All of us have heard about the enormous changes taking place in the
Michigan tax system. If you are like me, you have been looking forward to an opportunity to get an executive summary from an expert on this rapidly developing topic. Those of us with business clients are particularly concerned with the new Michigan Business Tax and the Services Tax (or whatever it is going to be replaced with!)
The East Side Business and Financial Forum and the East Side CPAs are excited to be hosting a joint meeting offering just such an opportunity in a few weeks. Here are just a few of the questions for which we hope to furnish answers:
• There will be a lot of changes across Michigan’s tax structure in several different areas – what is a summary of them?
• If there is not going to be a services tax, what should we expect instead?
• Will our company be subject to the MBT tax - what will determine the filing requirements?
• How does the MBT tax differ from the old Single Business Tax?
• What are the dollar thresholds on taxation?
• What are the key concepts to understand in calculating the tax?
• Is the tax on Income, Gross Receipts, or something else?
• My client has several related companies – how are they at risk?
• Can net operating losses generated for SBT be used to offset the MBT?
• What types of businesses are likely to be most affected by 2007 changes?
• What is the effect of the tax on a typical business as compared with the old Single Business Tax?
• Are still more taxes being proposed? What are the most likely additional provisions?
Please join us on Wednesday, December 5, 2007 at 7:30 a.m., at the Grosse Pointe Yacht Club as we welcome Brent Dobbertstein, State and Local Tax Manager, Grant Thornton LLP, for a discussion of:
“THE 2007 MICHIGAN TAX CHANGES: SURVEYING THE NEW LANDSCAPE”