UHY LLP and UHY Advisors (“UHY”), a leading professional services organization, gathered their leadership from across the United States to the Motor City on Tuesday and Wednesday October 23-24 for the 2018 National Leadership Conference in downtown Detroit. The meeting included members representing all UHY offices across the United States who came together to discuss how to embrace change in the industry while serving clients, educate themselves on the newest industry leading practices and join their colleagues in the U.S. as they experienced the economic revitalization of Detroit.
The Tax Cuts and Jobs Act greatly simplified the "kiddie tax". The original kiddie tax required children under the age of 18, or under age 24 if they are a full time student, to pay taxes on their unearned income (interest, dividends, capital gains, rents, etc.) over $2,100 at their parents' highest tax rate. It also required a separate form and some complicated computations, as well as requiring parents to share their tax information with their children.
Trump has not been happy with NAFTA since taking office, at times calling it the "worst trade deal ever signed by any country". After working for more than a year to finalize a deal, Trump called the new agreement "truly historic". The US, Canada and Mexico have reached a deal to update and rename NAFTA.
National Chairman and CEO of UHY Advisors, one of the country’s largest professional service firms, Anthony P. Frabotta was recognized with The Distinguished Service Award from the Michigan Association of Certified Public Accountants during their annual awards gala at Suburban Collection Showplace.
Two hot areas of transfer pricing for consideration are intercompany loans and cash pooling. These two intercompany financing transactions are used by most multinational entities (MNEs) and are being targeted by the IRS and global tax authorities. Yet, most intercompany loans remain undocumented and have commercial terms that would not meet the required transfer pricing standards.
Required minimum distributions (RMDs) are mandated withdrawals from qualified retirement plans and IRAs after you have reached the age of 70½. Miss one or don't take enough out of your account and a 50 percent penalty applies. While the IRS requires these distributions, that doesn't mean you can't plan to use it to your benefit.
UHY Advisors national chairman/CEO and Rochester Hills native, Tony Frabotta was honored with the Distinguished Service Award from the Michigan Institution of Certified Public Accountants at their Annual Awards Dinner last night. Chris Peterson, principal, also received an award for Outgoing Task Force Chair.
The Tax Cuts and Jobs Act brought many changes to the deductibility of meals and entertainment. These changes included the complete disallowance of entertainment related expenses and the reduction of the amount deductible related to employer operated eating facilities to 50 percent of the related expenses. Left unanswered was whether or not businesses could continue deducting 50 percent of the costs of business meals.
UHY Advisors and UHY LLP are proud to welcome members from UHY International, one of the largest global accounting and consultancy networks in the world, to the Motor City for the 2018 International Members Meeting at the Westin Book Cadillac Hotel in downtown Detroit. The meeting will be the largest gathering of UHY International partners in history with representatives from over 95 countries coming together to conduct business, gain education and experience the great comeback in Detroit.
If you have any foreign assets that have not been reported to the Internal Revenue Service (IRS), it is imperative that you take action now!