Showing 55 posts in Tax.
Avoid Potential Tax Penalties on Foreign Bank Accounts and Investments
U.S. investors and businesses can be subject to severe tax penalties for failing to properly report their foreign bank accounts, investments and subsidiaries to the Internal Revenue Service (IRS). The potential penalties can be more than $10,000 per year, and can be assessed in addition to taxes and interest! Read More ›
Categories: Tax
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Are you missing out on these exemptions?
There have been several recent tax changes to Michigan tax law. New exemptions may be valuable to you. Consult a tax professional for advice as to how to make the most of available tax benefits.
Sales Tax Exemption for Vehicle Trade-Ins
Starting Dec. 15, 2013, up to $2,000 of the value of a motor vehicle or recreational vehicle traded-in to pay for a new or used motor or recreational vehicle may be exempt from sales tax. The agreed-upon value must be separately stated. Starting Jan. 1, 2015, the exemption limit is increased by an additional $500 per year.
Use Tax Exemption for Vehicle Trade-Ins
Also starting Dec. 15, 2013, up to $2,000 of the value of a motor vehicle or recreational vehicle traded-in to pay for a new or used motor or recreational vehicle may be exempt from use tax.
Avoid Taxes and Penalties on Your Business’s Compensation Arrangements
Has your business promised to pay a benefit to an employee or an independent contractor at some time in the future? If so, your promise may be subject to the complex rules of Section 409A of the Internal Revenue Code. Read More ›
Categories: Employee Benefits, Tax
Michigan Treasury instructs same-sex couples to file separate state income tax returns
The Michigan Department of Treasury will require that same-sex couples file their Michigan income tax returns as single filers, even though same-sex couples are required to file joint federal income tax returns. Read More ›
Categories: Tax
Same-Sex Marriages Are Recognized for Federal Tax Purposes
The U.S. Department of Treasury and the IRS have ruled that, effective as of September 16, 2013, same-sex couples who are legally married in a jurisdiction that recognizes same-sex marriage must be treated as married for all federal tax purposes. Accordingly, married same-sex couples must file their 2013 federal income tax returns as either “married filing jointly” or “married filing separately.” They may also choose to file original or amended federal tax returns for 2010, 2011, and 2012 and claim refunds. Some taxpayers may be eligible to claim refunds for earlier tax years. Read More ›
Categories: Tax
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