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Tax Cuts and Jobs Act for Businesses

We have provided a summary of the Tax Cuts and Jobs Act (the Act) that was recently past.

The Equifax Breach: Steps to Protect Your Family

Approximately 143 million consumers were affected by the recent Equifax data breach. This article addresses how to check if your information is at risk, how to protect yourself, and what to beware of in the future as a result of the breach.

What the New Overtime Rules Mean for You

On May 18, the Department of Labor (DOL) came out with its new final rules, which take effect on December 1, 2016. The rules will significantly raise the salary level used to determine whether employees are eligible for overtime and will affect more than 4 million salaried employees, according to the DOL.

Tips for Deducting Losses from a Disaster, Fire, or Theft

Victim of a disaster, fire or theft? You may be eligible for a tax deduction. But many rules and limits apply. Here are some things you should know.

Tax Tip: Save, or Defer, Tax by Carefully Timing Business Income and Expenses

The first step to smart timing is to project your business’s income and expenses for 2015 and 2016. With this information in hand, you can determine the best year-end timing strategy for your business.

Tax Tip: Selling Rather Than Trading in Business Vehicles Can Save Tax

Although a vehicle’s value typically drops fairly rapidly, the tax rules limit the amount of annual depreciation that can be claimed on most cars and light trucks. Thus, when it’s time to replace a vehicle used in business, it’s not unusual for its tax basis to be higher than its value.

EMV Compliance: Are You Ready for the October 1 Deadline?

On October 1, a liability shift goes into effect that may entice businesses to adopt modern "chip" technologies to more effectively combat fraud from counterfeit cards. Here's critical information that merchants and consumers should know about the liability shift going forward.

Proposed DOL Rule May Make Millions More Eligible for Overtime Pay

In his 2015 State of the Union Address last January, President Obama said employees should get the overtime they've earned. He then directed the U.S. Department of Labor (DOL) to review and amend the overtime rules under the Fair Labor Standards Act (FLSA) to make more workers eligible.

Tax and Financial Benefits from Hiring Your Children

Hiring your child for the summer or longer can have many benefits. It provides young people with income and valuable experience in a tough job market. It can also generate tax savings for business owners. Depending on how your business is organized, you may be able to shift income into a lower tax bracket, save on Social Security taxes and start a retirement plan for the child. Here are the details.

AHP Announces Merger with Owosso Firm, Demis & Wenzlick, P.C.

Andrews Hooper Pavlik PLC welcomes seventh office statewide.

Andrews Hooper Pavlik Announces Two Partner Promotions

Andrews Hooper Pavlik PLC (AHP) is proud to announce the promotions of Kellie M. Bos, CPA and Carrie L. Hindmon, CPA, CSEP to partner.

IRS Announces Mileage Rates for 2015

The Internal Revenue Service recently issued the 2015 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.

2015 Limits for Retirement, Social Security, and HSA’s Announced

The Internal Revenue Service recently announced cost‑of‑living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2015.

Shellshock Vulnerability: Businesses Should Continue to Monitor

Various patches have been released to update the Bash interface, however related vulnerabilities continue to be discovered. Businesses should determine if there are any installations of Bash on their network, and whether or not those installations are vulnerable.

Is Your Business Ready for Play-or-Pay?

If you’re a “large” employer, time is running out to prepare for the Affordable Care Act’s (ACA’s) shared responsibility provision, commonly referred to as “play-or-pay.”

Michigan Minimum Wage Increases to $8.15 Effective September 1, 2014

Michigan's minimum wage is set to increase a total of 25% over the next four years. The increase will take place gradually, with the first increase coming up in September.

Pension Protection Act (PPA) Restatement Guidance

Although the need to restate a pre-approved prototype plan is mandatory, it offers an excellent opportunity to evaluate your current plan provisions and ensure that your plan still meets your needs and expectations. New plan designs and options may now be available that may better fit your employee group and your personal needs.

Heartbleed Bug Causes Vulnerability

Learn about the Heartbleed bug and what can be done to protect yourself.

Tax Return Fraud Targets Healthcare Professionals

Identity theft and tax refund fraud occurrences are on the rise, specifically those targeting physicians and dentists.

Cloud Computing: What is it all about?

A buzzword in business and IT circles for the past several years, cloud computing continues to grow in popularity.

Payroll Tax Changes for 2014 and Other Matters

2014 updates on payroll taxes, mileage rates, and 1099's.

2014 Pension Limits and Thresholds

A few items to update you on current limits as they relate to your qualified retirement plan.

IRS Announces 2014 Standard Mileage Rates

2014 standard mileage rates for business, medical, and moving purposes.

AHP Celebrates 20 Years in Business

AHP got its start in October 1993 when AHP took over the Ernst & Young offices in the Saginaw and Greater Lansing areas. It was then that Jim Andrews, Mark Hooper, and Kim Pavlik, along with 26 others, started AHP based on a foundation of large firm experience and quality along with attention to service based on close relationships.

COSO’s Internal Control Framework Gets Updated

The Committee of Sponsoring Organizations of the Treadway Commission (COSO) recently updated its Internal Control – Integrated Framework. COSO originally issued the framework in 1992 to address the need for a common approach to implementing and evaluating internal control.

How the New Medicare Tax Impacts Your Involvement in Passive Business Activities

Starting in 2013, enacted as part of the Health Care and Education Reconciliation Act, there is a new 3.8 percent Medicare contribution tax on net investment income (NII). This new tax will raise the stakes for those taxpayers invested in “passive” trades or businesses.

Important IRS Regulation Changes Regarding Tangible Property

On September 19, 2013 the Internal Revenue Service (IRS) finalized tangible property regulations on repair deductions and capitalization of expenditures related to tangible property. These regulations will have a wide range and direct effect on businesses in all industries that acquire, produce, replace, or improve tangible property.

Deadline Approaching for Employers to Provide Notice on Health Insurance Marketplace

Certain employers must provide written notice to employees about health insurance coverage they offer, along with an explanation of the options available through the Marketplace.

Beware of Scam Targeting Corporations in Michigan

Michigan Department of Licensing and Regulatory Affairs (LARA) warns of scam targeting Michigan corporations.

2013 Pension Limits and Thresholds

A few items to update you on current limits as they relate to your qualified retirement plan.

Highlights of the American Taxpayer Relief Act of 2012

Signed on January 2, 2013, by the President, the American Taxpayer Relief Act of 2012 addresses a raise in taxes for higher income households, provides a fix to the Alternative Minimum Tax, and extends a few tax credits. AHP has summarized the key tax provisions of the Act in order to illustrate how it may affect you.

Payroll Tax Changes for 2013 and Other Matters

Read about changes coming up in 2013.

IRS Sets Effective Date for Repair/Capitalization Regulations

Last month, the Internal Revenue Service (IRS) issued Notice 2012-73 regarding the intent of Treasury to issue final regulations in 2013 regarding the deduction and capitalization of expenditures related to tangible property. It is important to become familiar with how these regulations will affect your business.

IRS Increases the Standard Mileage Rate

The standard mileage rate will increase by one cent for 2013.

AHP Announces the Promotion of Laura Ebel to Partner

Andrews Hooper Pavlik PLC (AHP) is proud to announce the promotion of Laura M. (Kloha) Ebel to partner, effective January 1, 2013.

Is Your Organization Zombie-Resilient?

Why should you care about the zombie apocalypse? While the likelihood of a literal zombie attack may be zero, it has obvious advantages as a metaphor for being prepared and surviving a catastrophe.

Income Tax Changes for Businesses in Michigan

An overview of filing requirements, how the tax is calculated, and important dates as they relate to the CIT.

Eliminating Waste in Business Processes

How eliminating waste from your processes helps your business.

Mobile Devices in Business

Using mobile devices for business purposes.

Question and Answer: R&D Tax Credit

Q: I keep hearing that contractors can qualify for an R&D tax credit. Is this something I should look into?

Putting Incentives to Work

One electrical contractor recently used a provision of the Energy Policy Act of 2003 to salvage a project that was in danger of being postponed – and earned an attractive tax incentive at the same time.

Finding a Niche - Create Your Own Competitive Advantage

You’ve cut out all unnecessary expenses, taken a sharp pencil to your bids to make sure you don’t miss out on any reasonable opportunity, and tightened up billing and collections to maximize cash flow.

Contractor Financing White Paper

How to improve your chances of obtaining a loan in today’s tight credit environment.

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