MRPR Blog

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

Employee Retention Credit Update

Posted by Elizabeth Walsh on Feb 18, 2022 11:22:56 AM

Folks in the Restaurant Industry will want to pay close attention to the IRS's latest update to the Employee Retention Credit. 

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Topics: Tax Topics, Accounting Hot Topics, News

Michigan Enacts Elective Flow-Through Entity Tax

Posted by Louis DiSarno, CPA on Dec 27, 2021 4:37:22 PM

On December 20th, 2021, Governor Gretchen Whitmer signed Michigan HB 5376, which creates an entity-level tax for pass-through entities (PTEs) that do business in the State of Michigan. Under this new law, PTEs would declare and pay tax on their Michigan taxable income on behalf of their shareholders or entity level partners, and would deduct these taxes from the federal taxable income of the PTE.

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Topics: Tax Topics, Accounting Hot Topics, News

Three Tax Planning Tips for 2021

Posted by Louis DiSarno, CPA on Dec 3, 2021 7:56:43 AM

As the 2021 calendar year comes to a close, it’s important to keep your eyes open on tax changes so you can be prepared for the filing season. Here are some important planning tips:

1. Deduct Business Meals

The treatment of business meals and entertainment (either through a business entity or through an individual’s sole proprietorship) has changed significantly since the Tax Cuts and Jobs Act of 2017 (TCJA). Prior to that law, meals and entertainment expenses were generally deductible by the taxpayer at 50% of their cost in most cases. The TCJA changed this rule to completely disallow deductions for entertainment but keep the 50% limitation for business meals. However, as a COVID relief measure, the Consolidated Appropriations Act of 2021 (CAA) made a special exception for meals.

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Topics: Tax Topics, COVID-19 Updates

Tax Planning for the Biden Administration

Posted by Avantax℠ on Sep 16, 2021 12:50:49 PM

Tax Planning for the Biden Administration

Potential Strategies to Combat Increased Taxes

Many individuals are stuck in a holding pattern as they wait to see what impact the Biden Administration will have on tax regulations. The President has shared what he’d like to see happen, but until those proposals are put into law, it can be hard to know what strategies to take — if any.

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Topics: Tax Topics, News