Upsource Updates


As the weather cools, we are reminded that tax season is just around the corner. And for our firm, this tax season will bring about a few changes.

First, A New Location...We have sold our office in Clawson. Like many of you, the pandemic brought many changes to our business. One that we liked is being flexible on where we work. And while we will continue to primarily work from our home offices for the foreseeable future, the co-working space Sevenco in Troy, MI will be our new home away from home. We plan to spend time there as client meetings dictate.

The new address for all mail correspondence:

Upsource Partners
888 West Big Beaver Rd. Suite 200
Troy, MI 48084


Second, A Change to Our 1040 Personal Tax Return Practice...Starting with tax year 2021 (early 2022 preparation) we will only be preparing 1040 personal tax returns for those individuals who are owners of businesses for which we prepare their business tax returns. My partner Tony Moses and his team at Amtax Services focus exclusively on individual tax and will be facilitating these tax returns going forward. We will be calling all clients individually to discuss this change and make sure the transition goes smooth.

Last, Employee Retention Credits...If you believe that your business qualifies for the Employee Retention Credit, please contact us. If you are unsure, please give us a call to discuss.

If your business:
  • Has 500 or fewer employees (100 for 2020);
  • Was at least partially closed due to a government order OR
  • Experienced a significant decline in gross receipts during a calendar quarter in 2020 or 2021. (50% decline in 2020, 20% in 2021); AND
  • Employees were kept on the payroll

Then you may be eligible for the ERTC for both 2020 and 2021. Please note that the same wages used for PPP loan forgiveness cannot be used again to claim the ERTC. Also note that owner and related party wages do not count for ERTC.

That's it for now. Thank you for your continued business, we appreciate it!

Regards,

Troy Stevenson, CPA
Upsource Partners LLC
(248)556-5193
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