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US individual shareholders of controlled foreign corporations (CFCs) are currently grappling with the one-time US transition tax on post-1986 deferred foreign income accumulated by their CFCs and the impact of new anti-deferral income inclusion rules referred to as the global intangible low-taxed income (GILTI) provisions, along with other generational changes to the US international tax rules, as the United States transitions from a worldwide tax system to a quasi-territorial tax system.

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Signed into law in November of 2015, the Bipartisan Budget Act of 2015 made sweeping changes to the way partnerships are audited. These changes apply for tax years beginning after Dec. 31, 2017 and are intended to simplify the audit process for the Internal Revenue Service (IRS).

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On Jan. 4, 2018, the chairman of the Securities and Exchange Commission and the Commodity Futures Trading Commission issued statements warning of the risks of cryptocurrencies. Their statement highlighted important issues and concerns related to cryptocurrencies, initial coin offerings (ICO) and other cryptocurrency related investment products.

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Business taxpayers should be on high alert for cybercriminals attempting to steal W-2 forms and other sensitive information through phishing scams.

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Retirement means different things to different people. Some people look at this as the last chapter in a long life. They wish to slow down, travel a bit and spend more time with their families. Other people look at retirement as an opportunity to reshuffle the cards and pursue new dreams or passions that their earlier career did not provide.

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Prior to the Tax Cuts and Jobs Act (TCJA), an individual had until the due date (including extensions) to reverse a Roth conversion if it did not make sense, which resulted in a date of October 15 of the year following the conversion. With passage of the TCJA, this recharacterization was eliminated.

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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.

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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.

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UHY Advisors NY, Inc. today announced that Warren Zafrin has joined the firm as a partner and leader of the Risk Advisory Services Group. Along with Zafrin the firm has hired Lauren Jarvis as a principal in the group. They are both based in New York.

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Cybercriminals typically increase their activity in the first part of the year through phone scams and email phishing schemes. These scammers try to obtain personal information using different tricks and tactics so they can file income tax returns and claim refunds on behalf of unsuspecting taxpayers. Some scammers may also allege a taxpayer owes taxes and aggressively demand payment for a quick payout.

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