Connell & Muck, P.C.

03/19/2021

IMPORTANT UPDATE: State Moves Filing Deadline

The Michigan Department Of Treasury announced today that it will be extending the state tax filing deadline to match the recently adjusted federal income deadline now set for May 17, 2021.

Immediately following the announcement of the federal filing extension, the Advocacy Team reached out to state officials to consider state conformity as many tax preparers and their clients continue to face challenges related to the ongoing coronavirus pandemic.

https://www.michigan.gov/treasury/0,4679,7-121--555009--,00.html

03/18/2021

IR-2021-59, March 17, 2021 — The Treasury Department and Internal Revenue Service announced today that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021, to May 17, 2021.

03/10/2021

More information to come as we receive final details on this new bill.

The $1.9 trillion coronavirus relief bill that passed Congress contains many tax provisions, including changes to the child tax credit and many other credits, making certain unemployment benefits tax-free in 2020, and a $1,400 recovery rebate credit for many individuals.

02/18/2021

Be sure to avoid the dangers of “ghost” tax return preparers. These phantom preparers who won't put their name on the tax return are a warning sign for taxpayers of a potential scam.
Click here to find out more: https://go.usa.gov/xs3yJ

02/05/2021

The IRS issued guidance providing a safe harbor under which eligible educators who have unreimbursed expenses for PPE, disinfectant, and other supplies used to prevent the spread of COVID-19 in the classroom can deduct those expenses as educator expenses. Full details at https://bit.ly/3rtXqmS

09/15/2020

Have you lost your job and collecting unemployment? Or are you fortunate to be working from home because of the pandemic? Both of these situations could have tax implications.

09/12/2020

Despite the pandemic, the National Association of Realtors reports that existing home sales and prices are up nationwide, compared with last year. If you’re a homebuyer, you may wonder if you can deduct mortgage points paid on your behalf by the seller. Yes, you can, subject to some important limitations. For example, the rule allowing a deduction for seller-paid points doesn’t apply to points that are allocated to the part of a mortgage above $750,000 ($375,000 for marrieds filing separately) for tax years 2018 through 2025 (above $1 million for tax years before 2018 and after 2025). It also doesn’t apply to points on a loan used to improve (rather than buy) a home and in other situations.

09/11/2020

After paying into Social Security for all your working years, you may be surprised to learn that the benefits may be taxed in retirement. Here are the rules.