Hi and welcome to the CPA Nerds Accountant Blog! We have all sorts of interesting and quirky things to say about Accounting, Managing your Money, Being CPAs, our wonderful state of Michigan and life as accountants.

Check out our blog posts below to learn more about CPA Nerds, Innes and Lotito, and the wonderful world of Michigan Accounting.

Accelerated Depreciation – The Differences Between Section 179 and Bonus Depreciation

When you buy an asset that provides value over the course of a year, you may need to capitalize the asset and claim depreciation expense over the useful life of the asset. However, sometimes it makes more sense to claim …

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FICA Taxes That Are Withheld: Social Security & Medicare

There are two components on FICA tax that are withheld from your payroll check, Social Security and Medicare. You’ll want to know how to calculate and withhold your payroll taxes and one of those is FICA. Both employees and employers …

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IRS Announces Tax Relief For Natural Disaster Victims In Michigan

natural disaster tax break

The IRS announces tax relief for victims of severe storms, flooding, and tornadoes in Michigan. According to, Michigan victims of storms, flooding, and tornadoes that began June 25, 2021, now have until November 1, 2021, to file various individual and …

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Get Ready for the Advance Child Tax Credit

Advance Child Tax Credit featured blog post image | CPA Nerds

Learn More About the Advance Child Tax Credit Heya folks! This summer, the IRS will help families by sending out advance payments of the Advance Child Tax Credit. We’re here to share the news and let you know how to …

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IRS Mistakenly Sent Non-Filing Notices

forget to file tax

The IRS has posted a statement on its website acknowledging that it mistakenly sent non-filer notices to thousands of taxpayers regarding their 2019 returns (“CP59 notices”). The IRS shouldn’t have sent the CP59 notices because it hasn’t finished processing all …

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The Kiddie Tax: What You Need to Know

kiddie tax 2020

2020: The Year of Unemployment Did your child collect unemployment this year? Your family may be impacted by a lesser-known piece of the Internal Revenue Code aptly labeled the “Kiddie Tax”. The Kiddie Tax was implemented by the Internal Revenue …

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Prepare Your 2020 Tax Return With Our 1040 Checklist

CPA Nerds 1040 Checklist

After the long year, 2020 is finally over and that means it is time for tax season. The COVID-19 pandemic has changed the economic landscape for just about everyone. Some of these changes may directly affect your 2020 income tax …

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Employee Retention Tax Credit (ERTC) Information to Know

CPA ERTC credit

The CARES Act (passed March 27, 2020) included a novel tax credit allowing eligible employers to claim a tax credit equal to 50% of qualifying wages, up to $10,000 of compensation, for a max credit of $5,000 per employee for …

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4 Popular Tax Questions Regarding Extensions


Tax Extension Questions 2020 has been a wild ride so far! While protecting your health, did you forget to file your taxes? Have no fear, because CPA Nerds is here to remind you of a few important things. In this …

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Tax Dates You Need To Know

6 Upcoming Tax Dates For Your Knowledge As we approach the end of tax season, there are a number of important dates you should be aware of. We’ve compiled a list of 6 upcoming tax dates. Read more to see …

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