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Monday, November 23, 20202020 Year-End Tax Planning Considerations
As 2020 draws to a close, businesses and individuals should consider what tax planning strategies make the most sense for them. Here are some key tax planning considerations to keep in mind as we approach the end of the year.Businesses:Paycheck Protection Program (PPP) Forgiven Expenses – Based on current guidance from the IRS, we know that expenses associated with PPP loan forgiveness are not deductible. On November 18, 2020, additional guidance was issued confirming that expenses are non-deductible in
Friday, November 20, 2020New my Social Security Features Help with Planning for the Future
The new my Social Security now offers a wider range of features and benefits for both beneficiaries and those not receiving benefits. Beneficiaries will continue to get information tailored to them, and can print a benefit verification letter and SSA-1099, change their address and direct deposit information, request a replacement Social Security card, and more. Someone not receiving benefits now has more reasons to use my Social Security. In addition to being able to request a replacement Social Security
Thursday, November 19, 2020Giving Thanks and Staying Safe: How To Plan For This Year’s Holidays
Like so many things during 2020, celebrating Thanksgiving in the age of COVID should look much different than previous years in order to protect the ones you love. Cases of COVID-19 are surging around the country and in Michigan, and hospitalizations have increased. Medical experts and public health officials are stressing vigilance when it comes to following safety precautions, like social distancing, mask wearing and handwashing. Unfortunately, given this recent surge, the most responsible action right
Tuesday, November 17, 2020How Remote Work Has Impacted Auditing
Auditing relies on two things more than anything else: having access and being in person. 2020 had other plans. Forced out of offices and forbidden to travel, auditors and firms across the globe have needed to adapt quickly to the world of remote work and all the issues that come with it. Unlike other industries in which professionals can communicate with clients spontaneously and across mediums, auditing is a challenge because it requires meticulous planning, precise attention to detail, and very little
Monday, November 16, 2020Asia forms world’s biggest trade bloc, a China-backed group excluding U.S.
Fifteen Asia-Pacific economies formed the world’s largest free trade bloc on Sunday, a China-backed deal that excludes the United States.The Regional Comprehensive Economic Partnership (RCEP) was signed at a regional summit in Hanoi.RCEP may cement China’s position more firmly as an economic partner with Southeast Asia, Japan and Korea. Fifteen Asia-Pacific economies formed the world’s largest free trade bloc on Sunday, a China-backed deal that excludes the United States, which had left a rival
Monday, November 16, 2020Michigan Dept. of Health and Human Services (MDHHS) Social Gathering Guidance
When socializing with friends or family: Get together outside whenever possible. Risks are up to 20 times higher inside. If you do get together inside, include no more than two households and never more than 10 people. If you feel sick, don’t go. Follow these rules whenever you can: Wear a mask - only take it off when you eat or drink, then put it back onStay six feet apartLimit time together indoors - more time = more riskKeep voices down - shouting or cheering can increase COVID-19 in the air by up to
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Monday, November 16, 2020MIOSHA EMERGENCY RULES
The rules implement workplace safeguards for all businesses and specific requirements for industries, including manufacturing, construction, retail, health care, sports and exercise facilities and restaurants and bars. These rules take effect on October 14, 2020 and shall remain in effect for six months.EMPLOYER REQUIREMENTSEstablish Exposure Determination for EmployeesThe employer should evaluate routine and anticipated tasks to determine anticipated employee exposure to COVID-19.The employer should
Wednesday, November 11, 2020Michigan Civil Rights Commission on Protecting Your Rights
The Michigan Department of Civil Rights (MDCR) was established to protect the rights of people in Michigan to fair and equitable treatment under the law. What is MDCR and how do they protect my civil rights? Laws are in place to help protect people from discrimination. The Elliott-Larsen Civil Rights Act (ELCRA), the Persons with Disabilities Civil Rights Act, the Fair Housing Act, the Americans with Disabilities Act (ADA) and other provisions in state and federal law provide protection against
Monday, November 09, 2020Oakland County Michigan - Legal and Financial Consultation for Small Businesses
Complimentary Legal and Financial Consultation and Training for Small Businesses Available until the end of 2020 | Four Hours of Free Consultation From Two Firms You can choose two of the law or financial firms in this program to provide you with two hours each of free, professional consultation—that is four hours total of free consultation. The free consultations are part of Oakland County’s CARES Act funding and distribution program to revive the economy during the Covid-19 pandemic. If you find
Monday, November 09, 2020What You Need to Know about the Future Tax Plan
Here are some important highlights of the future tax plan:Business TaxIncreases the corporate tax rate from 21% to 28% and establishes a corporate minimum tax of 15% for corporations with $100 million or more in book profits.Creates a 10% “Made in America” tax credit for companies that create jobs for American workers. This credit would be available for revitalizing closed or nearly closed facilities, retooling or expanding facilities, and bringing production or service jobs back to the U.S.Expands the
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Thursday, November 05, 2020Financial Reporting Implications Due to COVID-19
COVID-19 has clearly disrupted life as we know it. Despite these disruptions, businesses continue to operate (some at an altered state) and therefore are required to provide financial reporting to stakeholders. As management prepares for their year-end financial reporting, they are facing implications due to the economic impact of the pandemic. Many of the accounting issues affecting companies are situations they have never had to contemplate in more typical times. While the accounting methods for these
Thursday, November 05, 2020COVID-19 - MDHHS Epidemic Order October 29, 2020
Michigan Department of Health and Human Services (MDHHS) has issued this order under a law first enacted by the Michigan Legislature after the Spanish Flu of 1918, specifically to deal with epidemics. This gives the MDHHS director broad authority to take actions by emergency order to protect the public health during an epidemic. To reduce confusion following the recent Michigan Supreme Court decision, MDHHS issued orders following existing executive orders as much as possible under the different law to
Wednesday, October 07, 2020Marsh & McLennan Agency Welcomes Tyrone Jordan as Vice President, Health & Benefits
Troy, Michigan – October 7, 2020 – Marsh & McLennan Agency LLC (MMA) recently welcomed Tyrone Jordan as a vice president with the health and benefits practice in Troy, Mich. An established group benefits professional, Jordan has developed an expertise helping public sector and non-profit entities meet their fiscal management targets. Jordan’s understanding of union relations and contract negotiations has also proven valuable to private entities in achieving their people and business management
Monday, September 21, 2020Marsh & McLennan Agency's Growing Health & Wellbeing Team Moves to Troy's PNC Center
Troy, Michigan – September 21, 2020 … Marsh & McLennan Agency’s health and wellbeing practice based in Troy, Michigan, is moving to a new location in Troy. Effective September 28, 2020, the practice will occupy nearly two floors in the PNC Center. The new address is: 755 W. Big Beaver RdSuite 2300Troy, Michigan 48084 The health and wellbeing practice had occupied its current space for sixteen years and grew from 53 employees in 2005 to 130 employees in 2020. The practice has added benefits
Monday, June 29, 2020ICONMA's COVID-19 Medical Screening Service Helps Companies Get a Safe Start
In an effort to keep the communities of our clients and employees safe, ICONMA recently launched our COVID-19 Medical Screening Service. With the protection of our client's workforce top of mind, our newest service offering will allow for a secure work environment as many companies begin to resume onsite activities. ICONMA's COVID-19 Medical Screeners perform temperature readings, conduct questionnaires, and make pass/fail determinations of all individuals who are screened for COVID-19. With
