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UHY LLP Michigan Practice
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UPDATE ON THE ELIGIBLE MANUFACTURING PERSONAL PROPERTY TAX EXEMPTION - FORM 5278 AND ESSENTIAL SERVICES ASSESSMENT
For those that have filed Form 5278, "Affidavit and Statement for Eligible Manufacturing Personal Property and Essential Services Assessment (ESA)", the local assessor's office has transmitted this information to the Department of Treasury to create an Electronic ESA Statement (Statement). The ESA is a State-specific tax on eligible personal property owned by, leased to or in possession of an eligible claimant as of Dec. 31 of the year immediately preceding the assessment year. The tax is collected by the State, not the local assessor's office. The Statement will be available for taxpayer viewing as of May 1 via the Michigan Treasury On-Line System (MTO).
Taxpayers must be registered with the MTO system to gain access to view the Statement. After reviewing the Statement and agreeing with the assessment, the Statement is submitted as a "certified Statement" either through the MTO or through e-file. Paper Statements will not be accepted. A valid federal employer identification number is required to certify the statement (as used on the Form 5278).
Amending a return (Form 5278) must be done prior to certifying the Statement. A taxpayer may amend a return through MTO or e-File on or before Sept. 15 of the tax year. An amendment includes adding or removing a parcel.
Taxpayers or their authorized preparer will be able to utilize the MTO to view their Statement, view correspondence from the Treasury, make changes to their Statement, certify the Statement and pay the ESA tax. Taxpayers are required to make payment in full, using MTO or Electronic Funds Transfer (EFT) by Aug. 15. Payments cannot be mailed to the Department of Treasury.
Failure to submit a certified Statement and pay the ESA tax by Aug. 15 shall incur late penalties at a rate of one percent per week, up to maximum of five percent of the total amount due and unpaid. For a taxpayer's first assessment year, the penalty shall be waived if the Statement and full payment are submitted by Sept. 15. Taxpayers can pay the ESA tax and penalties by using MTO or EFT no later than Oct. 15 Taxpayers who fail to submit a certified Statement and pay in full, including any late penalties, by Oct. 15, shall be subject to rescission of their personal property tax exemption.
A taxpayer may appeal an assessment, a penalty, or rescission by filing a petition with the State Tax Commission (form to be released at a later date). The petition must be filed by Dec.31 in that tax year.
Below is a summary of the key dates relating to the ESA:
Key Dates - 2016
- Feb. 22 - Form 5278 was due to local assessor's office. This form is filed annually.
- May 1 - Electronic ESA Statement available (invoice for taxes due).
- Aug. 15 - Completed Statement and full payment due to Department of Treasury.
- Sept. 15 - Late filing penalty waived for first assessment year if filed and paid by this date. Last day for filing on-line amended Form 5278 returns.
- Oct. 15 - Late filed statement and penalty due.
- Dec. 5 - State Tax Commission issues order to rescind exemption.
- Dec. 31 - Deadline to file an appeal to the State Tax Commission.
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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SPECIAL ANNOUNCEMENTS
UHY CORPORATE FINANCE HAS BEST YEAR YET; TWO RECOGNIZED AS M&A EMERGING LEADERS
After advising on Crain's Detroit Business' "Deal of the Year Under 100 Million" in 2015, UHY Advisors' Corporate Finance was also recognized for both buy-side and sell-side support on five other deals that made Crain's List of Largest Mergers and Acquisitions of 2015. In addition to the local accolades, Aaron Witalec and Alex Conti were both recently selected by M&A Advisor as recipients of the emerging leaders award for their notable accomplishments in business and in service to the community. The pair will be recognized at an awards ceremony in Manhattan on June 10.
 UHY IS BACK AT COMERICA PARK!
It's a new location for UHY, the field tarp cover located along the first baseline. The tarp will be seen at the game and on TV but will not be visible in conjunction with games when rain is expected. We also have a 30-sec. animated ad that will run twice per game on three different LED ribbonboards: first base, third base and Tiger club.
UHY CARES RAISES OVER $27,000 IN POKER NIGHT DONATIONS
Employees, their friends and associates of UHY LLP, certified public accountants, in conjunction with UHY Cares, the firm's independent 501c(3) organization, celebrated their ninth annual Texas Hold 'Em tournament on February 23. The charity poker event was held at Emagine Royal Oak and was packed with players, sponsors and donors who together helped bring in over $27,000 in donations to be distributed to several local charities and individuals in need. Photos are posted on UHY Cares Facebook page.
Thanks to everyone who made an appearance and a special shout out to our sponsors: Belmont Equipment and Technologies, Cambridge Consulting Group, Joe Wicker, College Park Industries, Edgar Atrip, Gina Deakins, Human Capital Staffing LLC, Larry McCarty, Level One Bank, Oakland Insurance, Alan Rudziewicz, Strobl & Sharp P.C., Telemus Capital Partners, Test Products Inc., Dan Kropchak, The Sales Matrix and VMC Technologies Inc.
FOLLOW UHY CARES ON SOCIAL MEDIA
Keep up with us on Facebook, Twitter and LinkedIn to see what our team is up to, and hear about our latest charitable giving initiatives, contests, photos, fundraising opportunities and more!
Facebook: UHY Cares
Linkedin: UHY Cares
Twitter: @UHYCares
UHY LLP operates its charitable giving activities through UHY Cares, an independent nonprofit 501c3 organization. Cares, which was incorporated in 2008, was an idea inspired by employees and is volunteer based. Through UHY Cares, employees are able to give back to the community, including helping individuals going through personal emergencies or hardships. Cares has provided assistance to hundreds of charities and families and continues to grow this list every year.
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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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