Capstone CPA Group PLLC

10/27/2021

Long time, no talk! Do you know anyone looking for a hands-on internship opportunity?
Capstone CPA Group is seeking a new tax intern to join their team for the upcoming tax season. All interested candidates can apply here: https://www.indeed.com/jobs?q=tax%20intern&l=Grand%20Rapids%2C%20MI&vjk=a95f993df2169516

03/15/2021

If you have a partnership tax return (also called a 1065 return) your partnership return tax is due today March 15th for a calendar year business. If you don’t know whether you are a calendar year business or not, then you are a calendar year filer, as non-calendar year filers are very rare. Partnership returns are due for any partnership that had…...

If you have a partnership tax return (also called a 1065 return) your partnership return tax is due today March 15th for a calendar year business. If you don’t know whether you are a calendar year business or not, then you are a calendar year filer, as non-calendar year filers are very rare. Partn...

03/10/2021

The days are getting longer and the feeling of winter is reluctantly melting into that feeling of spring. It must be time to file your partnership return! If you have a partnership return (also called a 1065 return) your partnership return tax deadline is March 15th for a calendar year business. If you don’t know whether you are a calendar year business or not, then you are a calendar year filer, as non-calendar year filers are very rare....

The days are getting longer and the feeling of winter is reluctantly melting into that feeling of spring. It must be time to file your partnership return! If you have a partnership return (also called a 1065 return) your partnership return tax deadline is March 15th for a calendar year business. If....

03/03/2021

Is it just me, or does the shortest month of the year, always feel like the longest? Maybe it is the shorter days or the bitter cold, or some combination, but I really notice a huge difference when I get to flip the calendar to March! As you probably already know a partnership return, also called a 1065 return is due on or before March 15th for the prior…...

Is it just me, or does the shortest month of the year, always feel like the longest? Maybe it is the shorter days or the bitter cold, or some combination, but I really notice a huge difference when I get to flip the calendar to March! As you probably already know a partnership return, also …

02/26/2021

Every year we get very similar questions, from a variety of different businesses. In this post, we will cover the age old question, Company car vs Mileage Pros – Company car Write off the actual costs of the company car including Actual car price Any gas Any maintenance Any repairs Any insurance In many cases an individual such as an owner or…...

Every year we get very similar questions, from a variety of different businesses. In this post, we will cover the age old question, Company car vs Mileage Pros – Company car Write off the actual costs of the company car including Actual car price Any gas Any maintenance Any repairs Any insurance I...

02/24/2021

Many clients received new and different types of income during 2020. Even if you did not already receive unemployment income, it is something you may encounter in 2021. Please keep in mind the following items relating to unemployment income: Unemployment income will be taxed. Even any federal ‘additional’ unemployment benefits are taxed, make sure you plan ahead. Unemployment income is usually not available to business owners....

Many clients received new and different types of income during 2020. Even if you did not already receive unemployment income, it is something you may encounter in 2021. Please keep in mind the following items relating to unemployment income: Unemployment income will be taxed. Even any federal ‘add...

02/19/2021

In our quest to de-mystify certain tax topics we will cover one of the stickier tax issues. The questions come in many forms- when should I file my LLC return? What tax form to use for a new LLC? What do I need to do now that I have registered my LLC with the state? LLC return due date? Interestingly enough the answer to this question is, it…...

In our quest to de-mystify certain tax topics we will cover one of the stickier tax issues. The questions come in many forms- when should I file my LLC return? What tax form to use for a new LLC? What do I need to do now that I have registered my LLC with the state? …

02/17/2021

Background- What is an S Corporation? Much like an LLC, an S Corporation does not exist at the State level, at the State level it is treated however it was initially formed. That is why, when you formed your business or had an attorney help you do so, they probably asked if you wanted to form a Partnership, LLC or Corporation....

Background- What is an S Corporation? Much like an LLC, an S Corporation does not exist at the State level, at the State level it is treated however it was initially formed. That is why, when you formed your business or had an attorney help you do so, they probably asked if you wanted to …

02/10/2021

Many clients received new and different types of income during 2020. Even if you did not receive grant income in 2020, it is something you might want to consider in 2021. Most for profit companies are not familiar with the grant process, but it works much like a loan application (but is usually more streamlined). Grants are most consistently offered through the SBA, or other large regional organizations such as your local chamber of commerce....

Many clients received new and different types of income during 2020. Even if you did not receive grant income in 2020, it is something you might want to consider in 2021. Most for profit companies are not familiar with the grant process, but it works much like a loan application (but is usually more...

02/03/2021

Michigan businesses are subject to a special tax for owning property. This tax is called personal property tax. Personal property tax can be levied upon any size business, but is usually not levied until a business formally forms as a LLC, Corporation or S Corporation, or rents a business location. Most businesses are not aware of this special tax, so it comes…...

Michigan businesses are subject to a special tax for owning property. This tax is called personal property tax. Personal property tax can be levied upon any size business, but is usually not levied until a business formally forms as a LLC, Corporation or S Corporation, or rents a business location.....

01/29/2021

We already covered in Part 1 highlights of the PPP loan changes such as loan forgiveness issues, and another round of PPP loan funds available, also called the PPP2 loan program. In this posting we will cover other topics that were also included in this legislation. Please note this is not a comprehensive list, and we may offer other updates at a later date....

We already covered in Part 1 highlights of the PPP loan changes such as loan forgiveness issues, and another round of PPP loan funds available, also called the PPP2 loan program. In this posting we will cover other topics that were also included in this legislation. Please note this is not a compreh...