Serving Jackson and Surrounding Communities for Over 100 Years

Electing S-Corp Taxation for LLCs – Does it Make Sense for Your Business?

Many entrepreneurs operate their businesses as a limited liability company (LLC). The usual method of taxation for an LLC is to be taxed as a disregarded entity if the LLC has only one member with the income being reported on Schedule C of the member… Read More
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SAME-SEX MARRIAGE RULING HAS WIDE-RANGING EFFECTS

As you most likely know by now, last month the U.S. Supreme Court issued its long-anticipated ruling regarding the issue of whether same-sex couples have the right to marry. Before the Court’s decision, there were countless unknowns and inconsisten… Read More
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IRS and Treasury Owe Americans Billions

IRS TAX REFUNDS You may have hundreds or even thousands of your own dollars sitting in the coffers of the Internal Revenue Service, simply waiting for you. How might you ask? The IRS has about $123.5 million worth of refund checks from 2009 alone (10… Read More
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7 Year-End Tax Planning Ideas

As hard as it may be to believe, tax time is fast approaching. The following are some year-end tax planning ideas which may help reduce your 2009 tax bill or assist with financial and tax planning for you and your family: 1. The homebuyer tax credit… Read More
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Tax Issues and Divorce

A common question asked when representing clients in a divorce is how do I file my income taxes during the pendency of the divorce. If you are separated from your spouse or in the process of a divorce, you can not file as a single taxpayer if you are… Read More
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Breaking News: New Tax Savings for Homeowners and Businesses

As part of the extension of unemployment benefits, Congress passed (and the President is expected to sign into law today, November 6) a wide ranging bill that includes provisions to extend and expand the homebuyers’ tax credit and also expands a st… Read More
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When Primary Homes Become Investment (Rental) Properties

Did you buy a new home and can’t sell your old one because of the depressed real estate market? Do you know someone who was forced to relocate for a new job but cannot sell their home? These scenarios are increasing for a number of reasons; and wit… Read More
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IRS Loses Battle with Entrepreneurs

A recent Tax Court decision held that investors in certain businesses could deduct losses associated with those businesses against salary and investment income. This decision goes against a long-standing position taken by the IRS that such losses cou… Read More
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Tax Update - Extension of Michigan Real Estate Transfer Tax

The Michigan real estate transfer tax (“MRETT”) has been extended to contracts for the transfer or acquisition of an outstanding interest in an entity if the real property owned by that entity is 90% or more of the entity’s fair market value. H… Read More
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