6 Changes to Michigan Taxes for 2022

On March 13, 2023   /   Uncategorized  
6 Changes to Michigan Taxes for 2022

Here are 6 Changes to Michigan Taxes for 2022 according to Michigan.gov/taxes

  • Exemption allowances and the tax rate:
    • $5,000 for personal and dependent exemptions
    • $2,900 for special exemptions
    • $400 for qualified disabled veterans
    • $5,000 for number of certificates of stillbirth from MDHHS
    • 4.25% tax rate
  • Flow-through Entity Tax Credit

    A member of a flow-through entity that elected to pay the Michigan flow-through entity tax may claim a refundable credit, and will report an addition on Schedule 1. Tax year 2022 MI-1040 or MI-1041 returns claiming this credit are eligible for e-file. For additional information, see the instructions for MI-1040, line 29 and Schedule 1, line 2, or the instructions for Form MI-1041.

  • Schedule 1 Additions and Subtractions:
    • Line 25: Tier 3 Michigan Standard Deduction. Taxpayers who were born during the period January 1, 1953 through January 1, 1956, and reached the age of 67 on or before December 31, 2022, may be eligible for a Tier 3 Michigan Standard Deduction. This deduction is up to $20,000 for a return filed as single or married filing separately, or up to $40,000 for a married filing jointly return. Exemption(s) claimed on MI-1040, lines 9a and 9d, taxable Social Security benefits, military compensation (including retirement benefits), Michigan National Guard retirement benefits and railroad retirement benefits included in AGI may reduce the amount eligible to be claimed on this line. To determine your deduction, complete Worksheet 2.

      Note: Filers who qualify for the Michigan Standard Deduction should not file Form 4884.

    • Line 27 – Senior citizens born prior to 1946 (or the unremarried surviving spouse of a decedent born prior to 1946 who also died after reaching age 65) may subtract interest, dividends, and capital gains included in AGI. This subtraction is limited to a maximum of $12,697 on a single return or $25,394 on a joint return, less any deduction for retirement benefits. (See page 16 in the MI-1040 Instruction Booklet)

      Dividend/Interest/Capital Gains Deduction Estimator

  • Pension Schedule (Form 4884):
    • Who may Claim a Pension Subtraction?
      • TIER 1

        Taxpayers born before 1946 may subtract qualified private pensions up to $56,961 for single or married filing separately filers and $113,922 for joint filers.

      • TIER 2

        Taxpayers born January 1, 1946 through December 31, 1952 should not file Form 4884. A single filer may subtract $20,000 against all income and joint filers may subtract $40,000 against all income as the Tier 2 Michigan Standard Deduction on Schedule 1, line 23.

        Taxpayers who receive retirement benefits from employment with a governmental agency exempt from Social Security may deduct up to $35,000 against all income for a single filer and $55,000 for joint filers. If both spouses on a joint return receive Social Security exempt retirement benefits, a standard deduction of $70,000 is allowed.

        Surviving spouses who were born after 1945 and have reached the age of 67, have not remarried, and claimed a subtraction for retirement and pension benefits on a return jointly filed with the decedent in the year they died, may elect to the take the larger of the retirement and pension benefits deduction based on the older deceased spouse’s year of birth subject to the limits available for a single filer  or the survivor’s Michigan Standard Deduction.

      • TIER 3

        Taxpayers born January 1, 1953 through January 1, 1956 should not file Form 4884. Instead, taxpayers may be eligible for a Tier 3 Michigan Standard Deduction. This deduction is up to $20,000 for a return filed as single or married filing separately, or up to $40,000 for a married filing jointly return. Exemption(s) claimed on MI-1040, lines 9a and 9d, taxable Social Security benefits, military compensation (including retirement benefits), Michigan National Guard retirement benefits and railroad retirement benefits included in AGI may reduce the amount eligible to be claimed on this line. To determine your Tier 3 Michigan Standard Deduction on Schedule 1, line 25, complete Worksheet 2 in the MI-1040 booklet.

        Surviving spouses who were born after 1945 and have reached the age of 67, have not remarried, and claimed a subtraction for retirement and pension benefits on a return jointly filed with the decedent in the year they died, may elect to the take the retirement and pension benefits deduction based on the older deceased spouse’s year of birth subject to the limits available for a single filer or the survivor’s Michigan Standard Deduction.

        Taxpayers born after January 1, 1956 but before January 2, 1961 who have reached age 62 and receive retirement benefits from employment with a governmental agency exempt from Social Security may deduct up to $15,000 in qualifying  retirement and pension benefits. If both spouses on a joint return receive Social Security exempt retirement benefits, the maximum deduction increases to $30,000. See Form 4884, line 18 instructions for more information.

        Taxpayers born after January 1, 1956 who receive retirement benefits from a governmental agency exempt from Social Security and were retired as of January 1, 2013 may deduct up to $35,000 in qualifying pension benefits if single or married filing separately or $55,000 if married filing jointly. If both spouses on a joint return qualify, the maximum deduction increases to $70,000.

        All other taxpayers born after  January 1, 1956, all retirement and pension benefits are taxable and are not entitled to a pension subtraction.

      • Surviving spouse

        If a surviving spouse claimed a subtraction for retirement and pension benefits on a return jointly filed with the decedent in the year they died and the surviving spouse has not remarried, then the surviving spouse may claim the retirement and pension benefits subtraction that would have applied based on the year of birth of the older of the surviving spouse or the deceased spouse. For more information, see instructions.

  • Homestead Property Tax Credit
    • Line 9 – Taxable Value $143,600
    • Line 33 – Total Household Resources $63,000
    • The homestead property tax credit phase-out begins when your total household resources exceed $54,000.
    • Maximum Property Tax credit allowed $1,600
  • Home Heating Credit (MI-1040CR-7):
    • Line 42 – Maximum heating costs $3,430
    • Line 47 – Home Heating Credit. Multiply line 46 by 90%

    Note: The last day to file a 2022 Home Heating Credit is September 30, 2023. No filing extensions are allowed.

    TABLE A: 2022 Home Heating Credit (MI-1040CR-7) Standard Allowance

    NOTE: If you lived in your homestead for less than 12 months, you must prorate your standard allowance. (see instructions in the MI-1040CR-7 booklet).

    EXEMPTIONS STANDARD ALLOWANCE INCOME CEILING
    0-1 $524 $14,957
    2 $706 $20,157
    3 $888 $25,357
    4 $1,069 $30,528
    5 $1,251 $35,729
    6 $1,433 $40,929
    +182 for each exemption over 6 + $5,200 for each exemption over 6

    TABLE B: 2022 Home Heating Credit (MI-1040CR-7) Alternate Credit Computation

    Exemptions and Maximum Income for the Alternate Credit Computation

    EXEMPTIONS MAXIMUM INCOME
    0-1 $16,387
    2 $22,051
    3 $27,720
    4 $30,364
  • New Tax Treatment of Wagering Losses for Casual Gamblers Under the Michigan Income Tax Act
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Michigan Student Loan Forgiveness

On October 6, 2022   /   Michigan Taxes, Uncategorized  

Gov. Whitmer Announces Tax-Free Public Service Loan Forgiveness

Michiganders do not have to pay state or federal taxes on federal loan forgiveness; approximately 1.4 million Michiganders have student loans

LANSING, Mich. – Today, Governor Gretchen Whitmer announced that student loan relief would not be treated as taxable income in Michigan. Approximately 1.4 million Michiganders eligible for relief will not owe any state taxes for receiving benefits of the Public Service Loan Forgiveness (PSLF) program or other student loan forgiveness. Today’s announcement builds on Governor Whitmer’s actions to make higher education more affordable for Michiganders in every corner of the state. Michigan Student Loan Forgiveness.

“Tax-free student loan forgiveness could benefit up to 1.4 million Michiganders and help keep money in their pockets,” said Governor Gretchen Whitmer. “Michigan PSLF recipients who serve their community will not be taxed for any amount of student loan relief they have received. In Michigan, we value the hard work that all our citizens put in to get the education they need. I will work with anyone to keep lowering the cost of higher education and help students not go into debt in the first place.”

“Our work to open pathways of opportunity for more Michiganders is critical to growing our economy, creating jobs, and building prosperity,” said Lt. Governor Garlin Gilchrist II. “Exempting student loan relief from taxable income builds on the work we have done to boost postsecondary education and skills training in Michigan. Governor Whitmer and I are committed to continuing this work and helping Michiganders access affordable education.”

“I was born in a western Kentucky coal town, daughter of Detroit auto factory workers. It was against the odds that I got my GED, and somehow clawed my way into the Honors College at Western Michigan University. I worked hard, held down a student job, became a Presidential Scholar, and got funding for a fellowship in grad school. Regardless of full fellowship funding, I still needed loans to survive, despite working three jobs during that time. My parents had no way of helping me,” said Melissa Milton-Pung, a project manager at the Michigan Municipal League and PSLF participant. “As the first person in my family to get a bachelor’s degree, then a master’s degree, the decision to go into public service was made easier by the promise of loan relief. It took 17 years for that forgiveness: 10 years of working to qualify, then 7 more years waiting for the program to finally work. I believe in this mission-oriented life and plan to continue to do good work in public service.”

Tax-Free Student Debt Relief

Typically, when debt is forgiven, the IRS treats it as taxable income. However, provisions of the American Rescue Plan have temporarily lifted this requirement. Any federal loans that are discharged between 2021 and 2025 will not be considered taxable income by the federal government. Because state tax law aligns with federal law, this temporary relief will be in effect in Michigan through 2025 as well.

Governor Whitmer’s Bipartisan Investments in Tuition-Free Certificates and Degrees 

Since taking office, Governor Whitmer has worked across the aisle to make college more affordable by expanding access to tuition-free certificates and degrees for Michiganders 25 and over and future educators, as well as scholarships for students pursuing degrees at public Michigan universities.  She established the bipartisan Michigan Reconnect program, which has put over 100,000 people on the path to tuition-free higher education or skills training. Governor Whitmer’s recent bipartisan education budget created the Mi Future Educator Fellowship, which provides $10,000 scholarships for 2,500 future Michigan educators. The budget also funded Grow Your Own Programs, helping districts train school staff for classroom positions, tuition-free.

Public Service Loan Forgiveness Program Background

If you work in public service, including the military, qualifying non-profits, or federal, state, local, or tribal governments, you may qualify for PSLF. After 10 years of public service employment and 120 on-time loan payments, you may be eligible to have your entire student loan balance forgiven.

As of July 2022, 7,000 Michiganders have had $406 million in loans forgiven under the PSLF. Over 147,000 more Michiganders may be eligible due to the recent PSLF waiver.

New temporary changes to the PSLF program make it easier than ever to have your debt forgiven. Some changes include allowing borrowers to receive credit for past periods of repayment that would otherwise not qualify for PSLF. However, these temporary changes end on October 31, 2022. Public servants should apply at: studentaid.gov/pslf/.

Until October 31, 2022, the U.S. Department of Education is offering public servants working in government and eligible non-profits a second chance to qualify for student loan forgiveness. An estimated 154,000 public service workers in Michigan could be eligible for student loan debt relief under the PSLF waiver. According to the Office of Federal Student Aid’s June report, over 6,000 Michiganders have taken advantage of the PSLF waiver and have had $358 million in loans forgiven.

The recent changes to the federal PSLF program allow previously ineligible borrowers – those with a non-Direct loan, who are not enrolled in an income driven repayment plan, who have missed a repayment, or made a partial repayment in the past – to receive credit toward loan forgiveness for the years they worked in government or a qualifying non-profit.

To apply for the PSLF waiver, borrowers should:

If borrowers have questions regarding their individual situation regarding Michigan Student Loan Forgiveness, they can visit or call FedLoan Servicing at 1-855-265-4038.

Congress created PSLF to recruit and retain top talent in the public sector workforce. If an individual works for federal, state, local, or tribal government or a qualifying non-profit for 10 years, makes 120 full, on-time loan payments, and submits all required paperwork, the federal government forgives all of their remaining student loan debt.

Though PSLF was established in 2007, it has faced implementation challenges. Prior to the PSLF Waiver, only 2.1% of eligible borrowers had been approved for loan forgiveness. The recent PSLF program overhaul is the U.S. Department of Education’s attempt to deliver on the program’s promise and thank the public service workforce for their dedication and support.

The PSLF: Champions Toolkit is available for employers and professional associations to help them amplify the PSLF waiver opportunity and connect borrowers to resources. The toolkit includes sample email correspondence and social media posts. It is available for download here.

 

Questions regarding Michigan Student Loan Forgiveness? Contact Us 

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House passes Build Back Better Act with universal paid leave

On November 22, 2021   /   Uncategorized  
BBB Act, Universal Paid Leave – Journal Of Accountancy

The nearly $2 trillion Build Back Better (BBB) Act, passed Friday by the U.S. House of Representatives, contains many items of interest to CPAs, their clients, and their employers.

This article examines nontax provisions in the bill, H.R. 5376. A separate article covers the myriad tax-related items in the bill.

The vote passing the bill was 220-213.

The House’s passage of the BBB Act came after months of negotiations between moderate and progressive Democrats in the House and the U.S. Senate. House Speaker Nancy Pelosi, D-Calif., had hoped to have the House vote on the bill on Nov. 5, but those plans were scrapped when several moderate Democrats said they would not vote on the bill until the Congressional Budget Office released its official estimate of the impact on the U.S. deficit.

The CBO’s estimate on the bill adding $160 billion to the deficit over 10 years was finalized on Thursday.

The bill now goes to the U.S. Senate, where it is expected to undergo a couple of weeks of assessment to determine if all provisions of the bill qualify to be passed through the budget reconciliation process. Reconciliation allows certain budget-related bills to be passed by as few as 51 votes and avoid being stopped by a filibuster, which requires 60 votes to end.

The 100 Senate seats are split 50-50 between Democrats and Republicans, with the chamber’s president, Vice President Kamala Harris, representing the tie-breaking vote. Republicans have been unified against the BBB Act, leaving Democrats with the chore of crafting legislation that adheres to reconciliation rules and is palatable to all 50 of their senators. The legislation looks unlikely to escape the Senate chambers in its current form, with Sen. Joe Manchin, D-W.Va., telling CNN on Thursday that he has not yet decided whether to support the bill.

BUSINESS ITEMS OF NOTE IN H.R 5376

Universal paid leave

In one of its most significant and contentious provisions, the BBB Act would provide all U.S. workers with paid leave for the first time. Specifically, the bill guarantees four weeks of paid leave to all workers who are:

  • New parents;
  • Dealing with their own serious medical conditions; or
  • In need of leave to care for a loved one with a serious medical issue.

The benefits would be provided to workers in one of three ways:

  • Via a public program run by the Social Security Administration that would cover all public- and private-sector workers without regard to employer size, including part-time and self-employed individuals.
  • An already-enacted “legacy state” paid leave program that provides benefits equivalent to, or better than, the federal benefit, and for which the state would be reimbursed up to what it would have cost to cover their workers in the federal program.
  • A plan (self-insured or via an insurer) from an employer that voluntarily chose to offer 100% of employees paid leave equal to or better than the public benefit in every respect. The leave policy must include job reinstatement protection even if a worker is not covered by the Family and Medical Leave Act. Employers whose plans meet these conditions would be reimbursed for the lesser of 90% of the national average cost of paid leave benefits or 90% of their insurance premium.

Small business investments

The BBB Act includes around $5 billion in funding to support small businesses.

Most of that money, $3.385 billion, is designated to improve the ability of small employers and entrepreneurs to access capital. Specifically, the bill allocates:

  • Almost $2 billion in total funding over a 10-year period to fund direct loans for the smallest businesses and government contractors under the 7(a) lending program administered by the U.S. Small Business Administration (SBA).
  • $950 million in immediate, direct fee relief for new borrowers of the SBA 7(a) and 504 loans. The funding will be available until Sept. 30, 2026, to reduce or waive fees for loans of $2 million or less.
  • $60 million to diversify and create equity within the Small Business Investment Company (SBIC) program.
  • $275.9 million to enhance and improve the Community Advantage program and also provide the SBA with authority to partner with not-for-profit lenders to deliver capital through the 7(a) loan program.
  • $100 million to establish a pilot program for providing capital for cooperatives.

Other small business-related investments include:

  • $1 billion over a 10-year period to establish a national network of “uplift incubators” to assist new businesses and small government contractors, with the goal of sparking economic development in underrepresented communities.
  • $200 million over 10 years to provide cash grants of at least $100,000 to growth accelerators to expand their capabilities to assists small businesses focused on technology.

Other business-related provisions

The BBB Act invests about $390 billion to fund universal pre-kindergarten programs for all 3- and 4-year-olds and to improve access to affordable child care. Democrats assert that child care costs are too expensive for many families, forcing millions of Americans out of the workforce and contributing to the labor shortage that has affected millions of employers. The BBB Act would ensure that nearly all families of four earning up to $300,000 would pay no more than 7% of their income on child care. In addition, the act would provide funding for child care providers to raise wages for their workers and add staff to serve more families.

Other business-related allocations scattered through the 2,100-page bill include:

  • $5 billion for the Department of Commerce to identify and monitor critical vulnerabilities in the manufacturing supply chain.
  • $1 billion in grants to help minority-owned businesses launch and expand their operations. The bill provides another $400 million to expand the Minority Business Development Agency and $200 million to establish rural business centers that primarily serve rural minority-owned businesses.
  • $500 million for the Federal Trade Commission to create and operate a new bureau dedicated to stopping unfair and deceptive acts and practices related to privacy violations, data security incidents, identity theft, and other data abuses.

 

Visit our Services to learn more about what we can do for you!

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Eligible Paycheck Protection Program expenses now deductible

On January 6, 2021   /   Uncategorized  

IR-2021-04, January 6, 2021

WASHINGTON — The Treasury Department and the Internal Revenue Service issued guidance PDF today allowing deductions for the payments of eligible expenses when such payments would result (or be expected to result) in the forgiveness of a loan (covered loan) under the Paycheck Protection Program (PPP).

Today’s guidance, Revenue Ruling 2021-02 PDF, reflects changes to law contained in the COVID-related Tax Relief Act of 2020, enacted as part of the Consolidated Appropriations Act, 2021(Act), Public Law 116-260,which was signed into law on December 27, 2020.

The COVID-related Tax Relief Act of 2020 amended the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) to say that no deduction is denied, no tax attribute is reduced, and no basis increase is denied by reason of the exclusion from gross income of the forgiveness of an eligible recipient’s covered loan. This change applies for taxable years ending after March 27, 2020.

Revenue Ruling 2021-02 obsoletes Notice 2020-32 and Revenue Ruling 2020-27. This obsoleted guidance disallowed deductions for the payment of eligible expenses when the payments resulted (or could be expected to result) in forgiveness of a covered loan.

For more information about this, the COVID-related Tax Relief Act of 2020, and other tax changes, visit IRS.gov or call your local ATS office.

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UIA Email Scam Alert

On December 17, 2020   /   Uncategorized  

Michigan Attorney General Dana Nessel today issued an important alert advising residents to be aware of a current scam taking advantage of claimants who are collecting unemployment benefits.  

Claimants are receiving an email from a Gmail account that appears to be from the Unemployment Insurance Agency (UIA) asking for personal information. The scammer is also attaching what looks like an actual news release from the UIA in an apparent effort to strengthen the credibility of the email. 

“There is no government agency, state or federal, that uses Gmail for official purposes,” Nessel said, noting the scammer’s email address. “Michigan residents should ALWAYS examine the full email address if the sender is requesting their personal information.” 

If you received this email, do not respond. UIA would never ask you to reply to an email with your personal information. Responses to ID verification requests from UIA should only be uploaded through your secure Michigan Web Account Manager (MiWAM) account online at the UIA’s website, where you can also learn more about protecting yourself from identity theft.

Anyone who has fallen for this scam should immediately Report Fraud or Identity Theft with the UIA. They should also monitor their banking and account information each time they certify for benefits. 

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Pure Michigan Small Business Relief Initiative

On December 1, 2020   /   Uncategorized  

Approved November 30th the Pure Michigan Small Business Relief Initiative will use federal CARES Act funding to provide $10 million in grants to meet the needs of Michigan small businesses impacted by COVID-19. Applications will open on December 15th; up to $15,000 is eligible per applicant on a first-come, first-serve basis.

To qualify for grant support, businesses must meet eligibility criteria including but not limited to:

  • Being a business in one of the targeted industries
  • Must comply with all state and local orders related to COVID-19, including, but not limited, to the Michigan Department of Health and Human Services.
  • Be a for-profit entity (i.e., a sole proprietorship, partnership, corporation, or LLC)
  • Have a physical establishment in the Michigan County of Application and is not a home-based business
  • Provide goods or services to multiple clients or customers
  • Be current, or in a payment plan, on all local, state, and federal taxes due through 1/1/2020
  • Have an active and valid state license(s)/registration(s), if applicable
  • Is not an adverse party to litigation involving the state or municipality
  • Business or Business owner has not filed for bankruptcy in the last ten years.
  • Can identify a need for payroll, rent or mortgage payments, and utility expenses necessary to continue/restart business operations relative to the total grant amount
  • Had annual gross revenues in 2019 greater than $25,000
  • Has at least two employees, including the owner(s)
  • Has fewer than 50 employees (including full-time, part-time, and owner(s) on a world-wide basis)

Please contact your local ATS office with any questions or support during the application process.

For more information on this initiative please visit; https://www.michiganbusiness.org/about-medc/covid19/relief/

For more on the original article by Sherri Kolade please visit; https://michiganchronicle.com/2020/11/30/relief-on-the-horizon-michigan-strategic-fund-board-announces-pure-michigan-small-business-relief-initiative/#/?playlistId=0&videoId=0

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ATS Advisors offices have re-opened

On May 11, 2020   /   Uncategorized  

In the interest of safety for our clients and employees we will be operating under a no-contact policy until further notice.  What this means to our clients is we have drop off availability at our Plymouth, Allen Park, Grayling and Royal Oak locations. Unfortunately, due to building access restrictions we are not able to offer drop off at our St. Clair Shores office at this time.

Please check with your local ATS office for available drop off times.

Clients may also mail or electronically submit documents.  To send documents using our FileShare option, please contact your ATS office for contact for instructions.

Phone appointments are available. Simply call our office or request an appointment when you drop off your documents to schedule your appointment.

To check the status of your IRS income tax refund, please go to IRS – Where’s my Refund?

To check the status of your Michigan income tax refund, please go to Michigan – Where’s my Refund?

To check the status of your Economic Impact Payment (Stimulus payment), please go to Where’s my Economic Impact Payment?

Completed client returns will be mailed to clients with instructions. Please do not hesitate to reach out and talk with one of tax professionals if you have questions regarding your individual and/or business tax returns.

COVID-19 has changed how ATS Advisors and businesses in general are operating. While we anticipate some of these changes becoming permanent, we look forward to when we are able to meet with our clients face to face.  During these unprecedented times we will continue to be available to all of our clients and provide the services you have entrusted to us.

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Taxpayers can check the status of their refund on IRS.gov or the IRS2Go App

On April 7, 2020   /   Uncategorized  
Taxpayers can check the status of their refund on IRS.gov or the IRS2Go App

Taxpayers who filed their 2019 tax return and are waiting for their refund can check their refund status by going to IRS.gov and clicking on Get Your Refund Status to access the Where’s My Refund? tool.

People can check the status of their tax return about 24 hours after the IRS acknowledges receipt of an electronically filed tax return and up to four weeks after a taxpayer mails a paper return. The Where’s My Refund? tool updates once every 24 hours, usually overnight, so taxpayers only need to check once a day.

Taxpayers can also check their refund status, make a payment, and find free tax prep help through the IRS2Go app for their mobile device.

Taxpayers will need three things to use the tool:

  • Their Social Security number
  • Their tax filing status
  • The exact amount of the refund claimed on their tax return

Once the taxpayer enters that information the tool will display the progress of their tax return through the following stages:

  • Return received
  • Return approved
  • Refund sent

Taxpayers should use the IRS2Go app or the official Where’s My Refund? tool at IRS.gov to avoid scammers who may create look-alike sites in an attempt to steal sensitive personal information. They should go directly to IRS.gov and not rely on search engine results or click on links to refund sites they receive by email or text.

In certain instances, a taxpayer will need to call the IRS, such as:

  • It has been 21 days or more since they electronically filed their tax return
  • It has been more than six weeks since they mailed their return
  • When the Where’s My Refund? results tell the taxpayer to contact the IRS

if you need help filing your taxes, please call one of our offices:

Plymouth 734.454.4100, Allen Park 313.388.7180,
Grayling 989.348.4055, Royal Oak 248.399.7331, or St. Clair Shores 313.371.6600

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Paycheck Protection Program (PPP) Small Business Administration Loan Application PPP Loan Document Check List

On April 2, 2020   /   Uncategorized  

Based on readings and preliminary information from the SBA: We believe that the following information may be required:

2019 IRS Quarterly 940, 941 or 944 payroll tax reports

Payroll reports for a twelve-month period (ending on your most recent payroll date), which will show the following information:

  • Gross wages for each employee, including officer(s) if paid W-2 wages.
  • Paid time off (Vacation, Holiday, etc )for each employee
  • Family medical leave(FMLA) pay for each employee
  • State and local taxes assessed on an employee’s compensation
  • 1099s for independent contractors for 2019

Documentation showing total of all health insurance premiums paid by the company owner(s) under a group health plan.

  • Include all employees and the company owners

Document the sum of all retirement plan funding that was paid by the company owner(s) (do not include funding that came from employees out of their paycheck deferrals).

  • Include all employees and the company owners
  • Include 401K plans, Simple IRA, SEP IRA’s

We are here to help, these times are trying, and we are working remotely, but we are working and we will do our best to assist you as you navigate your way through.

ATS Advisors A Certified Public Accounting Firm Plymouth, Michigan 734-454-4100

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“Stay Home, Stay Safe” Executive Order

On March 23, 2020   /   Uncategorized  

Today Governor Whitmer’s announced her Executive Order of “Stay Home, Stay Safe” wherein all non-essential businesses must close as of midnight tonight for three weeks.  Therefore, ATS Advisors is closing all their offices until April 15, 2020.

Our priority continues to be our commitment to and the well-being of our clients, employees and communities. Our employees will continue to have limited access to email, however, it may take a few days to receive a response to inquiries. If you have not received a response to an email within a few days, please contact our main office at 734.454.4100 and leave a message.  The voice mail messages are being checked regularly and you will receive a return call.

Please remember the filing and payment deadline for taxpayer’s has been extended to July 15, 2020. This is automatic, and no extension paperwork needs to be filed.

The COVID-19 Pandemic is an unprecedented event and we at ATS Advisors are striving to ensure all our client’s tax and accounting needs are addressed during this time. Please let us know if you have any questions or concerns now or in the future.

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