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The Corporate Transparency Act
As of January 1, 2024, the Corporate Transparency Act (CTA) is in effect. Enacted as part of the 2021 National Defense Authorization Act, the CTA is the United States Government’s latest step to improve business transparency and stymie companies, entities, or people engaging in tax fraud, money laundering, and other types of business fraud.
IRS Releases Guidance on Employee Retention Credit
On September 14th, the IRS announced it would place a moratorium on processing new Employee Retention Credit (ERC) claims that would run through at least December 31st. The ERC, introduced in the Coronavirus Aid, Relief, and Economic Security (CARES) Act, is a refundable tax credit for businesses and tax-exempt organizations that had employees and were affected during the COVID-19 pandemic.
MRPR is Named to 2023 Best Places to Work List
For the seventh year in a row, MRPR has been named to Crain’s Detroit Business Best Places to Work in Southeast Michigan. Formerly known as Cool Places to Work, the list is created from a research-driven program that examines company practices, programs and benefits and surveys your employees for their perspective. We’re honored to make the list. We also maintain
How the Build It in America Act May Affect Your Business
On June 13, the United States House Committee on Ways and Means, the chief tax-writing committee in the House of Representatives, passed the Build It in America Act (H.R. 3938). According to the Ways and Means Committee, this legislation would “counter China’s growing global economic influence by restoring American business competitiveness, securing global supply chains, and prohibiting U.S. foreign land
How Changes to Form 1099-K May Affect Small Business Owners, Gig Workers, and You
Form 1099-K has undergone a series of changes over the past couple of years, and with U.S. Senators introducing legislation that would again alter who has to file a 1099-K, it’s once again back in the accounting and tax spotlight.
Secure 2.0 and More Tax and Retirement Changes of 2023
A new year means brand new changes to your retirement plans via legislation and annual updates from government agencies like the IRS and the Social Security Administration. A typical new year is usually filled with enough changes to keep the team at MRPR on our toes, but 2023 is seeing even more changes than usual, mostly stemming from higher-than-normal inflation