From the IRS:
An identity protection PIN (IP PIN) is a six-digit number that prevents someone else from filing a tax return using your Social Security number (SSN) or individual taxpayer identification number (ITIN). The IP PIN is known only to you and the IRS. It helps verify your identity when you file your electronic or paper tax return. Even though you may not have a filing requirement, an IP PIN still protects your account.
The Michigan minimum wage increases on September 1, 2014 as listed below. For more information click on the following link : Michigan Minimum Wage Increase
The Michigan Department of Licensing and Regulatory Affairs (LARA) is warning businesses not to give out information to callers identifying themselves as representatives of the State of Michigan Corporations Division. The caller is requesting business information in order to complete an annual update. Do not respond to these calls as they are not legitimate. The annual report is mailed to the business’ registered agent address each year, not requested over the phone. Please contact our office if you have any questions on a call you received from the State of Michigan. For more information click on the following link : LARA Alerts of Scam Targeting Michigan Businesses.
We are now into the second half of the year, and while it is still summer, the weeks are getting ever closer to the next tax season. August and September are great months to start thinking about planning for filing your 2014 tax returns.
If we have not done so already, our firm can look at your year-to-date business activity, personal income, and withholdings and prepare a tax projection to determine what, if any, taxes you may owe and provide strategies to minimize your tax liability.
Below are some potential tax planning strategies which you may want to consider while there is still plenty of time left in the year. Call your CPA to determine the advantage of these and other strategies before making any decisions.