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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.

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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.

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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.

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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.

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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.

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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.

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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!

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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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