Chief Financial Officer Susan needs to finalize and release the client’s quarterly earnings report. Normally it would take her a couple of hours to complete this task, but Susan is waiting on the draft from her Chief Accounting Officer Michael. She is expecting it Wednesday morning at 9:00 a.m., so she sets some time aside in her a.m. schedule that day.
Year End Tax Planning Deductions and Strategies for Early Stage Companies and Start-Ups.
Petroleum & C-Store Briefing Webinar Series: Mergers & Acquisitions
With the decision to eliminate 10 percent of the Ford brand dealerships and 35 percent to 40 percent of metro-area Lincoln dealerships, Ford Motor Co. executives are planning for a smaller dealer network.
As our nation prepares for a slow economic revival in 2010, companies are realizing that their employees — especially those who have stuck through the ups and downs of 2009 — are more valuable than ever.
UHY LLP, a leading national certified public accounting firm, recently announced a series of promotions; one senior manager, seven managers, three senior accountants, ten senior staff accountants and one client service associate.
Between the last three quarters of 2012 and first quarter of 2013, UHY LLP's Michigan offices added 41 employees to their team and its growth is far from over. This top accounting firm is always scouting seasoned financial professionals who seek to take charge of their careers.
Rick David, Chief Operating Officer at UHY Advisors, Inc., was honored by the American Arab Professionals Network (AAPN) of the American Arab Chamber of Commerce as the 2013 American Arab Professional of the Year in Finance Award at their Eighth Annual Celebrating Success Banquet on Wednesday, May 15, 2012 at the Bint Jebail Cultural Center in Dearborn, MI. David was recognized for his outstanding accomplishments in Finance.
Corporation taxes increasingly important battleground in bid to attract international business
High corporation taxes risk suppressing growth in struggling economies
If you hired new employees in 2014, then you should know that your business may be entitled to substantial tax benefits for doing so. This is because the Work Opportunity Tax Credit (WOTC) has been extended.
Is there hope for true tax reform? And what would tax reform look like? It would take the President, a Republican Party leader and a Democratic Party leader working together to pass legislation. It would enact a simplified rate system for individuals and a simplified tax code that broadens the tax base and closes loopholes and special interest tax shelters. But is that really possible?
Now that the Budget Sequester brouhaha is behind us, Congress and President Obama are rattling their tax reform sabers. And, if that is not enough to get the attention of taxpayers, the U.S. Tax Court recently issued two decisions in favor of the IRS's denial of a federal income tax charitable deduction solely because of a charity's failure to technically comply with the requirements on substantiating a charitable contribution. These developments and more are summarized below.
The Financial Accounting Standards Board (FASB) has decided to explore the option of simplifying the standards in relation to deferred tax assets and liabilities from a reporting and classification standpoint. After many sleepless months, the FASB has proposed two accounting standard updates.
With the Budget Sequester still set to take effect on March 1, 2013, unless Congress acts to again "kick it down the road", both Republicans and Democrats are trying to position themselves as the voice of reason.
In September, the IRS proposed taxpayer-friendly changes to Section 174 to clarify the definition of research and experimental (R&D) expenditures incurred in connection with the development of tangible property, including expenditures to develop a pilot model (i.e. prototype).
On December 31, 2013, 53 tax provisions expired, some of which have been around for a number of years. While there has been some talk in Congress about some of these provisions being extended and/or increased to their previous benefit amounts, currently none of them have been extended.
The IRS issued long-awaited regulations effective for tax years beginning on or after January 1, 2014 that create guidelines for treatment of both real and tangible personal property (TPP). These regulations will affect taxpayers in every industry that own depreciable capital assets, have repairs and maintenance, or materials and supplies. All businesses and any individuals that file a Schedule C or E will be affected and must comply with these new regulations. As currently written, the new regulations are complex and present onerous compliance requirements that will significantly increase the amount of compliance work required for the 2014 tax filings.
Subject to voter approval in August 2014 (already passed by legislature in 2012), the phase out of personal property taxes will begin in 2016. By eliminating personal property taxes on property that is 10 years old, as well as new personal property, the personal property tax will be completely eliminated by 2023. If voters approve the measure, a special assessment will be added to real property tax bills starting in 2017 to pay for essential services.
Managing Director Frank Fenello’s interview on the implications of the Fiscal Cliff on WSB radio in Atlanta.
UHY Advisors’ Managing Director Frank Fenello was recently interviewed by Rob Stadler on Star94 in Atlanta, and provided some clarity about the realities of the fiscal cliff and what it could mean for individuals and businesses in the near future.
The Internal Revenue Service (“IRS”) and the Department of Labor (“DOL”) continue to issue guidance to employers regarding those provisions of the Patient Protection and Affordable Care Act of 2010 (“ACA”) which are scheduled to become effective for 2013 and 2014.
The Department of Treasury has announced that it is providing an "offer in compromise" program beginning Jan. 1, 2015. The program allows for a taxpayer to submit an offer to lower the amount of a tax liability for less than the full amount due. A tax liability includes the tax and any related interest and penalty.
Nonqualified deferred compensation plans are subject to the complexities of § 409A of the Internal Revenue Code ("IRC"). Failure to comply with the requirements of IRC § 409A can result in significant adverse federal income tax consequences for the participants. A recent decision in one of the first cases considering IRC § 409A shows just how tough the IRS can be on these plans.
Between the last three quarters of 2014 and February 2015, Albany and NYC offices added 27 employees to their A&A and Tax Departments.
On April 10, 2013, President Obama released his 2014 Fiscal Year "Budget Proposal" (i.e., for the federal government's Fiscal Year beginning October 1, 2013 and ending September 30, 2014). According to the White House, the Budget Proposal should achieve a $1.8 trillion deficit reduction.
In a 5-4 ruling, the Supreme Court held in Obergefell v. Hodges that the 14th amendment requires all states to license a marriage between two persons of the same sex and to recognize same-sex marriages validly performed out of state. This ruling will provide both same-sex and opposite-sex married couples with the same state and federal rights and privileges across all 50 states and the District of Columbia.
Since the enactment of the Economic Growth and Tax Relief and Reconciliation Act of 2001 ("EGTRRA") up until the enactment in December 2012 of the American Taxpayer Relief Act of 2012 ("ATRA"), estate planners have had to plan around tax provisions that were expressly stated to be temporary in nature. ATRA has now provided rules governing the estate tax, the gift tax, and the generation skipping transfer tax ("transfer taxes") that are, at least according to ATRA, permanent (i.e., not subject to "sunsetting" at some fixed date in the future).
A directive has been issued by the Large Business & International Division (LB&I) simplifying the approach in determining who bears the benefits and burdens of ownership in a contract manufacturing arrangement to claim a deduction under section 199 (DPAD).
UHY LLP, a leading certified public accounting firm, is hosting its annual Tax forum at the MSU Management Education Center in Troy on Wednesday, December 5. This complimentary half-day program addresses the latest tax laws, trends and developments impacting both individuals and businesses. CPE credit will be offered.
President Obama's re-election signals the likelihood of up-coming difficult negotiations between Democrats and Republicans over (1) the fate of the Bush-era tax cuts, (2) nearly $100 billion in automatic spending cuts for the Government's fiscal year beginning October 1, 2013, and (3) whether a long list of recently enacted, but now expiring tax benefits and exclusions, including the AMT patch for 2012 and beyond, will be extended again.
Section 1502 of the Dodd-Frank Act was adopted on August 22, 2012 and specifies the requirements surrounding the sources of materials that are classified as "conflict minerals" that may be present in the products a company produces and/or sells. The key minerals are tin, tantalum, tungsten and gold. Deadlines for the first reporting period regarding reasonable country of origin inquiries (RCOIs) and conflict minerals are due May 31, 2014. With just six months left to complete your due diligence, it is crucial that your company has actively initiated a plan that includes a review of potential conflict minerals and the country of origin.
On March 23, 2010 the Patient Protection Affordable Care Act was signed into law by President Obama. The act is now known simply as the Affordable Care Act or ACA. One of the components of the ACA is what is known as “essential health benefits”. Essential health benefits will apply to all plans that are offered by the state and federal exchanges as well as non-grandfathered individual plans and non-grandfathered, fully insured small group plans through private insurers. Large group fully insured plans, self-funded plans and grandfathered plans are not required to add essential health benefits.
Guidance has been issued by the IRS's Small Business/Self-Employed Division (SB/SE) to its Collection department employees regarding collecting taxes that were due to be paid, but were not paid, by a PEO with respect to wages paid before April 1, 2014.
UHY, the international accounting and consultancy network, of which our firm UHY LLP has been a member since 2001, has launched a radical update of their international branding and online presence, to ensure that it is instantly recognizable to clients and business partners wherever they are in the world.
As new, more creative scams surface, police departments everywhere continue warning residents to be cautious when receiving phone calls from the "IRS".
June 19, 2015 marked a very exciting day for small businesses and investors alike. The implementation of Title IV of the JOBS Act, also known as Regulation A+, has leveled the playing field for investors by granting early stage companies the ability to raise capital from anyone as opposed to only accredited investors.
A valuation project in the bankruptcy context may include specific purposes. During each valuation project it is not uncommon to encounter unique and customized circumstances. However, in the bankruptcy context, below is a list of some of the most common.
It is usually a good idea for a company to save money for a rainy day. Unfortunately, business owners can run into serious tax trouble if their corporations sock away too much cash. The tax trouble comes from the Accumulated Earnings Tax which is a tax on corporations buried in a little noticed Subchapter of the Internal Revenue Code. Although many businesses have tended to ignore this tax, the IRS is fully aware of it and is not shy about trying to impose it whenever it feels that "excessive" funds are being accumulated by a corporation. In fact, over the past few years, the IRS appears to be increasing its assertions of accumulated earnings issues in conducting corporate income tax audits.
A few months ago, the Ohio Supreme Court ruled that Cleveland's jock taxing system ("game day" method) was illegal. If the law suit trend continues, it could spell the end of the jock tax.
With Congress only now coming back in the week of September 10, 2012 from its traditional August recess, there is not too much to report for September 2012. Consequently, with the 2012 Presidential election almost here, it seems appropriate to compare and contrast in general terms the tax policies being advanced by President Obama and former Governor Romney. It is likely that the policies being advanced now by the winner of the November 6, 2012 election will impact not only 2013, but also 2014 and beyond.
An American renaissance
November 1, 2012
Join us on-site at UHY’s St. Louis office or on-line via webcast
Join us to learn more about the latest industry trends and rebirth of American manufacturing. Topics, speakers and keynote will be announced shortly.
CPE credit will be offered.
Please join blackline Systems and UHY for an exclusive networking breakfast discussing the challenges organizations currently face in creating an efficient and effective record to
Report process and how new Finance Governance Technology Tools help address these challenges. We are also pleased to have Henry Wagner, a Senior Manager in the Accounting & Financial Reporting function at Chrysler, discuss how Chrysler has been successful in addressing these challenges.
Electronic banking transactions via the Automated Clearing House (ACH) network are commonplace for even the smallest businesses. As the volume of ACH transactions increases, so does the likelihood of fraud.
On June 29, President Obama signed into law two major trade bills: (1) the Trade Preference Extension Act of 2015 (TPE); and (2) and the Trade Priorities and Accountability Act of 2015 (TPA).
UHY Strengthens Presence in Eastern Europe: Firm in Belarus Joins the UHY Network
UHY GLOBAL TRANSFER PRICING GUIDE 2015 NOW AVAILABLE
Dan Frost's business represents, in many ways, the ups and downs of the local car dealership community.
UHY Advisors is proud to sponsor the 2011 Rodman & Renshaw Annual Global Investment Conference to be held on Sept. 11-13 in New York City.
UHY Strengthens Presence in Africa: New Member Firms in Zambia and Uganda Join the UHY Network
Workplace ethics need to make a comeback. Considering such landmark scandals as Enron, the Bernie Madoff Ponzi scheme and the Merrill Lynch bonus bust; coupled with recent allegations against Bank of America’s former CEO and CFO for misleading investors about Merrill Lynch prior to acquiring the Wall Street bank in early 2009; and reports that point to credit card abuse at all levels of our government, ethics in America continue to be called into question. The gap between proclaimed business values and practiced business values is wide, and it’s time to bring the two back together.
On December 17, 2010, President Obama signed the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act ("the Tax Relief Act of 2010" or "the Act"), which reinstated and/or extended many favorable tax provisions. This Tax Alert is only a summary of some of the more noteworthy provisions of the Act.
There is not too much to report for August 2012. Republicans in the House of Representatives continue to push forward bills that reflect their vision of tax reform while the Democrats in the Senate try to advance their own vision, one diametrically opposed to that of the Republicans. And neither side is budging.
UHY LLP Makes Significant Contribution to Support Ronald McDonald House by “Socking” Co-Workers
STERLING HEIGHTS, MI (August 16, 2012) – Rick David, Executive Vice President and Chief Operating Officer of UHY Advisors, Inc., has been appointed to the Board of Directors of UHY International.
CONSUMERS IN EMERGING ECONOMIES STILL GETTING A RAW DEAL AS BURDEN OF IMPORT DUTIES PUTS UP PRICES
· Protectionist policies also undermine domestic competitiveness
· Emerging economies levy average customs duties of 0.82 percent of GDP, while EU countries charge 0.13 percent - less than one sixth as much
UHY teamed up with Beyond Basics to host students to help improve reading comprehension and expand the students’ vocabularies.
UHY Air Passenger Tax Study Reveals USA’s Air Passenger Taxes Among World’s Highest
Seen as damaging to tourism, business and labor mobility
May 2012 was relatively quiet on the Tax front. There were, however, some important developments worth noting, specifically regarding (1) the new health care law, (2) distributions from IRAs, (3) the new 3.8% Medicare Tax, (4) the Republicans stated intention of extending for at least another year the “Bush Tax Cuts, and (5) proposed legislation restricting the ability of states to subject non-residents to their state income tax:
Western European Economies Saddled with Tax Burden 40 Percent Higher than the Global Average
Low tax centers Dubai and Singapore hoping to lure high value industries from ‘Old Europe’
U.S. persons with a financial interest or signature authority over a foreign financial account(s) for which the total of all foreign accounts is greater than $10,000 at any time during 2014 must file a Report of Foreign Bank and Financial Accounts (Form 114 - FBAR) by June 30, 2015.
April 2012 saw a dramatic decline in any meaningful discussion of fundamental tax reform. Congress was nevertheless active in attempting to enact incremental tax law changes. First up were efforts to curtail various tax breaks now enjoyed by the oil industry. Next on the Congressional agenda was consideration of Representative Eric Cantor's (R-VA) "Small Business Tax Cut Act," discussed in last month's Newsletter. This legislation would give certain small businesses a tax deduction of up to 20% of the business' active income. The Senate's Democrats countered with their own small business tax cut bill, the "Small Business Jobs and Tax Relief Act of 2012." And, Democrats in the Senate are trying to advance President Obama's "Buffett Rule" through the "Paying A Fair Share Act" (S. 2230).
Sam Aziz has been brought on as a Manager at the UHY Advisors' Atlanta-based Southeast office, with the goal to assist in beefing up its Internal Audit, Risk and Compliance Practice. Aziz brings extensive audit, controls and information security experience to the firm, and will help UHY mitigate clients’ risk and help them improve their organizational processes. Aziz spoke to Consulting One on One about the challenges his clients are facing and why UHY is poised to meet their changing demands and needs.
Between the last three quarters of 2014 and first quarter of 2015, UHY LLP's Michigan practice added 89 employees to their team. The Michigan offices were excited to welcome their biggest hiring class of interns and staff accountants yet, on Wednesday, January 7.
Since at least 1974, the IRS has sought to rein in attempts by S corporations to minimize the FICA tax responsibilities of both the corporation and its shareholder-employees. S corporations have typically attempted to do this by paying minimal salaries to their shareholder-employees, and, if the shareholder-employee needs access to additional corporate funds, letting them pull money out of the corporation in the form of a non-wage distribution. The IRS has, however, recently scored an important victory in this struggle with taxpayers in a case out of the Eighth Circuit U.S. Court of Appeals.
Please join us for this quick hitting lunch hour geared towards petroleum and c-store business owners, chief executives and chief financial officers. Tune in as our experts address current trends in M&A activity affecting the industry and you. Webinar will conclude with an open discussion.
UHY strengthens presence in EMEA as firm in Tunisia joins the network
Crain’s Detroit Business in Partnership with the Association for Corporate Growth Names UHY Advisors as a Finalist for Dealmaker Adviser of 2011
The last part of February 2012 and March 2012 was a busy time for both Congress and the Obama Administration. On the tax reform front, President Obama led off with his plan for business tax reform. The House Republicans, on March 20, 2012, countered with their own Fiscal Year 2013 budget blueprint ("The Path to Prosperity") which, among other things, proposed a dramatically simpler income tax code including the repeal of the often-patched alternative minimum tax. The next day, Representative Eric Cantor (R-VA) dropped his own tax reform bombshell by introducing legislation that would allow businesses with fewer than 500 employees to deduct 20% of their active business income (subject to certain limitations) in computing their "taxable income".
Reporting on a decision by the Permanent Court of Arbitration at The Hague that it has jurisdiction in a case involving environmental damage suits filed against Chevron by plaintiffs lawyers representing residents of Ecuador's Amazon region, WSJ reporter Isabel Ordonez wrote:
Please join us for this quick hitting lunch hour geared towards PEO business owners, chief executives and chief financial officers. Topics will include PEO benchmarking, hot tax topics and a financial accounting update. The webinar will conclude with an open discussion.
Webinar will focus on data center audit standards and assessments
As we approach the end of another year, taxpayers need to be sensitive to year-end tax planning opportunities available to them in order to minimize their 2013 federal income tax liability. Hastening the need for such planning is not only the expiration of several tax benefits on December 31, 2013 (absent a decision by Congress to extend them) but also a new 3.8% excise tax on a taxpayer's "net investment income". In addition, the 2014 retirement benefit limitations recently published by the IRS can also offer year-end tax planning opportunities.
On December 6, the IRS issued Notice 2013-08 updating the optional standard mileage rates for business, medical, moving and charitable expenses.
If a taxpayer has a tax liability they can't pay or if paying a tax liability would create a financial hardship, the Internal Revenue Service (IRS) and most states have programs that allow taxpayers to settle their tax debt for less that the full amount owed.
Renee Dzieciolowski, a Senior Marketing Associate at UHY LLP, has been appointed National Website Manager, effective July 1, 2013.
Over the past year, we have been inundated with the ACA (Affordable Care Act) and the various components of the law; whether it be the individual mandate, insurance exchange marketplaces, or employee notices. At this point, employers are gearing themselves for 2015 when the mandate will apply to employers that have 50 or more full-time employees. It is anticipated that as we get closer to January 2015, the activity level will reach a fever pitch as it did last year.
UHY International Strengthens Presence in Eurasia: Firm in Georgia joins the Network.
Heathcare as an industry will see unprecedented growth and transformation over the coming years.
The Connecticut Technology Council and UHY LLP is releasing their list of the 40 fastest technology companies in Connecticut.
New Service Offering Now Available for UHY Advisors’ Clients Nationwide
UHY LLP is proud to have been a sponsor for Winning Future’s Opening Day Party to Benefit Student Mentoring and RARE Everyday Scholarship Program.
The complications and limitations of a national energy policy were aptly illustrated with the recently released Advancing Technology for America's Transportation Future report from the National Petroleum Council, representing two years of work by 300 industry and government participants.
UHY Advisors Taps Beth Bissell as Marketing Manager for Atlanta Office
UHY LLP and Financial Executives International “Challenges of Foreign Expansion” Survey, June 5, 2013
Many employers classify some of their workers as "independent contractors" rather than as "employees". Doing so saves the employer from the withholding requirements for payroll taxes as well as the payment of the employer's portion of FICA, Medicare, and FUTA taxes which would otherwise be applicable to the workers' compensation if they were classified as employees. The IRS is on record, however, that many of those workers now classified as independent contractors should in fact be treated as employees for both employee payroll tax purposes as well as other employee benefits.
The Michigan Offices of UHY Advisors, a professional tax and advisory services firm, and UHY LLP, a certified public accounting firm, have gone green this past season by filing and sending out ninety-five percent of their returns electronicially.
As the economy continues to improve, expansion for the firm’s Sterling Heights, MI office proves that job opportunities are on the rise and growth is in this company’s future.
Payment fraud continues to be a growing threat. This type of fraud occurs when unauthorized transactions are made through identity theft, forgery, counterfeiting or other criminal activity.
There are several reasons a business owner plans an exit including retirement, liquidity, lack of generational succession, and diminished competitive position to name a few. All things considered, one could make a strong case that 2013 represents the optimal value for many middle market businesses.
Shareholder loans and the required accompanying documentation are facing increasing scrutiny by the IRS. Any potential deduction that may arise from a worthless shareholder loan must be substantiated by documentation confirming a valid loan exists. When entering into loan agreements with related parties it is important that all notes are expressed in the form of a written formal note, indicate a reasonable interest rate, and authorized in the corporate minute book. Besides having the written documentation, the taxpayer is also responsible to be sure that the terms of the note are being adhered to.
The problems associated with the health care industry are seemingly more complex amid an economic recession and new federal regulations.
How will the pieces of this extensive puzzle impact your business?
UHY Advisors, a full‐service national tax and consulting firm, will host an exclusive networking breakfast along with BlackLine Systems from 8:00 a.m. to 10:30 a.m. on Wednesday, September 26 in their Farmington Hills office training facility. The event will feature multiple speakers to discuss the challenges organizations currently face in creating an efficient and effective record to report process and how new Finance Governance Technology (FGT) tools help address these challenges.
An American renaissance
November 1 2012
Join us on-site at UHY’s Farmington Hills office or on-line via webcast
Join us to learn more about the latest industry trends and rebirth of American manufacturing. Topics, speakers and keynote will be announced shortly.
CPE credit will be offered.
Thursday october 25, 2012
Join us at UHY’s Farmington Hills office
7:00am – 10:30am edt
Topics will include industry trends, bonding update and the latest financial and tax developments. Speakers will be announced shortly. CPE credit will be offered.
Please join us as we convene a panel of experts to discuss inbound investments into the BRIC countries including a general overview of the business climate and economic conditions, opportunities and potential threats of doing business in the country, tax issues and considerations, pitfalls when starting a business in the country, employment considerations, entity structure and tax planning considerations.
During this time of year when a great number of companies are engaging public accounting firms for audit or review procedures, it may seem that auditors act overly suspicious when seeking additional support for what may be relatively routine processes. It comes as no surprise that maintaining independence is crucial to avoid having any bias cloud auditor judgment, and in that cornerstone of the industry lies the reason for such scrutiny.
On Friday, July 31, President Obama signed into law the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015. This act has several parts which include important tax compliance provisions.
U.S. persons with a financial interest or signature authority over a foreign financial account(s) for which the total of all foreign accounts is greater than $10,000 at any time during 2014 must file a Report of Foreign Bank and Financial Accounts (Form 114 - FBAR) by June 30, 2015. There are no extensions.
The Michigan Department of Treasury now provides an "offer in compromise" program that allows individual or business taxpayers with a tax liability to submit an offer to settle with the state for less than the full amount due.
The Hiring Incentives to Restore Employment (“HIRE”) Act, signed into law in 2010, included modified provisions of the previously proposed Foreign Account Tax Compliance Act of 2009 (“FATCA”). These provisions involve two broad categories of tax compliance: reporting by foreign financial institutions on accounts held by U.S. persons, and reporting by U.S. individuals on specified foreign financial assets. It is the latter category that led to the new Form 8938 Statement of Specified Foreign Financial Assets, to be filed in 2012 as part of an individual’s 2011 federal income tax return.
Accountants, Attorneys and Bankers Laced Up Their Skates and Faced Off On the Ice for Charity.
It is that time of year when companies (“holders”) begin to ramp up their unclaimed property reporting activities. It is good business practice to assign one person at the company who is responsible for escheat compliance, and insert this responsibility in their job description to insure continuity.
Most unclaimed property reports and remittances are due to the states on or before November 1. These are the “fall states”. A few states are due in March, April or even July.
There have been many updates surrounding the Affordable Care Act ("ACA") with regards to guidance for employers. Most recently, is a written notice (the "Notice") that the ACA requires of many employers. The Notice must be provided by October 1, 2013 to all of the employer's current employees (whether full-time or part-time) and is intended to inform them of the health insurance coverage options available in the new Health Insurance Marketplace mandated by ACA.
With Congress only recently returned from recess, there is little in the way of current legislative developments. However, in the regulatory area, the IRS has issued final regulations dealing with the rules for deduction vs. capitalization of tangible property. These regulations are briefly summarized below.
For tax year 2014, the IRS recently announced annual inflation adjustments for more than 40 tax provisions, including cost-of-living adjustments (COLA) applicable to dollar limitations for pension and other retirement plans for 2014. The increase in the 2014 limitations results from an increase in the cost-of-living index.
UHY LLP, a member firm of the global accountancy network UHY, introduces an essential guide for companies planning to set up international sales and operations.
Wealthy Americans considering giving up their citizenship to avoid higher taxes might want to hold on to their U.S. passports. Living aboard could result in bigger tax bills for Americans, especially if they want to buy an expensive abode.
The indictment of several Texas Southern University officials for using $1.9 million in public funds for personal expenses provides a valuable lesson that many public companies have already learned: Internal controls can result in more effective management, not to mention fewer negative headlines and the erosion of reputation.
This is a final reminder that ALL employers covered by the Fair Labor Standards Act are required to provide a written notice to their employees about the Health Insurance Marketplace (aka the Health Care Exchange) by October 1, 2013. This notice is required regardless of whether employers currently offer health insurance coverage or not.
Full Article: This is a final reminder that ALL employers covered by the Fair Labor Standards Act are required to provide a written notice to their employees about the Health Insurance Marketplace (aka the Health Care Exchange) by October 1, 2013. This notice is required regardless of whether employers currently offer health insurance coverage or not.
Were it not for the controversy stirred up by the IRS's recent disclosure that it has been subjecting various “Tea Party” groups to special scrutiny, May would probably go down as a fairly quiet month for federal tax developments. But more on that below. Before discussing the “Tea Party” dust-up, however, we want to bring your attention to some other more mundane developments in the world of federal taxation.
Identity thieves seek taxpayer identification numbers (TINs) for many purposes. During 2014, the Department of Justice reported that from 2008 through May 2012, over 550,000 taxpayers had their identities stolen by thieves claiming false tax refunds. In 2009, the IRS has tested the use of truncated social security numbers on certain payee statements. The IRS issued final regulations in July 2014, to make this program permanent. On a recent 60 Minutes airing, it has been predicted that the IRS will issue over $21 billion in fraudulent tax refunds from the filing of electronic income tax returns for the 2015 tax year.
UHY LLP in the US welcomes two new member firms in Ghana, Voscon Chartered Accountants and Douglas Godwinson World, to the global accountancy network UHY, of which our firm has been a member since 2001. Both firms will rebrand to UHY Voscon and UHY Godwinson respectively and are both based in Accra, the Ghanaian capital.
During 2012, the Internal Revenue Service issued a new ruling regarding the taxation of automatic gratuities included on the tabs of restaurant guests.
On September 2, 2013 Dr. Robert “Bob” Straub, a treasured, fifty year client of UHY LLP, passed away peacefully.
One of the key provisions of the Patient Protection and Affordable Care Act (ACA), which was enacted by Congress and signed into law by President Obama in 2010, required each state to establish an "American Health Benefit Exchange" (sometimes simply referred to as an “Exchange" or the "Health Insurance Marketplace"). Exchanges are intended to permit those individuals without some other form of health insurance to purchase health insurance from competing private health insurance carriers that choose to participate in the Exchange.
Companies typically have thousands of vendors and all of them are trying to figure out a strategy to sell your company more and more of their goods or services. Often times, and especially common in many facets of the energy industry, a vendor starts to push the envelope in terms of gifts and entertainment, bid rigging, or vendor kickbacks that are the result of that vendor exploiting a relationship with someone at your company to obtain an unfair advantage over other vendors. Of course, even though we all hope that we don’t have employees that are looking for ways to obtain “extras” from vendors in exchange for directing work their way, employees can also be guilty of exploiting the vendor relationship. Unfortunately, in either case, few companies have robust processes and internal controls to detect and prevent such activities, which are mostly “off the books”.
Over the holiday weekend, UHY LLP sponsored the Distinguished Clown Corps float in the 88th America’s Thanksgiving Parade. The Parade is Detroit’s grandest and most anticipated civic event, the second largest Thanksgiving parade and the third largest parade in the country overall. First televised in 1948, The Parade is now broadcast nationally to more than 65 million viewers.
UHY Advisors MI, Inc. has been voted as one of 2013’s best and brightest companies to work for in Metropolitan Detroit for the tenth year in a row.
The Internal Revenue Service (IRS) recently announced a delay of approximately one to two weeks to the start of the upcoming tax-filing season, which is a result of the 16-day federal government shutdown. The original start date of when the IRS would begin accepting and processing tax returns was expected to be January 21, however, it now appears that start date will likely be sometime between January 28 and February 4.
Ongoing hacks and breaches of security lead businesses to continually question just how well protected their information really is. The unintentional—and often intentional—disclosure of personal and propreetary information is a real threat to most businesses. As technology evolves and new threats and challenges are created, it is becoming increasingly difficult for organizations to maintain adequate security levels.
On November 14, 2013, President Obama announced an "administrative fix" to the growing number of health insurance policy terminations announced for those individuals and companies in the small group market who had purchased their own health insurance policies. Some experts estimate that as many as 5 million persons have recently received notices from their insurers that the health policies under which they were covered in 2013 were being cancelled for the policy years commencing in 2014.
After the December holiday season (during which Congress was not in session), there are few tax legislative developments to report. At this time, Congress appears to be more concerned with political posturing than with taking action in the tax arena. The following are some recent developments:
The USA attracts FDI equivalent to 6.6% of GDP, compared to a 17% global average. The USA is lagging behind most major economies in terms of its ability to attract foreign direct investment, according to a new study by UHY, the international accountancy network.
UHY LLP, a leading national certified public accounting firm, recently announced a series of promotions; one managing director, six principals, seven senior managers, six managers, eleven senior accountants, eleven senior staff accountants, one client service associate and one technology specialist.
UHY LLP, a leading national certified public accounting firm, recently announced that one principal, Josh Kirkbride, has been promoted to partner. Also, six senior managers; Tom Bowen, Tim Brennan, Brent Jones, Michelle Moore, Kyle Percin and Aaron Witalec, have been promoted to principals.
With the New Year upon us and tax season kicking into full gear, there have been lots of questions as to how the Affordable Care Act (ACA) will affect your 2014 tax filings.
The Financial Accounting Standards Board (FASB) recently issued exposure drafts of accounting standards updates designed to reduce the cost and complexity of accounting for intangible assets acquired by private companies in business combinations.
The decision by the Sixth Circuit Court of Appeals in Quality Stores, Inc., et al., 110 AFTR 2d 2012-5827 (6th Cir., 2012), has opened the door to file a claim for refund for employers who have paid and withheld FICA taxes on "supplemental unemployment compensation benefits" ("SUB") which are a type of severance payments made as a result of an employee's involuntary separation.
Once again, we've reached the time of year that many entrepreneurs have come to dread: tax-filing season. Tax returns without extensions are due by March 16th for most corporations and April 15th for individuals and passthrough entities.
Three notable developments to report on for the month of February, 2014 are as follows. First, In President Obama's State of the Union address, he announced his intention to direct the Department of the Treasury to create a more accessible version of the traditional IRA, to be known as the MyRA. Secondly, the Regulation recently proposed by the Treasury Department to regulate the permitted political activities of IRC Section 501(c)(4) organizations (referred to in the Internal Revenue Code as "social welfare organizations") has created a furor of opposition by conservatives and liberals alike. And, thirdly, the new Chairman of the Senate's Finance Committee is likely to push for reinstatement of at least some of the tax breaks that expired on January 1, 2014.
By enacting the American Taxpayer Relief Act of 2012, Congress managed to avert, at the last minute, the "Fiscal Cliff". Unfortunately, this legislation left many issues unresolved.
On March 20, 2014, the IRS quickly responded to the Tax Court decision in Bobrow v.Commissioner stating that it anticipates following the Bobrow decision on IRA Rollovers. The IRS intends to clarify that the rules limiting IRA rollovers to one during a 12 month period should be applied on an aggregate basis.
As the United States was leaning over the edge of the "Fiscal Cliff", the Senate and the House passed the American Taxpayer Relief Act of 2012 (H.R. 8) on January 1, 2013, with President Obama signing the legislation into law on January 2, 2013.
As we get closer to January 1, 2013 and the looming "Fiscal Cliff", Congress and President Obama are stepping up their negotiations in an attempt to reach some sort of agreement. As of the date of this article, there is still no agreement. However, Congress has already decided to work through the week of December 17 in an effort to hammer out an agreement on the pressing tax and spending issues.
UHY LLP, a leading certified public accounting firm, is hosting its annual Accounting & Regulatory Update at the MSU Management Education Center in Troy on Wednesday, December 5. This complimentary full-day program is geared towards CFO’s, audit committee members and chairs, to learn more about the latest accounting, regulatory, legal and SEC updates. CPE credit will be offered, including an hour of ethics.
Global accountancy network UHY releases its 2015 “Global Transfer Pricing Guide” to assist tax and finance professionals responsible for cross-border tax planning and compliance with their inquiries. Given the complexity of transfer pricing issues, the guide provides in the first instance a country-by-country summary of major transfer pricing requirements, including pricing methods, documentation and penalties covering 80 countries.
NEW YORK, NY (August 7, 2012) – UHY Advisors NY, Inc. today announced it is teaming up with CFO Alliance to address the needs of middle market company executives who are seeking innovate ways to support corporate decision-making against the backdrop of unsettled market conditions. The new partnership between UHY and CFO Alliance provides a national, collaborative platform for finance leaders and experts to openly discuss, debate, and dissect critical opportunities.
As the temperatures start to rise in July 2012, so does Congressional posturing over the future of federal tax policy. Both the Democrats and the Republicans are on record as being in favor of tax reform, but they remain far apart on just what type of reform is best for the country. This issue will highlight some of the present differences in their respective tax reform visions as demonstrated by the bills they have most recently introduced. We will also discuss the increase in Medicare taxes facing many Americans beginning in 2013, now that, at least for the present, the Patient Protection and Affordable Care Act (sometimes referred to as the 2010 Health Care Reform Act) is still with us, based on the recent decision of the U.S. Supreme Court upholding the Act's constitutionality.
UHY Advisors' David Barton, an expert on information security issues, talks with Atlanta's WBS Fox 5 News about the DNSChanger virus.
June 26, 2012 – UHY Advisors' principal David Barton talks with WSB Radio's Pete Combs about data mining and online marketing in relation to the news that Orbitz directs users on Macs to higher-pricing hotels than PC users.
Increase in Business Startups Over 40 Times
Faster in BRIC Countries Than Other Nations,
A new study, recently conducted by UHY International, found that “Old“ world economies charge higher inheritance & estate taxes than “New” world economies.
Listen to Tony Frabotta by clicking here.
Listen to WDUN's interview with LeighAnn Costley about how to make your tax burden lighter for the New Year.
Local municipal governments in Michigan hurt deeply during the recent recession find their revenues lagging former collection levels. The major source of income for most municipalities is property tax revenue which has dropped approximately 32% since 2007. In addition, a significant decline in state revenue sharing has stretched most local governments to the breaking point as they continue to strive to provide necessary services to the public.
June 2012 was another relatively quiet month on the Tax front. The principal developments involved (1) an unexpected, but welcomed, relaxation of the rules that the IRS follows in evaluating Offers in Compromise, (2) ASPPA's opinion that any fundamental tax reform, or even tax reform aimed at taxing tax-qualified retirement contributions, will probably not happen in 2012, and (3) a proposal by the Republicans to make Health Care Flexible Spending Accounts more taxpayer friendly. These developments are discussed below:
Spain and UK top table for highest purchase taxes for prime properties
The determination of whether a worker is an employee or independent contractor is an important decision for businesses owners to make. Hiring workers can involve potential liabilities and added reporting requirements, while the improper classification of a worker as an independent contract, rather than an employee, can result in severe penalties from the IRS and Department of Labor. In an effort to simplify this determination the State of Michigan has announced implementation of the IRS’ 20-Factor test.
UHY LLP's David Barton talks with WSB Radio's Pete Combs about the security problems with the new health care exchange hubs being set up as part of the new Affordable Healthcare Act.
The Michigan Department of Treasury recently issued Bulletin 11 of 2013, highlighting the amendment to the existing industrial and commercial personal property tax laws.
The FBI recently announced two electronic identity theft scams that are flourishing. The first scam is through your mobile phone. Smartphone users should be aware of scams that target Android operating mobile devices by infecting them with malware programs, leading to identity theft. Fraudsters trick victims to click on links with advertisements which lead them to websites that will embed malware on their device.
Between the last three quarters of 2013 and first quarter of 2014, UHY LLP's Michigan offices added 69 employees to their team. The Michigan offices were excited to welcome their biggest hiring class of interns and staff accountants on Monday, January 6. The orientation training was held in the Farmington Hills office.
The US Technical Advisory Group (TAG) for International Standards Organization Technical Committee (ISO/TC) 260, a professional organization charged with the development of Human Resource Management standards has recently appointed Krystyna Smutek, HRIS Manager of UHY Advisors, Inc. as its newest member.
Tariffs are a form of tax that restrict trade and increases the cost of doing business with a foreign supplier. There are several types of tariffs in existence that the government can use to tax imported goods. Some of the different types of tariffs used by our government today are specific tariffs, which are a flat fee for each individual unit being imported based on the type of product it is. There are ad valorem tariffs, which are tariffs that are levied based on a percentage of the goods value. Tariffs do more than just keep pricing fair, they are used by the governments to protect consumers, domestic employment, and national security, and at times can be used as retaliation.
Taxpayers and preparers can expect to see a new check box on a familiar form in 2015. Just last week, the Internal Revenue Service (IRS) issued the 2015 version of Form 1099-MISC. This most recent version features a new check box to identify foreign financial institutions filing to satisfy their FATCA (Federal Account Tax Compliance Act) reporting requirements.
Congress and the President have put forward their competing visions of fundamental tax reform. Representative Dave Camp
(R-MI), the current Ways and Means Committee Chairman, introduced on February 26 his "Tax Reform Act of 2014." President Obama unveiled his $3.9 trillion budget for the 2015 Fiscal Year (October 1, 2014 - September 30, 2015) on March 4. In his Budget, the President called on Congress to immediately begin work on corporate tax reform that will close loopholes, lower the corporate tax rate, strengthen investment and not add to the deficit.
Recently, the US Court of Appeals for the Fifth Circuit ruled in McLauchlan v. Commissioner, 5th Cir., Case No. 12-60657, that a law firm's partner could not deduct various business expenses incurred personally because they were reimbursable by the firm pursuant to the partnership agreement. The expenses which were reimbursable by the partnership included reasonable travel, client maintenance and development, interoffice travel, automobile lease and rental expenses, meals and entertainment, and continuing education.
The US Senate approved legislation, which the House already passed, to extend for one year more than 50 tax provisions that had expired at the end of 2013. The pending retroactive enactment of this legislation will impact the 2014 taxes for many individuals and businesses.
With the signing of the Patient Protection and Affordable Care Act (ACA) in March 2010, one area of the law that was not greatly discussed at the time was a new health care organization known as an Accountable Care Organization (ACO).
After a busy March with regard to federal income tax proposals, Congress's interest in this issue has waned somewhat. There are, however, still some recent developments from Washington regarding tax matters.
On April 4, 2014, the IRS issued IRS Notice 2014-19 with new guidance to sponsors of qualified retirement plans on what steps they should take to ensure their compliance with the U.S. Supreme Court’s decision in U.S. v. Windsor ("Windsor"). By way of background, on June 26, 2013, the U.S. Supreme Court's decision in Windsor dramatically affected the rights of same-sex spouses under federal law, especially their rights under qualified retirement plans in which one of the spouses participates.
Chief Justice Roberts delivered the 6-3 decision on King v Burwell, stating that premium tax credits under Code Sec. 36B aren't just limited to taxpayers residing in states that have health insurance exchanges. The High Court ruled that health insurance subsidies, designed to make health insurance affordable for qualified taxpayers, are also available to taxpayers in states which only offer the Federal Facilitated Exchange. This highly-anticipated decision could have changed the face of the Affordable Care Act (ACA).
Employers in 15 states (and the Virgin Islands) may not be eligible to claim the maximum amount of state unemployment tax credits on their 2014 federal unemployment tax return because their state has had an outstanding federal unemployment insurance loan for at least two years.
The USA enjoys some of the lowest gasoline pump prices among the major world economies, according to a new study by UHY, the international accountancy network. UHY explains that the USA has an extremely low tax rate on fuel, levying just 13% on gasoline and 12% on diesel, considerably less than many other major developed economies, in particular European countries.
The first major phase of the Affordable Care Act (ACA) came into effect as of January 2014. The individual mandate was implemented requiring all citizens of the United States to have medical coverage or face a financial penalty. Depending upon their number of full-time employees/equivalents, large employers will not have to comply with the employer mandate until 2015/ 2016.
The Department of Treasury has notified taxpayers in a recent letter about the new online method for filing sales, use and withholding taxes. For those who may not have received the notification, beginning in January 2015, all sales, use and withholding taxpayers will be required to register online in order to e-file returns and electronically pay taxes.
As more and more companies become multi-state, the terms of what creates nexus with a state are consistently changing. Nexus is one of the tests a company must go through to determine if they are required to file a return for the state. Michigan has gone through an overhaul of the taxing structure, moving recently from the Michigan Business Tax (MBT) to a more simplified method of reporting, the Corporate Income Tax (CIT). As part of the CIT nexus determination, the newly released Revenue Administrative Bulletin (RAB) 2013-9 defines the term "Actively Solicits" for purposes of determining if a taxpayer has nexus with Michigan.
Last month, the AICPA released a new financial reporting framework (FRF) for small and medium-sized entities (SMEs) that are privately-held and not required to report under US GAAP. This FRF is not intended to be a replacement for US GAAP when US GAAP reporting is required.
Governor Rick Snyder recently announced the appointment of Richard (Rick) David to the state of Michigan Board of Accountancy. Mr. David will be representing certified public accountants.
The U.S. Congress is considering legislation that would revive dozens of tax breaks that expired on January 1, 2014. Different bills are working their way through the U.S. House of Representatives and the U.S. Senate. House Republicans are pursuing a somewhat different, and more aggressive, approach than the Senate. They propose not only to extend many of these tax breaks, but to make some of them permanent.
On February 10th, the IRS issued final regulations that give employers who have 50-99 full-time employees until 2016 to comply with the employer mandate rules of the ACA. (These rules are discussed further below.)This is the second time that this mandate has been deferred. Employers with 100 or more employees must comply with the law as of January 1, 2015. These deferrals are welcome by most employers, but continue to add complexity to a law that most people do not understand.
The IRS has issued proposed regulations regarding the small business health care credit which will come into effect for tax years beginning after December 31, 2013.
The Internal Revenue Service (IRS) recently announced that a number of services that required the direct contact of an IRS representative will transition at the beginning of 2014 to more automated resources. The services being affected include tax return preparation, transcript delivery, tax law assistance, refund inquiries, EIN applications, and practitioner priority services.
There is still not a great deal of federal tax news to report given the extensive time spent by Congress during late September and much of October in addressing the funding of the government's current operations and also extending the nation's borrowing authority.
UHY Advisors MI, Inc. was presented the “Community Re-Investment Business of the Year” award by Oehmke and Sterling Heights Economic Development Manager, Barry Hicks, at the May 21 Michigan Week Business Luncheon and Sterling Edge Awards event at the Best Western Plus Sterling Inn in Sterling Heights. The chamber recognizes UHY for our expansion and reinvestment into the community and city of Sterling Heights throughout the years.
The financially stressed city of Flint may soon be facing the prospect of being the second major city in Michigan to file for Chapter 9 municipal bankruptcy protection. A retiree lawsuit recently filed to stop the city from enacting proposed health care benefit cuts may push the city into insolvency.
Private business owners who own the building or property their company uses routinely set up separate legal entities to own these buildings and properties that are then leased to the operating company.
The IRS has issued temporary and proposed regulations allowing taxpayers that did not claim a research and development credit on a timely filed return (including extensions) to elect the alternative simplified credit ("ASC") on an amended return.
The Private Company Council (PCC) has finalized two proposed accounting standards that would provide alternatives within US Generally Accepted Accounting Principles (GAAP) for private companies. These two standards mentioned address accounting for certain interest rate swaps and accounting for goodwill subsequent to a business combination. The proposed standards have been sent to the Financial Accounting Standards Board (FASB) for endorsement as final Accounting Standards Updates.
According to the Internal Revenue Service's Technical Advice Memorandum (TAM 201347020), a professional employer organization (PEO) is not eligible to claim the income tax credit for portion of employer social security taxes paid with respect to employee cash tips received by its clients' employees in connection with the providing, delivering, or serving of food or beverages for consumption.
As another year end approaches, Congress and Treasury are addressing tax reform projects, while the Affordable Care Act marketplace troubles are, hopefully, being resolved. The following are some recent developments:
Last summer, the IRS listed new guidelines for Large Business & International (LB&I) examiners and specialists to follow related to Information Document Requests (IDRs) for LB&I companies under IRS examination. Any corporation, subchapter S corporation or partnership will be subject to the LB&I guidelines if their assets are greater than $10 million. Earlier this month, the IRS issued a directive which provides guidance on the new IDR enforcement process that will be effective January 2, 2014. The main focus of the new process is to clearly identify and state the issue that has led to the IRS examination of the LB&I company.
Michigan consumers will no longer be taxed on the full purchase price of new or used motor vehicles, recreational vehicles, or titled watercraft when a consumer provides a trade-in towards a purchase.
The Financial Accounting Standards Board and the International Accounting Standards Board are developing a converged standard regarding revenue recognition that is expected to have an effect on all entities that adhere to US GAAP or IFRS. The standard is expected to be released in the first quarter of 2014.
On December 20, 2013, the Securities and Exchange Commission ("SEC") issued a staff report to Congress regarding its disclosure rules for US public companies (Regulation S-K), which was mandated by Congress in the Jumpstart Our Business Startups ("JOBS") Act of 2012 and provides a framework for disclosure reform.
The Financial Accounting Standards Board (FASB) recently endorsed a GAAP exception for private companies and their treatment of goodwill, marking a milestone in the work to provide simpler, less costly rules for private companies while producing financial statements that reflect economic reality.
The USA is falling behind Europe and China in the race to capitalize on globalization and could potentially miss out on future economic growth as a result, according to a new survey by UHY, the international accounting and consultancy network.
Due diligence is the process of investigations and analysis into the details of a company prior to an acquisition of its shares or assets or in preparation of an IPO. While financial, legal, operational, and income taxes of the company are generally considered, state and local non-income based taxes should not be left out of the analysis. These taxes are sometimes the reason a buyer decides not to proceed further, yet this is an area that is often overlooked.
After 2012, taxpayers with wages in excess of $200,000 ($250,000 if married filing jointly and $125,000 if married filing separately) are required to pay an additional 0.9% Medicare tax. This tax is in addition to the regular Medicare tax rate of 1.45% on wages received by employees.
UHY LLP welcomes new member, Mont Audit Plus, in Montenegro to the global accountancy network UHY, of which our firm has been a member since 2001. Mont Audit Plus was established in 2007. With a team of 12 staff including 4 partners, the firm’s head office is based in Podgorica, the capital city. The firm provides audit, consulting, assets’ and capital valuations, tax counseling and accounting services to a portfolio of clients in a variety of private and public sectors in the region.
Late afternoon on February 10, 2014, just seven months after its initial delay, the Treasury Department has granted additional transition relief from the employer shared responsibility provisions of the Affordable Care Act. Now, mid-sized employers (defined as those with 50 to 99 full-time employees) will be given until January 1, 2016 before the employer mandate takes full effect.
UHY LLP welcomes new member, McKenzie Shaw Ltd. in Qatar to the global accountancy network UHY, of which our firm has been a member since 2001. The firm will be operating under the UHY branding as UHY Ammo & Co.
What are disruptive technologies, you ask? The term was first used by Harvard Business School professor Clayton M. Christensen to describe a new technology that unexpectedly displaces an established technology. In his book, The Innovator's Dilemma, Christensen separates new technology into two categories: sustaining and disruptive. Sustaining technologies are based on incremental improvements to an established technology, whereas, disruptive technologies can be defined as "simple, convenient-to-use innovations that initially are used by only unsophisticated customers at the low end of markets". Christensen has stated that large companies tend not to pay attention to these disruptive technologies because they don't satisfy the demands of high-end users - at least, not at first.
On January 14, 2014, the Supreme Court heard oral arguments in United States v. Quality Store. This ongoing case questions whether severance payments made to employees whose employment was involuntarily terminated are considered wages and subject to tax under the Federal Insurance Contributions Act (FICA).
Since March 23, 2010 we have been inundated with issues regarding the Affordable Care Act. Whether it be ACOs (Accountable Care Organizations), grandfathered plans or essential benefits, the media has flooded the market with this information. Because of all the focus on the ACA, employers have lost sight of two Federal programs that have been around for many years: the Family Medical Leave Act (FMLA) and the Americans with Disabilities Act (ADA).
UHY LLP welcomes new member firm, BusinessCollegia LLC (Belarus), based in Belarus to the global accountancy network UHY, of which our firm has been a member since 2001.
A conundrum facing companies starting business activities in the U.S. is the confusing world of sales and use taxes. Having spent their economic lives under the value added tax scenario, sales and use taxes may seem incomprehensible. In this article we will note those areas of differences and help demystify the state tax regime faced in the U.S.
Effective the first quarter of 2014, the Unemployment Insurance Agency (UIA) will neither mail nor accept a hard copy of Form UIA 1028, "Employer's Quarterly Wage/Tax Report", from employers identified as having more than five employees. Starting with the first quarter filing due on April 25, 2014, it is a requirement that the contribution and wage information be filed electronically for employers with more than five employees. Interest and penalties will be assessed to those not filing by electronic submission.
Although the House of Representatives has approved a bill that would make the 50% bonus depreciation deduction permanent, there is still no indication of when dozens of tax breaks that expired on January 1, 2014 will be re-instated.
An increasing amount of complaints have been made regarding emails informing a taxpayer that their federal tax payment is being returned by their financial institution.
UHY Strengthens Presence in Central and Eastern Europe: New Member Firm in Poland Joins the UHY Network
Part of the dissension in this great country revolves around who is financing our government spending, coupled with the redistribution of wealth theory.
The Michigan Supreme Court has made the determination that a purchaser of tangible goods in Michigan is liable for use tax when the taxpayer was unable to prove during an audit that sales tax was paid on the purchases.
After many years, the overtime pay law may be changing.
On Friday, July 31, President Obama signed into law the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015.
The scandal at the Department of Veterans Affairs is a disappointment on many levels, and there is no lack of solutions being offered to fix it. Since this began, Veterans Affairs Secretary Eric Shinseki and other high ranking officials have stepped down. But while making changes to senior management might fix some of the problems, that kind of top-down approach will not yield any substantive change. There are clearly some fundamental processes at the VA that are broken. The way to really fix them, and to institute real change that’s sustainable, is by working up from the bottom.
UHY Advisors, a financial, tax and business consulting firm, on September 12 was named one of the top 100 Best Places to Work in Atlanta. The firm was ranked #50 on the Best Places to Work list in the small business category. The coveted distinction is earned by Atlanta companies – small, medium and large – across a variety of industries.
Due diligence is the corner stone of any investment. We check the reviews and ratings on everything we purchase. When was the last time you went out to eat without checking the restaurant rating on yelp.com or watched a movie without checking the tomatometer on rottentomatoes.com? We want to make the best use of our time, energy and most importantly, money. Getting into any transaction with all the pertinent information helps us make the right decision.
The late former mayor of New York City, Ed Koch, used to ask people on the streets of NY “How ’m I doin’?” I feel now is the time to look back on the Affordable Care Act (ACA) to see how it is doing. The one thing that needs no discussion would be the failure of the on-line enrollment system for the Federal market place exchanges. Clearly there are other aspects of the ACA that need to be looked at to see if the intention of the act came to fruition; such as coverage for dependent adults to age 26, elimination of the pre-existing condition clause on all health insurance plans, and formal coverage for all U.S. citizens.
In 1998, the Internet Tax Freedom Act was signed into law. The law bars federal, state and local governments from taxing Internet access and from imposing discriminatory taxes such as bit taxes, bandwidth taxes, and email taxes. The law also prohibits any multiple taxes on any electronic commerce.
UHY LLP, a leading national CPA firm with over 300 employees in Oakland and Macomb counties, is opening its third Michigan office in the heart of downtown Detroit’s financial district. UHY’s first Wayne County office will be open for business on the sixth floor of the Chrysler House (previously known as the Dime Building) sometime in November. The 23-story historic skyscraper is located at Griswold and Fort streets near Campus Martius Park.
Individuals who participate in a health insurance plan with a "high deductible" are permitted a tax deduction for contributions to qualified HSAs.
On March 25, the U.S. Supreme Court in a unanimous decision held that severance payments (not tied to state unemployment benefits) made to employees whose employment was involuntarily terminated were subject to tax under the Federal Insurance Contributions Act (FICA). (See United States v. Quality Stores, Inc., U.S., No. 12-1408, 3/25/14). This Supreme Court decision reverses the ruling issued in 2012 by the Court of Appeals for the Sixth Circuit.
Longtime employee Ralph Mirando has been named Partner at UHY LLP. Based in the firm’s New York City office, Mirando began his new role in March after serving the firm in various capacities over the past 12 years, most recently as a Tax Principal.
House Ways and Means Committee Chairman Dave Camp released his proposed tax plan in early March. The document titled "The Tax Reform Act of 2014" included many provisions to change both business and personal tax reporting. Many of the provisions are aimed at simplifying the tax code and making things easier for US small businesses and American taxpayers.
In recognition of the UHY Advisors New York, Inc. office's 50th anniversary, Time Warner Cable News aired their story in the Capital Region this week. The story was entitled “Capital Region Business Beat: Area’s Largest Accounting Firm Celebrates 50 Years.”
The tax credit for research and development can provide a valuable tax benefit to taxpayers in a variety of industries. A recent change by the IRS has now made the credit more widely available.
As of this writing, efforts by some members of Congress to revive dozens of tax breaks that expired on January 1, 2014 have stalled. However, there are still some items of interest in the federal tax arena worth mentioning.
As the US and Europe continue their economic recovery (albeit slowly), this time around, OEMs (Original Equipment Manufacturers) want to have more insight into their supplier relationships.
The government has just recently made available the "Transitional Reinsurance Annual Enrollment and Contributions Submission Form" through their official government website. This document will enable health insurance issuers, and those company sponsored self-insured group health plans offering medical coverage, to comply with the required steps related to the Transitional Reinsurance Program as outlined in the Affordable Care Act (ACA).
In order to deduct charitable contributions on your personal return, you must adhere to the following guidelines.
Now that another tax filing season is behind us, is it possible that Congress will jumpstart reviewing the numerous expired tax provisions or the much talked about tax reform?
UHY Advisors MI, Inc. Earns MBPA ‘Best & Brightest Company’ Honor for 12th Straight Year
UHY LLP welcomes new member, Abdul Jabber Certified Accountants and Consultants Office, in Saudi Arabia to the global accountancy network UHY, of which our firm has been a member since 2001.
As the year comes to an end, this would be the best time to plan for your annual tax bill. Many wait to complete their tax planning in April, right before they foot the bill but by then it is too late. We all know this is not the best planning strategy, but then again neither is waiting for tax reform.
UHY LLP, a certified public accounting firm, operates its charitable giving activities through UHY Cares, an independent nonprofit 501c3 organization. Cares, which was incorporated over five years ago, was an idea inspired by employees and is volunteer based. Through UHY Cares, employees are able to give back to the community, including helping individuals going through personal emergencies or hardships. UHY Cares Michigan has provided assistance to over 150 local charities and families and continues to grow this list every year.
As part of the Patient Protection and Affordable Care Act ("PPACA"), the payment date for one of the many new excise taxes already being imposed under this Act is again quickly approaching.
Medical and dental practitioners are currently the target of choice for identity thieves. Recent articles in The Journal of the American Medical Association, Businessweek, and The Washington Post highlight the alarming increase of health care professionals that have been victimized this year by identity theft used to fraudulently obtain federal and state tax refunds.
Generally, when one thinks of Social Security, they tend to look at it as a government-run savings program. While many of the characteristics of Social Security are very similar to a pension, one aspect, survivor benefits, has a few wrinkles that need to be carefully evaluated to maximize the benefit.
On May 28, 2014, the FASB (Financial Accounting Standards Board) and IASB (International Accounting Standards Board) issued a joint standard on recognizing revenue from contracts with customers.
On March 23, 2010, President Obama signed into law the Patient Protection and Affordable Care Act ("ACA"). Although the ACA has not been fully implemented, some of its provisions have already taken effect.
On July 22, 2014, within two hours of each other, two Federal Appeal Court panels issued conflicting rulings regarding the payment of subsidies to certain lower income taxpayers purchasing health insurance under a health insurance exchange (i.e., marketplace) created by the federal government under the Affordable Care Act ("ACA").
The IRS is warning individuals and businesses to steer clear of the following popular tax scams in 2014.
On February 12, 2014 by decree of Executive Order the National Institute of Standards and Technology issued the "Framework for Improving Critical Infrastructure Cybersecurity".
As more and more industries turn to the Internet as a source to reach their consumers, the Internal Revenue Service (IRS) is making the research and development (R&D) tax credit more available. The IRS recently issued proposed regulations that would expand the amount of software projects eligible for the credit. Many of the online shopping and banking websites that were once considered "internal use software" will now be eligible for the R&D tax credit.
There have been several recent important retirement and employee benefit developments with significant tax ramifications that can potentially affect many taxpayers.
Due to the recent flooding in southeast Michigan, many businesses and individuals may be facing the loss or destruction of tax records. In the event of an IRS examination, the burden is on the taxpayer to prove any deductions claimed
UHY LLP, a member of the global accountancy network UHY, introduces the latest editions of UHY International Business – Issue 29 Issue 29. This bi-annual publication features fresh insight, provided by our members, on the most current business challenges and key issues faced by companies and individuals around the world.
Bank lending to the private sector in the US has stagnated in the last year, down by 0.13% in real terms, and continuing to fall behind the rest of the G7, according to a new study by UHY, the international accountancy network.
With Congress back in session, the political rhetoric regarding the economic impact of "corporate inversions" (i.e., tax-driven foreign mergers), and the best way to prevent them, became more pronounced. Discussions of reinstating certain tax deductions and credits that expired on December 31, 2013 also increased. These developments are discussed further below, but we lead off with a warning from the IRS about a current telephone scam.
The Michigan Legislature has passed Public Act 282 of 2014 that retroactively repeals the Multistate Tax Compact (MTC) and makes changes to the Michigan Business Tax (MBT). More so, the legislation negates the effect of Michigan's Supreme Court's recent ruling in the IBM case (International Business Machines v. Michigan Dept. of Treasury ("IBM") and the potential refund claims resulting from the court decision.
A recent development on Capitol Hill has been the outcry from President Obama and certain members of Congress regarding the number of so called “Inversions" by large U.S. corporations.
Hospitals and health systems have devoted significant time and resources to implement the U.S. Department of Health and Human Services Office of Inspector General’s guidance on building effective compliance programs.
According to the US Governmental Accountability Office, more than $5 billion of your hard earned dollars were mistakenly paid out to tax identity thieves in 2013. An IRS-estimated $24.2 billion (based on what it could detect) of fraudulent refunds were prevented from being mistakenly paid out.
Beginning in 2013, the state of Ohio created a new deduction for individuals owning a business, including interests in pass-through entities, such as partnerships, S corporations and limited liability companies. The Small Business Investor Income Deduction allows an individual to deduct 50% of the taxpayer's small business income subject to certain limitations and increases to 75% in 2014.
The Small Business Exemption was passed by the legislature in early 2014, exempting small business from Michigan personal property tax. The taxpayer must have less than $80,000 of true cash value for all business property in a particular taxing jurisdiction and file an affidavit claiming such exemption with the assessor no later than February 10 of each tax year.
With the November national elections just around the corner, Congress has little interest in passing new tax legislation. One new bill of note was introduced in late September by Senator Bernard Sanders (I - VT) and impacts the federal estate tax. Also, regardless of the lull in legislative action, it is still wise for individuals to start thinking about year-end tax planning.
Macomb, Oakland and Wayne counties have been declared as federal disaster areas due to the damage caused by the severe storms and flooding in August. The declaration permits the IRS to postpone certain deadlines for affected taxpayers of the covered disaster areas.
The Social Security Administration (SSA) recently issued a cost-of-living adjustment for the Social Security taxable wage limit. For tax year 2015, the maximum amount of earnings subject to the Social Security tax will increase to $118,500 ($1,500 increase from 2014). The employee and employer tax rate will remain unchanged at 6.2%. Due to the increase in the wage limit, the maximum Social Security tax payable by an employee will be $7,347 ($93 increase from 2014).
UHY Advisors MI, Inc. has been voted by the Michigan Business & Professional Association (MPBA) as one of 2014’s best and brightest companies to work for in Metropolitan Detroit for the eleventh year in a row! Only companies that distinguish themselves as having the most innovative and thoughtful human resources approach can be bestowed this honor.
January 1, 2015 will usher in the next phase of the Affordable Care Act. This phase will be the employer mandate. Initially, the employer mandate was to take place this year; however, it was postponed due to the belief that it would cause increasing confusion in a marketplace that was already ripe with confusion.
As we move into the new 2015 tax year, there are some important tax numbers that will increase due to the inflation adjustments required by law.
UHY LLP welcomes new member firm, Assurance & Services Auditores y Consultores CIA., LTDA., based in Ecuador to the global accountancy network UHY, of which our firm has been a member since 2001.
On December 19, 2014 President Obama signed the Tax Increase Prevention Act of 2014 ("TIPA" or "the Act") into law, which included a tax-advantaged savings program for persons with disabilities.The program, known as the Achieving a Better Life Experience Act of 2014, provides for the following:
On December 10, 2014 the IRS issued Notice 2014-79 updating optional standard mileage rates for business, charitable, medical or moving purposes.
In the past several years, the IRS has been vigorously pursuing taxpayers who fail to comply with foreign reporting requirements, imposing severe penalties for noncompliance. Therefore, as we begin a new year in 2015, it is important taxpayers are reminded of the forms they are required to file, and informed of foreign reporting requirements they may be unaware of.
The risk of fraudulent activity within a company is nothing new. According to the Journal of Accountancy, losses from fraud can total approximately 5 percent of annual revenues for a typical company. Over the years, Sarbanes-Oxley (SOX) and the Dodd-Frank Act have encouraged employers to address fraud through the development of a company-wide whistleblowing program. The Association of Certified Fraud Examiners recently reported that most cases of internal fraud were discovered in 2014 through employee tips, ranging from 34 to 45 percent of instances, based on the size of the company.
Earlier this year the Financial Accounting Standards Board (FASB), responsible for U.S. Generally Accepted Accounting Principles (US GAAP), and the International Accounting Standards Board (IASB), responsible for International Financial Reporting Standards (IFRS), issued jointly a converged standard on the recognition of revenue from contracts with customers that will supersede virtually all revenue recognition guidance currently in US GAAP and IFRS. The new standard was issued to address a number of concerns regarding the complexity and lack of consistency surrounding the accounting for revenue transactions.
During the holiday season, a time for gifts and celebrations, it is important to remember the true meaning of this special time; generosity and kindness. UHY Cares Michigan, a nonprofit 501c3 organization founded by accounting firm UHY LLP, partnered with Angels of Hope Family Cancer Foundation and Volunteers of America to give a merry Christmas to some families who otherwise would not have had one. Cares sponsored 18 local families for the holidays and raised nearly $20,000 through employee raffles, jean days, bake sales, luncheons and partner matches. Over 30 volunteers from UHY’s Farmington Hills and Sterling Heights locations joined forces to shop, wrap and deliver gifts and holiday cheer to 85 people from the metro Detroit area.
The FASB (Financial Accounting Standards Board) and the IASB (International Accounting Standards Board) issued Revenue From Contracts With Customers, ASC 606 and IFRS 15, the converged standard for revenue recognition. This news will affect most entities: public, private and nonprofit.
In late December 2014, the Financial Accounting Standards Board (FASB) issued an accounting standards update, ASU No. 2014-18: Accounting for Identifiable Intangible Assets in a Business Combination. Under current accounting standards, the acquirer of a company is required to recognize most assets acquired and liabilities assumed in a business combination at their acquisition-date fair values, including all intangible assets that are identifiable. Companies may now elect an accounting alternative for recognition of certain intangible assets acquired.
Guidance has been issued by the IRS's Small Business/Self-Employed Division regarding collecting taxes that were due to be paid, but were not paid, by a PEO with respect to wages paid before April 1, 2014.
A 401(k) plan sponsor has an ongoing fiduciary duty to the plan's beneficiaries.
The decision confirms that a state's income tax laws cannot unfairly discriminate against interstate commerce.
UHY Advisors, Inc. (“UHY Advisors”), one of the nation’s leading professional services firms, announces the designation of Robert Bauer, Thomas Callan, Howard Foote, Michael Mahoney, Steven McCarty and Steven Wendling to serve on the firm’s board of directors. Joining these leaders on the board is the firm’s chief executive officer, Anthony Frabotta. This seven member board is charged with the stewardship of UHY Advisors, guiding its corporate strategy, reviewing and approving annual budgets, and appointing and monitoring the performance of the CEO. Their terms of office commenced October 1st.
When an individual transfers real estate in the state of Michigan a real estate transfer tax fee is charged, which is percentage of the sales price. This fee is assessed both by the state and the county in which the property was sold. This fee is the seller's responsibility, unless otherwise agreed upon, and is reported on the "Real Estate Transfer Valuation."
When was the last time you looked at your buy/sell agreement? Chances are it's been a while. Some of you may not even know where your buy/sell agreement is or worse yet - don't have one at all. The purpose of such an agreement is to establish a process by which shareholders of a privately held business can both create liquidity in their shares and limit exposure to unintended shareholders upon a specific triggering event such as the death of a shareholder.
Accountants rely on Microsoft Excel to handle multiple functions of their everyday responsibilities. While Excel is a lot more time efficient than using work papers and a pen or pencil to make calculations, it is not a completely fool proof system. However, Excel has recently made improvements to decrease the amount of corrupt files and loss of data, including risk and analysis solutions and spreadsheet management.
UHY LLP is gearing up for busy season and now recruiting for experienced, entry-level and administrative positions within multiple departments across all location.
Retrospectively, reporting measurement period adjustments to amounts recognized in business combinations will soon be a thing of the past. Stakeholders shared that the cost outweighed the benefit and the Financial Accounting Standards Board (FASB) listened. On Friday, Sept. 28 the FASB issued Accounting Standards Update (ASU) No. 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustment, as part of its simplification initiative.
The Department of Treasury has announced for transactions occurring on and after Oct. 1, 2015, out-of-state retailers are required to remit sales or use tax on sales into Michigan if the seller has nexus under affiliate and click-through nexus requirements.
Over 20 employees from UHY LLP, certified public accountants, in conjunction with UHY Cares, the firm’s nonprofit 501c3 organization, teamed up with others from Citizens Bank to teach the Junior Achievement Program to over 400 students from kindergarten to fifth grade at the Academy of Warren. The Academy of Warren represents a collaborative community of teachers, school administrators and the Parent Advisory Board (PAB), all with a common goal of seeing the students succeed and creating “worlds of opportunity” for each student.
Back in August 2014, Accounting Standards Update (ASU) No. 2014-15, Presentation of Financial Statements - Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern was issued by the Financial Accounting Standards Board (FASB).
The IRS has released finalized versions of two important tax forms that employers and all health insurance providers will need to file for the 2015 calendar year.
While the external auditor has a responsibility to maintain objectivity and independence during an audit, the audit committee is also charged with several responsibilities. Overall, the audit committee must oversee the external auditor and the quality of the auditor's work. Specifically, only the audit committee can negotiate and agree upon audit fees, determine the scope of the audit work to be performed, and make recommendations and appointments of auditors.
On Sept. 17, the House Ways and Means Committee passed a bill to make 50 percent bonus depreciation a permanent part of the tax code. The important capital investment incentive expired at the end of 2014. Prior to the August congressional recess, the Senate Finance Committee approved reinstating 50 percent bonus depreciation and increased Sec. 179 levels ($500,000 allowance and $2 million phase out) for two years (2015 - 2016).
As planning for 2015 audits has begun, it is important to take into consideration key areas of risk, as determined by the Center for Audit Quality (CAQ) and the PCAOB.
The IRS recently announced the 2016 retirement limits. These limits are adjusted each year based on the cost of living index and, due to low inflation, most retirement limits will remain the same as 2015.
According to a recent study by UHY International, new business creation in the USA is trailing behind the global average, with the number of new businesses created up just 11% since 2010,* shows a new study by UHY, the international accounting and consultancy network. The global average increase was 26%, between 2010 and 2014.
After her presentation at the third annual Mark R. Solomon Tax Symposium at Walsh College, discussing the tax issues related to cloud computing, DBusiness asked Susan Wagner to write an article for the publication's "Guest Blog" section on their website.
For the second consecutive year, UHY LLP sponsored the Distinguished Clown Corps float in the 89th America's Thanksgiving Parade. Over 70 feet long and standing 17 feet tall, the DCC float is the centerpiece of the 180+ Distinguished Clowns greeting and entertaining hundreds of thousands of spectators.
UHY LLP, member of the global accountancy network UHY, introduces UHY Global. UHY member firms understand the choices and challenges clients face in a fast-moving and competitive world full of opportunities and risks. Through UHY Global, we want to share a little of the diversity, the thinking and the difference that a truly global team can make.
We welcome Canahuate Calderon & Asociados, a new additional member firm in the Dominican Republic, to the global accountancy network UHY, extending our coverage within the Caribbean.
UHY, the international accounting and consultancy network, has elected Bernard Fay as the new chairman of UHY, following 17 years as a UHY Board Director. With Bernard’s election, the UHY network will be led for the first time by a Director from outside its founding countries, the USA and UK, reflecting the increasingly international mix of the work undertaken by member firms. Bernard Fay has been on the UHY Board for nearly two decades and plans to lead expansion of the network’s footprint, focusing on UHY’s unique strengths: its people and their collaborative spirit.
The IRS recently released Notice 2016-4 in which the Service has extended the due date for companies required to distribute Forms 1095-B Health Coverage, or 1095-C Employer-Provided Health Insurance Offer and Coverage. Employers and insurance providers alike will now have until March 31, 2016 to distribute Forms 1095 to their respective individuals, the previous deadline was February 1, 2016. The timing for filing these forms with the IRS has also been extended from February 29, 2016 to May 31, 2016, and slightly longer for those companies required to submit their forms electronically. The automatic extension was granted to provide companies additional time to implement the new systems and procedures necessary to accurately report health care coverage information to the individuals and the Service.
In an effort to further reduce taxpayers' administrative burden, the IRS has raised the de minimis safe harbor for capital expenditures from $500 to $2,500. The change comes as a direct result of feedback received during a public comment period during which the Treasury Department and IRS formally requested comments on whether the safe harbor limit should be raised, and if so by how much.
IT security is a growing threat for businesses of every type and no organization is safe. While information security risks have been around for a long time (several Civil War battles were decided by details obtained by the enemy), today they bring with them challenging complexities and costly ramifications for businesses.
In November 2015, the FASB issued Accounting Standards Update (ASU) 2015-17, Income Taxes (Topic740): Balance Sheet Classification of Deferred Taxes, to simplify the presentation of deferred income taxes. Under current GAAP when a classified balance sheet is presented, deferred tax liabilities and assets are separated into a current amount and a noncurrent amount generally on the basis of the classification of the related asset or liability for financial reporting. The Board determined that the current presentation under GAAP does not provide users of financial statements with useful information as the classification between current and noncurrent generally does not reflect when a temporary difference will reverse and become a taxable or deductible item.
UHY Advisors, Inc. (“UHY Advisors”), one of the countries most respected professional services firms, announces the merger of MohnAllen PC, a CPA firm located in Olney and Frederick, MD, effective today.
On Dec. 8, 2015, the IRS launched the Early Interaction Initiative to identify employers who appear to be falling behind on their payroll or employment taxes, and help them stay in compliance to avoid interest and penalty charges.
People always say there are two guarantees in life - death and taxes. While that may be true, you can escape a lot of tax when you pass away. The "portability" rules provide for the transfer of a deceased spouse's unused estate tax exemption (deceased spousal unused exclusion or "DSUE"). In 2015 the exemption amount is $5,430,000; therefore if the decedent's taxable estate is not more than the exemption amount, the DSUE can be used by the surviving spouse with respect to both gift taxes and estate taxes.
At its Dec. 15, 2015 meeting, the Public Company Accounting Oversight Board (PCAOB) adopted new rules that provide audit firm transparency to public company investors. The rules require audit firms to disclose information regarding certain audit participants in public company audits.
Michigan's personal property tax reform continues Jan. 1, 2016, with the most significant changes for taxpayers with eligible manufacturing property.
As of Dec. 31, 2015, the General Property Tax Act provides an exemption from tax for qualified new personal property and qualified previously existing personal property for eligible manufacturing personal property (EMPP). EMPP is defined as "...all personal property located on occupied real property if that personal property is predominantly (greater than 50 percent) used in industrial processing or direct integrated support."
UHY Advisors, Inc. (“UHY Advisors”), one of the nation’s leading professional services firms, announces the appointment of five new managing directors: Brad Baer, Harold Mohn, Robert Scope, Mehmet Sengulen and Aaron Witalec. Scope and Witalec are both from the Michigan practice.
UHY Advisors, Inc. (“UHY Advisors”), one of the nation’s leading professional services firms, announces the appointment of five new managing directors: Brad Baer, Harold Mohn, Robert Scope, Mehmet Sengulen and Aaron Witalec.
Join Us! UHY Advisors and Blackline present the Five Steps to Evolve Your Legacy Record-to-Report Process. Sign up online now.
We welcome Hassouneh Auditing Firm in the Palestinian territories to the global accountancy network UHY, extending our coverage within the EMEA region.
IFRS Survival Guide
Addressing the Challenges of New Standards