Entries by CapstoneCPAGroup

PPP Loans- Part 1

As changed in the recent legislation, PPP loan funds received in 2020 under the PPP program will likely be treated “from a tax standpoint, as though they were never received”. We are still awaiting technical guidance from the IRS to comply with any reporting requirements, and we believe there still may be some technical issues […]

New 1099 form – 1099-NEC

Unless you are certified tax nerds like us you may have missed a new and (not so) exciting change to the world of 1099 filing. The federal government has created a new form, called form 1099- NEC. This form was created specifically to report payments made for Non-Employee Compensation (hence 1099-NEC). What is NEC? Payments […]

Becca’s blog

Starting next week Capstone CPA Group is proud to present Becca’s blog. Every other week our own Becca Geeting will be sharing her thoughts, insights and accounting and tax knowledge. We encourage you to check it out!

Wayfair decision on sales tax

In case you did not hear, the supreme court handed down a very pro-state decision regarding sales tax today. The Wayfair decision as it will be know gives states a very broad ability to determine nexus for sales tax. As you may already know many states including Michigan have been stepping up enforcement of sales […]

Michigan minimum wage increase January 1, 2018

Calling all employers, if you have low income workers or tipped employees, they may be getting a raise. On January 1st, 2018, Michigan’s minimum wage increases from $8.90 to $9.25 for hourly employees and from $3.38 to $3.52 for tipped employees. Please remember if you have tipped employees they must make at least minimum wage […]

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 […]