Tax Issues

Posted by Joe Turnes on Fri, Jun 22, 2018 @ 10:29 AM

If creating a start-up business were an easy thing to do, then a lot more people would be doing it. For those who make the decision to fulfill their dreams and go for it, success relies on being fully prepared. Some of the most common stressors encountered by entrepreneurs involve tax liabilities, whether business is booming or they’re struggling to keep their head above water. The best way to avoid these pitfalls is to learn about them ahead of time. Here’s what every entrepreneur needs to know:

Read More

Tags: Small Business, Small Business Accounting, Selecting an Accounting Firm, Business Entity

Outstanding Checks? Michigan Requires Reporting Of Unclaimed Property

Posted by Mindy Pennock on Fri, Jun 01, 2018 @ 07:00 AM

The State of Michigan requires annual reporting of ‘unclaimed property’. Unclaimed property is defined as any asset, tangible or intangible, belonging to a third party that remains unclaimed for a specific period of time by the rightful owner. Any holder who fails to file a report of unclaimed property may be subject to fines and penalties as provided in the Uniform Unclaimed Property Act, Public Act 29 of 1995.

Companies and governmental agencies need to identify properties that may be reportable as unclaimed property as of March 31, 2018 and file an unclaimed property report by July 2, 2018.

Read More

Tags: Small Business, Small Business Accounting, Payroll, Bookkeeping