Entries by CapstoneCPAGroup

Minimum wage- ballot petition

Keep an eye out for rising Michigan minimum wage. What is interesting about this ballot petition is that it includes language that will make ALL jobs increased to a new minimum wage level by 2022 of $12 per hour, including tipped employees. If you own a restaurant or bar, you need to keep this on […]

Jobs Bill- State of Michigan

Yesterday Governor Snyder signed into law the Jobs Bill. A tax break for businesses that create a large number of jobs in Michigan. The Jobs Bill will offer incentives in the following manner. Any business that creates at least: 250 jobs would qualify for a 100% credit of the Michigan tax withheld from employees for […]

New overtime rules- blocked by federal judge

A federal judge on Tuesday blocked a Department of Labor administrative ruling. Commonly known as the new mandatory overtime pay law, the Department of Labor in conjunction with the Obama administration changed the rules relating to overtime pay for certain workers making less than $47,500. This rule was set to take effect on December 1, […]

Trump tax – Business

We hope you enjoyed our initial installment last week, where we covered the likely changes associated with the Trump tax plan. Specifically, we covered how the Trump tax plan may impact individuals. In the second part of our examination of the Trump tax plan we reviewed proposed changes in tax policy for business taxes. Some […]

Trump Tax Plan – Individuals

With the election in our rear view mirror, many people are wondering what financial agenda the Trump team will implement. We are also interested in the total financial package President-Elect Trump will propose, outlines of his tax agenda are already fairly well documented. President-Elect Donald Trump has proposed the largest tax cuts since Ronald Reagan. […]

Trump Individual Tax – Tax Table

We have included a simple table to show how the Trump Individual tax plan may affect an average American household. Please see the Individual Trump tax table   Also, check out our post- Trump Individual tax plan. This post highlights some of the proposed tax reforms that are likely to be adopted in 2017. While […]

Year end planning: Retirement plan

Small business owners usually have a long list of items on their to-do lists. If contributing to your retirement plan was on your agenda this year, there may still be time to add more to your nest egg and reap the rewards on your 2015 return. You’re allowed to make contributions to an established retirement […]

Yes, You Can Appeal an IRS Decision!

If you disagree with an IRS decision also known as an IRS determination letter about your taxes, rest assured that you’re not alone. The IRS has an Office of Appeals that works with more than 100,000 taxpayers every year to address their IRS appeal. If you’re facing a tax dispute over an IRS letter, the […]

IRS notices: How to deal with the IRS

In this article we are going to address how to deal with the IRS. We are also going to go over some information you should have if you receive an IRS notice. Let’s assume for a moment that you are a good taxpaying citizen and have filed your tax returns for the last few years. […]