Steve Struck is back at it! Steve has written yet another article for the Grand Rapid’s Business Journal, and this time it is a two part series! Steve touches on the how, what and who of the necessary and complicated evil of estimated tax payments. “Quite often, I hear people complain (you know who...
you are) about having to pay quarterly estimates. This is especially true with taxpayers who are either self-employed or employed with multiple types of income, such as rents, flow-through income from S corporations or LLCs, interest, dividends or capital gains. What’s all the fuss about estimated tax payments? Why are individuals required to pay them? How... [read more]
September is here! Which means a new article is ready for us at the Grand Rapids Business Journal. Our own Steve Struck wrote this month all about the rules and requirements on claiming charitable contributions on your tax returns. “Back in the “old days” (about 10 years ago) the rules relating to deducting charitable...
contributions were fairly lax. I throw a few bucks into the Salvation Army’s Red Kettle, the bell rings in acknowledgment and I make a mental note to take a deduction on my tax return next spring. No receipt provided, no written acknowledgment given, no problem! Alas, that era has ended and recordkeeping has become more stringent. No... [read more]
As you may know, Baker Holtz contributes to the Grand Rapids Business Journal every month. Sara Knoper went above and beyond for the month of July to put together a great article that could help employees working at a small business plan for retirement. “One of the most common benefits offered is the ability...
for employees to participate in a qualified retirement savings plan with some sort of employer contribution. Not only are qualified plans a great perk to offer employees…, but they can often provide the business with a significant tax deduction and the owners with the opportunity to stash away some cash for retirement…” To read more of... [read more]
The staff at Baker Holtz contribute regularly to the Grand Rapids Business Journal blog, this month we featured top questions to consider before a merger or acquisition. Summertime is often a time when advisors relax, sit back and decelerate. This is a dangerous trap, as now is the best time to get out and...
visit clients. Advisors should be out talking to business owners and providing valuable input. So what are our clients telling us? Many clients are concerned with the health care act, retirement planning and product diversification. Some of our clients are struggling to find the right employee. A few of our clients are looking for ways to... [read more]
Staff Accountant Our team is growing AGAIN! Baker Holtz, an award-winning CPA firm in downtown Grand Rapids, is adding a highly motivated, experienced accountant to our close-knit, collaborative team. Baker Holtz is unique – we don’t track and bill time spent serving our clients. Through constant communication with our clients, we work to discover...
their objectives and discuss the value of our services with them. This mindset allows our associates to eliminate the stress that comes with timesheets and focus instead on meeting the needs of our clients. The right team member will have 1-3 years’ experience in public accounting, along with the following skills and experience: CPA or actively... [read more]
A common practice for private companies is to establish a separate entity to lease assets (building, equipment, etc.) to a commonly-controlled company for tax and legal liability purposes. Under current United States Generally Accepted Accounting Principles (GAAP), a company is often required to consolidate the entities’ financial statements when such a relationship exists. In...
March, on the recommendation of the Private Company Council, the Financial Accounting Standards Board (FASB) issued an Accounting Standards Update that addresses these situations. Accounting Standards Update (ASU) 2014-07 provides an election that allows a private company lessee to forego the application of the existing consolidation standards when the following conditions are met: The lessee is a... [read more]
The IRS recently released much anticipated final regulations on the capitalization vs. expense of purchases of tangible property. These rules are certain to affect most business taxpayers. For your immediate attention are the rules related to the De Minimis Safe Harbor Election for years beginning after January 1, 2014. The De Minimis Safe Harbor...
Election: If you meet the following requirements, you are not required to capitalize the amount paid for a unit of tangible property: An accounting policy must be in place at the beginning of the taxable year (January 1, 2014 for calendar year taxpayers); we recommend that this policy be written in order to support your position... [read more]
By: Layna Buthker, Associate Every fall, students from around west Michigan sharpen their resumes, pick out their best suits and practice their elevator speeches. Their hopes? To land the perfect internship or full-time position in the vast field of accounting. As a member of the recruiting team, it was exciting to see all of...
the students at my alma mater going through the same process I found myself in just two years ago. As interesting as it was to be on the other side of the table, it was so rewarding giving back to the program that helped me get where I am today. As a local firm, we get... [read more]