As companies manage current cost structures and expand into new markets, UHY Advisors can be a powerful ally. We offer one of the broadest spectrums of tax planning and compliance services of firms our size. Many of our managing directors and principals bring Big Four and industry experience, and are adept in working closely with individuals and companies to assure they pay their “fair share” of taxes.
For closely held businesses, personal tax and corporate tax issues can be closely related; we have advised such companies and families on such issues for more than 40 years, in some cases over multiple generations.
UHY Advisors also brings unique industry experience and insight for larger corporations who face unique tax opportunities. And for companies with domestic or foreign expansion plans, our deep capabilities in State & Local Tax and International Tax can identify tax opportunities and provide planning services which can mitigate unexpected tax consequences before they occur.
Last month, the Internal Revenue Service released Notice 2017-64, which provides the annual cost-of-living adjustments and contribution limits on 401(k) plans, pension plans, and other retirement accounts for 2018.
On October 12, The Internal Revenue Service (IRS) announced that there is a new cyber scam to be aware of. The scam is an intricate plan that has affected both tax pros and taxpayers alike, and is being used by cybercriminals to obtain access to annuity and life insurance accounts.
Unforeseen events are just that...unexpected. You started out your career on the right path and began the process of saving for your retirement. Then life throws you a curveball and you realize you will need to access those funds much sooner than you expected. If you have not reached the age of 59½, you will be subject to taxation on withdrawal of those funds and get hit with a 10 percent early distribution penalty.
The IRS has issued a directive to tax examiners in the Large Business and International Division (LB & I) that taxpayers may use ASC 730 Financial Statements that follow US Generally Accepted Accounting Principles (GAAP) as evidence of their qualified research expenses (QRE's) to reduce the burden of independent determination on both taxpayer and examiner.
Accrued bonuses can be deducted for tax purposes if certain criteria are met: must be paid within two and a half months after year end, the bonus is determinable within reasonable accuracy, economic performance has occurred within the tax year, and all events have occurred that "establish the fact" of the liability before year-end