Category: Tax
Client Question: “I’m unhappy with my annuity. What are the tax implications of changing it?”
You have invested in an annuity. After a period of time, you review the results of your investment and determine that the annuity is not doing what you wanted it to do when you made the investment. A tax-free exchange...
New IRS regulations affect Form 5472
On June 9, the IRS issued temporary and proposed regulations to remove the duplicate filing requirement for Form 5472, Information Return of a 25% Foreign-Owned U.S. Corporation or a Foreign Corporation Engaged in a U.S. Trade or Business (TD 9529...
How Amazon’s state tax issues sheds light on possible tax issues for your company
I heard a good segment on NPR's "Morning Edition" this morning about how the State of California's sales tax laws are creating tax collecting issues for online retailers. This touches on the growing issue of "nexus" for state taxing authorities. ...
One Billion
You are part of the Billion! IRS efile has reached a major milestone as it passed the one-billion mark for individual tax returns processed safely and securely since 1986. The IRS’s electronic filing program started as a pilot project in...
SR Glossary: Exemption to DoL Overtime Rules
The U.S. Department of Labor and the State of Michigan have regulations which state that an employee shall receive compensation at not less than 1-1/2 times the regular rate at which the employee is employed for employment in a workweek...
Plug-in Electric Cars Get a Jolt From Tax Incentives
If the idea of buying a car and getting a Federal Income Tax Credit sounds good to you, keep reading. But you’ll have to get comfortable with the newest in automotive technology—plug-in electric hybrid cars. If a Chevy Volt, Nissan...
Do You Provide Property or Service to the Government? Make sure you know this new tax law.
Starting January 1, 2013, you may be subject to a 3% withholding tax on your payment. This was part of the Tax Increase Prevention and Reconciliation Act of 2005; its implementation has been delayed several times. Payments from federal, state...
New law creates refund opportunities for business owners
The Small Business Jobs Act of 2010, signed into law by President Obama September 27, 2010, had a little-reported change regarding general business tax credits that can have a big impact on the cash flow of some small businesses. The...
It’s Official – no more MBT (well, starting 1/1/12…)
On May 25, 2011, Gov. Rick Snyder signed bills that, according to Mr. Snyder, “bring greater fairness and simplicity” to Michigan’s tax structure. As of January 1, 2012 the Michigan Business Tax (MBT) will be eliminated; replaced by the Michigan...
Snyder’s Budget Passes Michigan Senate and House
It appears that Governor Snyder’s sweeping budget is going to become law, enacting some sweeping changes to the taxing of businesses and individuals in the State of Michigan. Here are some of the details: Bye Bye MBT – the Michigan...