Although most states have income and franchise taxes, some states have recently enacted variations of gross receipts taxes, changed the apportionment formula or tax base, and limited net operating loss carryovers. Maintaining current knowledge on these changes for all of the states in which a company does business can be burdensome and reduce the company’s focus on other areas of tax.
Our professionals specialize in state income and franchise tax issues covering many different industries such as manufacturing, construction, retail, oil and gas, real estate and other services. We understand state tax law and how it applies to the corresponding state tax return.
These state programs were created for companies to remedy income and franchise tax deficiencies. We can initiate the discussion with the state tax authority and assist with completing the applications, as well as other required documentation and tax returns associated with these programs. This is typically done on an anonymous basis.
The Ohio Department of Taxation is offering a limited time tax amnesty program. This will run from Jan. 1 - Feb. 15, 2018 and will allow relief from penalties and savings of 50 percent on interest charges. If you had unreported or underreported taxes that were due as of May 1, 2017, this is an opportunity to become current with tax liabilities in Ohio. Eligible individuals and businesses are those that have not been contacted by the Department.
Beginning in 2018 in Michigan, all companies with no unclaimed property will be required to file a zero or negative report. But, what is unclaimed property? Unclaimed property is any asset, tangible or intangible, belonging to a third party that remains unclaimed for a specified period of time by its rightful owner.
Property tax bills on your primary residence are exempt from local school district operating tax levies of up to $18 million by using a principal residence exemption (PRE).
Manufacturing companies that have equipment subject to the Michigan Essential Services Assessment (ESA) are required to certify through the Michigan Treasury Online website that the essential services tax liability is correct before the ESA can be paid.
Check out the latest SALT Alerts from Michigan and Nevada.