AHP Blog

Created: Tuesday, January 11, 2022

Andrews Hooper Pavlik PLC wants to know how will revised tax limits affect your 2022 taxes?

While Congress didn’t pass the Build Back Better Act in 2021, there are still tax changes that may affect your tax situation for this year. That’s because some tax figures are adjusted annually for inflation.
Created: Tuesday, January 4, 2022

Defer tax with a like-kind exchange

Do you want to sell commercial or investment real estate that has appreciated significantly? One way to defer a tax bill on the gain is with a Section 1031 “like-kind” exchange where you exchange the property rather than sell it. With real estate prices up in some markets (and higher resulting tax bills), the like-kind exchange strategy may be attractive.
Created: Monday, December 20, 2021

Amendment to the Income Tax Act

Michigan Governor Gretchen Whitmer signed House Bill 5376 into law on December 20, 2021 which amended the Income Tax Act and implemented an elective flow-through entity tax in Michigan.
Business concept of planning 2021. Male hand flips wooden cubes and changes the inscription 'Taxes 2020' to 'Taxes 2021'. Beautiful orange background, copy space.
Created: Friday, April 23, 2021

Unemployed Last Year? Buying Health Insurance This Year? You May Benefit from Favorable New Changes

In recent months, there have been a number of tax changes that may affect your individual tax bill. Many of these changes were enacted to help mitigate the financial damage caused by COVID-19.
Keyboard showing key labeled PPP, Paycheck Protection Program
Created: Friday, April 9, 2021

PPP Application Deadline Extended in New Law

On March 30, 2021, President Biden signed legislation to extend the application period of the popular Paycheck Protection Program (PPP) through May 31, 2021. This followed a bipartisan 92-7 vote in the U.S. Senate to pass the Paycheck Protection Program Extension Act of 2021.
Young boy drawing with a colored pencil while a teacher looks on.
Created: Thursday, March 25, 2021

New Law Tax Break May Make Child Care Less Expensive

The new American Rescue Plan Act (ARPA) provides eligible families with an enhanced child and dependent care credit for 2021. Learn more in our recent article.
Calculator, money, note pad with tax credit written on it.
Created: Monday, March 15, 2021

Employee Retention Credit Expanded by the American Rescue Plan Act

An eligible employer is allowed a credit against their Medicare payroll taxes for each quarter in an amount equal to 70% of the qualified wages in 2021. The Act extends the Employee Retention Credit (ERC) from June 30, 2021 until December 31, 2021.
Money, U.S. Tax Return Check, Tax Form 1040
Created: Friday, March 12, 2021

American Rescue Plan Act Includes New Individual Tax Provisions

On Thursday, March 11, 2021, President Biden signed into law the American Rescue Plan Act. The Act includes a new round of economic stimulus payments and several tax-related provisions for individuals. This article provides an overview of the individual povisions that were included in the Act.
Created: Wednesday, March 3, 2021

PPP Adjusted to Prioritize Very Small Businesses

When the Small Business Administration (SBA) launched the Paycheck Protection Program (PPP) last year, the program’s stated objective was “to provide a direct incentive for small businesses to keep their workers on the payroll.” However, according to federal officials, the recently issued second round of funding has distributed only a small percentage of the $15 billion set aside for small businesses and low- to moderate-income “first-draw” borrowers.
Man working on computer with lock icon over the keyboard
Created: Friday, February 26, 2021

IRS Recommends Individuals Be Aware of the Potential Threat of Unemployment Benefits Identity Theft

What should you do if you received a Form 1099-G from your state for unemployment benefits you did not receive?