Q. What impact, if any, will the SECURE Act, have on my tax planning for retirement? There are three main provisions of the SECURE Act that will most likely impact high-net-worth individuals: You will be able to contribute to your traditional Individ...

An array of tax-related limits that affect businesses are annually indexed for inflation, and many have increased for 2020. Here are some that may be important to you and your business. Social Security Tax The amount of employees’ earnings that are...

A new year is here, bringing new opportunities and tax strategies business owners should be aware of as a new filing season is approached. Doeren Mayhew’s tax advisors highlight five key tax planning strategies to consider in 2020: 1. Economic Nexu...

The Internal Revenue Service (IRS) has released guidance providing that the requirement to report partners’ shares of partnership capital on the tax basis method will not be effective for 2019 partnership tax years, but will first apply to 2020 par...

The Internal Revenue Service (IRS) has released new proposed rules related to charitable contributions made to get around the $10,000/$5,000 cap on state and local tax (SALT) deductions. The proposed regulations include: incorporate the safe harbor i...

The Internal Revenue Service (IRS) finally issued the optional standard mileage rates for 2020 used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Doeren Mayhew has outlined the upda...

When most people think of research and development (R&D), they tend to think of technicians in a lab creating brand-new, state-of-the-art products. R&D takes place in many different fields, including manufacturing. The Internal Revenue Servic...

If you’re adopting a child, or you adopted one this year, there may be significant tax benefits available to offset the expenses. For 2019, adoptive parents may be able to claim a nonrefundable credit against their federal tax for up to $14,080 of ...