Arati Patel & Associates, PLC.

02/07/2026

February 7, 2026

I would like to sincerely thank my clients, my staff, my business partners and my family for their loyalty, trust and their partnership in growing with me and making this milestone possible. This Silver Jubilee couldn't have been possible without you all! Cheers to our 25 years of partnership!

12/24/2024

BOI - FINCEN extends most BOI deadlines for Businesses to Jan. 13 2025

On Monday, December 23, 2024, the Fifth Circuit Court of Appeals granted a Department of Justice motion to lift an injunction imposed by a district court ruling that deemed the Corporate Transparency Act and its beneficial ownership information (BOI) reporting rules “likely unconstitutional.”

After the Fifth Circuit order, FinCEN- Financial Crimes Enforcement Network , which enforces the Corporate Transparency Act (CTA), announced that, for reporting companies that had been required to supply BOI information by Jan. 1, their new filing deadline was Jan. 13, 2025.

Please call us @ 248-298-2500, if you need assistance filing your BOI reports.

09/12/2024

Elections are just down the road!

03/04/2024

TAX RELIEF FOR TAXPAYERS IN MICHIGAN AFFECTED BY SEVERE STORMS, TORNADOES AND FLOODING

IRS have provided tax relief for taxpayers in Michigan affected by severe storms, tornadoes and flooding that began on August 24, 2023, now have until June 17, 2024, to file various federal individual and business tax returns and make tax payments.

According to the IRS release—IR-2024-42 (February 15, 2024)—the tax relief is offered to any area designated by the Federal Emergency Management Agency (FEMA), which currently includes Eaton, Ingham, Ionia, Kent, Livingston, Macomb, Monroe, Oakland and Wayne counties. Individuals and households that reside or have a business in these localities qualify for tax relief.

Filing and payment relief
The tax relief postpones various tax filing and payment deadlines that occurred from August 24, 2023, through June 17, 2024 (postponement period). As a result, affected individuals and businesses will have until June 17, 2024, to file returns and pay any taxes that were originally due during this period.
This means the June 17, 2024, deadline will now apply to:
• Individual income tax returns and payments normally due on April 15, 2024
• 2023 contributions to IRAs and health savings accounts for eligible taxpayers
• Quarterly estimated income tax payments normally due on September 15, 2023, January 16, 2024, and April 15, 2024
• Quarterly payroll and excise tax returns normally due on October 31, 2023, January 31, 2024, and April 30, 2024
• Calendar-year partnership and S corporations that had a valid tax-year 2022 extension that ran out on September 15, 2023, or have a 2023 return normally due on March 15, 2024
• Calendar-year corporations and fiduciaries that had a valid tax-year 2022 extension that ran out on October 16, 2023, or have a 2023 return and payment normally due on April 15, 2024
• Calendar-year tax-exempt organizations that had a valid tax-year 2022 extension that ran out on November 15, 2023, or have a 2023 return normally due on May 15, 2024

In addition, individuals and businesses that had an extension to file their 2022 returns will also have until June 17, 2024, to file them. However, tax-year 2022 tax payments are not eligible for this relief because they were originally due last spring, before the disaster occurred.

Penalties for failing to make payroll and excise tax deposits due on or after August 24, 2023, and before September 8, 2023, will be abated as long as the deposits were made by September 8, 2023.
The IRS urges anyone who needs an additional tax-filing extension, beyond June 17, for their 2023 federal income tax return to request it electronically by April 15. Though a disaster-area taxpayer qualifies to request an extension between April 15 and June 17, a request filed during this period can only be submitted on paper. Whether requested electronically or on paper, the taxpayer will then have until October 15, 2024, to file, though payments are still due on June 17.

Please feel free to call us for any questions or assistance @ 248-298-2500.

02/16/2024

Voluntary Disclosure Program for ERC claims

March 22, 2024 is the deadline to participate in the IRS’s Employee Retention Credit (ERC) - Voluntary Disclosure Program. IRS is encouraging taxpayers to talk to a reputable tax professional if they believe they may have incorrectly claimed the credit. To assist those taxpayers, the IRS has released a list of seven signs the agency is focusing on when determining whether an ERC claim was incorrect. Those seven signs are:

1. ERC was claimed for all available quarters
2. Claim was based on government orders that did not require the suspension of business
3. ERC was claimed based on wages paid all employees or unqualified wages
4. Claim based on supply chain disruptions that didn’t qualify
5. Full quarter claimed when business suspended for a portion of that time
6. Business didn’t pay wages or even exist during the eligibility period
7. Promoter urged businesses to claim the ERC because they have “nothing to lose”
The voluntary disclosure program allows anyone who claimed the ERC in error and received payment to voluntarily disclose the error and repay only 80% of the claimed credit. Taxpayers who filed ERC claims that have not been processed can still pursue the claim withdrawal process if they see their claim is ineligible.

02/07/2024

Happy 23rd Anniversary to us!
02/07/2021

01/11/2024

Corporate Transparency Act — Beneficial Ownership Information Reporting Requirement

Starting January 1, 2024, a significant number of businesses will be required to comply with the Corporate Transparency Act (“CTA). The CTA requires the disclosure of the beneficial ownership information (otherwise known as “BOI”) of certain entities from people who own or control a company.

The CTA is not a part of the tax code. Instead, it is a part of the Bank Secrecy Act, a set of federal laws that require record-keeping and report filing on certain types of financial transactions. Under the CTA, BOI reports will not be filed with the IRS, but with the Financial Crimes Enforcement Network (FinCEN), another agency of the Department of Treasury.

You can call us or use below link to get further details on CTA

Many companies are required to report information to FinCEN about the individuals who ultimately own or control them. FinCEN began accepting reports on January 1, 2024. Learn more about reporting deadlines.

01/10/2024

Energy Efficient Home Improvement Credit

The EEHIC is a tax incentive designed to encourage homeowners to make energy-efficient upgrades to their properties.

The expenses for Exterior doors, windows, skylights and insulation materials; Central air conditioners, water heaters, furnaces, boilers and heat pumps; Biomass stoves and boilers; Home energy audits may qualify if they meet certain requirements.

The amount of the credit you can take is a percentage of the total improvement expenses in the year of installation:

Tax years 2023 through 2032: 30%, up to a maximum of $1,200 (heat pumps, biomass stoves and boilers have a separate annual credit limit of $2,000), no lifetime limit

These enhancements not only contribute to a greener planet but also result in long-term cost savings for homeowners through reduced energy bills. Accountants play a crucial role in guiding clients through the eligibility criteria, calculating the credits, and ensuring compliance with the tax code.

08/25/2022

2019 and 2020 tax years penalty relief by IRS

Taxpayers do not need to request this relief, and the IRS said it will pay most of the refunds or apply credits by the end of next month. However, any return still unfiled for the two tax years must be filed by Sept. 30, 2022, to be eligible for the relief. Various international information returns such as those reporting transactions with foreign trusts, receipt of foreign gifts, and ownership interests in foreign corporations will receive similar relief. However, to qualify for the relief, any eligible tax return must be filed on or before Sept. 30, 2022.

Tax returns eligible for the relief include specified returns in the Form 1040, 1041, and 1120 series. Also eligible are Form 1066, U.S. Real Estate Mortgage Investment Conduit (REMIC) Income Tax Return; Form 990-PF, Return of Private Foundation or Section 4947(a)(1) Trust Treated as Private Foundation; and Form 990-T, Exempt Organization Business Income Tax Return (and Proxy Tax Under Section 6033(e). Form 1065, U.S. Return of Partnership Income, and Form 1120-S, U.S. Income Tax Return for an S Corporation, may have penalties forgiven for failure to timely file and for failure to show required information. Form 5471, Information Return of U.S. Persons With Respect to Certain Foreign Corporations, and Form 5472, Information Return of a 25% Foreign-Owned U.S. Corporation or a Foreign Corporation Engaged in a U.S. Trade or Business, attached only to Forms 1065 and 1120 are also covered. It does not provide relief for taxpayers filing returns with certain international information returns, e.g., Form 5471, attached to returns other than Forms 1065 and 1120, such as Form 1040 or 1041.

Please contact our office for further questions.