News & Articles

Tax Deadline Reminder: FBARs Due by June 30

Posted on Mon, May 04, 2015

The deadline is fast approaching for certain taxpayers to report accounts they hold in foreign banks and other financial institutions. You also may be required to report foreign accounts over which you have signature authority, such as an account that you maintain on behalf of a relative or employer.

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Tags: Tax, EHTC Article, Foreign Assets, Foreign Bank Accounts, foreign financial accounts, Articles, Federal Income Tax

Businesses: How to Help Prepare for Audit Season

Posted on Fri, Jan 30, 2015

The busiest time of year for external financial statement auditors generally runs from January to April each year. But CPAs usually start gearing up for audit season in November of the preceding year. Accountants meet with clients, assign staff and schedule fieldwork. Then, the team conducts preliminary financial analytics, observes physical inventory counts, assesses risk factors and customizes your audit plan.

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Tags: Audit, EHTC Article, Articles, Financial, fieldwork

The Latest News on the Personal Use of Company Cars

Posted on Thu, Jan 29, 2015
The free use of a company car is one of the best perks an employee may be entitled to as part of a compensation package. But the benefit to the employee isn't completely "Free" under current tax law. Essentailly, personal use of a company car is treated as a taxable fringe benefit, subject to income tax withholding obligations by the employer. This process is often complicated by the complexity of the related tax rules.

Basics about Company-Provided Cars

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Tags: EHTC Article, Employer-provided, Auto Use, Vehicle, Articles

Ten Tax Breaks Available for Parents

Posted on Wed, Jan 14, 2015

How much money do you need to raise a child? According to an estimate from the U.S. Department of Agriculture, it will cost a middle-income couple roughly $245,000 to raise a child born in 2013 to the age of 18. This is up 1.8 percent from the prior year. Plus, the estimated average cost is much higher in certain parts of the country. For example, high-income families living in the urban Northeast are projected to spend almost $455,000 to raise a child for 18 years.

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Tags: Tax, EHTC Article, Income, Tax Breaks, Articles, Children

Start the New Year With a Personal Finance Checkup

Posted on Tue, Jan 13, 2015

The lull that follows the holiday season is a time for reflection and planning. If you're like most Americans, there are several administrative chores that remain on your 2014 to-do list. Tackling them at the start of the new year will set a healthy, proactive tone going forward. Here are five simple things you can do to eliminate headaches, cut the flab and otherwise bring discipline to your personal finances in 2015:

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Tags: Tax, EHTC Article, Finance, Newsletter, Articles, Individual

Ten Ways to Receive Tax-Free Income

Posted on Fri, Jan 09, 2015

There are still ways to earn income that is free from federal income tax. With the various tax increases that have taken effect in recent years, tax-free income opportunities are more valuable than ever.

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Tags: Tax, EHTC Article, Income, Nontaxable, Newsletter, Articles

Important Tax Figures for 2015

Posted on Thu, Jan 08, 2015

The following table provides some important federal tax information for 2015, as compared with 2014. Some of the dollar amounts changed due to inflation. Other amounts changed due to legislation.

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Tags: Tax, EHTC Article, information, Federal, Newsletter, Articles

Changes for Michigan Sales, Use, and Withholding Taxes

Posted on Tue, Dec 30, 2014

The Michigan Department of Treasury has a new online system called the Michigan Treasury Online (MTO).  This new system allows taxpayers 24/7 access to their accounts and will start to process sales, use, and withholding (SUW) tax returns for 2015. Taxpayers can make changes to their account, electronically file SUW returns, and make electronic payments for taxes due. 

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Tags: EHTC Article, SUW, MTO, Michigan, Newsletter, Articles, Taxes

The Present and Future of the Self-Employment Tax

Posted on Fri, Dec 26, 2014

If you're self-employed as a sole proprietor, partner, or LLC member, you may owe the self-employment tax.

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Tags: Tax, EHTC Article, Self-Employment, Social Security, Medicare, Newsletter, Articles

How College Financial Aid Benefits are Taxed

Posted on Wed, Dec 24, 2014

There's no doubt about it ... college is expensive. At top-rated private universities, the annual cost can be $55,000 and up. Some public schools charge out-of-state students $40,000 and up. With any luck, however, your child or grandchild will qualify for financial aid. These days, a surprisingly high percentage of students do.

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Tags: Tax, EHTC Article, Tuition, Expenses, Articles, Taxes, Financial Aid, Qualified Education Expenses, Education