Tag: Exemptions

Understanding written instruments and transfers of property exempt from tax

  • April 17, 2019
  • David Shindel

According to the State Real Estate Transfer Tax Act of 1993, the following written instruments and transfers of property are exempt from the tax imposed by this act. a) A written instrument in which the value of the consideration for...

PPT exemption reporting change

  • February 14, 2019
  • Karla Harrington CPA

ShindelRock clients have begun receiving pre-printed PPT forms for the 2019 filings.  With that, for Oakland County resident at least, there is include a cover letter indicating a change in law regarding exemption filings. We have confirmed this is a...

Understanding use tax exemption on the transfer of vehicles between relatives and others

  • March 21, 2018
  • David Shindel

Michigan exempts from use tax a transaction or portion of a transaction for the transfer or purchase of any taxable property between certain relatives. Resale and other exemptions available under the use tax act also apply to the equalization tax....

Client Question: What should I do if an employee claims a high number of exemptions?

According to the IRS, if an employee submits a valid Form W-4 that appears to be claiming an incorrect withholding amount, you should withhold federal income tax based on the allowances claimed on the Form W-4. But, you should advise...

IRS offers rules on hardship exemptions related to Affordable Care Act

  • January 13, 2015
  • Mark Hughes CPA CFE

The Internal Revenue Service has issued a notice, regulations and other guidance related to the Affordable Care Act, including information on getting a hardship exemption from the individual mandate for health insurance coverage. Notice 2014-76 provides a list of the...

Be aware of recent personal property tax exemption changes in Michigan

In December of 2012, Governor Snyder signed into law eleven bills affecting the taxation of personal property. The majority of these Acts do not take effect until December 31, 2015 for the 2016 tax year; further guidance on those Acts...

SR Client Question: Can having a child help me reduce my taxes?

Having a child may help you qualify for valuable tax benefits, such as certain credits and deductions. If you are planning to be a parent, or already are a parent, here are eight benefits you should not miss when filing...