MRPR Blog

The Corporate Transparency Act

Posted by Denise Thompson, CPA on Feb 6, 2024 9:15:00 AM

As of January 1, 2024, the Corporate Transparency Act (CTA) is in effect. Enacted as part of the 2021 National Defense Authorization Act, the CTA is the United States Government's latest step to improve business transparency and stymie companies, entities, or people engaging in tax fraud, money laundering, and other types of business fraud.

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Topics: News

IRS Releases Guidance on Employee Retention Credit

Posted by MRPR on Oct 31, 2023 10:24:00 AM

On September 14th, the IRS announced it would place a moratorium on processing new Employee Retention Credit (ERC) claims that would run through at least December 31st.

The ERC, introduced in the Coronavirus Aid, Relief, and Economic Security (CARES) Act, is a refundable tax credit for businesses and tax-exempt organizations that had employees and were affected during the COVID-19 pandemic.

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Topics: News

MRPR is Named to 2023 Best Places to Work List

Posted by MRPR on Aug 28, 2023 9:11:02 AM

 

For the seventh year in a row, MRPR has been named to Crain's Detroit Business Best Places to Work in Southeast Michigan. Formerly known as Cool Places to Work, the list is created from a research-driven program that examines company practices, programs and benefits and surveys your employees for their perspective.

We're honored to make the list. We also maintain that we are still a pretty cool place. Below is what makes MRPR a cool and (officially) one of the best employers in Southeast Michigan.

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Topics: News, Best Places to Work

How the Build It in America Act May Affect Your Business

Posted by MRPR on Jul 27, 2023 9:10:14 AM

On June 13, the United States House Committee on Ways and Means, the chief tax-writing committee in the House of Representatives, passed the Build It in America Act (H.R. 3938). According to the Ways and Means Committee, this legislation would "counter China's growing global economic influence by restoring American business competitiveness, securing global supply chains, and prohibiting U.S. foreign land sales to companies from countries of concern."

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Topics: Tax Topics, Business Planning & Operations, Accounting Hot Topics, News

How Changes to Form 1099-K May Affect Small Business Owners, Gig Workers, and You

Posted by MRPR on May 25, 2023 12:17:26 PM

Form 1099-K has undergone a series of changes over the past couple of years, and with U.S. Senators introducing legislation that would again alter who has to file a 1099-K, it's once again back in the accounting and tax spotlight.

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Topics: Accounting Hot Topics, News

Secure 2.0 and More Tax and Retirement Changes of 2023

Posted by MRPR on Mar 15, 2023 6:15:08 PM

A new year means brand new changes to your retirement plans via legislation and annual updates from government agencies like the IRS and the Social Security Administration. A typical new year is usually filled with enough changes to keep the team at MRPR on our toes, but 2023 is seeing even more changes than usual, mostly stemming from higher-than-normal inflation and the newly written law, nicknamed SECURE 2.0 Act. Here's everything you need to know to make sure your retirement plans stay on track in 2023.

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Topics: Tax Topics, Accounting Hot Topics, News

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

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

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