Annual Financial Statement Reports Required for Marijuana Businesses in Michigan
The Michigan Marijuana Regulatory Agency (MRA) in a bulletin issued on June 3, 2020 issued a bulletin announcing the annual financial statements (AFS) requirements for all businesses and individuals with marijuana licenses on or before December 31, 2019. The requirements for the AFS are as follows: The report is an agreed-upon procedures engagement that must […]
CARES Act Adds Flexibility to Net Operating Losses
Revenue Procedure 2020-24 provides guidance to taxpayers with net operating losses that are carried back under the CARES Act by providing procedures for: Waiving the carryback period in the case of a net operating loss arising in a taxable year beginning after Dec. 31, 2017, and before Jan. 1, 2021. Disregarding certain amounts of foreign income […]
Physician Practices and Their Tax Issues
Historically, physician practices were set up as sole proprietorships or partnerships. As the business of medicine and the liability risks grew more complex, however, new entities were created. Medical practices now have a number of legal organization form options, including; Sole proprietorship. General partnership. Limited partnership. C corporation. S corporation. Limited liability company (LLC). Limited […]
Audits, Reviews and Compilations: A Summary
You will want to prepare your financial statements in accordance with an accounting framework that’s appropriate for your business. Most of the time, you’ll opt for a CPA to produce your financial statements. Getting an accountant’s blessing is especially useful when you are applying for more credit from a bank. Financial statements are intended to […]
ACCOUNTING METHOD CHANGES: CASH METHOD OF ACCOUNTING AND EXPENSING OF INVENTORY
Among the many significant changes made by the Tax Cuts & Jobs Act of 2017 (TCJA) were several accounting method changes available for qualifying businesses. Two key changes include the expansion of the availability of the cash method of accounting for tax purposes and the immediate expensing of certain inventory costs. Cash Method of Accounting […]
TAKING ADVANTAGE OF THE RESEARCH CREDIT (PART 4)
In this part of our series on the credit for increasing research activities (research credit), we’ll take a look at how to claim the credit. (For previous articles in this series: Click here for Part 1, discussing what constitutes qualified research. Click here for Part 2, discussing the type of expenses which qualify for the […]
