SSA Announces COLA and Max Earnings for 2021
The Social Security Administration typically updates key numbers for the upcoming year in the fall. One of the key numbers for retirees is the cost-of-living change: A 1.3% increase will begin with benefits payable to more than 64 million Social Security beneficiaries in January 2021. Increased payments to more than 8 million SSI beneficiaries will […]
When the IRS Wants to Audit Your Business
You may be surprised to learn that not every audit notification you receive will be legitimate. So, first, make sure you received an official audit notification. The Internal Revenue Service (IRS) will notify you either by letter or by a phone call followed by a letter. The IRS does not notify taxpayers about audits through email, so […]
Learn About an IRS Payment Plan
If you’re a qualified taxpayer or an authorized representative through a power of attorney, you can apply online for a payment plan, which will include an installment agreement to pay off your balance over time. Your specific tax situation will determine which payment options are available. These include: Full payment. A short-term payment plan for […]
IRS Offers Identity Protection PIN
The IRS can now give eligible taxpayers an “IP PIN,” a six-digit code to help prevent the misuse of Social Security numbers on fraudulent federal income tax returns. As the IRS explains, this PIN helps the agency verify a taxpayer’s identity and accept his or her electronic or paper tax return. Not everyone can get […]
IRS Issues Final Regs on Meals and Entertainment
The IRS has noted that the 2017 TCJA generally eliminated the deduction for any expenses related to activities typically considered entertainment, amusement or recreation. However, taxpayers may still deduct business expenses related to food and beverages if certain requirements are met. And that distinction has led to a lot of misunderstandings. The IRS resolves much […]
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 […]
