15-03-2012 10:15 (www.abndigital.com) Jeremy Mansfield and his expert guest take a closer look at cutting financial costs. Joining Jeremy in studio is Joe Cimino, Corporate Solutions Director at Financial Fitness Training, and Jim Millar, MD of Financial Fitness Training.
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Cutting Financial Costs - Part 2 - Video
By Kate Hessling Assistant News Editor
UPPER THUMB When it comes to determining how wind turbines should be taxed, the State Tax Commission showed its hand when it took action last fall that would significantly lower values. Now, local governments in a statewide coalition have shown their hand.
The coalition has obtained a legal opinion and information to support the position that the state commissions ruling does not accurately reflect the true cash value of wind turbines.
Which hand will sway the ultimate decision of how turbines will be valued? Thats up to the local board of reviews and assessors.
The board is governed by the state Constitution, which requires it to work by fact when evaluating the taxable value of a property.
This is something thats been in Michigan law for a very long time, he said. They have to weigh the facts that they have and make a determination of what the value is.
The State Tax Commission is responsible for providing a format to help assessors determine the true cash value to be placed on a property. But, assessors and boards of review can consider other facts when determining true cash values, Schlichting said.
In fact, both assessors and boards of review have the legal authority and obligation to deviate from the use of the State Tax Commissions wind turbine assessment information if it determines the commissions findings do not reflect true cash value for the turbines being assessed, according to the coalitions legal opinion.
In making its changes last fall, the State Tax Commission determined the value of a one- to two-year-old turbine is much lower than previously considered. In determining the value, the commission ignored the income approach to valuating turbines because they are classified as personal property, according to a response to a Freedom of Information Act request that State Tax Commission Chairman Douglas B. Roberts sent the Michigan Township Association. The Michigan Township Association is part of the statewide coalition of local government officials from Huron, Tuscola, Sanilac, Gratiot and Mason counties.
The coalition had been working on obtaining the data the State Tax Commission used last fall when it made the changes that would lower the taxable value of wind turbines. An initial response to a FOIA request seeking a copy of that research that led to the change stated that no documentation exists with the Michigan Department of Treasury. In the response to a subsequent FOIA request, Douglas writes, the basis for change was common sense, because the commission could not find any sales studies for used wind turbines. Therefore, it couldnt use the usual selling price to define the true cash value of used wind turbines.
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Wind turbines: What are theyworth at tax time?
NEW YORK, NY--(Marketwire -03/16/12)- Thomson Reuters, the world's leading source of intelligent information for businesses and professionals, recently published its Sixth Edition of its corporate report, Brazil Tax, Law and Business Briefing through its WorldTrade Executive (WTE) brand.
The Report provides key legal and tax considerations for investors as they evaluate possible transactions in Brazil, such as acquiring or launching a business or entering into a joint venture or strategic alliance.
"Brazil's regulations on worldwide income taxation, transfer pricing and, more recently, thin capitalization rules provide challenges for businesses operating in the region," said Gary Brown, senior director of WTE, the Tax & Accounting business of Thomson Reuters. "The Report illuminates the nuances of Brazil's tax code based on the insights of advisors who understand them."
Contributors to the Report include senior experts at major accounting and law firms in the region, such as from Ernst & Young; PwC; Pinheiro Neto Advogados; Trench, Rossi e Watanabe Advogados; Sullivan & Cromwell; Milbank, Tweed, Hadley & McCloy; McDermott Will & Emery; White & Case; and Dewey & LeBoeuf.
Highlights of the topics include:
For more information on Brazil Tax, Law and Business Briefing, including a full table of contents, go to http://www.wtexecutive.com.
Under the WTE brand, Thomson Reuters also publishes Latin American Law and Business Report, Practical Latin American Tax Strategies, and Venture Equity Latin America as well as other periodicals and reports covering international transactions.
About Thomson Reuters Thomson Reuters is the world's leading source of intelligent information for businesses and professionals. We combine industry expertise with innovative technology to deliver critical information to leading decision makers in the financial, legal, tax and accounting, healthcare and science and media markets, powered by the world's most trusted news organization. With headquarters in New York and major operations in London and Eagan, Minnesota, Thomson Reuters employs more than 55,000 people and operates in over 100 countries. Thomson Reuters shares are listed on the Toronto and New York Stock Exchanges (symbol: TRI - News). For more information, go to http://www.thomsonreuters.com.
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Thomson Reuters Releases New Edition of "Brazil Tax, Law and Business Briefing"
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