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Taylor & Morgan acquires Franklin Associates, CPA.
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The Information You Need.

At Taylor & Morgan, we feel that an informed client is our best customer. We know that there is a lot of information on the Internet and it can be tough to determine what is valuable. That is why we have selected the following information for you to view.

 

MICHIGAN UNCLAIMED PROPERTY REPORTING ENFORCEMENT

State statute requires businesses and governmental entities to report and remit abandoned and unclaimed property belonging to owners whose last known address is in Michigan to the state’s Department of Treasury. Failure to comply with this requirement could result in sizeable penalties assessed against the business or governmental entity. The state has begun a voluntary compliance program for taxpayers to report unclaimed property or file an affidavit to no unclaimed property by January 31, 2012, to avoid penalties. Helpful links include:

ATTESTATION OF COMPLIANCE WITH REPORTING REQUIREMENTS
UNCLAIMED PROPERTY VOLUNTARY DISCLOSURE AGREEMENT
MANUAL FOR REPORTING UNCLAIMED PROPERTY
MICHIGAN DEPARTMENT OF TREASURY
 

MICHIGAN TAX LAW CHANGES

On May 25, 2011, Michigan Governor Rick Snyder signed a series of bills related to tax reform. These bills significantly change the state's business and individual income tax structures. For Taylor & Morgan's explanation of these changes, please click on the links below:

BUSINESS TAX CHANGES
INDIVIDUAL TAX CHANGES
MICHIGAN TAX REFORM PRESENTATION
 

OTHER ARTICLES OF INTEREST

 

 
Selling a Corporate Business
When selling a corporate business, there are several ways to minimize the resulting tax bill. This article summarizes some of the more important tax and business considerations.
 
Tax Aspects of Becoming Self-employed
Individual taxpayers are opting to start their own businesses for myriad reasons. Regardless of why you're contemplating self-employment, you should consider several basic tax-related issues before and immediately after actually leaving your current job.
 
Which Is Best for Your Business: Section 179 or 100% Bonus Depreciation?
Taxpayers who acquire assets for use in their trade or business activity have a very good chance of writing off the entire cost, thanks to 100% bonus depreciation plus very generous Section 179 deduction limits.