What effects, if any, does the value of my business have on my estate?
For many business owners, the value of their business comprises a majority of their net worth, yet they’re uncertain how much their business is really worth. Understanding the value of your business is critical when it comes to implementing your estate planning strategies.
The economy, interest rates, the real estate market and even preside... more
Economic downturns can have a tremendous impact on people and businesses. Yet many businesses have managed to grow and prosper during times when others were going under. There are obviously ways to survive in even the worst depths of a recession. Here are some things that can strengthen your business and help ward off the worst during a business slowdown.
Strengthen relationships with customers. It costs money to attr... more
The short answer is: none. You need to hold on to all of your 2015 tax records for now. But this is a great time to take a look at your records for previous tax years and determine what you can purge.
The 3-Year Rule
At minimum, keep tax records for as long as the IRS has the ability to audit your return or assess additional taxes, which generally is three years after you file your return. This means you likely can shre... more
Doeren Mayhew has been named one of the 2017 Vault Accounting 50, a ranking of the best accounting employers to work for in North America.
Vault.com, a leading resource in career management and job search information, released its seventh annual listing which reflects the issues accounting professionals care most about. Combining quality of life rankings, such as culture, satisfaction, work/life balance, compensation, ... more
Tax reform continues to be highly touted in Congress as lawmakers from both parties call for simplification of countless complex rules, overhaul of tax rates and more. At times this year, the president and congressional republicans seem far apart on a way forward, but at similar times in the past, agreements have quickly and often surprisingly emerged, most recently in the Protecting Americans from Tax Hikes Act of 2015 (... more
By Aubrey Clegg, CPA, Senior Audit/Tax Manager, Financial Institutions Group
Evolving into a 12-page form with over 100 questions, multiple supplemental schedules and a required narrative schedule, Form 990 has become much more complex for its preparers – leaving it vulnerable to errors.
Leveraging its own experience preparing hundreds of 990s annually, Doeren Mayhew’s tax advisors count down the top 10 common e... more
In 2015 the National Credit Union Administration (NCUA) proposed significant changes to the regulations regarding member business lending (Part 723). With the recent final approval from the NCUA Board, the new rules, effective January 1, 2017, will replace the current prescriptive regulations with a more principal-based regulation approach providing credit unions with more flexibility and freedom in granting commercial lo... more
Starting a new business is an exciting time. But before you even open the doors, you generally have to spend a lot of money. You may have to train workers and pay for rent, utilities, marketing and more. Entrepreneurs are often unaware that many expenses incurred by start-ups can’t be deducted right away.
How Expenses are Handled on Your Tax Return
When planning a new enterprise, remember these key points:
Doeren Mayhew, a top 100 CPA and advisory firm, has added Alex Yarber, CPA, CFE, CRC to its national Financial Institutions Group practice. With more than 23 years’ experience in financial institution lending operations, Yarber brings extensive knowledge in commercial, indirect and consumer lending to the group’s expansive lending service line-up.
A graduate from Michigan State University, Yarber began his career ... more
Along with their many other obligations, executors (or personal representatives) of estates must ensure that all applicable tax returns are filed. The required federal returns include the decedent’s final income-tax return and, in some cases, an estate income-tax return and/or an estate-tax return.
Final Income-Tax Return
The executor is responsible for making sure that the decedent’s final federal income-tax return... more