The 2019 gift tax return deadline is coming up
If you made large gifts to your children, grandchildren or others in 2019, it’s important to determine whether you’re required to file a gift tax return by April 15 (Oct. 15 if you file for an extension). Generally, you’ll need to file one if you made 2019 gifts that exceeded the $15,000-per-recipient gift tax annual exclusion (unless to your U.S. citizen spouse) and in certain other situations. But sometimes it’s desirable to file a gift tax return even if you aren’t required to. If you’re not sure whether you must (or should) file a 2019 gift tax return, contact us.
What the Senate’s Passage of the Families First Coronavirus Response Act Means for You
The bill will become law 15 days after President Trump signs it, which he’s promised to do. Just a few days ago, the House passed the Families First Coronavirus Response Act (FFCRA) and then changed it to make the Senate happy. Today, the Senate passed the revised version without changes. Once President Trump signs this $100 billion […]
SBA to Provide Disaster Assistance Loans for Small Businesses Impacted by Coronavirus (COVID-19)
WASHINGTON – SBA Administrator Jovita Carranza issued the following statement today in response to the President’s address to the nation: “The President took bold, decisive action to make our 30 million small businesses more resilient to Coronavirus-related economic disruptions. Small businesses are vital economic engines in every community and state, and they have helped make our economy the […]
SBA Updates Criteria on States for Requesting Disaster Assistance Loans for Small Businesses Impacted by Coronavirus (COVID-19)
WASHINGTON – As part of the Trump Administration’s aggressive, whole-of-government efforts to combat the Coronavirus outbreak (COVID-19) and minimize economic disruption to the nation’s 30 million small businesses, U.S. Small Business Administration Administrator Jovita Carranza issued revised criteria for states or territories seeking an economic injury declaration related to Coronavirus (COVID-19). The relaxed criteria will have two […]
Federal loans aim to help small businesses survive coronavirus slowdown
Washington — Michigan officials are seeking a declaration from the federal government that would make low-interest disaster loans available to the state’s small businesses that are struggling as the coronavirus pandemic slows consumer spending. Gov. Gretchen Whitmer on Monday officially notified the U.S. Small Business Administration that she is seeking an Economic Injury Disaster Loan Declaration for the state, […]
Disaster relief for small business and employees
LANSING, Mich. (WLUC) – Monday, Governor Gretchen Whitmer signed Executive Order 2020-10 to temporarily expand eligibility for unemployment benefits. This executive order is effective immediately and until Tuesday, April 14 at 11:59 p.m. Under the governor’s order, unemployment benefits would be extended to: Workers who have an unanticipated family care responsibility, including those who have childcare […]
An Alternative to Layoffs
Polk & AssociatesLarge enough to serve a diverse clientele, yet small enough to maintain a hands-on approach, we are committed to maintaining the highest accounting and ethical standards with continuous education, extensive research resources, and excellent quality control. Polk and Associates is a member of the Michigan Association of Certified Public Accountants, and the American […]
Coronavirus Communication Update
To Our Clients, Our top priority remains with the health and safety of our clients and our staff, during the coronavirus outbreak and flu season in general. As we have mentioned in earlier communications, we at Polk have invested significantly in order to take advantage of improvements in technology and Go Green. An additional advantage […]
How’s your buy-sell agreement doing these days?
Most companies wouldn’t go into business without property or liability insurance. Businesses with multiple owners need to use an additional risk-management tool: the buy-sell agreement. If yours has yet to create one, start the process as soon as possible. Even if you have a buy-sell, there are a couple elements to regularly review: funding and valuation. For many businesses, payouts for a buy-sell agreement are funded with life insurance or disability buyout insurance. Look carefully at the policy’s details in relation to the agreement. A valuation should be performed upon creation of the buy-sell and periodically thereafter to assess changes in company value. Contact us for more info.
Home is where the tax breaks might be
If you own a home, the interest you pay on your home mortgage may provide a tax break. However, many people believe that any interest paid on home mortgage loans is deductible. Unfortunately, that’s not true. First, you must itemize deductions in order to deduct mortgage interest. And the deduction is limited. From 2018-2025, you can’t deduct the interest for mortgage acquisition debt greater than $750,000 ($375,000 for married taxpayers filing separately). From 2018-2025, there’s no deduction for home equity debt interest. But interest may be deductible on a home equity loan, home equity credit line, etc., if the proceeds are used to substantially improve or construct the home.
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