You’ve gone to the mailbox and find a Letter of Inquiry from the Michigan Department of Treasury. While letters from the IRS or State of Michigan can be concerning, do not panic.Quite often the State of Michigan simply needs additional information to process your tax return. These letters can be used for a variety of purposes for the state, including:
BHT&D Certified Public Accountants Blog
With the end of the year quickly approaching and the holiday stretching our free time thin, it is a great idea to squeeze in a little bit of tax planning to help yourself out before 2016.
On July 31, 2015, a short-term highway funding bill was signed into law. This bill passed with many provisions that will affect your taxes.
One notable change will be revised due dates for partnership and corporate tax returns for years beginning after December 31, 2015 (2016 for calendar year entities):
Running a business takes more than its fair share of time and effort, not to mention the seemingly endless road bumps along the way. Often, small business owners have a multitude of reasons why bookkeeping takes a backseat to the many other business related tasks. Reasons include lack of training or knowledge in accounting, the inability to afford a quality bookkeeper, or perhaps feeling that is does not add significant value to their business.
Audited Financial Statements are the highest level of assurance service offered by a CPA and are used in specific situations, usually for larger clients.
Why is my bank requesting a Reviewed Financial Statement in place of the Compiled Financial Statement requested in the past?
"Why would my bank request a "Compiled Financial Statement" versus my internally prepared QuickBooks reports?" We are asked this question often by small business owners.
Do you understand the Michigan Corporate Income Tax apportionment? If your business has sales in states outside of Michigan and are not taking advantage of it, you might be paying more taxes than you need to.
The Merriam-Webster Dictionary defines an audit as a complete and careful examination of the financial records of a business or person. US tax payers and tax preparers commonly define it as a headache.