American Rescue Plan Act: Key Impacts
Posted by Sarah Russell and Margaret Amsden on March 17, 2021
Sarah Russell
Review the key impacts of the $1.9 trillion American Rescue Plan Act, including another stimulus payment and extended unemployment benefits.
Read more
SALT 101 for Foreign-Owned Businesses
Posted by Eric Lin on March 15, 2021
Eric Lin
As more foreign companies expand to the U.S., it is essential for them to have a firm understanding of sales and use taxes: two of the country’s most important taxes.
Read more
The R&D Tax Credit Four-Part Test
Posted by Tim Finerty and Bryan Powrozek on March 11, 2021
Tim Finerty
In this installment of our R&D tax credit series, we’ll take a closer look at the R&D tax credit four-part eligibility test. It turns out that the qualification bar is often lower than many business owners believe.
Read more
How to Claim R&D Tax Credits
Posted by Tim Finerty and Bryan Powrozek on March 4, 2021
Tim Finerty
One of the most persistent myths about the R&D tax credit is that the claim process is too complex to be worth it. While it does require extra supporting documentation, the backup you need can most often be found in routine business records you already keep. Let's take a look at how to claim the R&D credit.
Read more
IRS Issues New Guidance on PPP and Employee Retention Credit Eligibility
Posted by Sarah Russell on March 3, 2021
Sarah Russell
The IRS recently issued highly anticipated guidance about PPP and employee retention credit eligibility and qualified wages.
Read more
How to Calculate R&D Tax Credits
Posted by Tim Finerty and Bryan Powrozek on February 25, 2021
Tim Finerty
Part three of our R&D tax credit series provides a quick overview of R&D tax credit calculation methods, including the RRC and ASC.
Read more
Your Guide to R&D Tax Credits
Posted by Tim Finerty and Bryan Powrozek on February 11, 2021
Tim Finerty
If you haven’t looked into the R&D tax credit before, there’s a good chance that you’re missing a big opportunity to boost your cash position. Even if they're aware of the credit’s existence, many businesses and their owners mistakenly assume that they aren’t eligible, or haven’t utilized the credit correctly. Here’s a quick business owner’s guide to the R&D tax credit and how it works.
Read more
Do You Qualify for Employee Retention Tax Credit Refunds?
Posted by Jim Biehl on January 27, 2021
Jim Biehl
PPP loan recipients can claim the ERC for eligible wages that were not paid for with PPP forgiven loans. The change is retroactive to March 2020 and means certain businesses should immediately claim refunds. Learn more about the qualification requirements and cash benefits.
Read more
Anti-Corruption Legislation and New FinCEN Reporting Requirements
Posted by Teresa Gordon on January 25, 2021
Teresa Gordon
The Corporate Transparency Act (CTA) is an anti-corruption legislation that was passed on January 1, 2021 as part of the larger National Defense Authorization Act (NDAA). Learn about the CTA's new requirements for certain entities to report beneficial ownership interests to the U.S. government.
Read more
PPP Loan Round 2 – Should You Apply?
Posted by Jim Biehl on January 14, 2021
Jim Biehl
A new round of PPP loans was ushered in with the passage of the Economic Aid Act on December 27, 2020. In addition to the 2nd draw loans, eligible businesses that did not receive a PPP loan in the first round of funding have an opportunity to apply for a PPP loan.
Read more
Understanding Transactions, Even if Your Business Isn’t for Sale
Posted by Tim Hilligoss on January 12, 2021
Tim Hilligoss
Selling your small business may not have been your focus in 2020 and may not be your focus in 2021, but planning ahead comes with huge advantages. Here are four things our team walks through with every client when we prepare for a deal.
Read more
State and Local Tax Planning: What You Need to Know
Posted by Miroslav Georgiev on January 12, 2021
Miroslav Georgiev
Every year state and local taxes play a larger role in the corporate tax season. Here are eight state and local tax planning considerations for businesses.
Read more
4 Tips for Managing a Large Inheritance
Posted by Casey Haggerty on December 28, 2020
Casey Haggerty
Receiving a large inheritance may sound appealing to most, especially in an era where many have gone through two large financial depressions. However, there are many things that need to be considered. Here are some important tips for managing a large inheritance.
Read more
Talking Industrial Automation Podcast: Year-End Tax Tips
Posted by Tim Finerty on December 16, 2020
Tim Finerty
Listen to the Talking Industrial Automation podcast featuring Shareholder Tim Finerty highlighting tax planning tips and ways to maximize cash flow.
Read more
Inventory Optimization Creates Expanded Working Capital
Posted by Jim Biehl on December 14, 2020
Jim Biehl
Many businesses were caught off guard by the COVID-19 pandemic. Stay-at-home orders and mandatory business closures created significant operational challenges.
Read more
Private Client Services: An Introduction
Posted by Margaret Amsden on December 1, 2020
Margaret Amsden
Owners of closely-held businesses are passionate about what they do, masters of their practice, and driven to succeed. When it comes time to plan for the future, Private Client Services (PCS) is the partner that helps business owners take on the future with the same confidence they have in their business.
Read more
2020 Reporting Guidance
Posted by Margaret Amsden on November 28, 2020
Margaret Amsden
Every year brings a list of information filing requirements necessary to make sure that payees have the information needed to file their taxes. To assist with year-end business reporting, Clayton & McKervey has identified some items for you to consider.
Read more
2020 Year-End Tax Planning Considerations
Posted by Tarah Ablett on November 22, 2020
Tarah Ablett
As 2020 draws to a close, businesses and individuals should consider what tax planning strategies make the most sense for them. Here are some key tax planning considerations to keep in mind as we approach the end of the year.
Read more
Financial Tips for Managing the COVID-19 Fallout
Posted by Jim Biehl on November 19, 2020
Jim Biehl
COVID-19 has had a significant impact on Michigan manufacturing, forcing many to shift strategies to cope under crisis. Here are some financial tips for managing the ongoing COVID-19 fallout.
Read more
How Remote Work Has Impacted Auditing
Posted by Dave Van Damme on November 17, 2020
Dave Van Damme
Auditing relies on two things more than anything else: having access and being in person. 2020 had other plans. Forced out of offices and forbidden to travel, auditors and firms across the globe have needed to adapt quickly to the world of remote work and all the issues that come with it.
Read more
What You Need to Know! President-Elect Biden’s Tax Plan
Posted by Sarah Russell on November 9, 2020
Sarah Russell
Now that presumed U.S. President-Elect Joe Biden has been named, many people may be wondering what his tax plan looks like and whether there is anything they can do now to prepare for changes that may be coming. Here are some important highlights of his plan.
Read more
Financial Reporting Implications Due to COVID-19
Posted by Dave Van Damme on October 30, 2020
Dave Van Damme
COVID-19 has clearly disrupted life as we know it. Despite these disruptions, businesses continue to operate (some at an altered state) and therefore are required to provide financial reporting to stakeholders.
Read more
MMA October: COVID-19 Financial Tips
Posted by Jim Biehl on October 19, 2020
Jim Biehl
COVID-19 has had a significant impact on Michigan manufacturing, forcing many to shift strategies to cope under crisis. Shareholder Jim Biehl shares financial tips for managing the ongoing COVID-19 fallout in the October issue of the Michigan Manufacturers Association (MiMfg) magazine.
Read more
Automation is the Solution for Maximizing ROI
Posted by Tim Finerty on September 23, 2020
Tim Finerty
As more and more companies face the pressure to create a higher performing product as efficiently as possible, a number of them are now adopting Industry 4.0 technology to adapt their workflows to the 21st century. And as a result of embracing this evolution, these businesses are reaping the benefits.
Read more
Rethinking Your Retirement Funding Options
Posted by Margaret Amsden on September 1, 2020
Margaret Amsden
As a result of market fluctuations over the past six months, many taxpayers have seen a decline in the value of their retirement portfolios, so now may not be the best time to draw from your retirement savings, even if you are eligible. Here is some guidance regarding Social Security and IRA Distributions.
Read more
Payroll Tax Deferral IRS Guidance
Posted by Sue Tuson on August 28, 2020
Sue Tuson
Learn about the recently issued guidance as it relates to President Trump's Executive Order on employee side payroll deferral.
Read more
Control Design Article: COVID-19 Impacts
Posted by Tim Finerty and Bryan Powrozek on August 19, 2020
Tim Finerty
Industrial Automation Shareholder Tim Finerty and Manager Bryan Powrozek share some recommendations to put businesses in the best future position as they navigate the impacts of COVID-19.
Read more
Relief with International Tax Deductions
Posted by Sue Tuson on August 19, 2020
Sue Tuson
The Tax Cuts and Jobs Act (TCJA) of 2017 provided a benefit for corporations that export goods or services by creating a foreign-derived intangible income deduction (FDII), also referred to as a section 250 deduction.
Read more
CARES Act State Tax Implications
Posted by Miroslav Georgiev on August 18, 2020
Miroslav Georgiev
The Coronavirus Aid, Relief, and Economic Security (CARES) Act, enacted March 27, 2020, was designed to assist taxpayers during difficult times by introducing new and modified tax law provisions intended to allow businesses to retain more cash to help them survive the crisis.
Read more
PPP Loan Forgiveness FAQs
Posted by Tim Hilligoss and Sarah Russell on August 10, 2020
Tim Hilligoss
The COVID-19 pandemic caught many by surprise including business owners who were required to comply with forced business closures and others who experienced modified operating rules or dwindling demand.
Read more
New Nexus Standards for Remote Sellers
Posted by Sue Tuson on July 23, 2020
Sue Tuson
Most equipment manufacturers in manufacturing-friendly states like Michigan take it for granted that equipment used in manufacturing is exempt from sales tax in other states. Much to their unhappy surprise, it is not the case in all states!
Read more
COVID-19 Cash Flow Planning
Posted by Jim Biehl on July 20, 2020
Jim Biehl
The COVID-19 pandemic caught many businesses by surprise. Beyond just health concerns, the combination of forced business closures, stay-at home-orders, and general fear about transmission created an unforeseen economic situation.
Read more
Turns on Inventory – Systems and Processes to Monitor Inventory Levels
Posted by Dave Van Damme and Jim Biehl on June 22, 2020
Dave Van Damme
You’re in the wholesale or distribution space and have a huge asset, called inventory, which needs to be converted to cash, but you aren’t great at tracking or counting it and you are not really sure which items are sitting. So what do you do?
Read more
Debt Restructuring: How Does it Impact Your Taxes?
Posted by Margaret Amsden on June 22, 2020
Margaret Amsden
Throughout the ordinary course of business, you could very well find yourself in a position of insolvency leading to the restructuring of your debt. Dealing with cash flow issues or insolvency can be very stressful and time-sensitive for business owners and taxpayers alike. Learn how debt restructuring impacts your taxes and what to do if you find yourself in this situation.
Read more
Life Insurance: Key to Financial Planning
Posted by Clayton & McKervey on May 19, 2020
Clayton & McKervey
The fact that life insurance pays money to cover your bills and burial after you die is not a secret. Aside from that, there are many other reasons to have life insurance, but most people are woefully unaware of the benefits of doing so and the process of obtaining it in the first place.
Read more
Loan Assistance Support
Posted by Clayton & McKervey on May 13, 2020
Clayton & McKervey
Clayton & McKervey has prepared a workbook for businesses to use when calculating loan forgiveness. This tool is available for organizational use.
Read more
PPP Forgiveness & Full Time Equivalents
Posted by Tim Hilligoss on May 5, 2020
Tim Hilligoss
Another day, another number. The number 40, to be specific. FAQ # 40 addresses one of the many PPP loan forgiveness questions: what happens if a laid off employee declines to come back to work? Will this affect your forgiven amount? The answer: no.
Read more
Be On the Lookout for Tax Fraud
Posted by Ruben Ramirez on April 6, 2020
Ruben Ramirez
Tax filing season is a particularly fertile time for scammers to take advantage of taxpayers. With the stimulus payments that most American’s will receive as a result of the Coronavirus Aid, Relief and Economic Security (CARES) Act added to the mix, it is critical that taxpayers are on alert for scammers.
Read more
Paycheck Protection Program and Other Financing Options
Posted by Sarah Russell on March 27, 2020
Sarah Russell
The CARES Act provides many benefits, including the Paycheck Protection Program. As promised, here is our detailed analysis of what the program entails.
Read more
CARES Act: Largest Stimulus Package in U.S. History!
Posted by Sarah Russell on March 27, 2020
Sarah Russell
After days of Congressional negotiations, the President signed the CARES Act, the largest stimulus package in U.S. history. Below is an overview of the provisions included in the package...
Read more