Jim Sullivan, Founder & President of ATS Advisors

On August 22, 2022   /   ATS Advisors  
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If Jim Sullivan is not on the golf course or spending time with his family, he is hard at work building his businesses and helping his community. Jim founded ATS Advisors in 1996 and has been steadily growing the business ever since. ATS Advisors is a full-service CPA firm. The company offers individual, business, non-profit, and estate tax preparation services.“I have known Jim for many years and he is the type of guy that is always available to help no matter the circumstance” (Greg WGCC)

James R. Sullivan, CPA is the founder and President of ATS Advisors, A Certified Public Accounting Firm. (ATS) Jim works with owners, controllers, CFOs, general management, directors and board committees to assist them in developing accounting and tax strategies and programs. As the President, he is an account manager for clients in many industries, including construction, law firms, manufacturing, finance, non-profit and healthcare, for assignments in all areas of taxations, strategic planning, mergers and acquisitions as well as accounting and audit.

Jim has over twenty years of experience in designing and implementing tax strategies and accounting management programs, for organizations of all sizes. His experience includes tax strategies and accounting program development, as well as extensive work with other accounting firms in the areas of governance, strategic and operational planning. He has managed and been involved with valuations and merger and acquisition deals of numerous companies of various sizes ranging from $500,000 in revenue up to $190,000,000 in revenue.

Prior to founding ATS, Jim Sullivan was a staff accountant at several CPA firms; Jim was also a CFO, controller and manager at various private companies. His prior experiences have given him exposure to various industries including, construction, consulting, IT staffing, software development, and environmental and emergency remediation services.

A recognized expert in federal as well as multi state taxation with a knack for putting the mind numbing complexities of the tax code into plain English;

Jim works closely with the University of Michigan and MICPA as an instructor in various tax and accounting topics. His continuing education classes and the University’s Tax Practitioner Institute have been attended by hundreds of participants throughout the State. He has spoken at tax and accounting conferences as well as specific industry conferences on a national basis.

Jim earned his Bachelor’s degree in accountancy from The University of Notre Dame, South Bend, Indiana. Jim is a licensed Certified Public Accountant in the State of Michigan. He is a member of the Michigan Association of CPA’s and the American Institute of CPA’s. He is also a veteran of the US Army having served with distinction in Saudi Arabia and Iraq during Operations Desert Shield and Desert Storm with the 101st Airborne Division, 187th Airborne Infantry Regimental Combat Team.

Questions?

View ATS Locations & Contact Us

 

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Educator Expense Deduction Rises to $300

On August 15, 2022   /   IRS  
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WASHINGTON — As the new school year begins, the Internal Revenue Service reminds teachers and other educators that they’ll be able to use the Educator Expense Deduction to deduct up to $300 of out-of-pocket classroom expenses for 2022 when they file their federal income tax return next year.

This is the first time the annual limit has increased since the special educator expense deduction was enacted in 2002. For tax years 2002 through 2021, the limit was $250 per year. The limit will rise in $50 increments in future years based on inflation adjustments.

For 2022, an eligible educator can deduct up to $300 of qualifying expenses. If they’re married and file a joint return with another eligible educator, the limit rises to $600. But in this situation, not more than $300 for each spouse.

Who qualifies?

Educators can claim this deduction, even if they take the standard deduction. Eligible educators include anyone who is a kindergarten through grade 12 teacher, instructor, counselor, principal or aide in a school for at least 900 hours during the school year. Both public and private school educators qualify.

What’s deductible?

Educators can deduct the unreimbursed cost of:

  • Books, supplies and other materials used in the classroom.
  • Equipment, including computer equipment, software and services.
  • COVID-19 protective items to stop the spread of the disease in the classroom. This includes face masks, disinfectant for use against COVID-19, hand soap, hand sanitizer, disposable gloves, tape, paint or chalk to guide social distancing, physical barriers, such as clear plexiglass, air purifiers and other items recommended by the Centers for Disease Control and Prevention.
  • Professional development courses related to the curriculum they teach or the students they teach. But the IRS cautions that, for these expenses, it may be more beneficial to claim another educational tax benefit, especially the lifetime learning credit. For details, see Publication 970, Tax Benefits for Education, particularly Chapter 3.

Qualified expenses don’t include the cost of home schooling or for nonathletic supplies for courses in health or physical education. As with all deductions and credits, the IRS reminds educators to keep good records, including receipts, cancelled checks and other documentation.

Reminder for 2021 tax returns being filed now: Deduction limit is $250

For those who received a tax filing extension or still need to file a 2021 tax return, the IRS reminds any educator still working on their 2021 return that the deduction limit is $250. If they are married and file a joint return with another eligible educator, the limit rises to $500. But in this situation, not more than $250 for each spouse.

File electronically when ready. Tax-filing software uses a question-and-answer format that makes doing taxes easier. Whether a return is self-prepared or prepared with the assistance of a tax professional or trained community volunteer, the IRS urges everyone to file electronically and choose direct deposit for refunds. For details, visit Electronic Filing Options for Individuals.

In addition, the IRS urges anyone who owes taxes to choose the speed and convenience of paying electronically, such as with IRS Direct Pay, a free service available only on IRS.gov. For information about this and other payment options, visit Pay Online.

Taxpayers who requested more time to file an accurate return have until October 17, 2022. Those who have what they need to file, however, should file as soon as possible to avoid delays in processing their return. Taxpayers are urged to file electronically when they are ready and avoid the last-minute rush to file at the deadline.

 

Contact ATS today, with any tax related questions!

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Form 2290 Deadline

On August 8, 2022   /   IRS  
Form 2290 Deadline
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IR-2022-146, August 8, 2022

WASHINGTON — The Internal Revenue Service today is reminding those who have registered, or are required to register, large trucks and buses that it’s time to file Form 2290, Heavy Highway Vehicle Use Tax ReturnPDF. The form 2290 deadline is August 31, 2022, for vehicles first used in July 2022.

Truckers that have a highway motor vehicle with a taxable gross weight of 55,000 pounds or more registered in their name must file Form 2290 and pay the tax. However, on vehicles they expect to use for 5,000 miles or less (7,500 for farm vehicles), they’re required to file a return, but pay no tax. If the vehicle exceeds the mileage use limit during the tax period, the tax becomes due.

The filing deadline is not tied to the vehicle registration date. Taxpayers must file Form 2290 by the last day of the month following the month in which the taxpayer first used the vehicle on a public highway during the taxable period, regardless of the vehicle’s registration renewal date.

Vehicles first used on a public highway during the month of July 2022 must file Form 2290 and pay the appropriate tax between July 1 and August 31. Any additional taxable vehicles placed on the road during any month other than July should be prorated for the months during which it was in service. IRS.gov has a table to help determine the filing deadline.

File and pay the easy way

Get the facts

Gather the required information

  • Vehicle Identification Number(s).
  • Employer Identification Number (EIN) – not a Social Security number. It can take about four weeks to establish a new EIN. See How to Apply for an EIN.
  • Taxable gross weight of each vehicle.

Filing options

  • All Form 2290 filers are encouraged to e-file, a list of IRS-approved e-file providers is on IRS.gov.
  • E-file is required when reporting 25 or more vehicles on Form 2290.
  • A watermarked Schedule 1 is sent within minutes after acceptance of an e-filed return.
  • If filing by mail, ensure that the correct mailing address is used.
  • Mail filers will receive their stamped Schedule 1 within 6 weeks after the IRS receives the form.

Payment options

More information:

 

Questions? Contact ATS Advisors

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Where’s My Michigan Refund?

On August 2, 2022   /   Michigan Taxes  
Where’s My Michigan Refund?
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You may be asking yourself, ” Where’s My Michigan Refund? ”

Don’t worry, To check the status of your Michigan state refund online, visit Michigan.gov.

Michigan refundIn order to view status information, you will be prompted to enter:

Note: Adjusted Gross Income is found on line 10 of your MI-1040. Total Household Resources are found on line 33 of your MI-1040CR or line 34 of your MI-1040CR-7

You may also call 1-517-636-4486.

For e-filed returns: Allow two weeks from the date you received confirmation that your e-filed state return was accepted before checking for information.

For Paper-filed returns: Allow six to eight weeks before checking for information.

What can cause a delay in my Michigan refund?

A number of things can cause a delay in your Michigan refund, including the following:

  • If the department needs to verify information reported on your return or request additional information, the process will take longer.
  • Math errors in your return or other adjustments.
  • You used more than one form type to complete your return.
  • Your return was missing information or incomplete.

Need more Michigan refund and tax information?

For more information about your Michigan refund, visit the following website:

Need more tax guidance?

Please Contact ATS Advisors to talk with one of our tax professionals regarding any tax related questions you have.

 

Where’s My Michigan Refund? – 2022
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How Long Should I Keep My Tax Records Michigan

On July 28, 2022   /   Michigan Taxes  
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Tax Forms Retention Guide: How long is long enough?

April 15 has come and gone and another year of tax forms and shoeboxes full of receipts is behind us. But what should be done with those documents after your check or refund request is in the mail? How Long Should I Keep My Tax Records Michigan?

Federal law requires you to maintain copies of your tax returns and supporting documents for three years. This is called the “three-year law” and leads many people to believe they’re safe provided they retain their documents for this period of time.

However, if the IRS believes you have significantly underreported your income (by 25 percent or more), it may go back six years in an audit. If there is any indication of fraud, or you do not file a return, no period of limitation exists.To be safe, use the following guidelines.

Business Documents To Keep For One Year

  • Correspondence with Customers and Vendors
  • Duplicate Deposit Slips
  • Purchase Orders (other than Purchasing Department copy)
  • Receiving Sheets
  • Requisitions
  • Stenographer’s Notebooks
  • Stockroom Withdrawal Forms

Business Documents To Keep For Three Years

  • Employee Personnel Records (after termination)
  • Employment Applications
  • Expired Insurance Policies
  • General Correspondence
  • Internal Audit Reports
  • Internal Reports
  • Petty Cash Vouchers
  • Physical Inventory Tags
  • Savings Bond Registration Records of Employees
  • Time Cards For Hourly Employees

Business Documents To Keep For Six Years

  • Accident Reports, Claims
  • Accounts Payable Ledgers and Schedules
  • Accounts Receivable Ledgers and Schedules
  • Bank Statements and Reconciliations
  • Cancelled Checks
  • Cancelled Stock and Bond Certificates
  • Employment Tax Records
  • Expense Analysis and Expense Distribution Schedules
  • Expired Contracts, Leases
  • Expired Option Records
  • Inventories of Products, Materials, Supplies
  • Invoices to Customers
  • Notes Receivable Ledgers, Schedules
  • Payroll Records and Summaries, including payment to pensioners
  • Plant Cost Ledgers
  • Purchasing Department Copies of Purchase Orders
  • Records related to net operating losses (NOL’s)
  • Sales Records
  • Subsidiary Ledgers
  • Time Books
  • Travel and Entertainment Records
  • Vouchers for Payments to Vendors, Employees, etc.
  • Voucher Register, Schedules

Business Records To Keep Forever

While federal guidelines do not require you to keep tax records “forever,” in many cases there will be other reasons you’ll want to retain these documents indefinitely.

  • Audit Reports from CPAs/Accountants
  • Cancelled Checks for Important Payments (especially tax payments)
  • Cash Books, Charts of Accounts
  • Contracts, Leases Currently in Effect
  • Corporate Documents (incorporation, charter, by-laws, etc.)
  • Documents substantiating fixed asset additions
  • Deeds
  • Depreciation Schedules
  • Financial Statements (Year End)
  • General and Private Ledgers, Year End Trial Balances
  • Insurance Records, Current Accident Reports, Claims, Policies
  • Investment Trade Confirmations
  • IRS Revenue Agent Reports
  • Journals
  • Legal Records, Correspondence and Other Important Matters
  • Minutes Books of Directors and Stockholders
  • Mortgages, Bills of Sale
  • Property Appraisals by Outside Appraisers
  • Property Records
  • Retirement and Pension Records
  • Tax Returns and Worksheets
  • Trademark and Patent Registrations

Personal Documents To Keep For One Year

While it’s important to keep year-end mutual fund and IRA contribution statements forever, you don’t have to save monthly and quarterly statements once the year-end statement has arrived.

Personal Documents To Keep For Three Years

  • Credit Card Statements
  • Medical Bills (in case of insurance disputes)
  • Utility Records
  • Expired Insurance Policies

Personal Documents To Keep For Six Years

  • Supporting Documents For Tax Returns
  • Accident Reports and Claims
  • Medical Bills (if tax-related)
  • Sales Receipts
  • Wage Garnishments
  • Other Tax-Related Bills

Personal Records To Keep Forever

  • CPA Audit Reports
  • Legal Records
  • Important Correspondence
  • Income Tax Returns
  • Income Tax Payment Checks
  • Property Records / Improvement Receipts (or six years after property sold)
  • Investment Trade Confirmations
  • Retirement and Pension Records (Forms 5448, 1099-R and 8606 until all distributions are made from your IRA or other qualified plan)

Special Circumstances

  • Car Records (keep until the car is sold)
  • Credit Card Receipts (keep until verified on your statement)
  • Insurance Policies (keep for the life of the policy)
  • Mortgages / Deeds / Leases (keep 6 years beyond the agreement)
  • Pay Stubs (keep until reconciled with your W-2)
  • Sales Receipts (keep for life of the warranty)
  • Stock and Bond Records (keep for 6 years beyond selling)
  • Warranties and Instructions (keep for the life of the product)
  • Other Bills (keep until payment is verified on the next bill)
  • Depreciation Schedules and Other Capital Asset Records (keep for 3 years after the tax life of the asset)

 

Questions? Contact your trusted Michigan tax pros!

How Long Should I Keep My Tax Records Michigan? – 2022

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5 Different Types of IRA’s

On July 18, 2022   /   IRS  
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IRS Tax Tip 2022-107, July 14, 2022

There are many ways people plan for retirement. Individual Retirement Arrangements, or IRAs, are a common one. Listed below are the 5 Different Types of IRA’s. IRAs provide tax incentives for people to make investments that can provide financial security when they retire. These accounts can be with a bank or other financial institution, a life insurance company, mutual fund, or stockbroker.

Here are some things to know about a traditional IRA.

  • A traditional IRA is a tax-advantaged personal savings plan where contributions may be tax deductible.
  • Generally, the money in a traditional IRA isn’t taxed until it’s withdrawn.
  • There are annual limits to contributions depending on the person’s age and the type of IRA.
  • When planning when to withdraw money from an IRA, taxpayers should know that:
    • They may face a 10% penalty and a tax bill if they withdraw money before age 59½, unless they qualify for an exception.
    • Usually, they must start taking withdrawals from their IRA when they reach age 72. For tax years 2019 and earlier, that age was 70½.
    • Special distribution rules apply for IRA beneficiaries.

Roth IRAs are like traditional IRAs, but there are some important differences.

A Roth IRA is another tax-advantaged personal savings plan with many of the same rules as a traditional IRA but there are exceptions:

  • A taxpayer can’t deduct contributions to a Roth IRA.
  • Qualified distributions are tax-free.
  • Roth IRAs don’t require withdrawals until after the death of the owner.

Here are a few other types of IRAs:

  • Savings Incentive Match Plan for Employees. A SIMPLE IRA allows employees and employers to contribute to traditional IRAs set up for employees. It is suited as a start-up retirement savings plan for small employers not currently sponsoring a retirement plan.
  • Simplified Employee Pension. A SEP IRA is set up by an employer. The employer makes contributions directly to an IRA set up for each employee.
  • Rollover IRA. This is when the IRA owner receives a payment from their retirement plan and deposits it into a different IRA within 60 days.

More information:

 

Contact ATS Advisors with any questions today about the 5 Different Types of IRA’s

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Michigan Income Tax Calculator

On July 12, 2022   /   Michigan Taxes  
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Welcome to ATS Advisors, your trusted Michigan tax professionals!

Listed here is a free Michigan Income Tax Calculator: CLICK HERE

Questions? Contact ATS Advisors today!

What You Need To Know About Michigan State Taxes

The state of Michigan requires you to pay taxes if you’re a resident or nonresident that receives income from a Michigan source. The state income tax rate is 4.25%, and the sales tax rate is 6%.

Michigan Income Tax Brackets and Rates

Michigan has a flat tax rate of 4.25% for 2021, meaning everyone pays the same state income tax regardless of their income.

Income Tax Deductions for Michigan

Tier 1 Michigan Standard Deduction

Taxpayers born prior to 1946 may be eligible for the Tier 1 Michigan Standard Deduction, which is applicable to retirement and pension benefits of up to $54,404 for single filers and up to $108,808 for taxpayers filing jointly.

Tier 2 Michigan Standard Deduction

Taxpayers born between 1946 and 1952 may be eligible for the Tier 2 Michigan Standard Deduction, which is worth $20,000 for single filers and up to $40,000 for taxpayers filing jointly.

Tier 3 Michigan Standard Deduction

Taxpayers born in 1953 and 1954 may be eligible for the Tier 3 Michigan Standard Deduction, which is worth $20,000 for single filers and up to $40,000 for taxpayers filing jointly.

Michigan 529 Contributions Deduction

Contributions to Michigan Education Savings Program (MSEP), MI 529 Advisor Plan (MAP), and Michigan Achieving a Better Life Experience Program (MiABLE) 529 accounts may be deducted. Deductions for these contributions are capped at $10,000 for single filers and $20,000 for joint filers. For the MESP and MAP accounts, the maximum deduction is $5,000 combined for a single taxpayer and $10,000 combined for couples filing jointly. The same cap applies to MiABLE accounts.

Michigan Education Trust Deduction

You can deduct contributions you made to a Michigan Education Trust (MET) 529 prepaid tuition contract, including charitable contributions to the MET’s Charitable Tuition Program.

Michigan State Income Tax Credits

Home Heating Tax Credit

Michigan residents who meet certain qualifications may request a credit to help cover heating expenses. Partial-year residents are eligible, but students who are being claimed as someone else’s dependent, residents of college or university-operated housing and those living in licensed care facilities are generally not eligible.

The standard credit has a maximum income ceiling of $39,157 and a maximum allowance of $1,371 (unless you qualify for certain exemptions). The alternate credit computation, which uses your heating costs to determine the amount of your credit, has an income ceiling of $27,700.

You must fill out the Home Heating Credit Claim MI-1040CR-7 form to determine your eligibility. The deadline for that submission is Sept. 30, 2022.

Michigan Earned Income Tax Credit (EITC)

If you claim an EITC on your federal tax return, you can claim one on your Michigan income tax return as well. The Michigan EITC is equal to 6% of your federal credit.

The federal EITC income cap ranges from $21,430 to $57,414 depending on how you file and how many children or relative dependents you claim. The maximum federal EITC amount you can claim on your 2021 tax return is $6,728.

For example, if you’re eligible for $3,000 federally, you can claim $180 through the Michigan EITC.

Do I Have to Pay Income Tax in Michigan?

You’re required to file a Michigan tax return if you have income from a Michigan source. This applies whether you are a full-time or part-time resident, or live elsewhere but earn income from a Michigan-based source.

Residency Status

You’re considered a resident if:

  • You reside in Michigan full time
  • You reside in Michigan for part of the year

Michigan residents who earn income in Illinois, Indiana, Kentucky, Minnesota, Ohio and Wisconsin need only pay Michigan income tax on that income.

Sales Tax and Sales Tax Rates

Michigan charges a sales tax of 6%. This is a statewide sales tax and Michigan doesn’t have separate rates by city or county.

Property Taxes and Property Tax Rates

Property taxes are determined locally.

Capital Gains Taxes

Michigan taxes capital gains at the same rate as other income, 4.25%.

Senior citizens born before 1946 can deduct interest, dividend and capital gains on their state income tax return. For 2021 taxes, the maximum deduction for single filers is $12,127, and the maximum deduction for joint filers is $24,254.

Inheritance and Estate Tax

Michigan doesn’t have an inheritance or estate tax.

Homestead Property Tax Credit

If you own property in Michigan and live in the state at least half the year, you may be eligible for the homestead property tax credit. The credit is available for taxpayers who have total household resources below $60,600.

Total household resources include income, capital gains, and other money you have received. See page 27 of the instructions for the Michigan 1040 form for a full list of what’s included in total household resources.

If the taxable value of your property exceeds $136,600, you’re not eligible to receive the credit.

Rent Credit

Michigan offers a tax credit for rent paid by residents. Twenty-three percent of the amount you paid for rent is considered property tax, and you can claim it on your state tax return. Your total household resources must be $60,600 or below to claim the credit.

An alternate credit is available for senior citizens age 65 and up who pay more than 40% of their total household resources in rent. The maximum credit for senior renters is $1,500.

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Michigan Tax Exemptions You Didn’t Know About

On July 5, 2022   /   Michigan Taxes  
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Located in the State of Michigans 2021 Taxpayer guide is 5 Michigan Tax Exemptions You Didn’t Know About!

Lets begin…

PRINCIPAL RESIDENCE EXEMPTION: A principal residence is exempt from taxes levied by a local school district for operating purposes of up to 18 mills. A homeowner’s principal residence is defined as “the one place where an owner of the property has his or her true, fixed, and permanent home to which, whenever absent, he or she intends to return and that shall continue as a principal residence until another principal residence is established.” Property owners may claim only one exemption. A married couple, filing income tax returns jointly, are generally entitled to no more than one principal residence exemption. However, there are exceptions to these rules. The law allows a temporary, additional exemption for up to three years on an unoccupied homestead listed for sale. Homeowners with a principal residence exemption currently residing in a nursing home, assisted living facility, or other location while convalescing and members of the armed services absent on active duty may maintain the exemption so long as they continue to own and maintain the property, they do not establish a new primary residence, and the property is not used for most commercial and business purposes. A homeowner who vacates their home because of damage or destruction may maintain the exemption for up to three years as long as they demonstrate an intent to move back in. To be eligible for the homeowner’s principal residence property exemption, a taxpayer must file an affidavit with the local tax collecting unit on or before June 1 for an exemption from the immediately succeeding summer tax levy and November 1 for an exemption from the immediately succeeding winter tax levy. Once filed, exemptions are valid in future years until rescinded. A denial of this exemption may be appealed to the Michigan Tax Tribunal. The appeal must be filed within 35 days from date of notice.

 

FARMLAND (QUALIFIED AGRICULTURAL) PROPERTY EXEMPTION: Farmland may be exempt from taxes levied by a local school district for operating purposes of up to 18 mills. Farmland must be determined to be qualified agricultural property. The state has defined qualified agricultural property as “unoccupied property and related buildings classified as agricultural, or other unoccupied property and related buildings located on that property devoted primarily to agricultural use.” If a property is classified as agricultural for assessment purposes, a property owner does not need to take any action to receive the exemption, unless requested by the local assessor. Otherwise, a property owner must claim an exemption by filing an affidavit with the local tax collecting unit on or before May 1. In some cases, a partial exemption may be approved if part of the property is used for non-agricultural purposes. An exemption remains in place unless withdrawn or until rescinded. A denial of an exemption may be appealed to the local board of review. A board of review decision may be appealed to the Michigan Tax Tribunal within 35 days from the decision.

 

POVERTY EXEMPTION: A person may be eligible to request a poverty exemption from property taxes if they, at a minimum, own and occupy the property as their homestead, demonstrate evidence of ownership and identification, and meet poverty income standards. The local board of review makes the determination if the exemption should be granted or denied based on the guidelines for both income and asset levels adopted by the local unit of government. To be eligible for an exemption, a homeowner must apply to the local assessing unit after January 1 but before the day prior to the last day of the board of review. In certain jurisdictions, where permitted by resolution of the local governmental unit, a person who received the exemption in 2019, 2020, or both, or was approved for the first time in 2021, and receives a fixed income from public assistance may receive the exemption for up to 3 additional years without reapplication. March board of review denials may be appealed to the Michigan Tax Tribunal by the end of July. July and December board of review denials must be appealed to the Michigan Tax Tribunal within 35 days of notice.

 

DISABLED VETERANS EXEMPTION: Property owned and used as a homestead by a disabled and honorably discharged veteran is exempt from Michigan property taxes. To be eligible for this exemption, a disabled veteran must be determined by the U.S. Department of Veterans Affairs to be permanently or totally disabled as a result of military service and entitled to veterans’ benefits at the 100% rate, have a certificate from the U.S. Veterans Administration certifying that they are receiving or have received pecuniary assistance due to disability for special adaptive housing, or be rated by the U.S Department of Veterans Affairs as individually unemployable. This exemption is also available to an unremarried surviving spouse of a disabled veteran. An affidavit to qualify for this exemption must be filed annually with the local tax unit. A claim for the exemption is reviewed by the local board of review. A board of review decision may be appealed to the Michigan Tax Tribunal.

 

FARMLAND DEVELOPMENT RIGHTS AGREEMENT OR EASEMENT EXEMPTION: Property owners who own farmland covered by a development rights agreement or easement with the state are exempt from special assessments for sanitary sewers, water, lights, and nonfarm drainage on land covered by the agreement or easement. The exemption does not apply to assessments in place prior to entering into an agreement or easement. In addition, the property owner cannot take advantage of the services financed through the assessment on the exempted land and may be required to pay the assessment if the agreement or easement is ended.

As always, If you have any tax questions, please never hesitate to contact us!

Michigan Tax Exemptions You Didn’t Know About – 2021

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Best CPA’s Michigan

On June 27, 2022   /   ATS Advisors  
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Best CPA’s Michigan: Welcome to ATS Advisors, A Certified Public Accounting Firm with a Personal Touch.

ATS Advisors is not just another CPA firm. As your partner we understand your desire to save time and money. With locations in Plymouth, Royal Oak, Allen Park, and Grayling, we work with you, not just for you, to find effective solutions for your needs whether they are tax, accounting, finance, business, or personal.

ATS Advisors offers a wide variety of different services stemming from business and individual services.

Business Accounting Services:

Tax advisory services go beyond just the preparation of a tax return. Our aim is to resolve tax issues before they become tax nightmares. Therefore, our comprehensive tax service begins long before returns are due or financial decisions are made. Our tax advisors rely on the combination of dedicated client involvement, vast technical knowledge, and extensive experience when helping clients achieve their financial goals. We focus on helping clients turn business strengths into tax saving advantages.

Individual Services:

If it’s tax-related, we can help you with it.

Whether you want us to handle the filings or just give you some advice, we can help you with personal income tax returns, trusts and estate-planning, and retirement-planning.

We’ll probably never convince you that doing your taxes is fun, but at least we can make life easier when it’s time to file.

 

The range of solutions that ATS offers is another reason why ATS is one of the Best CPA’s Michigan!

View ATS Advisors LinkedIn or Contact Us Today with any questions!

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IRS expands calling options for faster service, less wait time

On June 20, 2022   /   IRS  
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Assistance for eligible taxpayers in setting up or modifying payment plans now available; more functions planned in 2022 to help taxpayers obtain account information

Voice Bot Video

IR-2022-127, June 17, 2022

WASHINGTON – The Internal Revenue Service today announced expanded voice bot options to help eligible taxpayers easily verify their identity to set up or modify a payment plan while avoiding long wait times.

“This is part of a wider effort at the IRS to help improve the experience of taxpayers,” said IRS Commissioner Chuck Rettig. “We continue to look for ways to better assist taxpayers, and that includes helping people avoid waiting on hold or having to make a second phone call to get what they need. The expanded voice bots are another example of how technology can help the IRS provide better service to taxpayers.”

Voice bots run on software powered by artificial intelligence, which enables a caller to navigate an interactive voice response. The IRS has been using voice bots on numerous toll-free lines since January, enabling taxpayers with simple payment or notice questions to get what they need quickly and avoid waiting. Taxpayers can always speak with an English- or Spanish-speaking IRS telephone representative if needed.

Eligible taxpayers who call the Automated Collection System (ACS) and Accounts Management toll-free lines and want to discuss payment plan options can authenticate or verify their identities through a personal identification number (PIN) creation process. Setting up a PIN is easy: Taxpayers will need their most recent IRS bill and some basic personal information to complete the process.

“To date, the voice bots have answered over 3 million calls. As we add more functions for taxpayers to resolve their issues, I anticipate many more taxpayers getting the service they need quickly and easily,” said Darren Guillot, IRS Deputy Commissioner of Small Business/Self Employed Collection & Operations Support.

Additional voice bot service enhancements are planned in 2022 that will allow authenticated individuals (taxpayers with established or newly created PINs) to get:

  • Account and return transcripts.
  • Payment history.
  • Current balance owed.

In addition to the payment lines, voice bots help people who call the Economic Impact Payment (EIP) toll-free line with general procedural responses to frequently asked questions. The IRS also added voice bots for the Advance Child Tax Credit toll-free line in February to provide similar assistance to callers who need help reconciling the credits on their 2021 tax return.

The IRS also reminds taxpayers about numerous other available self-service options.

 

Contact ATS Advisors today with any questions!

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