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 CLIENTS MAY BE ELIGIBLE FOR STATE REAL ESTATE TRANSFER TAX REFUND
When an individual transfers real estate in the state of Michigan a real estate transfer tax fee is charged, which is percentage of the sales price. This fee is assessed both by the state and the county in which the property was sold. This fee is the seller's responsibility, unless otherwise agreed upon, and is reported on the "Real Estate Transfer Valuation." Pursuant to a recent decision by the Michigan Supreme Court in July of 2015, individuals may be eligible for a refund of real estate transfer taxes they have paid within the last four years. In addition, going forward sellers may be exempt from incurring this tax when they transfer property. The following requirements must be met to qualify for exemption or refund: - The property must have been classified as a homestead property and occupied as your principal residence
- The property's State Equalized Value (SEV) for the year in which you transfer the property must be less than or equal to the State Equalized Value for the year in which the property was acquired by the seller
- The property cannot be transferred for consideration other than its "true cash value", which has been redefined under the amendment as fair market value agreed upon by both seller and purchaser
The application for the real estate transfer tax refund is filed on form 2796 and requires the following attachments: - Proof of State Real Estate Transfer Tax paid to Register of Deeds (copy of RECORDED DEED containing real estate transfer tax stamp or official receipt from country treasurer and form L-4258, Real Estate Transfer Tax Valuation Affidavit)
- Proof of date of purchase and SEV in year of purchase
- Proof of date of sale and SEV in year of sale
- Proof of sales price of property
Therefore if you have sold your primary residence in the last four years you should review the SEV at the time of sale versus the SEV at the time of purchase to determine if you are eligible for a refund of the transfer tax paid.
For more information or questions on this topic, please contact your professional at UHY LLP in Detroit 313 964 1040, Farmington Hills 248 355 1040 or Sterling Heights 586 254 1040, or visit us on the web at www.uhy-us.com.
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 CORRECTION: BONUS DEPRECIATION
We'd like to make a correction to a recently published bonus depreciation article on October 6. The House Ways and Means Committee passed a bill on September 17 to make 50 percent bonus depreciation a permanent part of the tax code. While movement on these important capital investment incentives is encouraging, the provisions have not been enacted at this time and if enacted they will likely be a part of a broader "extenders" package. Stay tuned to UHY e-news correspondence for further developments.
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EVENTS CALENDAR
10/22 UHY LLP ANNUAL MANUFACTURING OUTLOOK
Only a few seats remain! Join us at The Detroit Athletic Club for Manufacturing Outlook: "Built To Compete": Embracing Risk For a Sustainable Future, featuring keynote Cindy Pasky of Strategic Staffing Solutions. The schedule of events is as follows:
7:30AM-8:00AM Registration, breakfast and networking
8:00AM-8:10AM Opening commentary
8:10AM-8:35AM Washington's roadmap for American manufacturing sustainability
8:35AM-9:05AM Business conditions as the cycle is maturing
9:05AM-9:35AM Governance options to gain access to experience and expertise
9:35AM-9:45AM Refreshment break
9:45AM-10:15AM Sustainability through accountability
10:15AM-10:45AM Family-owned business sustainability
10:45AM-11:15AM Attracting talent to build a competitive sustainable organization
11:15AM-11:30AM UHY Cares supporting The Empowerment Plan
CPE credit available. Shinola watch to be auctioned off to benefit The Empowerment Plan.
Pre-registration for this complimentary program is required. Breakfast will be provided. Space is limited. Multiple registrations are welcome. To RSVP contact Jessica Dalessandro. 10/27 MACOMB CHAMBER CONNECT AND SHOP SPONSORED BY UHY LLP
Register today for Macomb Chamber's annual Connect and Shop at Carson's at The Mall at Partridge Creek on Tuesday, October 27 from 9:00AM-1:00PM. Join us for shopping specials and deals, prizes and promotional giveaways, a fashion show, and more! This exclusive Chamber event allows attendees the opportunity to network with like-minded business professionals in a relaxed shopping atmosphere. Registration and continental breakfast will start at 9. Discounted lunch specials available at local eateries. This is a free Chamber Member event but you must pre-register to attend. Click here to register online or contact Danielle Bare. 11/6 PLANNING FOR YOUR TAX EXEMPTION IN 2016
Take advantage of the substantial savings your company is eligible for beginning January 1, 2016 as a result of the August 2014 MMA-led successful ballot campaign to eliminate the Personal Property Tax (PPT). Learn the steps you need to take to file for your exemption and start saving on the local manufacturing PPT. Join Mike Johnston, MMA Vice President of Government Affairs, on Friday, November 6 plus experts from the Michigan Department of Treasury and Honigman, Miller, Schwartz, and Cohn, LLP. Attendees will learn necessary filing deadlines, coming early 2016, and the required information to qualify for exemption.
Who should attend? Manufacturing owners and managers, controllers, tax managers, accounting and tax staff, CFOs and others interested in state tax.
To register contact Sarah Pytel. This program is co-hosted by Michigan Manufacturers Association and the Sterling Heights Regional Chamber of Commerce. The cost is $75 for MMA members and $125 for non-members. UHY LLP is located at 12900 Hall Road in Sterling Heights. The training facility is on the fourth floor. 11/12 UHY LLP ANNUAL CONSTRUCTION OUTLOOK
Save the date for Construction Outlook 2016! Join us at UHY's training center in Farmington Hills to learn more about developing industry trends including employee retention through compensation and long-term incentives, management and union relations, current tax updates you need to know and the latest on the Affordable Care Act.
Thursday November 12
7:00AM-9:30AM
CPE credit will be offered. Pre-registration for this complimentary program is required. Breakfast will be provided. Space is limited. Multiple registrations are welcome. To RSVP contact Drew Matthews. Formal invitation to follow. 12/2 UHY LLP ANNUAL ACCOUNTING AND BUSINESS CONFERENCE
Save the date for this year's Accounting and Business Conference at the MSU Management Education Center in Troy on Wed., Dec. 2 from 8:00AM-6:00PM. This complimentary program is built for business owners, board members, audit committee members, CFOs, controllers and others as we focus on how companies can achieve sustainability by reducing business risk, attracting talent and leveraging their resources. You will also hear about the revolution happening in Detroit as well as the latest accounting, regulatory, legal and SEC updates.
CPE credit will be offered. Pre-registration for this event is required. Breakfast, lunch and cocktail reception with hors d'oeuvres included. Space is limited. Multiple registrations are welcome. To RSVP contact Jessica Dalessandro. Formal invitation to follow.
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SPECIAL ANNOUNCEMENTS
MICHIGAN PRACTICE MEMBERS JOIN UHY ADVISORS' BOARD OF DIRECTORS
UHY Advisors announced new board members from its Michigan practice, Thomas Callan and Steven McCarty. Both are well known in the local business community, been with the firm for over 20 years, and alumni of Walsh College. Callan and McCarty will join five others, including the firm's CEO, Anthony Frabotta, who is also a Michigan resident. "We have a very strong leadership foundation in place," said Frabotta. "Our board is a versatile, well-blended team that will bring unique and insightful perspectives to our firm. I also want to thank Patrick Stark as he steps down from the board after many years of service." Frabotta has been with the firm since 1974 and on the board of directors and executive committee since 2000, serves as a member of the board of trustees and treasurer for DMC Legacy, and is a graduate of Wayne State University.
The seven member board is charged with the stewardship of UHY Advisors, guiding its corporate strategy, reviewing and approving annual budgets, and appointing and monitoring the performance of the CEO. "We congratulate our new board members on their selection and look forward to their insights and leadership of our firm into the future," said Richard David, chief operating officer of UHY Advisors.
HAROLD BURNS, PARTNER OF UHY LLP, IS ST. CLAIR COUNTY COMMUNITY COLLEGE'S DISTINGUISHED ALUMNUS OF THE YEAR
Harold Burns, a partner of UHY LLP's Michigan practice, has been selected as the 2015 Distinguished Alumnus of the Year by St. Clair County Community College. With over 25 years of experience in public accounting, Harold has acquired a broad range of audit and business consulting knowledge. He is a leader of the firm's audit and assurance and ERISA audit practices. He is also the chairperson for the firm's national health care practice. Harold's civic involvement includes board member of McLaren Macomb Healthcare Foundation, SC4 Foundation and Canterbury-on-the-Lake Senior Living Retirement Community. He is a former board member of Memphis Community Schools, with 17 years of experience, last 13 years as board president. He will be honored at the SC4 Foundation's Red Carpet Affair on November 7. Congratulations, Harold!
UHY LLP PARTNER, JERRY GRADY, RECOGNIZED AS VOLUNTEER OF THE YEAR BY CANTON COMMUNITY FOUNDATION
Jerry Grady, a partner of UHY LLP's Michigan practice, was recently recognized as 'Volunteer of the Year' from the Canton Community Foundation in participation with the Plymouth Chamber of Commerce. Jerry received the State of Michigan certified award from State Representative Kurt Heise. The award was presented to Jerry at the Annual Volunteer Recognition Ceremony at the Plymouth Community Chamber of Commerce event. He has served on the Canton Foundation Board for the past six years as well as having served multiple committees in the Foundation which included help with development, finance, governance, golf and fundraising events, etc. Jerry has acquired a wealth of knowledge throughout his nearly 30 years in public accounting. He is a leading member of the firm's national management and technology consulting services group and IFRS committee. He is also the chairperson for the firm's national staffing practice. Congratulations, Jerry!
UHY ADVISORS MI, INC. EARNS MBPA 'BEST & BRIGHTEST COMPANY' HONOR FOR 12TH STRAIGHT YEAR
UHY Advisors MI, Inc. has been voted by the Michigan Business & Professional Association (MPBA) as one of 2015's best and brightest companies to work for in Metropolitan Detroit for the 12th year in a row! Only companies that distinguish themselves as having the most innovative and thoughtful human resources approach can be bestowed this honor.
"We are honored to recognize the efforts of this year's 'Best and Brightest' companies. These companies have created impressive organizational value and business results through their policies and Best Practices in human resource management. This award has become a designation sought after by hundreds of Metropolitan Detroit area companies and is a powerful recruitment tool in the drive to attract and retain exceptional employees," said Jennifer Kluge, President and CEO of MBPA.
The Best and Brightest Companies to Work For� is a program of the Michigan Business and Professional Association that provides the business community with the opportunity to gain recognition, showcase their best practices and demonstrate why they are an ideal place for employees to work. This national program celebrates those companies that are making better business, creating richer lives and building a stronger community as a whole. It is presented annually in several markets including Atlanta, Boston, Chicago, Dallas, Detroit, Houston, Milwaukee, San Diego, San Francisco Bay Area and nationally. Nominations are now being accepted for 2016. Visit 101bestandbrightest.com to obtain an application.
CAREERS AT UHY
Are you ready to take charge of your career path? Be sure to visit our careers page for the most up-to-date listings or contact Yolanda Rountree. Current opportunities in our Michigan offices include:
- Audit Manager, 7+ years of experience, manufacturing experience is highly preferred
- Audit Manager, 7+ years of experience, SEC experience is highly preferred
- Audit Senior Accountant, 5-7 years of experience, CPA required
- Internal Audit Risk & Compliance Manager, 7+ years of experience
- R&D Tax Specialist, 7+ years of experience
- Tax Manager, 7-10 years of experience
- Tax Senior Consultant, 4-5 years of experience, Big 4 experience is required
- Tax Senior Accountant, 5-7 years of experience, CPA required
- Director of Litigation, testifying experience required municipalities
- Senior Associate (Corporate Finance), 2-4 years of Big 4 experience highly preferred
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Published by UHY LLP News.
Copyright � 2013 UHY LLP. All rights reserved.
Our firm provides the information in this newsletter as tax information and general business or economic information or analysis for educational purposes, and none of the information contained herein is intended to serve as a solicitation of any service or product. This information does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisors. Before making any decision or taking any action, you should consult a professional advisor who has been provided with all pertinent facts relevant to your particular situation. Tax articles in this newsletter are not intended to be used, and cannot be used by any taxpayer, for the purpose of avoiding accuracy-related penalties that may be imposed on the taxpayer. The information is provided "as is," with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.
UHY Advisors, Inc. provides tax and business consulting services through wholly owned subsidiary entities that operate under the name of "UHY Advisors." UHY Advisors, Inc. and its subsidiary entities are not licensed CPA firms. UHY LLP is a licensed independent CPA firm that performs attest services in an alternative practice structure with UHY Advisors, Inc. and its subsidiary entities. UHY Advisors, Inc. and UHY LLP are U.S. members of Urbach Hacker Young International Limited, a UK company, and form part of the international UHY network of legally independent accounting and consulting firms. "UHY" is the brand name for the UHY international network. Any services described herein are provided by UHY Advisors and/or UHY LLP (as the case may be) and not by UHY or any other member firm of UHY. Neither UHY nor any member of UHY has any liability for services provided by other members.
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