May 4th, 2022

Hello Tax Authority clients

Just wanted to send a blast with a few reminders and updates for both Individuals and Businesses

Individuals

If you are taking required minimum distributions from your IRA’s and you make donations to charitable organizations, consider having your donations come directly from the IRA to the charity. This is called a Qualified Charitable Donation (QCD) and the amount you donate is completely removed from your income.

If you received unemployment benefits it is a good idea to confirm the amount reported on your 1099-G Form for 2020 and 2021. The UIA system has been thru many challenges since the creation of PUA and has issued so many notices that I would not be surprised if errors have occurred.

Businesses

Michigan Annual returns are due 5/15/22 for profit corporations along with the $25 filing fee. Late fee of $10 will be charged each month you are late up to a maximum charge of $75.

Michigan Annual returns were due 2/15/22 for LLC’s and PLLC’s with a $25 fee for LLC’s and $75 for PLLC’s. LLC’s must file within two years of the due date to avoid penalties but PLLC’s will be charged a $50 late filing penalty.

If you need any help, just give us a call or shoot me an email and I will be happy to help.

If you are running payroll in QB and are in QB2019 you will need to upgrade to QB2022 by 5/31/22 in order to continue calculating payroll. Our FYI letter that was sent with all 1st quarter payroll reports had the phone number to call to get a significant discount. We learned part way thru that the best number to call is 888.885.5806, some FYI letters had a different number so be sure to use this number and mention that you are a client of The Tax Authority to receive your discount.

Also, again only for those running payroll in QB, be watching for the prompt here in May to verify the payroll subscription. Since everyone is using my payroll license all you need to do when this prompt appears is click on Verify Account.

Lastly, QB has changed its billing process so don’t upgrade until you must as they are now using an annual subscription method effective as of 12/10/2021

Get a W-9 Form before you pay for any service you have received. It is much harder to get a social security number or employer id number after you have paid for it. You can get the W-9 Form at IRS.gov or on our website under Support & Forms in the upper right corner.

That does it for this blast, should you have any questions on anything mentioned please do not hesitate to give us a call or send an email.

Happy Mother’s Day

Shari and Team
The Tax Authority, P.C.
810.326.1540