Accounting & Tax Services to fit your needs

Our office is now open. We ask that you wear a mask and sanitize your hands upon arrival. Our locked drop box is available outside our door for document drop off. Wash your hands, avoid touching your eyes and nose, disinfect areas frequently, and maintain a safe distance away from others.

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                                           Important Updates

• Our office is open to walk ins. If you do come in please wear a mask. Our revised office hours are Monday thru Thursday 9-5 and Friday 9-12.  Please remember social distancing guidelines of maintaining a safe distance of six feet away from others, wear a face mask, wash your hands frequently and disinfect regularly.
• Partnership and S-Corp tax returns that have been extended are due September 15. Individual and Corporate tax returns that have been extended are due October 15.
• Payroll Tax Deferral starts September 1:  Employers have the option to defer withholding and payment of the employee's portion of the Social Security tax if the employee's wages are below $4,000 for a biweekly period during the period beginning on September 1, 2020, and ending on December 31, 2020. The determination of wages is made on a pay period-by-pay period basis. This is voluntary for the employer and employee.  If employers have deferred withholding and payment of employee social security tax employers must pay the employer and employee Social Security taxes on wages and compensation during this deferral period between January 1, 2021 and April 30, 2021 and may make arrangements to collect the total social security taxes from the employee. If deferred taxes are not paid interest, penalties, and additions to tax will begin to accrue on May 1, 2021.  For more information go to: www.irs.gov/newsroom/guidance-issued-to-implement-presidential-memorandum-deferring-certain-employee-social-security-tax-withholding.
• Paycheck Protection Program (PPP) Loan Forgiveness: Recipients of the (PPP) loan may apply for loan forgiveness from their lender after the eight-week period following disbursement of their loan or by December 31, 2020 which ever is longer. The amount of loan forgiveness, if any, a PPP loan recipient may receive will depend on a variety of factors but will not exceed the loan principal amount plus accrued interest. Certain uses of the loan count towards how much is forgiven. Only loan proceeds spend on covered uses during the eight week period following disbursement are forgiven. Its important to know that the employees kept during this time will impact the amount forgiven.  For more information go to www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program#section-header-5
• New Form 1099 NEC for Self Employed Individuals: The due date for filing Form 1099 that includes nonemployee compensation (NEC) is January 31 and eliminated the automatic 30-day extension for forms that include NEC. Beginning with tax year 2020, use Form 1099-NEC to report nonemployee compensation. Due to the creation of Form 1099-NEC, Form 1099-MISC has been rearranged box numbers for reporting certain income. Changes in the reporting of income and the form’s box numbers are listed below.
  *Payer made direct sales of $5,000 or more in box 7.
  *Crop insurance proceeds are reported in box 9.
  *Gross proceeds to an attorney are reported in box 10.
  *Section 409A deferrals are reported in box 12.
  *Nonqualified deferred compensation income is reported in box 14.
  *Boxes 15, 16, and 17 report state taxes withheld, state identification number, and amount of income earned in the state, respectively.
  Help for Renters and Landlords: The Eviction Diversion Program (EDP) is designed to keep Michigan residents who fell behind on their rent during COVID-19 in their homes. The program utilizes a special court process to get fast rental assistance for renters who have been impacted. Rental assistance in the amount of $50 million is available in the form of lump sum payments to landlords in exchange for allowing tenants to remain in their homes, forgiving late fees and up to 10% of amount due. For more information go to: www.michigan.gov/mshda/0,4641,7-141-5555-533463--,00.html
  Additional funding available for businesses: Paycheck Protection Program: The SBA has stopped accepting applications as of August 8. Economic Injury Disaster Loan: There is now an additional $60 billion for the EIDL program including $50 billion in loans and $10 billion in grants. SBA will process EIDL Loan and Advance applications that are already in queue in the order they were received.
• New charitable contribution opportunities: The CARES Act created incentives for individuals to make charitable contributions in 2020, especially for those that itemize deductions. The CARES Act increases the maximum 60% of Adjusted Gross Income (AGI) charitable contributions limit to a 100% limit for certain charitable contributions made in 2020. For more information go to our News and Publications page.
  Stimulous payment bank account tool: The new Get My Payment tool to let taxpayers check on their Economic Impact Payment date and update direct deposit information is now available on IRS.gov. People who did not use direct deposit on their last tax return will be able to input information to receive the payment by direct deposit into their bank account, expediting receipt. If you have filed a tax return be sure to have your most recently filed 2018 or 2019 tax return with you to assist with the information needed to verify sensitive information on the site. For more information and to access the payment tool go to:  www.irs.gov/coronavirus/get-my-payment
  ​Deferral of Sales, Use and Withholding Tax Payments: Business taxpayers scheduled to make sales, use and withholding tax payments for March, April and May including quarterly filers can postpone filing and payment requirements until June 20, 2020. The state Treasury Department will waive all penalties and interest. Taxpayers may still remit tax and file a return as of the original due date and are encouraged do so. However, penalty and interest for any failure to do so will automatically be waived. The waiver is limited to sales, use, and withholding returns and payments due on May 20, 2020. Any payment or return otherwise due after that date will not be eligible for the current waiver. The waiver is not available for accelerated sales, use or withholding tax filers. Those taxpayers should continue to file returns and remit any tax due as of the original due dates.​
  New for those that are self employed: Self-employed workers, gig workers, 1099-independent contractors and low-wage workers can apply for federal benefits beginning Monday, April 13 at 8AM online at Michigan.gov/UIA. All newly eligible workers will need to provide proof of income to receive the maximum amount they are entitled. This could include W-2s, 1099 tax forms, and pay stubs. For more information go to www.michigan.gov/leo/0,5863,7-336-78421_97241_90031-523450--,00.html.
  Stimulous non tax filer payment web tool​: The Treasury Department and the Internal Revenue Service launched a new web tool allowing quick registration for Economic Impact Payments for those who don’t normally file a tax return. The non-filer tool provides a free and easy option designed for people who don’t have a return filing obligation, including those with too little income to file. The feature is available only on IRS.gov and users should look for Non-filers: Enter Payment Info Here to take them directly to the tool. To use the web tool go to www.irs.gov/coronavirus/non-filers-enter-payment-info-here.
  A summary of the Stimulus bill is located in the News and Publications section of our website
  Small Business Association loans and grants are available to help you with payroll, rent and other business expenses. Information for the SBA grant go to form.jotform.com/200847960210147. Information for the SBA loan go to covid19relief.sba.gov/#/. More information for small business owners on the CARES act is located in the News and Publications section of our website.
  Payroll Tax Credits and Deferrals: On March 27, 2020, President Trump signed the Coronavirus Aid, Relief and Economic Security (CARES) Act, which provides for delayed payment of certain employer payroll taxes as well as a credit against payroll taxes for employers subject to COVID-19 related closures. For a summary of the credits and more information go to www.bnncpa.com/resources/payroll-tax-credits-and-deferrals-for-employers-offered-under-the-cares-act/
  Michigan unemployment has been expanded to 39 weeks with immediate approval.  With passage of the CARES act taxpayers may receive up to $600 in addition to their Michigan unemployment benefits. This also applies to those that are self employed. Michigan Unemployment currently is working on a system for those that are self employed to apply for benefits. Go to www.michigan.gov/leo for more information and to apply.
  On March 27, a relief package was passed that provides families with the help they need. Individuals will receive a $1,200 tax rebate and joint filers will receive $2,400, with the amount declining in phases for those making more than $75,000 and $150,000 respectively. There is also a $500 credit per child for working families. Social Security beneficiaries who are not typically required to file tax returns will automatically be deposited into their bank accounts. The IRS will use the information on the Form SSA-1099 and Form RRB-1099 to generate $1,200 Economic Impact Payments to Social Security recipients who did not file tax returns in 2018 or 2019. Recipients will receive these payments as a direct deposit or by paper check, just as they would normally receive their benefits.. For more information go to  www.irs.gov/newsroom/economic-impact-payments-what-you-need-to-know
  ​Employee Retention Credit available for many businesses financially impacted by COVID-19: The Treasury Department and the Internal Revenue Service launched the Employee Retention Credit, designed to encourage businesses to keep employees on their payroll. The refundable tax credit is 50% of up to $10,000 in wages paid by an eligible employer whose business has been financially impacted by COVID-19.  More information is available at  www.irs.gov/newsroom/irs-employee-retention-credit-available-for-many-businesses-financially-impacted-by-covid-19.
• Lt. Governor Garlin Gilchrist II was joined by former Lt. Governor, and current president of the Small Business Association of Michigan (SBAM) Brian Calley and Bob Doyle, president and CEO of the Michigan Association of CPAs, is launching a new statewide website, MIpaycheckprotection.com, to provide businesses with key resources to assist with the PPP application and loan process and ensure the greatest amount of federal funding is able to be used by small businesses for economic relief efforts throughout the state.
• For FAQ's on recent legislation go to  www.nytimes.com/article/coronavirus-stimulus-package-questions-answers.html

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Integrity * Accuracy * Trustworthy

Allied Accounting Services has been providing total financial services to individuals and businesses for over 30 years. Professionalism and integrity encompasses everything we do. We help our clients so that their business’ financials are clear and straightforward. We stop and listen to client needs, questions and concerns.  We have experience in financial planning strategies to meet business’ current needs in a number of areas from tax law to a trusted business advisor. We are a trustworthy confidant for your most guarded personal financial information and proprietary business data where we make it easier to deal with stressful financial matters. We offer fresh ideas for more convenient and cost-efficient ways of doing things. Contact us today for a consultation with a competent, experienced advisor to identify and implement innovative ways to keep more of what you earn and help your business grow.