MRPR Blog

Invest in a Small Business and Save on Taxes

Posted by Cooper Daniels, MRPR on Dec 27, 2022 8:00:00 AM

Making decisions in where and how to invest your money is critical for prospective investors. Thankfully, the IRS has several rules designed to incentivize investment in small businesses. Knowing the rules can help you in your portfolio planning; what to buy and when to sell. We’ll discuss three major provisions here: Section 1202, Section 1045, and Section 1244.

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Topics: Tax Topics, Startups & Entrepreneurship

What Does a Lame Duck Congress Mean for Year-End Taxes?

Posted by MRPR on Dec 21, 2022 8:15:00 AM

As 2022 winds down, the same goes for our Senators and Representatives in Congress. And after a midterms election where Republicans took control of the House of Representatives and Democrats maintained control of the Senate, the 117th Congress begins what is known as a lame-duck session, before the new congressional session begins on January 3rd, 2023.

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Topics: Tax Topics, News

‘Tis the Season to Give… And Get a Tax Break!

Posted by Jon-Luc Kralovich, MRPR on Dec 16, 2022 11:19:53 AM

As we approach the holiday season, employers everywhere are giving gifts to their employees to mark the festivities and show their appreciation for a job well done. If those gifts are in compliance with the Internal Revenue Code, the employers can get a gift of their own – in the form of a valuable tax deduction! Read on to find out how.

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Topics: Tax Topics

Answering Your Student Loan Forgiveness Questions

Posted by MRPR on Oct 24, 2022 9:35:06 AM

 

On August 24th, President Biden announced a plan to cancel thousands of dollars of student loan debt for millions of Americans. The plan included forgiving $10,000 in debt for those earning less than $125,000 per year and $20,000 for those that received Pell grants. 

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Topics: Tax Topics

What's Changing with Section 174 Research Expense Deductions in 2022?

Posted by MRPR on Sep 6, 2022 10:00:00 AM

Section 174 of the Internal Revenue Code has undergone a recent and major change, which may have a lasting impact on how your company's accounting department addresses research and experimental expenditures. Before we dive into the changes, let's take a quick refresher on Section 174. 

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Topics: News

MRPR Makes Crain's Cool Places to Work 2022

Posted by MRPR on Aug 31, 2022 2:53:16 PM

We're excited to announce that MRPR has made Crain's 2022 Cool Places to Work list in Michigan for the sixth year in a row. MRPR is honored to be recognized by our employees for our fun and flexible workplace culture.

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5 Big Takeaways from the Inflation Reduction Act

Posted by MRPR on Aug 30, 2022 12:00:00 PM

On August 16th, President Joe Biden signed the Inflation Reduction Act of 2022 into law, earmarking $740 billion for the reduction of carbon emissions, corporate tax reform, and domestic energy production and manufacturing.

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Topics: News

ASC 842 and Why It Matters for Private Companies

Posted by MRPR on Jul 27, 2022 9:11:59 AM

The lease accounting standard ASC 842, which was postponed for non-public companies due to COVID-19, also known as Leases (Topic 842), is going into effect for many companies this year. So, what is ASC 842 and what does it mean for your company going forward if you plan on adopting the standard?

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Topics: Tax Topics, News

Passing The Mic To Our Interns: Inside MRPR

Posted by MRPR on Jun 3, 2022 12:53:54 PM

Internships offer young professionals an opportunity to see what business is like outside of the classroom. Today's interns expect inclusion and real-world exposure to daily activities. They're there to do more than just take meeting notes and fetch coffee --they're there to learn. That's why we designed our internship program to closely mimic an entry-level accountant position with our firm, including exposure to all aspects of accounting and client services.

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Topics: Insider

Afflicted Business Relief Grants

Posted by Lyndi Smith on Feb 22, 2022 8:44:27 PM

Afflicted Business Relief Grant Applications Open March 1st

The State of Michigan will distribute up to $409 million of its American Rescue Plan Act fundsas grants to eligible businesses who have suffered financial hardship due to COVID-19. The Michigan Department of Treasury is administering this grant.

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Topics: COVID-19 Updates