Big Tax Savings Tips for Small Businesses, Startups, and Investors
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.
Topics: Tax Topics, Startups & Entrepreneurship
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.
Topics: Tax Topics, News
‘Tis the Season to Give… And Get a Tax Break!
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.
Topics: Tax Topics
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.
Topics: Tax Topics
What's Changing with Section 174 Research Expense Deductions in 2022?
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.
Topics: News
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.
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.
Topics: News
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?
Topics: Tax Topics, News
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.
Topics: COVID-19 Updates
Folks in the Restaurant Industry will want to pay close attention to the IRS's latest update to the Employee Retention Credit.
Topics: Tax Topics, Accounting Hot Topics, News