Year-end tax planning is seldom a simple proposition. With this in mind, we have prepared a comprehensive 2023 Year-End Tax Planning Letter. For your convenience, the letter for individuals is below: Individual Tax Planning You can access the...
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The Internal Revenue Service (IRS) has announced a moratorium on new claims related to the pandemic-era Employee Retention Credit (ERC, also known as Employee Retention Tax Credit). The pause on new claims goes into effect immediately and will...
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Cole Gavlas, PC, would like to congratulate staff accountant Erik Shultz who recently earned his Certified Public Accountant (CPA) licensure in the state of Michigan. “Earning one’s CPA designation is one of the most important milestones in an...
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The idea of starting your own business is inherently romantic, if not exhilarating: You get to run the show, flesh out your ideas, and live your dream. But where do you begin? Here are seven smart steps to get you started – and help improve your...
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Natural language processing (NLP) is a technology that allows computers to understand and process human language. Processing of natural language is necessary when you want an intelligent device to follow your instructions. NPL is an artificial...
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There has been updated guidance on how and when tax filers must file and report Form 1099-K, Payment Card, and Third-Party Network Transactions in 2022 and 2023. According to the December IRS release, new income and transaction reporting...
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When it comes to businesses and their inventory and accounting methods for managing it, there are a few different ways to approach the task. The three different options to value inventory/implement cost flow assumptions include Last In, First Out...
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On Thursday, January 26, the Michigan Court of Appeals overturned a ruling from a lower court that would have boosted the state’s minimum wage even higher than increases already enacted at the start of the year. In a 3-0 ruling, the court...
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When it comes to defining an impaired asset, its fair market value is worth less than the original cost of the asset – or more formally, its carrying value. As a company re-evaluates its assets’ value, and when it determines there’s a...
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