LANSING – John Mashni is an attorney with Foster Swift Collins & Smith, PC. As a former entrepreneur, business owner and manager, John has a deep understanding of the businesses he represents as well as the knowledge and savvy of a seasoned attorney. He helps clients do deals, protect assets and plan for the future through his practice. Here’s his recommended end of year to-do list for small business owners:
Meet with your tax advisors
There may be last minute planning possibilities for 2016. Consult with your tax advisors while you still have time to act in 2016. You don’t want to be scrambling on Dec. 31 (which is a Saturday this year).
Don’t assume your CPA, lawyer or financial advisor is going to automatically suggest ways to minimize your tax liability. Be proactive! Also remember each offers a different and valuable perspective you should consider to make decisions that are best for your business.
Also, be sure you understand the nexus standards for Michigan business taxes and if they have implications for your company. The Michigan Department of Treasury issued a release that addresses the sales and use tax presumption for out-of-state sellers; the nexus standards for the corporate income tax; and the nexus standards for flow-through entity withholding. Click here for details.
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