UHY LLP News Alert - State Real Estate Transfer Tax Refund

Events Calendar

11/1 Manufacturing Outlook

11/13 Health Care Reform Update

12/5 Accounting & Regulatory Update

12/5 Tax Forum

Special Announcements

Recruiting Update

Amy Gallagher Receives Distinguished Leadership Award

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State Real Estate Transfer Tax Refund

With lower property values due to our struggling economy, Michigan homeowners who sold their primary residence in the past three years and paid a transfer tax on that transaction may be entitled to a refund.

The State Real Estate Transfer Tax Act imposes a tax upon transferring an interest in real property. This tax burden is placed on the seller of the property at an applicable rate of $3.75 for each $500 or fraction of $500 of the total value of the interests in real property being transferred.

There are certain instances in which the written instruments and transfers of property are exempt from transfer tax. For example, you may be exempt if the following conditions are met:

1. The property sold is the primary residence of the taxpayer;

2. The State Equalized Value (SEV) of that property is equal to or lesser than the SEV on the date of the purchase or on the date of the acquisition by the seller or transferor for that same interest in property, and

3. The value of the sale or transfer of property is the true cash value. True cash value is defined as the price that could be obtained for the property at private sale and not at auction sale or forced sale.

While the exemption of tax is a nice incentive, taxpayers need to be aware that if an exemption is claimed under this section and the sale of the property is found by the treasurer to be at a value other than the true cash value, then a penalty equal to 20% of the tax will be assessed in addition to the tax due to the seller.

There may be a refund opportunity if a residence was sold that meets the above conditions but transfer tax was paid upon the sale. In order to apply for this refund, taxpayers must file Form 2796 Application for State Real Estate Transfer Tax (SRETT) Refund.

For more information please contact your professional at UHY LLP in Farmington Hills 248 355 1040 or Sterling Heights 586 254 1040 or visit us on the Web at uhy-us.com.

Events Calendar

11/1 UHY LLP Annual Manufacturing Outlook

UHY welcomes you to attend Manufacturing Outlook 2013: An American Renaissance on Thursday, November 1, 2012. Join us either on-site in Farmington Hills or on-line via webcast to learn more about the latest industry trends and rebirth of American manufacturing.

On-site Breakfast Program On-line Webinar

Eastern Time 8:30AM-11:45AM 9:00AM-11:45AM

Central Time N/A 8:00AM-10:45AM

8:30AM-9:00AM EST Breakfast and Networking

9:00AM-9:25AM EST Opening Commentary / What is Driving American Manufacturing?

9:25AM-9:55AM EST Global Manufacturing Economic Forecast

9:55AM-10:20AM EST Shale Oil & Gas Production: A New Chapter in Domestic Manufacturing

10:20AM-10:35AM EST Refreshment Break

10:35AM-11:00AM EST Medical Devices: Bringing Your Products to Market

11:00AM-11:25AM EST Maximizing Momentum for Automotive Suppliers

11:25AM-11:45AM EST Panel Discussion

CPE credit will be offered. Pre-registration for this complimentary program is required and multiple registrations are welcome. Breakfast will be provided. To RSVP contact Courtney Gray via email cgray@uhy-us.com or phone 586 843 2533. Please declare either on-site or on-line. Webinar log-in instructions will be released to registered attendees at a later date.

11/13 Health Care Reform Update

Please join us for this quick hitting, early morning interactive discussion aimed at business owners with 25 or more employees. Tune in as our experts address important aspects of the Health Care Reform Law including legality, tax law changes, Census considerations, employer shared responsibility, and post-election planning opportunities.

Tuesday, November 13, 2012

7:00AM-9:30AM EST

Pre-registration for this complimentary update is required. Multiple registrations are welcome. Please contact Courtney Gray via email cgray@uhy-us.com or phone 586 843 2533 to register. Formal invitation to follow shortly.

12/5 UHY LLP Annual Accounting & Regulatory Update

Save-the-date for UHY's Annual Accounting & Regulatory Update at the MSU Management Education Center in Troy. Join us for this full-day program geared towards CFO's, audit committee members and chairs, to learn more about the latest accounting, regulatory, legal and SEC updates.Topics, speakers and keynote will be announced shortly.

Wednesday, December 5, 2012

8:30AM-6:00PM EST

Pre-registration for this complimentary program is required. Breakfast, lunch and a cocktail afterglow will be provided. Space is limited. Multiple registrations are welcome. Please contact Courtney Gray via phone 586 843 2533 or email cgray@uhy-us.com to register. Formal invitation to follow.

12/5 UHY Advisors Annual Tax Forum

Save-the-date for UHY's Annual Tax Forum at the MSU Management Education Center in Troy. Join us to learn more about the latest tax laws, trends and developments impacting both individuals and businesses. Topics, speakers and keynote will be announced shortly.

Wednesday, December 5, 2012

12:00PM-6:00PM EST

Pre-registration for this complimentary program is required. Lunch and a cocktail afterglow will be provided. Space is limited. Multiple registrations are welcome. Please contact Courtney Gray via phone 586 843 2533 or email cgray@uhy-us.com to register. Formal invitation to follow.

Special Announcements

Experienced Recruiting Update

UHY Michigan is actively looking for experienced candidates to fill key positions in our Farmington Hills and Sterling Heights Offices. Please review the openings below and if you know someone who may be interested in any of these roles please reach out to Rina (Madias) Henning, Recruiting Manager, via email rhenning@uhy-us.com or phone 248 204 9331.

Sterling Heights

Tax Managers

Senior Tax Staff

Recruiter with finance/accounting recruiting experience

Audit Seniors (2-5 years experience)

Farmington Hills

IT Audit and Compliance Senior (5+ years experience, Audit and IT controls combined)

IT Intern

Amy Gallagher Receives Distinguished Leadership Award

Amy Gallagher, Principal at UHY Advisors, was honored with the APICS President's Distinguished Leadership Award. APICS (The Association for Operations Management) is the global leader and premier source of the body of knowledge in supply chain and operations management, including production, inventory, materials management, purchasing and logistics. Since 1957, individuals and companies have relied on APICS for its superior training, internationally recognized certifications, comprehensive resources and worldwide network of accomplished industry professionals. She is Board Member and Vice President of Programs for the Atlanta APICS Chapter. Congratulations, Amy!

Published by UHY LLP News.

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