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The Michigan Infrastructure & Transportation Association (MITA) on behalf of the contractors and the Operation Engineers Local 324 (OE 324) agreed to end the lockout and continue working on more than 100 stalled road projects through the 2018 construction season.

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Sometimes a transaction does not result in the desired outcome. When it comes to IRA contributions and conversions though, tax laws were enacted to allow a do-over. This is the foundation for a "recharacterization." When a person converts a traditional IRA to a Roth IRA, the amount converted becomes immediately taxable to the account holder.

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US companies enjoy some of the lowest taxes as a percentage of the price of fuel in the world – on average 66 percent lower than the global average – shows a new study by UHY, the international accounting and consultancy network.

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European companies face taxes as a percentage of the price of fuel on average 18% higher than the world average, putting them at a serious disadvantage and potentially risking economic growth, shows a new study by UHY, the international accounting and consultancy network.

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On September 15, the IRS announced that it is extending tax filing and payment deadlines for taxpayers and businesses in North Carolina counties that were affected by Hurricane Florence and have been designated to qualify for FEMA. Currently, this only applies to parts of North Carolina, but taxpayers in other states will automatically receive these same filing and payment benefits as those states are added to the disaster area.

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On Aug. 23, 2018, the Internal Revenue Service issued proposed regulations governing the availability of charitable contribution deductions when a taxpayer expects to receive a corresponding state or local tax credit.

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The Internal Revenue Service is encouraging taxpayers to use its Withholding Calculator to perform a "paycheck checkup". While they recommend reviewing your withholding amounts annually, changes from the Tax Cuts and Jobs Act of 2017 have made this a vital step for taxpayers. Taxpayers that do not verify that they are withholding the appropriate amount of tax from their paychecks risk an unexpected tax bill or penalty during tax time.

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While the term "unicorn" has been reserved for the once rare existence of a large, private company with a valuation in excess of $1 billion, such companies have become much more common in recent years. Today, over 150 unicorns are headquartered in the US, which represents significant growth as compared to less than 25 in 2011.

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FASB issued ASU 2018-11, which contains targeted improvements to Topic 842 Leases. Among the targeted improvements are a transitional method for reporting during the adoption period and clarification on separating components of a contract for lessors as they relate to FASB's new revenue guidance Topic 606 Revenue from Contracts with Customers. Topic 842 significantly alters current lease accounting under US GAAP. The new standard removes the current approach of classifying leases as either capital or operating leases.

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UHY Advisors Michigan CEO, Tom Callan and Gordon Follmer, founder were featured in dBusiness "Detroit 500".

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