Tag: Exemptions
Understanding written instruments and transfers of property exempt from tax
The Michigan State Real Estate Transfer Tax Act of 1993 outlines various exemptions from the tax it imposes on written instruments and property transfers: 1. Instruments where the consideration is less than $100.2. Instruments not wholly performed within the state...
PPT exemption reporting change
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
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?
The IRS advises employers to withhold federal income tax based on the allowances claimed on employees' valid Form W-4s, even if the withholding amount seems incorrect. Employers must inform employees that the IRS may review and adjust withholding if deemed...