The Tax Cuts and Jobs Act significantly limits the amount an individual can deduct as an itemized deduction for state and local taxes. The maximum amount a taxpayer may claim as an itemized deduction is $10,000 ($5,000 for a married taxpayer filing a separate return) for the aggregate of (i) state and local property taxes and (ii) state and local income taxes (or sales taxes in lieu of income taxes).
The Tax Cuts and Jobs Act, which is expected to be signed into law this week offers some generous write offs for the purchase of qualified property. For qualified purchases placed in service after Sept. 27, 2017; 100% of the purchase price can be expensed. This total expense provision will continue until the year 2023 when it will be phased down as follows: 2023- 80%; 2024- 60%; 2025-40%; 2026- 20% and 2027 -0%. The new law would follow the phase down of bonus depreciation of 50% for assets purchased prior to Sept. 27, 2017 but placed in service after that date.
The House and Senate conferees released their conference report after finalizing negotiations on the differences between the House and Senate versions of the Tax Cuts and Jobs Act. The conference report now goes to the House and Senate, which are expected to pass the legislation and present to President Trump for signature this week.
There are many intricacies involved in administering retirement plans. The implementation of sound internal controls is necessitated by the many rules retirement plans are subject to, and by the fact that some of those rules tend to change quite frequently. Because of the complexity of those rules, mistakes (generally human errors) can occur in almost all retirement plans, even plans run by experts.
Often times what attracts a person to a nonprofit board is a shared interest or passion for the mission of an organization. Of course this is important, as a board position requires an ample amount of volunteer time. However, it is important for board members to not lose sight that they are ultimately tasked with the governance of the organization. A point that should not be taken lightly. The importance of this responsibility is demonstrated by the IRS annual Return of Organization Exempt from Income Tax (Form 990) which dedicates an entire section to governance, management and disclosure, and includes a list of all board members.
Growth in the number of businesses in the US has been outpaced by many other economies around the world in the last year, reveals a new study by UHY, the international accounting and consultancy network.
Each year, the IRS sends millions of letters to taxpayers for many different reasons. Here some useful tips for taxpayers on how to handle receiving one of these letters.
Property tax bills on your primary residence are exempt from local school district operating tax levies of up to $18 million by using a principal residence exemption (PRE).
UHY LLP (“UHY”), today announced its $25,000 sponsorship of the Double H Ranch. Based in Lake Luzerne, New York, The Double H Ranch is a philanthropic program with global reach that serves over 60,000 children dealing with life-threatening illnesses. The goal of this sponsorship program is to create more awareness, donations and volunteer support for the ongoing “Mission Awareness” campaign for the Double H Ranch, which is just one hour north of UHY’s Albany, NY office.
In a recent announcement, the IRS indicated that it will begin sending notices to employers that have failed to comply with the employer responsibilities related to the Affordable Care Act (ACA). For the 2015 calendar year, the IRS plans to issue Letter 226J informing applicable large employers of their potential liability for an employer shared responsibility payment (ESRP), if any, in late 2017.
Wednesday, August 8, 2018 | 2:15 - 6:00 PM |
UHY’s training center in Farmington Hills