Ellen Rusco

Nick Manes, in a recent article published in MiBiz, discusses the revitalization that is happening on Grand Rapids’ west side. After Leonard Street was closed for sewer construction in the early 2000s, many businesses closed down. Now, a local cidery, The People’s Cider Co. LLC hopes to open a tasting room in May on Leonard Street. The business would join the popular Mitten Brewing Company as well as Long Road Distillers.

The owners of Long Road Distillers have additional plans for the area. They are hoping to convert an abandoned and contaminated gas station property to a two or three story apartment or office building.

The West Grand Neighborhood Association is in support of adding housing and new business to the area.

While these are just a few of the new and hopeful projects, other investors are working to recover vacant buildings in the area. It is hoped that investors continue to see the potential in the area and more unoccupied buildings continue to be recreated.

For more information on this revitalization on the west side, please read the full referenced article.

In December, a new state law went into effect which could qualify individuals who have recently sold their home for a state transfer tax refund.

How may you qualify?

1. If you sold your home in the last four years, and
2. If your state equalized value (SEV) at the time of the sale was lower or equal to the SEV when you purchased the home.

If an individual qualifies, then he or she does not have to pay the state transfer tax and may be eligible for a refund if the transfer tax was paid upon sale. Form 2796 (Application for State Real Estate Transfer Tax Refund) must be completed.

The deadline for applicable large employers (ALE), or employers who have 50 or more full-time equivalent (FTE) employees, to file the new health care information return is approaching.

As quoted in an article from The Tax Advisor, most employers affected by the new regulation will have to file reports under Sec. 6056. This allows the IRS to know whether or not an employer is offering minimum coverage to its full-time employees. Employers must track month-by-month an employee’s coverage and employment status.

For an ALE to comply with Sec. 6056, they must file:

• Form 1095-C Employer-Provided Health Insurance Offer and Coverage for each full-time employee, and
• Form 1094-C Transmittal of Employer-Provided Health Insurance Offer and Coverage Information Returns.

These forms must be filed on or before February 29, 2016, (or March 31, 2016 if filed electronically).

To read the full referenced article, click here. For more information or assistance on the employer health care information reporting, please contact Martin Simescu at (616) 608-8520 or msimescu@brickleydelong.com.

Learn more about our business taxation services.

Recently, Governor Rick Snyder signed legislation that will transfer the operations of Gerald R. Ford International Airport to a regionally-managed authority with an autonomous board of directors. An article by Nick Manes, published in MiBiz, discusses the potential impact this change might have on the airport and its surrounding area.

The Kent County Department of Aeronautics currently operates the airport and will still retain ownership once the proposed authority model is put in place. However, all operations will be handled by the new authority.

This new operating model is being put in place in hopes of strengthening regional coordination and creating a stronger platform for economic development.

For more information, please visit the referenced article by Nick Manes published in MiBiz or contact Thomas Vereecke at (616) 608-8510 or tvereecke@brickleydelong.com.

Effective January 1, 2014 and for earlier periods, the IRS issued final regulations, commonly referred as tangible property repair (TPR) regulations.

The regulation governing materials and supplies is Reg. Sec. 1 162-3, which requires changing accounting methods in some situations.

For more details and guidance concerning the impact of these IRS final regulations on the tax accounting for materials and supplies, visit the referenced article or contact Martin Simescu at (616) 608-8520 or msimescu@brickleydelong.com.