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1031 Exchange – The Basics

The IRS allows taxpayers to defer the payment of Federal taxes on any gain associated with the exchange of property provided the properties are “like-kind” in nature.  These transactions are commonly referred to as “Like-Kind Exchanges” and are governed by Internal Revenue Code Section 1031.  If structured properly, the gain that would have been...

taxed if the transaction was treated as a sale is deferred and potentially taxed when the replacement property is sold in the future.  Below are a few ways to help navigate the requirements as well as planning tips on how to maximize the benefits of this provision. A properly structured 1031 exchange has three separate requirements:... [read more]

GRBJ Highlight: Define Your Success

The staff at Baker Holtz contribute regularly to the Grand Rapids Business Journal blog.  In this article, managing partner Ryan Holtz discusses success and what it means for different people. We are rapidly approaching the end of another year. Was it successful? How will you make next year more successful? More importantly, how do...

you define success? These are questions that we don’t spend enough time addressing. There are a lot of articles and books out there that claim they have the universal definition of success. I’ve learned that everyone’s definition is different, and the one constant is that success is very personal and unique. When talking to “successful” entrepreneurs,... [read more]

Wow, Already! A Tax Extenders Bill is on the Senate Agenda!!

It’s that time of year again when our clients ask us to polish off our crystal ball and tell them what tax law changes will be coming for them. We’ve all gotten used to Congress pushing through a tax bill most years at the very last minute. What, you don’t remember the 2014 tax...

extender bill passing two weeks before it expired on December 31, 2014?  And you don’t remember the delay to the start of tax season because we had to wait for the IRS computers to be programmed and the forms to be issued?  It’s as if Congress is crazy enough to think that taxpayers can plan when... [read more]

GRBJ Highlight: 6 Easy Ways to Help Prevent Occupational Fraud

The staff at Baker Holtz contribute regularly to the Grand Rapids Business Journal blog.  In this article, accounting supervisor Brian Maring examines occupational fraud – what it is and how to help prevent it. Occupational fraud is otherwise known as employee theft. It’s a business owner’s worst nightmare. Fraud is a difficult subject, one that many would just like...

to avoid in hopes that it won’t happen to them. Unfortunately, this mentality usually leads to the opposite effect. Following are six tips that are easy to implement and may save you the headache of dealing with occupational fraud. 1. Set the tone at the top Employees who view their leaders as honest people are more... [read more]

GRBJ Highlight: Maximizing tax deductions in your charitable giving

The staff at Baker Holtz contribute regularly to the Grand Rapids Business Journal blog.  In this article, tax manager Melissa Seguin explains how charitable giving can also give back to you in your tax deductions. Grand Rapids is known for philanthropy and giving back to the community. People tend to give financial resources to a...

charitable organization because that organization means something to them and they believe in its mission. As you are planning your charitable giving for the year, here are a few ways that you can give your gift while making sure that you maximize the added benefit of your tax deduction. The most common way that people give... [read more]

Join us for our Second Annual Golf Outing!

Join us for our Second Annual Golf Outing! Benefitting Ele’s Place – Grand Rapids September 10th, 2015 at Boulder Creek Event Schedule: Registration starts at noon Lunch provided to all golfers Shotgun starts at 1:00 p.m. Dinner/Program at 5:30 p.m. Registration for the event is due by August 20th. For registration and sponsorship information...

download the registration form here. Any questions call Tiffany Taft at 616-458-1835 or email ttaft@bakerholtz.com

We’re Hiring Again – Seeking Senior Associate

Senior Associate 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 2-4 years of experience in public accounting, along with the following skills and experience: CPA or actively... [read more]

GRBJ Highlight: What is Reasonable Compensation?

The staff at Baker Holtz contribute regularly to the Grand Rapids Business Journal blog.  In this article, tax supervisor Sara Knoper discusses compensation and what helps make it “reasonable.” The IRS requires that a closely held business pay its owner/employee a “reasonable” level of compensation. But what is reasonable? Should the sole owner and company president...

make $100,000 a year? Or should it be $250,000? What about during an economic downturn or during a less profitable year — is $50,000 a reasonable salary? Like so much of the tax terminology used in the code, “reasonable compensation” is not defined in black and white, leaving business owners to wonder if their current salaries... [read more]

GRBJ Highlight: The Michigan Offer in Compromise for back taxes

The staff at Baker Holtz contribute regularly to the Grand Rapids Business Journal blog.  In this article, Baker Holtz principle Steven Struck breaks down the Michigan Offer in Compromise for back taxes. The federal Offer in Compromise program is a powerful and often successful option for those who are unable to pay back taxes. Effective Jan. 1,...

the Michigan Department of Treasury will also provide an Offer in Compromise program. Similar to the federal program, the Michigan version may allow individual or business taxpayers with tax debt to settle with the state for less than the total amount due. If you or your company has back taxes, you may be able to reduce... [read more]

GRBJ Highlight: Do you know where your personal assets will go when you’re gone?

The staff at Baker Holtz contribute regularly to the Grand Rapids Business Journal blog.  In this article, tax manager Melissa Seguin asks: “Do you know where your personal assets will go when you’re gone?”   If you don’t know, chances are someone else will make that decision for you. Planning for events that will take place after...

your death may seem futile, since you won’t be here. But when you work tirelessly over the course of your life creating wealth for you and your family, it only makes sense that you choose who gets to enjoy the fruits of your labor. Proper estate planning ensures that your loved ones receive your money in... [read more]

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