AHP Articles - Andrews Hooper Pavlik PLC

Created: Tuesday, January 18, 2022

Help safeguard your personal information with Andrews Hooper Pavlik PLC by filing your 2021 tax return early

The IRS announced it is opening the 2021 individual income tax return filing season on January 24. (Business returns are already being accepted.) Even if you typically don’t file until much closer to the April deadline (or you file for an extension until October), consider filing earlier this year. Why? You can potentially protect yourself from tax identity theft — and there may be other benefits, too.

Created: Tuesday, January 11, 2022

Andrews Hooper Pavlik PLC wants to know how will revised tax limits affect your 2022 taxes?

While Congress didn’t pass the Build Back Better Act in 2021, there are still tax changes that may affect your tax situation for this year. That’s because some tax figures are adjusted annually for inflation.

Created: Tuesday, January 4, 2022

Defer tax with a like-kind exchange

Do you want to sell commercial or investment real estate that has appreciated significantly? One way to defer a tax bill on the gain is with a Section 1031 “like-kind” exchange where you exchange the property rather than sell it. With real estate prices up in some markets (and higher resulting tax bills), the like-kind exchange strategy may be attractive.

Created: Monday, December 20, 2021

Amendment to the Income Tax Act

Michigan Governor Gretchen Whitmer signed House Bill 5376 into law on December 20, 2021 which amended the Income Tax Act and implemented an elective flow-through entity tax in Michigan.

Created: Friday, April 23, 2021

Unemployed Last Year? Buying Health Insurance This Year? You May Benefit from Favorable New Changes

In recent months, there have been a number of tax changes that may affect your individual tax bill. Many of these changes were enacted to help mitigate the financial damage caused by COVID-19.

Created: Friday, April 9, 2021

PPP Application Deadline Extended in New Law

On March 30, 2021, President Biden signed legislation to extend the application period of the popular Paycheck Protection Program (PPP) through May 31, 2021. This followed a bipartisan 92-7 vote in the U.S. Senate to pass the Paycheck Protection Program Extension Act of 2021.

Created: Thursday, March 25, 2021

New Law Tax Break May Make Child Care Less Expensive

The new American Rescue Plan Act (ARPA) provides eligible families with an enhanced child and dependent care credit for 2021. Learn more in our recent article.

Created: Monday, March 15, 2021

Employee Retention Credit Expanded by the American Rescue Plan Act

An eligible employer is allowed a credit against their Medicare payroll taxes for each quarter in an amount equal to 70% of the qualified wages in 2021. The Act extends the Employee Retention Credit (ERC) from June 30, 2021 until December 31, 2021.

Created: Friday, March 12, 2021

American Rescue Plan Act Includes New Individual Tax Provisions

On Thursday, March 11, 2021, President Biden signed into law the American Rescue Plan Act. The Act includes a new round of economic stimulus payments and several tax-related provisions for individuals. This article provides an overview of the individual povisions that were included in the Act.

Created: Wednesday, March 3, 2021

PPP Adjusted to Prioritize Very Small Businesses

When the Small Business Administration (SBA) launched the Paycheck Protection Program (PPP) last year, the program’s stated objective was “to provide a direct incentive for small businesses to keep their workers on the payroll.” However, according to federal officials, the recently issued second round of funding has distributed only a small percentage of the $15 billion set aside for small businesses and low- to moderate-income “first-draw” borrowers.