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. 

Read More

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.

Read More

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?

Read More

Topics: Tax Topics, News

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. 

Read More

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.

Read More

Topics: Tax Topics, Accounting Hot Topics, News

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.

Read More

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.

 

Read More

Topics: News

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.

Read More

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.

Read More

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

Consolidated Appropriations Act of 2021 Offers Help to Businesses and Individuals

Posted by MRPR on Dec 22, 2020 7:00:00 PM

Christmas came early this year! As part of the Consolidated Appropriations Act of 2021, Congress has passed a stimulus package (“COVID-related Tax Relief Act of 2020”) that has provided a variety of useful provisions and clarifications for individual and business taxpayers alike. While not as comprehensive as the CARES Act passed earlier this year, it provides much-needed aid.

Read More

Topics: News, COVID-19 Updates