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Michigan Gets IRS Tax Extension to June 17 Due to Storms

CPA Practice

Due to severe storms in August 2023, individuals and business taxpayers in some Michigan counties have until June 17, 2024, to file various federal individual and business tax returns and make tax payments, the the Internal Revenue Service has announced. 24, 2023, through June 17, 2024 (postponement period).

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State CPA Society News & Updates – June 2023

CPA Practice

Best Business Tax Update 2023 , which takes place December 15 from 8:00 AM – 3:45 PM. Michigan Institute of CPAs Welcomes New Board Members The Michigan Institute of CPAs (MICPA ) recently welcomed three new board members. Fees are $310 for ISCPA members and $410 for non-members. Those interested can register here.

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Areas in the U.S. Where Inflation is Causing Property Taxes to Increase the Most

CPA Practice

where inflation is causing property tax rates to increase to the maximum amount allowed by law. Higher property taxes in Michigan Michigan homeowners are facing the highest property tax increase in 28 years, at 5%. The inflation rate in 2022 could have caused tax rates to jump by nearly 8% in 2023.

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Legalization and Taxation of Cannabis

TaxConnex

And Colorado raked in $362 million in marijuana taxes in 2020, a 30% jump from 2019. Other states doing well with tax on marijuana include Oregon, Nevada, Massachusetts, Illinois, and Michigan. California: For adult use retail sales there is a statewide 15% excise tax as well as a statewide sales tax rate of 7.25%.

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Is Tax Relief on the Horizon for Marijuana Businesses?

CPA Practice

They’re bucking the federal laws and decoupling from federal tax code Section 280E, meaning that legal marijuana firms located in these states can deduct expenses for state tax purposes, even if they can’t do so on their federal income tax returns. Look for more states to follow suit. _

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Court Invalidates IRS Micro-Captive Transactions Notice: Now What?

Withum

Because the District Court that decided the case resides in the Sixth Circuit, the decision applies only to taxpayers in Kentucky, Michigan, Ohio, and Tennessee. Micro-captive insurance transactions are, after all, included in the IRS’s dirty dozen list of tax scams. Business Tax Services. Contact Us. Contact Us.

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Professional tax help Chicago: Taxpayers Facing Tax Audits, Back Taxes, and 941 Payroll Tax Problems

MyIRSRelief

Professional (EA, CPA, Lawyer) tax help can assist businesses in resolving 941 payroll tax problems by identifying the cause of the issue, gathering documentation, and communicating with the IRS on behalf of the business. Navy Pier: Navy Pier is a 3,300-foot-long pier that extends into Lake Michigan.