As Michigan corporations work through the intricacies of the Tax Cuts and Jobs Act (TCJA) for their
Michigan's new tobacco tax processing system, "Michigan Automated Tax System" (MiMATS) will begin July 30, 2018. The July 2018 tobacco tax returns will be filed using the MiMATS system and are due Aug. 20, 2018.
For publicly traded companies the Tax Cuts and Jobs Act eliminates the exceptions for performance- based compensation and commissions. Prior to the Tax Cuts and Jobs Act, performance- based compensation and commissions that exceeded $1 million were deductible under the exceptions available for these types of compensation to a covered employee. Previously, if a covered employee had a base salary of $500K and received performance- based bonuses of $4.5M the full $5M of compensation was deductible.
The Internal Revenue Service recently announced that the agency will waive certain late payment penalties pertaining to Section 965 of the Internal Revenue Code.
On June 21, the US Supreme Court issued its decision on the South Dakota v. Wayfair case regarding nexus determination for sales tax. In a 5-4 decision favoring South Dakota, the Court overturned judicial precedent dating back 50 years when it concluded Quill (1992) and National Bellas Hess (1967) to be unsound and incorrect.
Even if they have good habits and a productive, busy life, it's often difficult for a young person to think about retirement at age 60, 65 or even 70 when so much of their energy is focused on what they are going to do today or even tomorrow. Most of their time is understandably spent figuring out how to meet current cash flow needs. As a result, it is not uncommon for someone to reach age 40 (or older) and have only minimal savings set aside for their retirement.
The Tax cuts and Jobs Act held many changes to tax planning and required documentation for business owners in 2018. One of those changes is meals and entertainment deductibility. Prior to 2018, meals and entertainment have been mostly considered 50 percent deductible for tax purposes as long as the taxpayer could show that the meal and/or entertainment had a business purpose or relation.
This year marks the 50th anniversary for UHY LLP Michigan (formerly Follmer Rudziewicz). To commemorate this special milestone, the firm has exciting plans, including pledging $50,000 in the form of $1,000 donations to 50 different local charities who need it most. They’re also sponsoring a temporary exhibit filled with 20th century accounting artifacts at the Detroit Historical Society in the Streets of Old Detroit.
UHY Advisors Corporate Finance, LLC welcomes its newest director Jeremy Falendysz who will join the team in Detroit. Falendysz is an experienced investment banker with over 15 years in the industry representing a total deal value of over $60 billion. He worked on Wall Street for 10 years, including as vice president in Morgan Stanley’s investment banking division, in addition to positions with UBS and Deutsche Bank. Prior to joining UHY, he spent five years with a Birmingham-based boutique investment banking firm serving middle-market clients.
On June 21, with a vote of 5-4, the Supreme Court ruled in favor of South Dakota in the court case South Dakota v. Wayfair. This ruling throws out the court's outdated 1992 ruling in Quill Corp. v. North Dakota, which prohibited states from imposing sales tax collection obligations on vendors lacking an in-state physical presence.
Wednesday February 27 2019 | 4:30PM—6:30PM | Durfee Innovation Society |
2470 Collingwood St. | Detroit, MI 48206