Over the last couple weeks, the Michigan Department of Treasury has mailed out two separate notices regarding the new Flow-Through Withholding Quarterly Return filing requirements.  The first version of the letter indicated that the Treasury indentified the recipient as having an obligation to file the quarterly flow-through withholding return based on prior filings.  This version contained a [...]

Beginning on Jan. 1, 2012, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 55.5 cents per mile for business miles driven 23 cents per mile driven for medical or moving purposes 14 cents per mile driven in service of charitable organizations Read the entire announcement [...]

Michigan Unclaimed Property Voluntary Disclosure Program   You may have recently received a notice from the Michigan Department of Treasury regarding their Unclaimed Property Voluntary Disclosure Program.  Here’s an excerpt from their website: “Treasury is providing entities that have not previously reported or have underreported unclaimed property in the past with an opportunity to voluntarily [...]

What should I keep and for how long?   With the tulips in full bloom here in downtown Holland, our thoughts turn to spring cleaning. When organizing your files, please remember these general rules concerning your records:   • Income Tax Returns and Related Items: Keep all federal and state income tax returns and supporting [...]

Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010   On December 17, 2010, the president signed into law the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010.  This Act postpones the sunset of the 2001 and 2003 tax cuts, temporarily reduces the estate tax and extends a number of [...]

Request Liability and Worker’s Compensation Insurance certificates from the appropriate vendors. Keep your file of insurance certificates up to date. You may find that some of your vendors are sole proprietors with no employees or subcontractors of their own. They cannot get worker’s compensation insurance on themselves. In that case you should have them complete [...]

Get a Form W-9 from each vendor that you do business with. Click Here for a link to the IRS Form W-9 Take this blank form, fill in the requester’s name and address, and send copies to each of your vendors. This form will give you the Federal Id number of the vendor, type of [...]

Cash is vitally important to every business, and it is also the easiest asset to steal.  We all hope our co-workers and employees are honest, and they probably are.  While your employees may be honest, poor cash controls create temptation and opportunity.