Michigan's personal property tax reform continues Jan. 1, 2016, with the most significant changes for taxpayers with eligible manufacturing property.
As of Dec. 31, 2015, the General Property Tax Act provides an exemption from tax for qualified new personal property and qualified previously existing personal property for eligible manufacturing personal property (EMPP). EMPP is defined as "...all personal property located on occupied real property if that personal property is predominantly (greater than 50 percent) used in industrial processing or direct integrated support."
Between the last three quarters of 2014 and February 2015, Albany and NYC offices added 27 employees to their A&A and Tax Departments.
The US Senate approved legislation, which the House already passed, to extend for one year more than 50 tax provisions that had expired at the end of 2013. The pending retroactive enactment of this legislation will impact the 2014 taxes for many individuals and businesses.
Year End Tax Planning Deductions and Strategies for Early Stage Companies and Start-Ups.
As the US and Europe continue their economic recovery (albeit slowly), this time around, OEMs (Original Equipment Manufacturers) want to have more insight into their supplier relationships.
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