CPA's & Business Advisors

H&S Farm Tax Newsletter

Farmers! H&S has some updates on tax issues that affect you. Check out our Farm Tax Newsletter for more information.

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Click to Download

 

CPA's & Business Advisors

IRS phone scammers caught!

IRS scams have been a big problem over the past few years, and it doesn’t seem to be slowing down. Luckily, this group of phone scammers were caught!

Just remember that the IRS will never call you and ask you to wire money. They will never email you telling you what you owe. And they will certainly never threaten you!

If you ever have a situation where you are unsure of its legitimacy, please don’t hesitate to call us – we are here to help!

Click here to read the article from the Detroit Free Press

CPA's & Business Advisors

What Employers Need to Know…

…about the Affordable Care Act, that is! Click the image below to download this one-pager from our friends at the IRS for some very helpful information and links regarding employers and the ever-confusing Affordable Care Act!

Still have questions? No problem, that’s what we’re here for. Please contact one of our qualified CPAs today! Check out our locations page for one near you.

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Click to Download

 

CPA's & Business Advisors

Are you an applicable large employer?

With the Affordable Care Act there are certain requirements of you if you’re an applicable large employer. If you’re not sure, well, no fear, there are steps you can take to determine if you are one or not. Click the image below to download a helpful one-pager that the IRS has put together on this very topic. There are active links that take you directly to further information, should you need it!

As always, H&S Companies is here to guide you through the tax jungle. Please contact one of our many qualified CPAs or Accountants with any questions. Take a look at our locations pages to find someone near you.

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Click to Download

 

CPA's & Business Advisors

H&S Tax Newsletter

It’s that time of year, and our tax newsletter is here…

This year’s tax newsletter is full of information for both individuals and businesses. Read about changes affecting Education, the Affordable Care Act, Minimum wage, tax tips and more!

Click to Download

Click to Download

 

H&S Tax Newsletter

It’s that time of year, and our tax newsletter is here…
This year’s tax newsletter is full of information for both individuals and businesses. Read about changes affecting Education, the Affordable Care Act, Minimum wage, tax tips and more!

Click to Download

Click to Download


 

CPA's & Business Advisors

Identity Theft Takes #1 Spot on IRS Dirty Dozen List



identity-theft-hscompaniesIdentity theft is a big problem. In fact, this year it took the number one spot on the IRS Dirty Dozen scam list. In an effort to help victims reclaim their identity, the IRS announced the nationwide expansion of a program that helps law enforcement officials obtain the tax return data they need to support their local investigations and prosecutions. Because the pilot program went so well, the IRS decided to expand it.

And, just as a reminder that anyone can end up a target of identity theft…the Chicago Tribune recently reported that Chief Justice John Roberts became a victim of credit card fraud.

To learn about preventing fraud in your business, check out our Certified Fraud Examiners!

CPA's & Business Advisors

Five-Time Super Bowl Starter Sacked in Tax Court

bill-romanowskiBill Romanowski had a lucrative 16-year NFL career, but it seems retirement is proving to be less fruitful.  According to AccountingToday, when the Five-Time Super Bowl Starter retired, he found his way into a tax-shelter scheme. Romanowski decided to invest $13,092,732 in a horse breeding-program, which would allow him to offset his taxable income from 1998-2003. The only problem is, his horse-breeding income didn’t allow him to utilize the losses against the income.

According to Forbes, Romanowski was denied his claim because he didn’t enter into horse breeding with the intention of making a profit. Therefore, his activity qualified for the hobby-loss rules and his expenses could only be deducted up to the amount they would have generated income.

photo credit: enlewof via photopin cc



CPA's & Business Advisors

Some Non-Profits Asked to Complete Self-Declarers Questionnaire



irs-questionnaire-hs-companiesThe IRS announced that they will be doing compliance checks on some organizations that declare themselves tax-exempt under section 501(c)(4), (5) and (6). Please note, the questionnaire is optional and you are only eligible to complete it if you receive a letter in the mail from the IRS that includes a PIN, password, and source ID.

According the IRS, responses will help them understand these self-declared organizations and help to determine if they complying with the law

CPA's & Business Advisors

Important UIA Reminder for Employers



Employers – If you have 25 or more employees at any one time in a quarter, you must file form UIA 1028 electronically. The deadline to file is April 25th, and in order to file electronically you must be registered on the michigan.gov website. If you have not registered yet, please be sure to visit michigan.gov and complete the Michigan Web Account Master (MIWAM), as soon as possible.

Have questions? Contact Melissa Miller, Payroll Specialist.

Melissa Miller
Payroll Specialist
231.924.8052
melissam@hscompanies.com