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Michael Zovistoski, Managing Director, was recently quoted in Financial Advisor. To view the article, "Shocking Disparity in LTC Insurance Rates."

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The new lease accounting standard, ASU 2016-02 (Topic 842), is set to take effect for not-for-profit organizations that have issued, or is a conduit bond obligor for, securities that are traded, listed, or quoted on an exchange or an over-the-counter market, with fiscal years beginning after Dec. 15, 2018 and for all other not-for-profits for fiscal years beginning after Dec. 15, 2019. Issued by the FASB in February 2016, the new standard significantly affects the way leases are recorded on the balance sheet. While there has been considerable emphasis placed on understanding what will change under this new standard, it is just as important to understand what will remain the same.

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When it comes to maintaining a proper accounting environment and having effective internal controls, not-for-profits (NFP) have essentially the same requirement as commercial organizations do. Having both are critical to capturing accounting data to provide for proper financial reporting, decision making, third party requirements, etc. However, in the increasingly competitive landscape of charitable organizations, smaller NFPs face some unique constraints that can significantly impact the internal control environment.

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When clients ask if the Tax Cuts and Jobs Act (TCJA) means tax simplification, I remind them of the three fundamental paradigms of taxation: only two things are certain in life – death and taxes; the correct answer to every tax question is “it depends”; and there is no such thing as tax simplification. This holds true in the new tax landscape, the tax reform will not result in simplification of tax law. The new law has brought meaningful changes to the tax code, but with that comes the following added complexities.

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A recent article written by Scott Miller, Partner and Leader of the National Petroleum Practice, “What the New Section 199(A) Proposed Regulations May Mean For You,” was featured in the winter 2019 edition of MPA Marketer Magazine. To view the full article, click here.

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The Albany Business Review hosted six experts to discuss changes to tax laws and their impact on individuals and businesses. Partner Patrick Diggin participated in this discussion on tax reform.

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With the government shutdown over and the IRS reopened, what can be expected? Currently, the IRS has an estimated five million unanswered inquires that took place during the shutdown. Additionally, it is estimated that they have already received several million tax returns since the filing season started on January 28.

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UHY Advisors Michigan, Inc., announced the appointment of four new managing directors: Michelle Felmlee, Brent Jones, Chad Kime and Todd Tigges. A fifth person from Missouri also made managing director, Jill Starrs.

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On December 20, 2018 the FASB issued a draft proposal that extends the private company accounting alternative for goodwill (ASU 2014-02) and business combinations (ASU 2014-18) to nonprofit entities and is intended to simplify the subsequent accounting for goodwill and for certain identifiable intangible assets in a business combination.

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UHY Advisors, Inc. (“UHY Advisors”), one of the nation’s leading professional services firms, announced the appointment of five new managing directors: Michelle Felmlee, Brent Jones, Chad Kime, Jill Starrs and Todd Tigges.

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