MRPR Blog

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

​MRPR Makes Crain's Cool Places to Work 2021

Posted by MRPR on Aug 23, 2021 12:22:21 PM

We're excited to announce that MRPR has made Crain's 2021 Cool Places to Work list in Michigan. MRPR ranks 72 among 100 companies recognized by their employees for having outstanding workplace culture.

 

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Topics: News

Does Your Retirement Plan Align With Your Retirement Goals?​

Posted by MRPR on Jun 30, 2021 2:00:00 PM

Retirement is one of the biggest milestones in your life, yet so many don’t pay much attention to retirement accounts. It is not unusual to hear clients say they toss aside their 401(k) statements because they feel like they can’t do anything about it. That couldn’t be further from the truth. Working with wealth management and accounting professionals can help you understand your retirement accounts and create a financial plan that is in line with your retirement goals.

Below are items to consider with both your MRPR CPA and the Avantax Planning PartnersSM financial planning consultant.

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Topics: Trust & Estate Service

Three Hurdles Keeping You From Financial Planning

Posted by MRPR on Jun 25, 2021 12:00:00 PM

We recommend that our clients start their financial planning by creating a financial snapshot:

According to Savology, a written financial plan can lead to better money behavior. Their research found that households with a financial plan are 2.5x more likely to save enough for retirement. That’s a pretty good incentive, but there’s still icing on the cake. Of those who do set financial goals, 83% feel better about their finances after just one year. And yet 72% of Americans don’t have a written plan. So what's keeping them from financial planning?

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Topics: Tax Topics

Will Your Medicare Payments Increase in 2021?

Posted by MRPR on Jun 21, 2021 11:00:00 AM

For those of you updating your budgets for 2021, we’re providing an overview of the price increases you can expect for Medicare in 2021. Fortunately for most, costs aren’t growing much in the new year, but it’s important to keep on top of changes and how they affect your finances.

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Topics: Tax Topics

Preparing to Apply for the Restaurant Revitalization Funding Grant

Posted by Rob Doehrer and Lyndi Smith on Apr 28, 2021 6:56:32 PM

MRPR Blog -  Preparing to Apply for the Restaurant Revitalization Grant (1)

In review of 2020, the National Restaurant Association found that the industry ended the year $240 Billion below pre-pandemic forecasts of sales. Because of this outsized impact, restaurants have received additional industry specific funding from Congress as part of the American Rescue Plan Act to help get them closer to becoming whole. This grant will be available directly through the Small Business Administration. They just announced their “Go Live,” of the application portal found here.

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Topics: Business Planning & Operations

American Rescue Plan Provides Additional Tax Benefits

Posted by MRPR on Mar 12, 2021 2:12:22 PM

 

On Thursday March 11, 2021 President Biden signed the American Rescue Plan Act of 2021, H.R. 1319. This is the third major relief package to help Americans who are struggling with losses and setbacks from COVID-19 related government lockdowns and countermeasures.

Following the $1.7 trillion Coronavirus Aid, Relief, and Economic Security Act (CARES) of March 2020, and the $900 billion Consolidated Appropriations Act (CAA) of December 2020, the $1.9 trillion American Rescue Plan Act “the Act” provides several tax benefits for individuals and businesses alike.

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Topics: Tax Topics, News, COVID-19 Updates

SBA Opens Second Round of PPP Applications

Posted by MRPR on Jan 12, 2021 12:14:05 PM

On Saturday, January 9th the Treasury and the SBA released new PPP guidance and application forms. The new guidance includes overviews of the First and Second PPP draws and the Revised PPP1-Borrower-Application-Form and Second-Draw-Borrower-Application-Form.

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Topics: Business Planning & Operations, News, COVID-19 Updates