The Internal Revenue Service periodically reminds taxpayers and tax professionals to be careful in responding to fraudulent contacts using the IRS name or logo in telephone calls, unsolicited facsimiles, emails, text messages or...
Read MoreGovernor Snyder signed a Public Act into law at the end of 2017 permitting a taxpayer and the Michigan Department of Treasury to engage in a settlement process during administrative appeals of Michigan sales tax and corporate...
Read MoreBy: Tom Hammerschmidt Employers are required to obtain a signed IRS Form W-4 when hiring a new employee. Although Form W-4 is revised each year by the IRS to reflect current tax rates, exemption amounts, etc., the...
Read MoreBy Thomas D. Hammerschmidt, Jr. Recent news stories regarding the leaked (or stolen) “Panama Papers” highlight the problems faced by some of the world’s “one percenters” in connection with off-shore accounts, apparently used in...
Read MoreBy Tom Hammerschmidt A recent Tax Court decision suggests that professional corporations should carefully reconsider the oft-used practice of paying and deducting year-end bonuses to the corporation’s principals with the effect...
Read MoreBy Thomas D. Hammerschmidt, Jr. The laws in most states require banks and other business “holders” of unclaimed property to remit (or “escheat”) the unclaimed funds to the state, which then holds the property subject to being...
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