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UHY LLP Michigan Practice
MAY 2016
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ARCHIVE
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Missed an issue? New subscriber? Visit our
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 PRINCE'S DEATH: A LESSON IN ESTATE PLANNING
The sudden death of pop icon and Rock & Roll Hall of Famer, Prince, left fans all over the world weeping and cities paying their last respects with Purple Rain-themed tributes on buildings and stadiums. It was a death so unexpected that Prince has no known will. Corporate trust company, Bremer Trust, will have their hands full dealing with dividing the estimated $300 million fortune, deciphering who is a legitimate heir, preparing the public probate documents, and dealing with the IRS. There is a good chance they will be battling the IRS on the value of future royalties, and the value that could come from Prince's reported unreleased works for several years. All of this will be both time consuming, and costly for the estate. Some of this could have been avoided if Prince had prepared a will and trust and had his assets properly titled.
Luckily for most of us, we won't have to debate the value that could come from our unreleased recordings, but that doesn't mean our estate planning can wait. When planning for your estate there are many important factors to consider, such as: both federal and state estate taxes, wealth transfers and allocation of assets between spouses. Set a meeting with your professional at UHY LLP in Detroit 313 964 1040, Farmington Hills 248 355 1040 or Sterling Heights 586 254 1040 sooner rather than later.
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BE CAREFUL NOT TO PICK UP A STRAY 'CAT' IN OHIO
By Susan Wagner
A commercial activity tax (CAT) is imposed on most taxpayers doing business in Ohio that have taxable gross receipts in excess of $150,000. The CAT is not an income tax, but rather a tax based on sales transacted in Ohio. Just the shipment of product into the state could create a filing requirement. Services performed in the state provide the potential for a tax liability. In addition to the CAT, there is a minimum tax due based on the amount of taxable gross receipts for the prior calendar year.
Due dates for annual filers: May 10
Due dates for quarterly filers: May 10, Aug. 10, Nov. 10 and Feb. 10, 2017
Contact your professional at UHY LLP in Detroit at 313 964 1040, Farmington Hills 248 355 1040 or Sterling Heights 586 254 1040 to determine if you have possible tax exposure in Ohio.
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UHY ADDS CHILE AND BAHRAIN TO THE MAP
Strengthening our presence in South America: GUI�AZU & ASOCIADOS SpA is based in Santiago, Chile and with a team of 32, including three partners. The firm provides audit, accounting, pay-roll, tax and management consulting services to a portfolio of local and international clients primarily in the manufacturing, service, education, engineering, construction and mining sectors. Click here to see the full press release. Extending our coverage within the Middle East: El Sayed El Ayouty & Co, formed in 1989, is based in Manama, Bahrain and with a team of 26, including two partners, the firm provides audit, accounting, management and legal consulting services to a portfolio of local and Gulf Cooperation Council (GCC) clients, primarily in the wholesale, manufacturing, real estate, contracting/trading and services sectors. Click here to see the full press release.
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MICHIGAN "ROLLING STOCK" EXEMPTION
By Susan Wagner
The General Sales Tax Act exempts the "sale of rolling stock purchased by an interstate motor carrier or for rental or lease to an interstate motor carrier and used in interstate commerce." The Use Tax Act exempts "the storage, use, or consumption of rolling stock used in interstate commerce and purchased, rented, or leased by an interstate fleet motor carrier." Both Acts have the same three requirements for property to qualify for the rolling stock exemption:
- The property must be "rolling stock";
- The rolling stock must be purchased, rented, or leased by an "interstate motor carrier"; and,
- The rolling stock must be "used in interstate commerce."
An "interstate motor carrier" is defined as:
A person engaged in the business of carrying persons or property, other than themselves, their employees, or their own property, for hire across state lines, whose fleet mileage was driven at least 10% outside of this state in the immediately preceding tax year. If a person does not have an immediately preceding tax year on which to base its fleet mileage, pursuant to the statutory definition, it is not eligible for the exemption. Rolling stock must be used in interstate commerce to qualify for the exemption. Rolling stock may be used in interstate commerce in two ways: (1) the rolling stock physically crosses state lines or (2) the rolling stock does not physically cross state lines, but it carries persons or properties that originated from, or are destined for, locations outside of Michigan.
Three types of property may qualify as "rolling stock" for purposes of the exemption:
- Qualified trucks. A "qualified truck" is a commercial motor vehicle power unit that has either (1) 2 axles and a gross vehicle weight rating gin excess of 10,000 pounds, or (2) 3 or more axles regardless of its gross vehicle weight rating. Gross vehicle weight rating is the value specified by the manufacturer as the loaded weight of a single vehicle.
- Trailers designed to be drawn behind a qualified truck.
- Parts or other tangible personal property affixed to or to be affixed to and directly used in the operation of either a qualified truck or trailer. This also includes parts or other property that are purchased and affixed to a truck or trailer after the original purchase. Items that may be exempt include, but are not limited to, GPS systems, in-cab heaters, alternate power units, straps, chains, and refrigeration units.
In the case where purchases occurred but the exemption wasn't utilized, a refund opportunity could exist on sales or use tax paid. Analyze past purchases, as Michigan generally allows for a four year look- back period on overpaid taxes.
For more information or questions on this exemption, 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 www.uhy-us.com. |
SPECIAL ANNOUNCEMENTS
UHY CORPORATE FINANCE HAS BEST YEAR YET; TWO RECOGNIZED AS M&A EMERGING LEADERSAfter 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. Check out the picture here.
UHY CARES RAISES OVER $27,000 IN POKER NIGHT DONATIONSEmployees, 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 CaresLinkedin: UHY CaresTwitter: @UHYCaresUHY 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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