If you have been waiting to file your taxes due to the government shutdown, now is the time! As of January 28, 2019, the IRS is accepting returns and issuing refunds but tax experts are urging people to file this…
We have a new addition to the Lothamer family in our office, Emma Schut. Emma is currently attending Olivet College in her third year pursuing a Bachelor’s degree in Accounting. Her future academic plans are to earn a Master’s degree…
Would you like a direct source for IRS tips or updates? The IRS has taken advantage of the many opportunities that social media has to offer us. Truth be told, the IRS does not want anyone to get in trouble,…
How does it start? If the IRS suspects fraudulent activity from information given by a revenue agent, revenue officer, ongoing investigations by law enforcement agencies, attorney offices, or even tips from the general public. This information is given to a…
The new IRS proposed regulations confirm that the S corporation treats as wages the reasonable compensation that it pays to its shareholder-employees. That’s good, and it opens planning opportunities. Even better! There had been some commentators who claimed that wages…
Drive Time Increases Odds of Deducting Rental Property Losses Your rental properties provide tax shelter when you can deduct your losses against your other income. One step to deducting the losses is to pass the tax code’s 750-hour test. And…
Lothamer aims to be the best tax resolution office in Michigan, and in order to do that we need to be able to assist as many people as possible. We are currently operating out of 9 offices throughout the state…
If you have, or even haven’t received a text, call, letter, or email in relations to the IRS for a variety of reasons we have some information and insights relating to the types of scams currently happening and what to…
This means that auditors aren’t always familiar with every nuance of the tax code and so occasionally get things wrong. For example, you may be keeping a 90-day mileage log, but your IRS auditor may disallow all of your auto…
If you use triple-net leases for your rental properties, you may wonder whether you’ll get your Section 199A deduction. We don’t have a clear answer for you, so we are going to go with “maybe.” As you’ll see, we need…