FEBRUARY 2009

Shimoun, Yaldo, Kashat & Associates, P.C.
A firm with knowledge and expertise
During 2008, the Certified Public
Accounting firm of Shimoun, Yaldo,
Kashat & Associates promoted
Tony Kashat, CPA, to junior partner and
moved to its new offices at the Paramount
Bank Building located at the corner of 13
Mile Road and Northwestern Highway in
Farmington Hills.
The knowledge and expertise at the firm
has been elevated by the makeup of the
three partners and their supporting staff to
a new level that is able to provide outstanding
service to various businesses and individuals.
The firm provides the most current
and up-to-date business and tax advice in
this volatile business environment, which
has not been experienced since the days
of the Great Depression.
The new challenges for this upcoming
tax season started when the new Michigan
Business Tax was enacted to replace the
old Single Business Tax. The new tax was
created by Public Act 36 of 2007 with a
January 1, 2008 date of enactment. It applies
to all business activity after December
31, 2007 for all companies doing business
in Michigan. The new Michigan Business
Tax is a combination of a gross receipts tax
at a rate of .8 percent and a business income
tax at a rate of 4.95 percent. There
is also a surcharge of 21.99 percent that
was added on at a later date to replace the
services tax. This tax was enacted with
credits that reward businesses who hire
employees in Michigan, acquire assets in
Michigan and spend money on research
and development in Michigan.
We have attended several seminars
throughout the year in order to gain an
understanding of the new tax. We have
faced many challenges along the way. The
forms were not available until January 2009
and the law has had several revisions since
the date of enactment. The major challenge
was in calculating 2008 estimated
payments for our clients without having
any forms or instructions available to us.
We were forced to use estimator programs
provided by the State of Michigan on its
website while making several assumptions.
Some tax practitioners were advising their
clients to pay their estimates based on the
old SBT and its rules. Use of this analogy
can be very costly in that the components
of the Michigan Business Tax are different
from the old Single Business Tax.
We have found that some businesses
are paying a great deal more while other
businesses are paying about the same or
less. The industries that were greatly affected
by the new MBT are in the service
industry with gross receipts greater than
$350,000 such as doctors, lawyers, CPAs,
etc. Also affected are high-income rental
real estate entities. Another important aspect
of the new MBT is the Unitary Business
Group (UBG) filing, which requires
businesses with common control to follow
certain guidelines and file one unitary business
group return.
Shimoun, Yaldo, Kashat & Associates
also offers: accounting and compilation
services, real estate and business investment
analysis, payroll check preparation
and services, financial projections and
forecasts, personal financial statements,
assistance with processing business loan
applications, and notary public. The firm
also provides support in Federal, State
and Local Audits for businesses and individuals.
The firm also prepares Anti Money
Partners
Tony Kashat,
Sal Shimoun and
Al Yaldo offer
unparalleled
CPA services.
Laundering Programs and handles Compliance
Audits for businesses that are classified
as Money Services Business (MSB),
which have become very common.
Over the years, the firm has established
relationships with many banks and financial
institutions to aid clients with their business
and individual financing needs and other
banking services. Al Yaldo continues to
serve as a director on the Bank of Michigan
Board of Directors.
In addition to their busy schedules, Sal
and Al are active members of the Chaldean
Chamber of Commerce and have officially
overseen the group’s elections since inception.
Sal continues to serve on the
Associated Food and Petroleum Dealer’s
Finance Committee.
Please call (248) 851-7900 to make an
appointment. The firm of Shimoun, Yaldo,
Kashat & Associates is located at 31000
Northwestern Highway, Suite 110, Farmington
Hills, MI 48331(at the corner of 13
Mile Road and Northwestern Highway).
Tax Tips
• E-file your returns
to eliminate errors
and expedite your
refunds through
direct deposit.
• Make your IRA
contribution by
April 15, 2009 to
be deducted for
2008. The maximum
contribution has
increased to $5,000
for 2008. For those
50 years of age and
over, the additional
catch-up contribution
is $1,000.
• If you need to file
an extension and
you owe money, you
must pay the amount
owed or face penalties.
An extension
of time to file is not
an extension of time
to pay.
• The business mileage
rate for 2008
is $.505 for 1/1/08
to 6/30/08 and
$.585 for 7/1/08 to
12/31/08.
• You may be able
to receive a stimulus
rebate recovery on
your 2008 Federal
Tax Return if you did
not receive the
rebate last year.
• A first-time homebuyer
credit of up to
$7,500 is available
to qualified individuals
who purchased a
principal residence
after April 8, 2008,
and before July 1,
2009.
• Standard deduction
filers may be
eligible for a deduction
up to $1,000 for
property taxes paid.
• It is very important
to seek a tax
professional during
these tough economic
times when
household incomes
are lower in order
to maximize your
available credits and
refunds that may not
have been available
to you in past years.
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FEBRUARY 2009 CHALDEAN NEWS 39