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Record Crowd Gets First Glimpse of Draft
MBT FormsOne of the hottest sessions at the
recent Michigan Tax Conference provided the first look at the
final draft Michigan Business Tax (MBT) forms. The MBT was a primary
focus at the MACPA’s two-day Michigan Tax Conference on November 5 and 6 in
Novi. Floyd Schmitzer, director of the Bureau of Tax Processing in the
Michigan Department of Treasury, unveiled the new draft forms to a crowd of
nearly 600 CPAs, attorneys and financial executives and administrators.
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The MACPA, the Michigan Department of Treasury and the Taxation Section of
the State Bar of Michigan partnered once again to plan the conference. The
event featured over 30 general and breakout sessions presented by more than
60 state and local tax experts from Michigan and around the country.
While the event showcased numerous national speakers, Michigan CPAs, tax
attorneys and Department of Treasury officials explained the nuances of the
tax. Several key sessions focused on two sticky MBT issues: unitary
reporting and modified gross receipts.
Highlights of the first day, November 5, included six general sessions
interspersed with targeted breakout sessions. In his keynote address, State
Treasurer Robert Kleine likened Michigan’s economic outlook to Castor Oil.
“We’re going to have to take our medicine – no matter how distasteful,” he
said. He predicted we could experience the longest post-war recession,
saying the turbulent economic times may last 16 months or longer. For
Michigan, he indicated, it started last December. “So we’re already nine
months into it,” he said.
MACPA Honors Nowak
With Award at Tax Conference
Read the story. |
Luncheon speaker Ed Sarpolus, director of government affairs for the
Michigan Education Association, shared his perspective on the election
outcome. Recognized as the state’s leading pollster and expert on election
demographics, Sarpolus said results showed that Americans got comfortable
seeing Barack Obama on the 6 o’clock news. Sarpolus noted that Obama won the
white vote in Michigan. “Something Al Gore and John Kerry were not able to
do,” he said.
In other general sessions, a panel of tax experts and Department of Treasury
officials discussed MBT issues and controversies, while another panel
answered questions specific to modified gross receipts. A fourth general
session featured Harley Duncan, of KPMGs Washington National Tax Office, and
Doug Lindholm, president and executive director of the Washington-based
Council on State Taxation (COST). The pair discussed multi-state taxation
issues including remote sales tax collection, Internet tax, non-resident
withholding, and more.
On November 6, Senate Majority Leader Mike Bishop offered his views on the
need for transformational change in Michigan. A supporter of downsizing
state government, Bishop expressed his concern about spending levels and
said he believes one key to a turnaround in the state revolves around
significant changes in tax policy.
Bishop also thanked the MACPA and the accounting profession for serving as a
valuable resource in Lansing. “You are integral in helping us sharpen the
pencils and learn to use good business practices,” he said. “Thank you for
what you do. And, stay involved.”
In a post-lunch shirtsleeve session, Floyd Schmitzer offered a detailed
explanation of how the MBT would be administered. Other general sessions
included a panel discussion moderated by WDIV anchor Guy Gordon on
Michigan’s economic development efforts and the considerations for doing
business in Michigan; Paul Frankel, partner at Morrison & Foerster in New
York, outlining significant case law developments in state taxation; and a
panel of tax experts and Treasury officials addressing specific questions on
unitary reporting.
The two-day conference drilled down to details on many issues in nearly 20
breakout sessions. The most popular breakouts were sessions relating to the
MBT.
“The goal of this year’s conference was to get participants’ questions
answered, particularly as it relates to MBT,” said Judith Trepeck, chair of
the Michigan Tax Conference Task Force. “We did that through the expert
presentations and extensive Q&A sessions. Those questions not answered at
the conference will be posted on the MACPA website,” added Trepeck. Members
can watch the
MBT page of the MACPA website as the Q&As become available.
Mark your calendar now for next year’s event – slated for the Rock Financial
Showplace in Novi on November 3 and 4, 2009. “The first year of filing will
be full of issues and information that you won’t want to miss. We are saving
a seat for you!” says Chair Trepeck.
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November/December 2008
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