Signed into law by Governor Rick Snyder on March 19, Michigan Public Act 81 of 2018 revises continuing education requirements for licensed CPAs.
The Trump administration's trade policy made a bold statement with a spontaneous announcement to impose tariffs of 25 percent on steel and 10 percent on aluminum. The president excluded Canada and Mexico, for now.
UHY Advisors, Inc. (“UHY Advisors”), one of the nation’s leading professional services firms, announced the appointment of eight new managing directors: Thomas Bowen, Daniel Felstow, Amy Gallagher, Jeffrey Hare, Michael Kirby, Corey Massella, Bill Rausch and Warren Zafrin. Bowen and Felstow are both based in Michigan.
UHY was recognized as Advocate of the Year for ongoing support of the development and sustainability of minority businesses and creating an unwavering sense of confidence in its clients through volatile market conditions.
Effective Jan. 1, 2018 the minimum wage rate in Michigan has increased to $9.25. According to the Michigan Department of Licensing and Regulatory Affairs, the increase is the final scheduled increase provided by the Workforce Opportunity Wage Act of 2014.
Beginning in 2018 in Michigan, all companies with no unclaimed property will be required to file a zero or negative report. But, what is unclaimed property? Unclaimed property is any asset, tangible or intangible, belonging to a third party that remains unclaimed for a specified period of time by its rightful owner.
Prior to July 1, 2017 dental labs had been considered providers of a non-taxable service on the sale of prosthetic devices they manufactured and were not required to charge sales tax on the sales of the prosthetic devices (Michigan Letter Ruling 1985-20). Furthermore, the labs did not qualify for the "industrial processing exemption" and paid sales tax on the purchase of the materials to create the prosthetic device.
The Michigan Department of Treasury will be implementing a new tax return system for motor fuel taxes over the next several months. The goal is to establish a modern system to make filing returns easier and more efficient. In the meantime companies should continue to file returns using the current method until the new system is complete.
The IRS announced that affected taxpayers in Michigan who were impacted by storms that occurred beginning June 22 may qualify for tax relief. Individuals who reside or have a business in Bay, Gladwin, Isabella, and Midland counties, and the Saginaw Chippewa Tribe within Isabella County should determine if they meet the guidelines for the relief.
UHY LLP, certified public accountants, with 380 employees in Oakland and Macomb counties, is opening its fourth Michigan office in Ann Arbor. UHY’s first Washtenaw County office will be open for business in a newly renovated suite on East Eisenhower Parkway just minutes away from University of Michigan’s main campus and the Big House.