Tourist spending represents just 1.1% of the US’ economy and is likely to fall further behind the global average of 1.2% and versus 2.1% for Europe, shows research by UHY, the international and consultancy network.
Michigan's new Motor Fuel tax processing system, "Michigan Automated Tax System" (MiMATS) will begin July 30, 2018. With the implementation of the new system, paper returns will no longer be accepted. The last date to file in the current system will be July 20, 2018.
The Texas Tax Amnesty Program provides delinquent taxpayers with relief from penalties and interest. The Program runs from May 1 - June 29, 2018 and applies to tax periods prior to Jan. 1, 2018.
2018 Essential Services Assessment (ESA) statements have been generated and are now available to taxpayers via the Michigan Treasury Online (MTO). Statements are not transmitted or mailed to taxpayers. Through MTO, taxpayers can view the statement, view correspondence from Treasury, make changes to the statement, certify the statement, and pay the ESA liability.
Due to changes under the 2017 tax act (Pub. L. No. 115-97), The Internal Revenue Service issued a Notice 2018-42 on May 25, 2018, to modify Notice 2018-03 regarding the use of standard mileage rates for business expenses, moving expenses, and fixed and variable rate (FAVR) payments.
As many companies work towards completing implementation of ASC Topic 606 (Revenue from Contracts with Customers), differing methods of accounting could be required for financial reporting vs. tax reporting. For annual reporting periods beginning after Dec. 15, 2018 (or beginning after Dec. 15, 2017 for publicly-traded entities), an entity must recognize revenue for promised goods and services to customers for financial reporting purposes in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services under a five-step model.
Finally, after two years of waiting, Europe’s General Data Protection Regulation takes effect starting today, May 25. Beyond just Europe, the regulation is expected to reshape how global organizations manage, share and protect their users’ personal data. Many organizations across the world have scrambled to be ready. But based on public statements from companies and client feedback, it is clear that many companies are still not in compliance.
UHY Advisors and UHY LLP (“UHY”) today announced that they have expanded their portfolio in the Northeast with the merger of the professional services firm Del Conte, Hyde, Annello & Schuch, P.C., located in Farmington, Connecticut. The firm started operating under the UHY banner effective May 1, 2018.
Many middle market companies are unaware of the impending May 25 deadline to comply with the European Union's (EU) General Data Protection Regulation, better known as GDPR. The EU passed GDPR two years ago to provide enhanced privacy and data protections for its citizens, and beginning May 25, 2018, companies that process personal data of EU residents are subject to GDPR - including those based in the US. The ensuing fines for non-compliance with GDPR can be up to 20 million Euros ($24 Million USD), or 4% of the company's worldwide annual revenue.
Revenue Procedure 2018-27 provides relief for those with family coverage under high deductible health plans (HDHP) in regards to the annual deductible contributions limit for 2018 health savings accounts (HSA) under Internal Revenue Service Code section 223. The maximum coverage was initially issued as $6,900 on May 4, 2017. On March 2, 2018 the limit was reduced to $6,850 after tax reform changed the calculation for 2018 and future years.