The Michigan Court of Appeals recently ruled that it is the municipality’s legislative body, and not the County Treasurer, who has the final say as to whether a proposed purchase of tax foreclosed property is for a “public purpose,” as required under Michigan’s General Property Tax Act. In Bay City v. Bay County Treasurer, a [...]
In a recent opinion, the Michigan Supreme Court clarified some instances where the death of a joint tenant, or the creation or termination of a joint tenancy may lead to an uncapping of the property’s taxable value. In Michigan, a property’s tax bill is calculated by multiplying the applicable millage rate by the property’s taxable [...]
The time has once again arrived to focus on cost reductions achievable by appealing your property taxes. You have recently received your 2011 Notice of Assessment. As discussed below, there is a very limited window of opportunity to protest your property tax assessment. To understand the importance of that Notice of Assessment, a bit of [...]
The IRS has issued Information Release (IR-2011-1) that specifies taxpayers with the following issues need to wait until mid to late February to file their 2010 individual income tax returns. Itemized deductions on Schedule A. Claiming higher education tuition and fees deductions. Teachers claiming the Educator Expense Deduction. To read IR-2011-1 please click the following [...]
The following is the 2nd part of the summary (see below) of the Tax Relief Act of 2010 and is provided compliments of UHY Advisors, Inc. UHY is a tax and business advisory services firm with whom we have had a strategic partnership with for over 25 years: Changes to the Federal Estate Tax Law [...]
Congress is at it again. Despite the much publicized agreement in principle last week between the President and Republican leaders to extend various tax cuts, the House Democrat leadership has decided to reject the agreement in its current form. Here is the press release from Nancy Pelosi yesterday: “We will continue discussions with the President [...]
In her article “Last-Minute Business Tax Deductions for 2010” Barbara Weltman provides some “crisis” tax planning ideas for those of us that are less inclined to do the proactive tax planning, as recommended by our firm, through out the year. In fairness to all business owners out there, if there were ever an argument to [...]
Congress is up to its annual procrastinating self as usual when it comes to dealing with the Alternative Minimum Tax (AMT). Each year for about the last five years it decides in late November or December whether to increase the AMT exemption or let it revert back to the exemption amount that was in place [...]
Normally the due date to file an individual income tax return for calendar year end taxpayers without an extension is April 15th.However the date will be April 18th next year, even though April 15th falls on a Friday in 2011. To find out the reasons why you are getting an extra three days you can [...]
A taxpayer is subject to penalties and interest for failing to file a Michigan tax return or pay Michigan tax on time. The penalties are 5% of the amount of the tax properly reportable on the return for the first two months of the failure, and 5% for each succeeding month, up to a total [...]
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