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PPP Loan Part 2

We already covered in Part 1 highlights of the PPP loan changes such as loan forgiveness issues, and another round of PPP loan funds available, also called the PPP2 loan program. In this posting we...

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Personal property tax and Personal property tax exemption

Michigan businesses are subject to a special tax for owning property. This tax is called personal property tax. Personal property tax can be levied upon any size business, but is usually not levied...

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Grant Income

Many clients received new and different types of income during 2020. Even if you did not receive grant income in 2020, it is something you might want to consider in 2021. Most for profit companies are...

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S Corporation Election

Background- What is an S Corporation? Much like an LLC, an S Corporation does not exist at the State level, at the State level it is treated however it was initially formed. That is why, when you...

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Tax Topics- LLC Tax filing

In our quest to de-mystify certain tax topics we will cover one of the stickier tax issues. The questions come in many forms- when should I file my LLC return? What tax form to use for a new LLC? What...

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Unemployment Income

Many clients received new and different types of income during 2020. Even if you did not already receive unemployment income, it is something you may encounter in 2021. Please keep in mind the...

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Company Car vs Mileage

Every year we get very similar questions, from a variety of different businesses. In this post, we will cover the age old question, Company car vs Mileage Pros – Company car Write off the actual costs...

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Partnership Extension

Is it just me, or does the shortest month of the year, always feel like the longest? Maybe it is the shorter days or the bitter cold, or some combination, but I really notice a huge difference when I...

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Partnership return due date

The days are getting longer and the feeling of winter is reluctantly melting into that feeling of spring. It must be time to file your partnership return! If you have a partnership return (also called...

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Partnership tax return due

If you have a partnership tax return (also called a 1065 return) your partnership return tax is due today March 15th for a calendar year business. If you don’t know whether you are a calendar year...

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